California Insurance Code & EthicsQuestion 66 of 315
Under California Insurance Code definitions, an insurance broker represents whom in a transaction?
a.The insurer issuing the policy
b.Both parties equally as a neutral
c.The insured (the consumer)
d.The Commissioner as a state agent
Explanation
Cal. Ins. Code §33 defines a broker as a person who transacts insurance on behalf of an insured. By contrast, an agent (§31) is authorized to act on behalf of an insurer.
Law Reference: Cal. Ins. Code §31, §33Practice all 315 questions free — no signup required.
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