Asked by
Christina de Guzman
on Nov 28, 2024
Verified
Life Insurance Company hires Minh to sell insurance policies for the company. Minh agrees to act on the firm's behalf in the endeavor, and the company trusts Minh to so act. Minh is
A) an employee and an agent.
B) none of the choices.
C) an agent and an independent contractor.
D) a principal and an agent.
Insurance Policies
Contracts between an insurer and a policyholder that outline the terms and conditions under which the insurer agrees to pay compensation for specified losses, damages, illness, or death in return for premiums paid by the policyholder.
Independent Contractor
An individual or entity contracted to perform work for or provide services to another entity as a non-employee.
Employee
An individual who performs work under the direction and control of an employer in exchange for compensation.
- Apprehend the idea of agency relationships as well as the tasks of principals and agents.
- Discriminate between the roles of employees versus independent contractors in relation to agency law.
Verified Answer
JP
Learning Objectives
- Apprehend the idea of agency relationships as well as the tasks of principals and agents.
- Discriminate between the roles of employees versus independent contractors in relation to agency law.