An administrator must maintain a fiduciary account for depositing clients’ premiums and return premiums. Acceptable withdrawals from this account include all of the following except:

Insurance

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An administrator must maintain a fiduciary account for depositing clients’ premiums and return premiums. Acceptable withdrawals from this account include all of the following except:

a. Remittance to the insurer

b. Payment to the administrator of commission

c. Remittance of return premiums

d. Overhead expenses such as rent and utilities of the administrator

Answer: d. Overhead expenses such as rent and utilities of the administrator

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