Which of the following statements regarding the disposition of fiduciary funds is CORRECT?

Insurance

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Which of the following statements regarding the disposition of fiduciary funds is CORRECT?

A) Funds collected as premiums are to be kept separate from those used for personal expenses or investments.

B) Since the insured knowingly gave the premiums to the agent, personal use of those funds by the agent would not be considered theft.

C) As long as the agent replaces any funds he used for personal expenses, the agent has not violated the fiduciary trust.

D) A licensee may invest fiduciary funds in the stock market.

Answer: Funds collected as premiums are to be kept separate from those used for personal expenses or investments.

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