Which of the following statements regarding the fiduciary duty of a producer is CORRECT?

Insurance

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Which of the following statements regarding the fiduciary duty of a producer is CORRECT?

A) An insurance producer may never receive money meant for the insurer.

B) Premiums may be kept in the producer’s personal account.

C) All premiums received by an insurance producer must be held in trust and cannot be used for personal matters.

D) Up to $5,000 a month of premium money may be used for the producer’s personal needs.

Answer: All premiums received by an insurance producer must be held in trust and cannot be used for personal matters.

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