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Answered

What is the purpose of requiring licenses for persons who transact insurance?

A. Generate income for the Department of Insurance
B. Protect insurers from liability and lawsuits
C. Protect the general public
D. Be able to collect commissions



Answer :

GinnyAnswer

Final answer:

Requiring licenses for persons transacting insurance serves to protect the general public by ensuring industry standards are met.


Explanation:

Licensing for persons transacting insurance serves the purpose of protecting the general public. By requiring licenses, regulators ensure that individuals conducting insurance transactions have met certain standards, which helps safeguard consumers from fraud, incompetence, and other risks. This regulation is essential in maintaining the integrity and trustworthiness of the insurance industry.


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