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Question: Which of the following statements is incorrect in respect of brokers?

Options:

  1.  Brokers require to undergo training before being licensed
  2.  Brokers are appointed by insured to take care of their interests
  3.  Brokers have to pass examinations before being licensed
  4.  Brokers should be registered companies or firms
  5.  Brokers are allowed to negotiate with different insurers for the same insured

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4. Brokers should be registered companies or firms

In respect of brokers, the statement 'Brokers should be registered companies or firms' is incorrect.

A broker is an individual or firm that acts as an intermediary between an investor and a securities exchange.

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