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SOFE Exam AFE Topic 3 Question 39 Discussion

Actual exam question for SOFE's AFE exam
Question #: 39
Topic #: 3
[All AFE Questions]

In which account current, for individual policies, the agent collects the premiums directly from the insureds, subtracts his or her commissions and remits the net premiums due to entity?

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Suggested Answer: B

by Rhea at May 05, 2022, 05:34 PM

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Kasandra
20 hours ago
I agree with Dolores, because the agent collects the premiums and subtracts commissions before remitting the net premiums.
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Enola
4 days ago
Hmm, 'Billing basis' sounds like the right answer here. The agent collects the premiums directly from the insureds, and then remits the net premiums after deducting their commission. Seems like a pretty straightforward process.
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Dolores
5 days ago
I think the answer is B) Paying commission basis.
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