ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Each individual or agency insurance producer has fiduciary responsibility for all premiums and related insurance proceeds received on behalf of insurers. Funds must be remitted to the appropriate insurer or consumer in a timely manner.

Detailed explanation-2: -The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan’s investments in order to minimize the risk of large losses.

Detailed explanation-3: -If you are an officer or director of a corporation, you have fiduciary duties to the corporation and to the shareholders (including to minority shareholders). In some cases, corporate officers and directors may even owe fiduciary duties to creditors of the corporation.

Detailed explanation-4: -The main fiduciary duties are:-to act within the powers conferred by the company’s Memorandum and Articles of Association; to avoid a conflict of interest; to act in the best interests of the company; not to fetter one’s own discretion; and.