GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Legal responsibility of a fiduciary to safeguard assets of beneficiaries is termed as____
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Endorsement
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Escrow Account
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Earned Premium
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Fiduciary Liability
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Explanation:
Detailed explanation-1: -If the fiduciary makes any hidden profits or indulges in any illegal dealings, fraud, misappropriation, etc., it will be held liable in a court of law. Therefore, the fiduciary relationship safeguards the interest of the beneficiary and makes the fiduciary accountable for its actions.
Detailed explanation-2: -Fiduciary responsibility means the legal obligation of a person or an entity to act in the best interest of its client. A fiduciary is a person or an entity entrusted with the responsibility to take care of money or other assets of its clients.
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