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    Question

    Legal responsibility of a fiduciary to safeguard assets

    of beneficiaries is termed as?
    A Endorsement Correct Answer Incorrect Answer
    B Fiduciary Liability Correct Answer Incorrect Answer
    C Escrow Account Correct Answer Incorrect Answer
    D Earned Premium Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Fiduciary liability insurance (and management liability insurance) is targeted at protecting businesses' and employers' assets against fiduciary-related claims (PDF) of mismanagement of a company's employee benefit plans. It is not required by the Employee Retirement Income Security Act (ERISA) or any federal statute.

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