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Karen (principal) hires John (agent) to be her financial planner
Karen (principal) hires John (agent) to be her financial planner. John recommends that Karen purchase a life insurance policy because he honestly believes that her family will benefit from it. He recommends a policy from UNeed Insurance because he will receive an undisclosed commission from the company if Karen purchases it.
Is John in breach of his duty to Karen?
- No, because he is performing his duty to obey.
- Yes, because he is failing in his duty to give information.
- No, because he is fulfilling his fiduciary duty.
- Yes, because he is "self-dealing."
Expert Solution
Answer - Yes, because he is "self-dealing."
John is paid to work for the interest of Karen's financial planning., but he is fulfilling his own targets. So, it is a breach of duty.
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