Which of the following statements is (are)true with respect to the financial services industry?
I.The number of life insurers operating in the industry continues to increase at a rapid rate.
II.The Financial Modernization Act of 1999 permits financial institutions to compete in other financial markets outside their core business area.
A)I only
B)II only
C)both I and II
D)neither I nor II

Question

Quizplus · Accepted Answer

Statement I is false as the number of life insurers operating in the industry has been decreasing in recent years. Statement II is true as the Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, allows financial institutions to offer a wider range of financial services outside of their traditional areas of business.

Which of the Following Statements Is (Are)true with Respect to the Financial