A person who handles another person's money is called a(n)...

Prepare for the Manitoba IBAM Fundamentals of Insurance Exam. Use our quiz with multiple-choice questions, each offering hints and explanations. Get set to ace your exam!

The term that describes a person who handles another person's money is "fiduciary." A fiduciary has a legal or ethical relationship of trust with one or more parties, typically involving the management of money or assets on behalf of another person. This role is characterized by an obligation to act in the best interests of the person they are representing, ensuring that funds are properly managed and used according to the agreed-upon terms.

In contrast, an executor is someone designated to carry out the instructions outlined in a will, specifically handling the deceased person's estate but not necessarily managing another person's finances in a trust-like capacity. A tortfeasor refers to an individual who commits a wrongful act (a tort) that causes harm or loss to another, which does not relate to handling money. A solvent individual is one whose assets exceed their liabilities, indicating financial health, rather than a role involving the management of another's finances. Therefore, the correct term to describe someone who handles another person's money, with a focus on trust and responsibility, is fiduciary.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy