Agency By Ratification
Barron's Insurance Dictionary:
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Agency By Ratification
Confirmation by an insurance company of the acts of its agent , regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ratifying the agent’s acts, the company becomes responsible for consequences arising from these acts. For example, if the insurance company, with full knowledge of the agent’s misdeeds in soliciting the application and the premium from the prospect , accepts the premium for the policy from the agent, this acceptance constitutes ratification of the act of the agent.
| Agency Agreement, Agency, Age-Weighted Profit-Sharing Plan | |
| Agency Contract (Agency Agreement), Agency Manager, Agency Plant |
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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