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An insurance agent is called the First Underwriter,as they are the first persons who intereact with the prospects, examine their financial standings,past medical histories,family backgrounds,which are considered very important aspect. Those club member agents are authorised to take delivery policy bonds and other important documents from the insurance cos on behalf of the policy holders. They are also authorised to attest signatures of policy holders in various documents, acceptable to the insurance co.
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What is the relationship between the insurance agent and the insurance carrier?
the agent is under the authority of the principal, or insurance carrier, and has the ability to make decisions as a representative of the carrier. Therefore, the principal can be held legally liable for the agent's business
What is the apparent authority of an insurance agent?
Apparent authority is a legal concept pursuant to which an agent can be found to have bound a principal (master) despite not having the actual authority to do so. If the principal gives to the agent certain indicia of authority (for example, business cards, a title, etc) that would lead a reasonable person to believe that the agent has the authority to bind the principal, and the principal did nothing to countermand it, the principal may be bound by the acts of the agent. This theory, put into the context of an insurer/insurance agent, is what is meant by the term.
What does MGA stand for in insurance terms?
A Managing General Agent is a special type of insurance broker that is given underwriting authority from an insurer.
What is incidental authority with reference to insurance?
In accidental authority the agent take an important decision at the time of series risk which is not written in the actual authourity
IS A substituted agent is as good an agent of the agent as a sub-agent?
A substituted agent is as good an agent of the agent as a sub agent is incorrect statement. The general rule is that an agent can't delegate his authority and appoint another agent. An agent being delegates cannot transfer in authority or duties to another ; as per sec 19 an agent can't lawfully employ another to perform acts which he has express implied by undertake to perform personally unless by the ordinary custom of trade a sub agent may of form the nature of agency the agent must be appointed section 191, a "sub agent" is a person employed by an acting under the control of the original agent in the business of agency .
What is the role of insurance agent in insurance company?
An insurance agent is responsible for the sales of the company's insurance products/services. An agent is generally considered to be the agent of the insurer, whereas a broker is generally considered to be a representative of the insured. That is, the agent is more closely bound to the insurer that it represents, whereas a broker usually represents many insurers and shops for an insured. That said, there is becoming less of a distinction between the two. An agent also often gets involved in assisting the insurer with submitting covered claims to the insurer for payment. An agent has a fiduciary duty to the insured (a duty of trust and to act in good faith). An agent is licensed and regulated by the insurance regulatory authority of the state(s) in which he/she transacts business.
What are the rights of an agent in insurance?
An insurance agent has a contract with an insurance company which specifies his rights; but basically an agent has a right to be paid a commission for the insurance that he or she sells.
What best describes the types of agency authority held by officers of a corporation?
express, implied, and apparent authority
How should I plan to become an insurance agent?
To become an insurance agent, most companies require an agent to have a college education. You will also have to be licensed with your state. You can read more at http://www.insureme.com/insurance-agent/becoming-an-insurance-agent.
What is a multiple lines insurance agent?
A multi line insurance agent is an agent who not only can provide insurance for you in a certain field, but multiple fields. For example: if you have an insurance license for Life & Health in a certain state but not Property & Casualty, you will only be able to write business for Life & Health in that state. If you have all lines of authority, you can legally write business under any line such as Property & Casualty, Life & Health, and Surplus Lines. Agents must hold the same lines of authority in her or her resident state that they are applying for in any other (non-resident) state.
Who does an agent represent in an insurance transaction?
The agent represents the insurance company, not the customer who is buying the insurance.
How much is insurance for a Volvo?
That would be best answered by an insurance agent. Contact your local insurance agent.
