Asked in Life Insurance, Insurance, Auto Insurance
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 ...
Asked in Insurance
Is swelling of limb be used as principal diagnosis in insurance?
Swelling of limbs of one of the symptoms not the principal diagnosis in insurance. It various from one disease to other and empanelled Medical Persons diagnose the principal reason for illness/disease, considering the gravity of the situation. ...
Asked in Auto Insurance
What does principal driver on automobile insurance policy mean?
The principal driver is the person who drives the vehicle over 50% of the time. This is the main driver of the vehicle and the person who will be rated as the driver for computing the cost of the insurance. ...
Asked in Insurance
How Surety can be compared to insurance policy?
Both insurance and surety provide protection against financial loss. Insurance anticipates losses and charges a premium with that in mind where surety companies expect no loss and the premium charged is a 'service fee'. Surety bonds involve three-parties the surety company, principal and obligee. Insurance involves two-parties the insurance company and the insured. With insurance the risk is transferred to the insurance company where as with surety the risk remains with the principal. The surety is providing a guarantee against loss by agreeing...
Can a contractor that is contractually obligated to purchase insurance for its principal use that insurance policy to fulfill its obligation to indemnify the principal when it's not the named insured?
The question is about as clear as mud. Is the contractor an individual or an incorporated business? Does "principal" refer to the owner of the company? Is the contractor, the business, and the principal, all the same person? Re-word and re-submit - in plain English please. ...
What are the roles of the principal and the obligee under surety insurance?
The principal is the party who agrees to perform an obligation. For example, a builder may contract to construct a building. The obligee expects the principal to fulfill a contract ...
Asked in Insurance, Auto Insurance, Driver's License
Can a person with out a drivers license purchase automobile insurance for their automobile?
I believe so. The owner would have to include the principal driver of the vehicle for the insurance rate. ...
Asked in Insurance
Is insurance policy a surety?
An insurance policy is not a surety. Insurance is designed to pay for losses that are sudden and unexpected without the obligation of the insured to reimburse the insurance company whereas a surety expects repayment from the principal who purchased the surety bond. ...
Asked in Insurance
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...
What are the principal components of the commercial insurance industry?
Commercial insurance in the United States is organized into insurers, field organizations, intercompany organizations and associations, or boards of agents and brokers ...
Asked in Incorporation, Court Procedure, Lawyers
How can an agent avoid incurring personal liability while acting on behalf of his principal especially if the principal is either unknown or insists on remaining anonymous?
Due diligence and insurance... or don't do business with that party.
What is the difference between insurance broker and insurance agent?
An insurance broker differs from an insurance agent in that a broker is considered an agent of the Insured even though he or she may receive a commission from the insurance company A broker may sell the products of a number of insurers whereas an insurance agent has the Insurer as his principal and works in the interest of the Insurer and not the Insured ...
Asked in Probate, Power of Attorney
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies. As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust? A Power of Attorney expires when the principal dies. As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust? A Power of Attorney expires when the principal dies. As for the other queries about what happens when...
Asked in Cars & Vehicles, Insurance
If the father is primary and his college student child is cosigner who is responible for the insurance?
The answer will vary from state to state, loan to loan and insurance company to insurance company. However, in most jurisdictions the DRIVER is responsible for insurance, regardless of who owns/titles/leases the vehicle. If I understand your question, you are asking whether the principal on the loan or cosigner is responsible for insurance? Most insurance companies could give a rats donkey WHO carries insurance, so long as insurance meets the loans stipulations, but you would be best suited asking the insurance company. ...
Asked in Insurance, Homeowner's Insurance
Is it legal for the insurance company to hold the remaining balance of your claim to apply to your loan as principal payment?
In any case you get your money don't you? If the insurance company paid the principal of your loan than that means you don't have to so the money you would have paid is now yours...just as if the insurance company had cut you a check. Remember, until the loan is paid off the lender's claim to the property is superior than yours. If you are not going to use the money to repair the damage, the lender will want the...