Agency Agreement
Definition of "Agency agreement"
Written document containing instructions on managing one's assets during one's lifetime. The document may be revoked (unless made irrevocable at creation), terminated, or amended at any time by the creator of the agreement provided that person is competent to make the decision. The power the agent has to make decisions for the creator of the agreement may be broad or narrow. The agent is prohibited from disclosing information about the assets held under agreement to anyone without the creator's permission. The power of an agent to act under the agency agreement terminates if the creator becomes incompetent unless the creator has signed a durable power of attorney. Upon the death of the creator, the agency agreement terminates, which requires that all of the assets under the agreement must be probated before they can be distributed to the creator's beneficiaries.
Popular Insurance Terms
Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his ...
Insurance company that sells property and casualty insurance only to industrial insureds. These companies are separately licensed and separately capitalized to market insurance to cover the ...
Surrender of rights by an insured against the third party to an insurance company that has paid a claim. ...
Type of policy with premiums that are fully paid up within a stated period. For example, a 20-payment life insurance policy has 20 annual premium payments, with no further premiums to be ...
Classification of occupations according to the degree of risk inherent in that occupation. ...
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Historical mortality table that replaced the annuity table, 1949, used for the calculation of annuity rates with more-current mortality experience at that time. This table was subsequently ...
Limited pay whole life policy under which all premium payments have been made. For example, a 20 pay policy is completely paid for after 20 payments; no future premiums have to be made, and ...
Have a question or comment?
We're here to help.