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
Insured's income prior to the disability minus the insured's income after the disability. ...
Amendments to the water quality improvement act of 1970 that extends liability of shipowners to any hazardous substances discharged by their ships. The 1970 act made shipowners responsible ...
In insurance, company revenues from underwriting and investment. Insurance companies make money first, by underwriting good risks so that their premium dollars cover claims losses and ...
Act of practicing law or providing legal advice without a license. ...
Addition to reflect exposures with a greater probability of loss than standard exposures. For example, insuring a munitions factory obviously requires a premium greater than that required ...
Typical non qualified plans of life insurance for key employees include: permanent life insurance dividends generated by the policy are used to pay the income tax of the key employee that ...
Means of funding permitted under the employee retirement income security act of 1974 (ERISA). The administrator of a pension plan can comply with required minimum funding standards by ...
List of cash allowances for various types of surgeries. ...
Coverage for personal effects of a tourist, including apparel, books, toilet articles, watches, jewelry, luggage, portable typewriters, photographs and photography equipment and supplies. ...
Have a question or comment?
We're here to help.