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
Coverage providing four types of benefits (medical care, death, disability, rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). ...
Coverage on an all risks basis, subject to exclusions of war, wear and tear, loss resulting from delay, loss of market, infidelity of the insured's employee, loss due to rain, sleet, snow, ...
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of ...
Series of premium payments made to purchase an annuity. This is the same method of purchase used for level premium insurance ...
Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that ...
Regulations affecting the right of insurance companies to use sex as one of the factors in the actuarial determination of premium rates. The precedent case for such legislation is Arizona ...
Coverage provided for individuals or businesses for loss due to forgery or alteration of such financial instruments as notes, checks, drafts, and promissory notes. ...
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Have a question or comment?
We're here to help.