Apparent Agency (authority)
Definition of "Apparent agency (authority)"
Situation wherein the agent's conduct causes a client or prospective insured reasonably to believe that the agent has the authority to sell an insurance policy and contract on behalf of the insurance company. For example, if an agent continues to use insurance company documents, such as its application forms, rate manuals, stationery, and emblems on the door, the client has every reason to believe that the agent does in fact continue to represent the insurance company.
Popular Insurance Terms
Estimate of an asset that is used to determine tax obligations. It is usually in the interest of the owner to have a low value put on a piece of property for tax purposes. However, the ...
Exception in general liability policies for all expenses associated with product recall. In recent years, there have been increasing instances of federal recalls. In addition, there have ...
Maximum amount under a liability policy that insurance company will pay for bodily injury incurred by any one person in any one accident. ...
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Same as term Contribution: principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its ...
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