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
Type of endowment insurance that matures at a stipulated retirement age and whose purpose is to provide retirement income to the insured. ...
Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. ...
Payment under a state-sponsored program for victims of crimes. ...
Same as term: Beneficiary; Beneficiary Clause: ...
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Period, set by law, after which a damage claim cannot be made. Limits are set by individual states and usually range from one to seven years. ...
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Technique of breaking down the various losses as a whole into useful components called subsets (strata) so that no subset is overrepresented. The result is the classification of losses ...
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