Apparent Authority (perceived Authority)
Definition of "Apparent authority (perceived authority)"
Specific powers that a prospective insured believes the insurance company has granted to its agent. For example, if the insurance company has furnished the agent a rate book, application forms, stationery with the company logo, and sales literature, the prospective insured has reason to believe that an agency relationship exists between the insurance company and the agent. According to the doctrine of estoppel, the insurance company is prohibited from denying the relationship.
Popular Insurance Terms
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Maritime acts resulting in a liability circumstance falling under common law and statutory law. ...
No limitation under a contributory pension plan of an employee's right to receive vested benefits, regardless of whether or not the employer withdraws contributions. ...
Same as term Convention Examination: audit of the convention blank (NAIC Statement Blank) every third year as to all of the financial activities of a company; company claim practices; and ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
Membership organization of individuals especially trained in the application of actuarial mathematics, including compound interest, annuities, life contingencies, measurement of mortality ...
Condition in which buildings are built with sealed windows resulting in poor ventilation causing occupants to experience dizziness, nausea, respiratory problems, headaches, fatigue, sinus ...
Arrangement that provides for the reduction of estate taxes and the payment of tax-deductible life insurance premiums. The procedure is for a donor to present a charity with a gift of a sum ...
Extension of coverage available under the Standard Fire Policy. The standard policy only covers the perils of fire and lightning. The endorsement covers riot, riot attending a strike, civil ...
Have a question or comment?
We're here to help.