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
Contributions (under qualified employee benefit plans, such as pensions and health insurance) made by an employer on behalf of employees, deducted as a business expense for tax purposes. ...
Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Date after which losses may occur and be covered under a claims-made basis liability coverage. ...
Dividends paid historically, currently, and projected. ...
Continuing on an indefinite basis. ...
Annual or other periodic rate of return on investments. Because life insurance companies act as custodians of premiums for many years, until money must be paid out in death benefits or ...
Form of marine insurance that covers mobile equipment of a contractor, including road building machinery, steam shovels, hoists, and derricks used on the job by builders of structures, ...
Aggregate amount of insurance policies that are paid-up (or are being paid) that a life or health insurance company has on its books. The size of a life or health insurance company is often ...
Have a question or comment?
We're here to help.