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
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Life insurance policy under which all premiums have already been paid, with no further premium payment due. ...
Policy clause that excludes coverage for loss of property if the cause of the loss cannot be identified. Mysterious disappearance is an exclusion in a standard inland marine insurance ...
Coverage for dispensers of alcoholic beverages against suits arising out of bodily injury and/or property damage caused by its customers to a third party. Establishments covered include ...
Person (the transferee to whom the property is transferred) who is at least two generations younger than the person (the transferor) who is transferring the property. This type of property ...
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Annuity that continues income payments as long as one annuitant, out of two or more annuitants, remains alive. For example, a married couple would receive an income for as long as both ...
Annual contributions to a pension plan that exceed or are smaller than the minimum required for future employee benefits currently being earned; and any supplemental liability for past ...
Method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is ...
Have a question or comment?
We're here to help.