Agency By Ratification
Definition of "Agency by ratification"
Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ratifying the agent's acts, the company becomes responsible for consequences arising from these acts. For example, if the insurance company, with full knowledge of the agent's misdeeds in soliciting the application and the premium from the prospect, accepts the premium for the policy from the agent, this acceptance constitutes ratification of the act of the agent.
Popular Insurance Terms
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually made. ...
one in which the amount and frequency of payment may fluctuate. ...
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
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Transfer of the cash value of the policy from the policyowner to the policyowner's creditor as security for a loan. ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability. ...
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