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
Total premiums written by a ceding company minus premiums ceded to its reinsurer. ...
Dividend paid to policy-holder according to the time period in which the policy was sold and the investment return the insurance company made on that policy during that time period. ...
Single insurance policy for only one kind of property at only one location of an insured. For example, property insurance on a rare piano in the insured's home would cover only that piano, ...
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Trust that is established by people still alive. ...
Addition to a homeowners insurance policy, or other personal or business property policies, to provide extra coverage for listed articles. The standard policy has dollar limits on certain ...
coverage for contingent liability exposure. ...
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