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
Life insurance policy in which the cash value and in some circumstances the death benefit will vary according to the investment performance of an underlying portfolio usually comprised of ...
Independent agency supported by the insurance industry that tests a variety of materials, products, and devices, such as appliances and electrical equipment, to assure that they meet safety ...
Term used for a general class of insurance such as life insurance, property insurance, or workers compensation insurance. ...
1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any finance charge. ...
Professional designation earned after the successful completion of four national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as insurance ...
Paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
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Tax advantages of investing in life insurance fall into two main areas: tax deferral on untaxed buildup of earnings in such cash value policies as whole life insurance and annuities, and ...
Conveying of assets from the donor to the beneficiary as a means of minimizing the legal tax obligation of the estate of the donor and avoiding probate. ...
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