Exclusive Agency System
Same as term Captive Agent: representative of a single insurer or fleet of insurers who is obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale. In exchange, that insurer usually provides its captive agents with an allowance for office expenses as well as an extensive list of employee benefits such as pensions, life insurance, health insurance, and credit unions.
Popular Insurance Terms
In a liability insurance policy, provision for the payment of the insured's expenses as stated in the policy in three areas above the policy limit of liability: legal fees resulting from ...
Number of bits a modem can receive or send per second. ...
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Group appointed by President Nixon in 1971 to study workers compensation laws under the authorization of the occupational safety and health act (OSHA). It issued sweeping recommendations to ...
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Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy) must be submitted to the company for ...
Coverage on jewelry and precious stones on an all risks basis at any location subject to exclusions of wear and tear, war, and nuclear disaster. Each item must be specifically listed in the ...
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