Licensing Of Agents And Brokers
Definition of "Licensing of agents and brokers"
Legal authority granting individuals the right to conduct insurance business in a particular state. In many states, agents and brokers must pass a written exam as a prerequisite to being licensed. In others, a professional designation such as the CLU or CPCU can be substituted for the examination requirement. The caliber of examinations varies from state to state. A license is usually issued for one or two year periods, and then must be renewed.
Popular Insurance Terms
Method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in effect, an insurance company is ...
Acknowledgment by the policyowner that he or she has received the policy loan requested. ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Membership organization of insurance companies that write workers compensation insurance. The organization collects statistics on the frequency and severity of job-related injuries to ...
Individual or organization that is a potential purchaser of an insurance product. ...
Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...
Premium paid by an insured business to an insurance company from which the company subtracts charges for the cost of putting a policy on its books, premium taxes, and profit. The remainder ...
Coverage under the auspices of a federal or state agency that can be either mandatory or elective. ...
Pension plan format. After deciding how much to contribute, the employer can suspend, reduce, or discontinue contributions during the first 10 years only for reasons of business necessity; ...
Have a question or comment?
We're here to help.