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
Provision found in current assumption whole life insurance policies under which the insurance company retains the contractual right to recalculate the premium (after a minimum period of ...
Since a mobile home can literally be both mobile and a house, it obviously requires its own kind of insurance. A mobile home insurance policy is sort of a hybrid between auto insurance and ...
Coverage for property damage or destruction of an insured's property and liability exposure of an insured for damage or destruction of someone else's property under his or her care, ...
Request for life insurance coverage by an individual, not through an agent or broker. It is given extra scrutiny by an insurance company because of the possibility of self-selection, which ...
Optional provision in a disability income policy that allows the policyowner to increase the monthly income sum at an approximate rate of 6%. ...
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...
Death benefit option in which a beneficiary of a life insurance policy receives the death benefit as a single sum payment instead of installments. ...
Set of standard safety guidelines adopted by many states to help provide uniformity in building construction and guard against fire hazards and other unsafe conditions in buildings. ...
All insured losses paid in full. ...
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