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
Payment made by a party causing harm to the party incurring that harm. ...
expenses and damages incurred as the result of damage to a ship and its cargo, and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Provision found in property and liability insurance policies that mandates that the insured notify the insurance company as soon as possible following the occurrence of a covered loss under ...
Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Same as term Maximum Foreseeable Loss: worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or ...
Number of bits a modem can receive or send per second. ...
In property and casualty insurance, contract section containing such information as name, description, and location of insured property; name and address of the insured; period a policy is ...
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