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
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
Agency that sells insurance policies from both a stock insurance company and a mutual insurance company. ...
Transaction in which the property owner (for example, a pension fund) agrees to pay the insurance company a rate of return tied to the fluctuations in real estate prices. In return, the ...
Provision that covers a business to be protected under a reinsurance treaty. The class either can appear at the beginning of the agreement or may be included in the retention and limits ...
Evaluation of the demographic characteristics of the entire group (such as age, sex, morbidity, mortality), as opposed to the evaluation of individuals in that group. ...
Figure in a mortality table derived by dividing the number of people alive at the end of a given year by the number of people alive at the beginning of that same year. ...
Life insurance distribution system under which the state underwrites and sells life insurance to any resident of Wisconsin who makes application. ...
Plan under which life insurance is substituted for retirement income. Under the plan, a married individual selects a single life annuity payout from the pension plan, which will generate ...
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
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