Agents and Brokers Flashcards
What are the three roles/duties of agency?
- Obey the instructions of the Principal
- Exercise the degree of care & skill reasonably required
- Don’t allow the duty to the principal to conflict with any other interest.
What is the standard of care and skill required of a non-specialist intermediary
That of a reasonable man insuring his own interest
In what capacity does an intermediary act when representing an insured?
An agent
Who is an intermediary that is not an insurance broker generally regarded as acting for?
The insurer
Can information received by a broker be regarded as being received by the insurer? Case law
No.
Trioxide v CGU Int Insurance
If there is no specific reference within the policy, will a claim notified to a broker be regarded as notification to the insurer?
No.
Under CIDRA, is the agent acting for the insured or insurer in the following circs: when acting as an appointed representative of the insurer
The insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: when collecting info from the insured when given express authority by the insurer
The insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: when entering into a contract as the insurer’s agent (with express authority to do so)
The insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the agent undertakes to give impartial advice to a consumer
The insured
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the agent undertakes the conduct a fair analysis of the market
The insured
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the consumer pays the agent a fee
The insured
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the agent places insurance of the type in question with only one insurer
Tends to show acting for insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the agent has a contractual arrangement which restricts the number of insurers it can place insurance with
Tends to show acting for the insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the insurer provides the type of insurance through only a small proportion of agents who deal with that type of insurance
Tends to show acting for the insurer
Under CIDRA, is the agent acting for the insured or insurer in the following circs: the agent is permitted to use the insurer’s name when providing services
Tends to show acting for insurer
