Agents & Producers Flashcards
1
Q
Defines the relationship between the insurance company & the agent
A
Law of agency
2
Q
Authority written into the producer’s contract
A
Express Authority
3
Q
Authority that is NOT specifically stated in the contract
A
Implied Authority
4
Q
Authority that’s created when producer exceeds the authority expressed in the contract
A
Apparent Authority
5
Q
A licensed individual who negotiates insurance contracts with insurers, on behalf of the applicant
A
Broker
6
Q
Protects consumer privacy & ensures data collected is confidential
A
Fair Credit Reporting Act
