Chapter 8 Flashcards
three ways a relationship of principal and agent arises
consent
necessity
ratification
what documents are there between brokers and their clients and brokers and insurers
terms of business agreements (TOBA)
what is ratification
when the principal agrees after the event, when an agent has acted without authority
5 duties of an agent
obedience personal performance due care and skill good faith accountability
duties of a principal
remuneration
indemnity
three types of authority
express authority
implied authority
apparent authority
how might an agency be terminated
mutual agreement
termination by one party
death, bankruptcy or insanity
who grants lloyds brokers
legislative reform order 2008
who is known as the retail broker
colleague who has contact with client
who is known as the wholesale broker
colleague who has contacted with insurer
what can the FCA do to an intermediary if it fails to comply
prosecute penalties injunctions discipline individual and firm withdraw authorisation
what is the unique code a broker assigns to a risk
unique market reference
