random Flashcards
what don’t brokers ever do?
bind
when is a broker an agent of a company?
when they are collecting premiums
can agents sign contracts?
yes
what is a captive or exclusive agent?
represents only one company
what is an independent agent?
represents more than one company
who appoints the superintendent?
the governer
what can a superindent do with laws?
suggest them
how long is a binder valid for?
30 days
what is a bailer?
owner of the property who gives up temporary custody
what is a bailee?
has temporary possession
what is an authorized company?
can do business in ny
who is cancelling under a pro rata?
insurance company- cancellation without penalty
what is a short rate and who is cancelling?
cancellation without penalty, the insured
what is a flat cancellation?
cancellation without any charge by agreement
what is a compensatory award?
to compensate based on special damages or general damages?