random Flashcards

1
Q

what don’t brokers ever do?

A

bind

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2
Q

when is a broker an agent of a company?

A

when they are collecting premiums

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3
Q

can agents sign contracts?

A

yes

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4
Q

what is a captive or exclusive agent?

A

represents only one company

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5
Q

what is an independent agent?

A

represents more than one company

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6
Q

who appoints the superintendent?

A

the governer

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7
Q

what can a superindent do with laws?

A

suggest them

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8
Q

how long is a binder valid for?

A

30 days

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9
Q

what is a bailer?

A

owner of the property who gives up temporary custody

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10
Q

what is a bailee?

A

has temporary possession

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11
Q

what is an authorized company?

A

can do business in ny

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12
Q

who is cancelling under a pro rata?

A

insurance company- cancellation without penalty

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13
Q

what is a short rate and who is cancelling?

A

cancellation without penalty, the insured

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14
Q

what is a flat cancellation?

A

cancellation without any charge by agreement

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15
Q

what is a compensatory award?

A

to compensate based on special damages or general damages?

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16
Q

what is a punitive award?

A

awarded to punish for the outrageeous act