the agent and authority

Question 1

sales agent

Answer 1

can sell insurance

Question 2

insurance adjuster

Answer 2

settles claims against insurer

Question 3

sales agent and insurance adjuster authority

Answer 3

are contracted out by insurer to act on their behalf

Question 4

agents power to bind

Answer 4

what the agent says on behalf of insurer must go so they ,must be careful how they act and what they say because it can affect the insurer

Question 5

agents responsibilities

Answer 5

1 follow contract and do what’s best interest for insurer
2use reasonable judgment and care at all times
3 provide all info and documentation about clients

Question 6

what are the three types of authority granted by the insurer to the agents?

Answer 6

express, implied, and apparent

Question 8

apparent authority

Answer 8

when the insurer actually does what their representative did even if they weren’t allowed to and doesn’t correct agent

Question 8

implied authority

Answer 8

what the public believes you could do as a representative of the insurer even if you don’t have the express authority to do so the insurance company would have to adhere to it because the power to bind

Question 9

express authority

Answer 9

authority granted to agent through contract

Question 10

what are the 4 types of sales agent?

Answer 10

exclusive, general, direct writer, and independent insurance sales agent

Question 11

Independent insurance sales agent

Answer 11

self employed and offers policies form different insurances best suited for customer (commisionn

Question 12

exclusive “captive” agent

Answer 12

only represent 1 company for commission

Question 13

general agent

Answer 13

supervisor of exclusive agents (salary)

Question 14

Direct writer

Answer 14

work for one company are salaried base