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General rules

General rules,producers, cotracts

TermDefinition
Agency agreement /contract The relationship between the insurer and the producer ,
Insurance agent Is designated by insurance company to sell the products by convincing people to buy companies policies
Insurance broker Works independently and matches the needs of a client with the products available
Fiduciary A person who holds a position of public trust and confidence
Captive insurance company A company who's business is primarily supplied by one interest or group of related interests
Law of agency An agents actions are regarded as the same as if the company itself preformed the action
Express authority When authority is expressly given to the producer either orally or in writing . Ability to sell insurance
Implied authority Gives agents unwritten authority to perform incidental acts
Apparent authority Neither implied or expressed but exists because the agent has used it in the past
Insurance contract A binding agreement between two or more parties legally enforceable to do certain things
Offer and acceptance The applicant submits the application along with the premium , during the acceptance period the insu9issues the policy
Consideration The applicants consideration is the premium and the insurers consideration is to identify the insured in the event of loss
Competent parties A party to the contract,who have legal capacity to the contract
Legal purpose The insurance policy owner must have insurable interest in the property
Mutual agreement Any change the insurer makes must be agreed to in writing by the insured
Twoparty contract Usually an insurance contract is a 2 party contract. The insurer and the insured
Third party contract When a bank or mortgagee is attached to contract
Contract of adhession Only 1 party to a contract (the insurer) prepares the contract and submits it to the insured for acceptance
Aleatory contract Unequal amounts of money are exchanged
Unilateral contract Only one party is legally bound to perform a ny duties once premium is paid
Ambiguity in a contract Any doubt found in a insurance policy will be found in favor of the party that did not draw it uo
Utmost good faith It is understood that both parties barter in utmost good faith in forming the contract
Representations Statements made by one party believed to be true
Misrepresentation Can void a contract
Warranties Statements made by the applicant that are guaranteed to be true
Concealment Is the willful failure to disclose facts that are material to the risk
Fraud Deceit, intentional misrepresentation
Redlining The refusal of an insurer to underwrite an insurance coverage in certain areas
Boycotting To stop buying or using the goods of a certain company as a protest
Rebating Returning a portion of the premium in order to place business
Estoppel The concept that once a fact has been admitted to be true by a previous action it can no longer be denied to be true
Waiver The voluntary abandonment of a known or legal right
Created by: Jenny10795