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21 law
| Term | Definition |
|---|---|
| agency | a business or organization established to provide a particular service, typically one that involves organizing transactions between two other parties |
| agent | a person who acts on behalf of another person or group |
| apparent authority | the power of an agent to act on behalf of a principal, even though not expressly or impliedly granted |
| commingling | the mixing of funds belonging to one party with funds belonging to another party |
| duty of accounting | Examine financial statements to ensure that they are accurate and comply with laws and regulations |
| duty of confidentiality | a legal obligation to keep certain information, which has come to one's knowledge through his or her work, |
| duty of loyalty | one of the fiduciary duties owed by a company's directors |
| duty of obedience | Ensure that the organization complies with applicable laws and regulations, acts in accordance with its own policies, and carries out its mission appropriately |
| duty of reasonable care and skill | the standard of competence and caution a professional or business is expected to meet when fulfilling their responsibilities under a contract |
| express authority | establishes clear boundaries and expectations between the insurer and its agents |
| fiduciary duties | the person with the duty must act in a way that will benefit someone else financially |
| gratuitous agency | acts without payment and cannot be forced to perform duties |
| implied authority | an agent's power to act on behalf of a principal without an express authorization from that principal |
| power of attorney | a legal document that allows someone else to act on your behalf |
| principal | a person or entity that authorizes another person or entity, to act on the principal's behalf and subject to the principal's control |
| ratification | the action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid |
| scope of authority | to the range of actions that an agent is permitted to take on behalf of a principal in an agency relationship |
| trust account | is a legal arrangement in which the grantor allows a third party, the trustee, to manage assets on behalf of the beneficiaries of the trust |
| undisclosed principal | a person who authorizes an agent to act on their behalf without revealing their existence to the third party with whom the agent is dealing |
| warranty of principals capacity | Each of the parties warrants that it is in good standing, that it has power to enter into and perform this |
Created by:
Mshaw27