117272
Descripción
Fichas por Det Ferraris, actualizado hace más de 1 año
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Creado por Det Ferraris
hace más de 11 años
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| Pregunta | Respuesta |
| 3 Types of Agent Authority | 1. Express (Actual) 2. Implied 3. Apparent |
| Express (Actual) Authority | Authority specifically given to an agent by principal (insurer), usually in writing but can also be orally. |
| Implied Authority | Authority that is not express (written/oral) but is implied (obvious) to exercise the authority given to him. |
| Apparent Authority | Occurs when an agent exceeds his express authority in an action but the customer has a justifiable belief that the agent is to perform the act in question. |
| Insurance Agent | Appointed by insurers. Represent insurers to the public. Paid COMMISSION by insurer. |
| Insurance Agent | Has Property and/or Casualty broker-agent license. |
| Life Agent | has Life-only agent and/or Accident&Health license. |
| Is there such thing as Life Insurance Agent? | NO! |
| Concurrent License | A license that has two or more licenses |
| Transact | Solicitation, Negotiations, Execution of the contract and servicing. |
| TRANSACTING INSURANCE REQUIRES A LICENSE | TRANSACTING INSURANCE REQUIRES A LICENSE |
| Transacting insurance without a license results: | 1. Misdemeanor offense 2. $50,000 Fine 3. Up to 1 year in jail |
| Insurance Solicitor | Person appointed by a P&C Agent to aid in transacting insurance (except Life, Disability and Health), Must have a P&C PERMANENT license. |
| NO such thing as a Life Solicitor / P&C Solicitor. | NO such thing as a Life Solicitor / P&C Solicitor. |
| Personal Lines Agent | Deals with PERSONAL property insurance. example: car, house |
| Life & Disability Analyst | Person who advises on life/disability policies for a fee. |
| Life Analyst Fee | Must be in a written agreement and kept for 3 years. |
| Life Agent VS Life Analyst | Life Agent= earns commission for SELLING Life Analyst= Earns fess for ADVISING clients. |
| Life Insurance Class | Includes: Life and Annuities |
| Disability Class | Includes: Medical/health, Disability Income, Long Term Care, Medicare Supplement |
| # of Classes of Insurance | 20 |
| Life Only Agents can transact only: | Life Insurance and Annuities |
| Accident and Health Agents can transacts only... | Medical/Health, Disability Income, Long Term Care, Medicare Supplements |
| Life Agents | Can be either/both Life-Only Agent and Accident/Heath Agent |
| Property Broker-Agent + Casualy Broker-Agent = | Fire and Casualty Broker-Agent |
| Property Broker-Agents | Transacts insurance on the direct or consequential loss or damage to property of every kind. example: home and auto insurance. |
| Casualty Broker-Agent | transact insurance against legal liability, including for death, injury, disability or damage to real or personal property. ex: pay for damages in a car accident |
| Insurance Broker | Works on behalf of a client. Represent client to insurers. Paid BROKER FEE by client. DOES NOT act on behalf of insurer. |
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