ch 2-3

Card Set Information

Author:
jadeneonsiren
ID:
90012
Filename:
ch 2-3
Updated:
2011-06-10 02:28:49
Tags:
requirements
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Description:
Licensing requirements
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  1. Requirements for Licensing
    • a) 18 years old
    • b) resident of the state
    • c) trustworthy
    • d) not committed a felony or had license revoked
    • e) satisfies the requirements of obtaining a license
  2. Agent Authority
    Insurance agents are granted powers by the insurance company to bind or accept risks on behalf of the insurer withing limitations.
  3. Express Authority
    Authority specifically given to the agent either in writing or orally
  4. Implied Authority
    Allows agent to perform all the usual tasks required to sell and sservice the insurance contracts and to exercise the agent's express authority
  5. Apparent Authority
    Assumes the agent has the authority that a normal prudent person would think
  6. Address filing or change
    Agent must file home and work address with insurance department and notify promptly if any change in address

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