March 2016
Intermediate to advanced
700 pages
144h 54m
English
Content preview from Principles of Risk Management and Insurance, 13th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Law and the Insurance Agent
An insurance contract normally is sold by an agent who represents the principal (the insurer). An agent is someone who has the authority to act on behalf of someone else. The principal (insurer) is the party for whom action is to be taken. Thus, if Patrick has the authority to solicit, create, or terminate an insurance contract on behalf of Apex Insurance Company, he would be the agent and the Apex Insurance Company would be the principal.
Law of Agency
Important rules of law govern the actions of agents and their relationship to insureds. They include the following:15
There is no presumption of an agency relationship.
An agent must have authority to represent the principal.
A principal is responsible for the acts ...
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