The act by an insurer that grants an agent the authority to act as an agent for the insurer. In most states, agents must be licensed and appointed prior to being allowed to sell insurance.
Insurance Encyclopedia
Agent’s authority
The authority of an insurance agent to act on behalf of the insurer he or she represents. There are several types including express authority (authority to act on specific instructions only), implied authority (actions taken in accordance with prevailing custom), or apparent authority (actions based on appearances created by the agent and acquiesced to by the principal).
Agent’s Balances
Moneys, typically premiums, which belong to an insurer but are held by an agent.
Agent’s license
A state-issued permit under whose provisions the agent conducts business.
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A certificate of authority from the state that permits the agent to conduct business.
Agents errors and omissions insurance
Insurance obtained by the insurance agent to guard against loss caused by an unintentional failure to properly insure (or recommend insurance to) a client.
Aggravated burglary
A person is guilty of this offence if he commits any burglary and at the time has with him any firearm or itation firearm, any weapon of offence or any explosive (Theft Act 1968, s. 10).
Aggravation
In workers’ compensation, change in a preexisting condition that causes a temporary or permanent increase in disability or creates a need for additional or different medical treatment. An aggravation may be caused by either a new injury or by work activity involving a physical, chemical, or biological factor.
Aggravation of Risk
To make the existing risk worse, more troublesome, etc.
Aggregate
in a reinsurance policy, the aggregate amount that the insurer must retain before anything is paid by the reinsurer; for example £200,000 XS £100,000 with an aggregate retention of £500,000 means that a £150,000 loss would erode £50,000 of the aggregate; once the aggregate has gone, the reinsurance policy begins paying out, subject to the excess.
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Total (limit of indemnity, premium, retention etc).
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The greatest amount recoverable on account of a single loss or during a policy period, or on a single project.
Aggregate amount
In a managed care contract, the maximum amount (limit) for which a member is insured for any single event.