The authority to act on behalf of his principal. An insurance broker may act at one time for the insured (i.e. placing insurance as instructed) and at other times for the insurer, e.g. collecting the premium. In order to determine who is bound by the agent’s act it is necessary to ascertain for whom he was acting in regard to the relevant issue. An agent’s authority may be express as when acting on specific instructions or it may be implied (actions taken in accordance with prevailing custom) or apparent (or ostensible) authority (actions based on appearances). Where the agent acts without authority and the principal becomes obligated the agent may be liable to his principal. See IMPUTED KNOWLEDGE.
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Agent’s statement
Section of the insurance application form where the insurance agent reports data that he or she knows or suspects about the potential insured that is not stated by the applicant.
Agent’s appointment
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.
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.
*****
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.