Property and Casualty Questions and Answers Graded A+

Advertising Injury Misappropriation of advertising ideas, or infringement of copyright, title or slogan Agency A legal relationship between two parties: principal and agent Agency System An insurance distribution system that supports a "middle man" - field force of licensed agents and public buys THROUGH them Agent The individual appointed by an insurance company to solicit, negotiate, effect, or countersign insurance contracts on its behalf; must have license Aggregate Limit Type of policy limit in liability policies that limits coverage to a specified total amount for ALL LOSSES occurring within the policy period. Aleatory Unequal exchange of value EX: premium paid for protection is a lot less than the actual limit of protection Aleatory Contract Both parties know that one or the other may receive more than paid in. Payment is dependent upon a fortuitous event.