AINS 21 Segment B Questions With Complete Solutions.

Producer - Any of several kinds of insurance personnel who place insurance and surety business with insurers and who represent either insurers or insureds, or both Agent - In the agency relationship, the party that is authorized by the principal to act on the principal's behalf Agency - A legal, consensual relationship that exists when one party, the agent, acts on behalf of another party, the principal Principal - The party in an agency relationship that authorizes the agent to act on that party's behalf Actual Authority - Authority (express or implied) conferred by the principal on an agent under an agency contract Express Authority - The authority that the principal specifically grants to the agent Implied Authority - The authority implicitly conferred on an agent by custom, usage, or a principal's conduct indicating intention to confer such authority Binding Authority - An insurance agent's authority to effect coverage on behalf of the insurer Apparent Authority - A third party's reasonable belief that an agent has authority to act on the principal's behalf Independent Agency - A business, operated for the benefit of its owner (or owners) that sells insurance, usually as a representative of several unrelated insurers Broker - An independent producer who represents insurance customersAgency Expiration List - The record of an insurance agency's present policyholders and the dates their policies expire Independent Agency Network - A group of agencies that contractually link to share services, resources, and insurers to gain advantages normally available only to large regional and national brokers Managing General Agent (MGA) - An authorized agent of the primary insurer that manages all or part of the primary insurer's insurance activities, usually in a specific geographic area