PROPERTY AND CASUALTY NEW YORK ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

PROPERTY AND CASUALTY NEW YORK ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What is a Broker? - Answer -A broker is someone who acts on behalf of the insured in negotiating insurance, their for a broker has no binding authority , however brokers are considered to be a collector of premiums. What is an agent (producer)? - Answer -An agent is a person who acts on behalf of an insurance company with whom they are contracted. Agents have binding authority, this authority stems from 3 separate authority. Expressed Authority - Answer -This is the actual written agency contract.Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: Apparent Authority - Answer -Authority created when the producer exceeds the authority expressed in the agency contract. This occurs when insurer does nothing to counter the public impression that such authority exist.(Ex: company supplied signs, business cards and letter head.) Implied Authority - Answer -Authority the public assumes the producer has. An example would be the business activities of providing quotes, completing applications and accepting premiums on behalf of the insurer.