Which one of the following statements describes a principal's duty of indemnity for
any losses the agent suffered because of agency?
Give this one a try later!
A principal must indemnify an agent for the expenses incurred in defending
any lawsuits resulting from the agent's authorized acts.
Maria is an insurance agent who represents Three Hills Insurance. By agreement
between the two parties, Maria has the authority to bind up to $1 million in property
coverage on businesses that fall within specific territories and classes of business. She
has never bound coverage outside of the specific territories and classes of business.
However, Maria does occasionally bind coverage limits that are 5-10% above her
authority level. Which one of the following duties to the insurer has Maria breached?
Give this one a try later!
, Duty to follow instructions
Which one of the following should be one of the most important criteria for a
producer seeking to place insurance business?
Give this one a try later!
The insurer's solvency
Which one of the following factors must be present for an employer to be vicariously
liable for an employee's torts?
Give this one a try later!
The employer has retained the right to control the employee's physical
conduct.
Annabel, a medical secretary for Dr. Magnus, sent instructional packets concerning
upcoming surgeries to his patients. Although the packets normally include surgery
details, Annabel included hotel and restaurant information should an overnight stay
be required. What type of authority described this example?
Give this one a try later!
Implied authority
, Hugo is an agent with Alva Insurance Company. He wrote Jerome's farm account on a
general liability policy. Jerome conducted hayrides on his farm which is on Alva's
prohibited list of businesses and farms. On a recent hayride, a visitor at Jerome's farm
was injured. How can Alva ratify Hugo's actions?
Give this one a try later!
Accept the loss
Carla was admitted to a nursing home and gave her son, Sebastian, power of attorney
to handle her financial matters. This is an example of
Give this one a try later!
Agency by appointment.
An agent owes a duty of reasonable care to a principal
Give this one a try later!
Whether the agent is paid or not paid for services.
The agent must not undertake any business venture that competes or interferes with
the principal's business. This agent duty to the principal is
Give this one a try later!
any losses the agent suffered because of agency?
Give this one a try later!
A principal must indemnify an agent for the expenses incurred in defending
any lawsuits resulting from the agent's authorized acts.
Maria is an insurance agent who represents Three Hills Insurance. By agreement
between the two parties, Maria has the authority to bind up to $1 million in property
coverage on businesses that fall within specific territories and classes of business. She
has never bound coverage outside of the specific territories and classes of business.
However, Maria does occasionally bind coverage limits that are 5-10% above her
authority level. Which one of the following duties to the insurer has Maria breached?
Give this one a try later!
, Duty to follow instructions
Which one of the following should be one of the most important criteria for a
producer seeking to place insurance business?
Give this one a try later!
The insurer's solvency
Which one of the following factors must be present for an employer to be vicariously
liable for an employee's torts?
Give this one a try later!
The employer has retained the right to control the employee's physical
conduct.
Annabel, a medical secretary for Dr. Magnus, sent instructional packets concerning
upcoming surgeries to his patients. Although the packets normally include surgery
details, Annabel included hotel and restaurant information should an overnight stay
be required. What type of authority described this example?
Give this one a try later!
Implied authority
, Hugo is an agent with Alva Insurance Company. He wrote Jerome's farm account on a
general liability policy. Jerome conducted hayrides on his farm which is on Alva's
prohibited list of businesses and farms. On a recent hayride, a visitor at Jerome's farm
was injured. How can Alva ratify Hugo's actions?
Give this one a try later!
Accept the loss
Carla was admitted to a nursing home and gave her son, Sebastian, power of attorney
to handle her financial matters. This is an example of
Give this one a try later!
Agency by appointment.
An agent owes a duty of reasonable care to a principal
Give this one a try later!
Whether the agent is paid or not paid for services.
The agent must not undertake any business venture that competes or interferes with
the principal's business. This agent duty to the principal is
Give this one a try later!
