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Exam (elaborations)
NYS Insurance Licensing Exam Questions with Correct Answers Latest Update Graded A
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insurance transfers the risk of an loss for an individual or business to an insurance company which spreads out the costs to many individuals agency contract a contract that is held between insurer and an agent/producer containing the expressed authority given to the agent/producer, and the duties/responsibilities to the principal, any agent in violation of the agency contract may be held personally liable to the insurer agent legal representative of a an insurance company that acts for another person or entity known as the principal with regard to contractual arrangements
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