C11 Principles and Practice of Insurance - Study 4 Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
Intermediaries : -insurance agents -brokers Independent Agency System : a system of marketing insurance through independent contractors (agents) who sell insurance on a commission or fee basis with one of more insurers Independent Brokerage System : a system in which independent insurance professionals, licensed as insurance brokers, are contracted to sell insurance on behalf of an insurer or multiple insurers Exclusive Agency Companies : a system of marketing insurance through agents who represent only one company or a group of companies under similar management 2 | P a g e Direct Writer : insurance company selling directly to the public and not through independent agents or brokers General Agent : one company is appointed by a company in a specific territory. He or she is usually given an exclusive territory and may appoint sub-agents in that territory Law of Agency : applies when an agent is authorized to do something on behalf of a principal. The principal is the person or entity for whom the agent or broker acts Two distinct legal systems in Canada : -the Civil Code of Quebec -common law that applies throughout the rest of Canada
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