Utah Producer's Title Escrow Exam Questions With 100% Correct Answers

Utah Producer's Title Escrow Exam Questions With 100% Correct Answers Principal - answerthe person (or entity) that has the real authority Agent - answerPerson (or entity) that acts on the principals behalf The ABC's - answerAssent- an informal agreement between principal and agent Benefit- Agent's actions must be for benefit of the principal Control- Principal must have control over the agent's actions and power to supervise the agent's performance Scope - answerPrincipal Defines the scope of the agency relationship an agent may not act outside the authorized scope Types of authority - answerexpress, implied, apparent Express Authority - answerPrincipal uses words to expressly grant authority to the agent can be oral or written can by revoked. Death revokes authority Implied Authority - answerAuthority to do things incidental and necessary to perform a job. Can be implied from words and conduct of the parties and the facts surrounding the transaction Apparent Authority - answerThe appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. Producer - answerAn insurance broker or agent, someone who is licensed to sell, solicit, or negotiate insurance. (the terms Agent and broker have been deleted from the Utah Insurance Code and replaced with Producer) Who is the producer for the insurer? - answeragents Who is the producer for the insured? - answerBrokers Every contract requires what 3 things? - answerOffer- an manifestation of an intent to contract must set forth the material terms of the deal ( 4 ways of terminations- lapse of time, death, revocation, and rejection by offeree) Acceptance- full performance Consideration- equals money or something given up both sides must provide some consideration.