Term
| WHAT ARE THE 5 GENERAL REQUIREMENTS FOR LICENSING? |
|
Definition
1) At least 18.
2) Be a resident of the state.
3) Applicant is trustworthy.
4) No felonies.
5) Satisfied the requirements of obtaining a license. |
|
|
Term
WHAT ARE THE 3 TYPES OF
AGENT AUTHORITY? |
|
Definition
1) Express authority.
2) Implied authority.
3) Apparent authority. |
|
|
Term
WHAT IS
EXPRESS AUTHORITY? |
|
Definition
Authority specifically given to the agent either in writing or orally. |
|
|
Term
WHAT IS
IMPLIED AUTHORITY? |
|
Definition
Allows the agent to perform all the usual tasks required to sell and service the insurance contracts. |
|
|
Term
WHAT IS
APPARENT AUTHORITY? |
|
Definition
The agent has the authority that a normal person would think or be lead to believe they have. |
|
|
Term
| WHAT ARE THE 3 WAYS ONE MUST MAINTAIN THEIR INSURANCE LICENSES? |
|
Definition
1) Must file with the commissioner their work address and home address.
2) Must notify the insurance commissioner when their addresses change.
3) Must complete required continuing education. |
|
|
