LOUISIANA P&C ADJUSTER EXAM PREP LATEST 2024 QUESTIONS WITH COMPLETE SOLUTIONS
The one who receives the authority to act on behalf of someone else?
Agent
what does a sale's agent receive authority for?
to sell
An insurance agent receives authority to what?
Settle claims brought against the ...
authority that the public reasonably believes the agent to have, based on the agent's
representations
What does representation include?
-portraying oneself as a representative
-wearing a name tag w/ company logo
-handing out company business cards
-words to perform agent's duties
What is apparent authority?
indirect authority that is granted when the insurer does not correct agent, even though
agent may be acting in error
-by not correcting agent, insurer implies consent
-granted when insurer does not act
What are the four types of sales agents?
-independent insurance sales agent
-exclusive agent
-general agent
-direct writer
, What is an independent agent?
-self employed
-offers insurance from more than one company at the same
-they can compare and give quotes from different companies
-find a policy that best suits the customer
What is an exclusive agent?
-also called captive agent
-commissioned
-represents only one insurer and only their policies
What is a general agent?
-works for only one insurance company
-supervises other exclusive agents
-trains other agents
What is a direct writer agent?
-salaried employees
-works for one company
What are the sale agent duties?
-sell insurance policies
-service policyholders contracts
-collect premiums
-represent the insurer
What are the two claim function purpose?
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