An Insurance Producer Who By Contract Is Bound
An insurance producer who by contract is bound to write insurance for only one company is classified as a an.
An insurance producer who by contract is bound. That producer will be liable and hold agency harmless from any claim or damages which result from the producer s signing of any unauthorized contract. Coverage can be bound through the insurance company issuing the policy or by the verbal or written commitment called a binder of an authorized representative of the company such as an agent. Complete prelicensing classroom instruction unless otherwise exempt by the. An insurance producer who by contract is bound to write insurance for only one company or group of companies is classified as.
An individual insurance producer who acts as an agent of an insurer must be appointed by that insurer. An insurer terminating appointment or contract with an insurance producer shall notify commissioner within 30 days after such termination. Whether or not the termination took place due to. An insurance producer who by contract is bound to write insurance for only one company or group of companies is classified as a an captive agent the authority granted to an agent through the agent s contract is referred to as.
Be a resident of alabama c. Most states require producers to pass an examination and meet any other educational and ethical requirements which vary from state to state. Be at least 21 years old b. Further it is agreed that producer has authority only to solicit procure and negotiate policies of insurance on behalf of agency and that producer has no authority to bind agency to any contract unless such authority has been given to producer in writing by agency.
In terms of insurance these are the fundamental conditions of the insurance contract that bind both parties validate the policy and makes it enforceable by the law. The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract. Which of the following is a requirement that must be satisfied before an application can receive an insurance producer license in alabama. Captive agent an insurance producer who by contract is bound to write insurance for only one company or group of companies.
An insurance producer is a general term applied to anyone who engages in the sale of insurance products. Your insurance coverage can be bound one of two ways. A verbal or written binder is generally used to address the time period between the effective date of coverage and when the policy or endorsement is issued by the insurance company. A captive or exclusive agent insurers are classified according to the legal form of their ownership.
Iowa code 522b 13 1. Insurance producers may be agents or brokers both of which usually.
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