Legal Concepts

Question 1

The relationship to which one person is authorized to represent and act for another person or company is called_________.

Answer 1

Agent Authority

Question 2

_____ has the power to bind the principal to contracts

Answer 2

Authorized Agent

Question 3

What are some common tasks that the agent transacts________,______,_________,_______

Answer 3

solicit applications
collect premiums
render services
describe company pol

Question 4

The ___ agent has explicit authority to perform a specific task.

Answer 4

Express authority

Question 5

The ______ agent has the unwritten authority to perform certain task.

Answer 5

Implied authority

Question 6

THe ____ agents’autority gives the customer reasonable belief that an agent has the power and authority to bind the principal

Answer 6

Apparent Authority

Question 7

____ gives up all known rights.

Answer 7

waiver

Question 8

___ is the process of preventing one party from reclaiming a right that was waived.

Answer 8

estoppel

Question 9

Name the rule thtat prevents parties in a contract from changing the meaning of the written contract by introducing oral or written evidence made prior to the formation of the contract

Answer 9

Parol Evidence Rule

Question 10

_______ is when a insurance contract is one sided, money the insurer is legally bound.

Answer 10

Unilateral Contract

Question 11

Insurance contracts are ______, in that it is only enforcable if the event occured

Answer 11

Conditional Contract