Get Group Insurance Producer Agreement - Lisi

Implied authority entails leadership given to an individual to perform all duties entailed to the position given representing the one in authority whereas apparent authority on the other hand entails giving powers to someone... See full answer below.

A producer possesses three types of authority, express, implied, and apparent.

A contingent commission is a commission paid to an intermediary by an insurance or reinsurance company with a value dependent on the occurrence of an event. The amount of a contingent commission may, for example, depend on how profitable the policyholder is to the insurer or reinsurer.

Reinsurance Intermediaries act as insurance producers in accepting any reinsurance contract or binder on behalf of an insurer.

There are three different ways in which the insurer authorizes the agent to represent it. Express Authority. Express authority is the authority that an agent has in writing in the contract with the insurer that the agent represents. ... Implied Authority. ... Apparent Authority.

High/Low Commission Structure means commissions at the high level for the first year and commissions at the low level starting with the second year and thereafter. D. Premium or Premiums are all payments made to the Company under a Group Contract, less the amount of any refunds of such payments.

Three types of authority may bind the principal: (1) express authority—that which is actually given and spelled out, (2) implied authority—that which may fairly be inferred from the parties' relationship and which is incidental to the agent's express authority, and (3) apparent authority—that which reasonably appears ...

Express actual authority is when a principal directly tells the agent that they have the authority to take certain action. Implied actual authority is the authority that is based on the agent's reasonable understanding of the principal's instructions.