Sc Property, Casualty, Surety, Marine Exam Questions And Answers 100% Answered!!

Agency Authority - apparent {Ans: Authority that an agent possesses based on the appearance of representing the insurer. 2-A}Compensatory Damages {Ans: Money awarded in civil court for tangible and intangible damages caused by a policyholder. 1-L}Agency Authority {Ans: The Agent's authority to act on behalf of someone else, usually an insurer. This authority is derived from the agent's contract with the insurer. 2-A}Risk Avoidance {Ans: Insurers' practice of denying insurance applications that they believe would involve an inordinate amount of risk. 1-E}Coverages {Ans: The amount and extent of protection provided by an insurance policy. 1-B}Rebates {Ans: Refunding of part of the premium, due to the creation of a new contract or change to an existing contract. 6-D}