What is the meaning and types of agents?

What is the meaning and types of agents?

Definition: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.

What are the agents?

An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties. The person represented by the agent in these scenarios is called the principal.

What is the difference between the actual and apparent authority of an agent?

While actual authority requires a third party to have been officially granted the authority to act on behalf of a company, apparent authority does not require an official granting of power.

Which country has biological weapons?

What Countries Have Them? Only 16 countries plus Taiwan have had or are currently suspected of having biological weapons programs: Canada, China, Cuba, France, Germany, Iran, Iraq, Israel, Japan, Libya, North Korea, Russia, South Africa, Syria, the United Kingdom and the United States.

How are captive agents paid?

Captive agents are usually paid a salary and commission and are provided with benefits. The disadvantages of being a captive again include cumbersome contracts, selling only specific products, and products that may not be in the best interest of the client.

What is the most common example of a general agent?

For example, A property manager, acts as a general agent if authorized to show and rent apartments, supervise maintenance, do the bookkeeping, etc. Special Agent – is authorized by the principal to handle only one specific business transaction or to perform only a specific act.

What is the difference between a general agent and a special agent?

Special agents are hired to perform one specific duty for a client. You were authorized to perform one act, so you were a special agent. General agents can perform any and all acts associated with the principal’s ongoing business the agent has been appointed to act in.