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Chapter 1
Insurance Regulation and Compliance
The important points addressed in this lesson are:
![](Symb075c00b700f000000000.gif) Insurance regulation is a responsibility shared by federal and state governments
![](Symb075c00b700f000000000.gif) The concept of agency -- binding a principal by the actions of its agent -- grew out of English common law.
![](Symb075c00b700f000000000.gif) An agent's authority may be express, implied or apparent.
![](Symb075c00b700f000000000.gif) Agents owe a fiduciary responsibility to their insurers and clients
![](Symb075c00b700f000000000.gif) Several legal concepts, including waiver and estoppel, affect liability between buyers and sellers and their agents.
![](Symb075c00b700f000000000.gif) Courts decisions are currently placing greater responsibility on sellers .
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