Key Points in This Chapter
- Insurance regulation is a responsibility shared by federal and state governments
- The concept of agency — binding a principal by the actions of its agent — grew out of English common law
- An agent’s authority may be express, implied, or apparent
- Agents owe a fiduciary responsibility to their insurers and clients
- Several legal concepts, including waiver and estoppel, affect liability between buyers and sellers and their agents
- Court decisions are currently placing greater responsibility on sellers
Chapter 1 Topics
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