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3 Cards in this Set
- Front
- Back
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Implied Authority |
· Authority that is not expressed or written intothe contract, butwhich the agent is assumed to have in order totransact the business of insurance for the principal. |
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Insuring Agreement |
· The section of an insurance policy containing theinsurer'spromise to pay, the description of coverageprovided and perils insured against. |
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Law of Large Numbers |
Aprinciple stating that the larger the number of similarexposureunits considered, the more closely the losses reported will equal theunderlyingprobability of loss. |
