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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.
Insuring Agreement
· The section of an insurance policy containing theinsurer'spromise to pay, the description of coverageprovided and perils insured against.
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.
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