LESSON 2: LEGAL CONCEPTS OF THE INSURANCE CONTRACT

Agency Law refers to the relationship between:

	a)	the insurer and the insured.
	b)	the agent and the company with whom the agent is affiliated.
	c)	the agent and the insured.
	d)	the policyowner and the policyholder.
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___________ authority is the authority that an agent has in writing in the contract with the insurer the agent represents.

	a)	Express
	b)	Implied
	c)	Apparent
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___________ authority is the authority that is given not in writing but that is necessary for the agent to transact insurance.

	a)	Express
	b)	Implied
	c)	Apparent
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____________ authority is authority a third party is led to believe and that the agent is given due to the agent's actions.

	a)	Express
	b)	Implied
	c)	Apparent
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