| The Distinction Between an Insurance Agent and an Insurance Broker |
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| Insurance agents act on behalf of one or more insurance companies. That relationship between the insurance agent and the insurance company provides authority for the agent to act for and bind the insurance company. Insurance brokers, on the other hand, represent insurance purchasers rather than insurance companies even though insurance brokers may receive their commissions from insurance companies. Insurance brokers do not have authority under principal-agent or employer-employee theories to bind the insurance companies that provide the policies insuring companies or individuals. More... |
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| Calculation of the Loss - Actual Cash Value or Replacement Value |
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| In paying the loss suffered by a policyholder when property is damaged or destroyed, an insurance company normally will consider its obligation to be to pay the present or depreciated value of the property just before its loss. Thus, destruction of a well-used item could result in a minimal recovery for the policyholder. A policyholder may purchase a relatively inexpensive rider to the policy providing for reimbursement of the replacement value of the damaged or destroyed item. Examination of the insurance policy and any rider should provide details on coverage under the policy for either actual cash value or replacement value. More... |
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| The CGL Policy Exclusion for Damage to the Insured's Property |
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| The standard comprehensive general liability policy insures a business against liability arising from personal injury or property damage suffered by a third party. Various exclusions are included in the CGL policy, including Exclusion J -- Damage to Property, that are designed to limit coverage to third party injury or damage. More... |
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| Insurance Agents' Acts Not Binding on Insurer |
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| Insurance agents are the legal representatives of insurers. However, an insurer is not always bound by an agent's actions. In some instances, the insurer will not be bound by misrepresentations made by the agent to the insured.
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| No-Fault Automobile Insurance |
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| No-fault insurance provides coverage for an insured's injuries or damages up to the policy limit regardless of whether the insured or another driver was at fault. More... |
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