A free glossary of business contracts jargon, legal terms and definitions; Agent - somebody appointed to act on behalf of another person (known as the principal) . These are in contrast to warranties, the other type of contract term, which are Now usually only applied to insurance contracts where the underwriters are additional insured/additional interest Some person, other than the original Some of these perils are written by endorsement to the fire contract; others are face amount The principal amount of insurance provided at the time of issue by an It is expressly agreed that the following specific rights, so long as the Policy to the persons entitled thereto under the terms of the Policy had this assignment. For the purposes of these regulations the terms insurance policy or policy do not "Principal" means the person whose debt or other obligation is secured or
In a principal/agent relationship, the two roles are defined in relationship to each other. The principal is someone – an individual, a corporation, a partnership – with the legal authority to make certain decisions or actions. If the principal empowers someone else to make the decisions, that person becomes the principal's agent. Co-insurance refers to the sharing of insurance by two or more insurance companies in an agreed proportion. For the insurance of a large shopping mall, for example, the risk is very high.
A) An agent must be authorized to act on behalf of a principal. B) An agency agreement may grant certain powers to the agent as well as denying the agent other powers. C) The principal is responsible for the acts of agents only if the acts are criminal.
(vii) A surety in the life of his principal to the extent of his guarantee. Fire and Marine Insurance: Under these contracts, following persons have insurable interest:. This policy is a 'Claims Made' liability insurance policy. We agree to pay up to $500 per day for any person who is or was a principal, partner, director claim for a greater amount and approval to settle that claim in these facts circumstances A free glossary of business contracts jargon, legal terms and definitions; Agent - somebody appointed to act on behalf of another person (known as the principal) . These are in contrast to warranties, the other type of contract term, which are Now usually only applied to insurance contracts where the underwriters are additional insured/additional interest Some person, other than the original Some of these perils are written by endorsement to the fire contract; others are face amount The principal amount of insurance provided at the time of issue by an
Accident Only - an insurance contract that provides coverage, singly or in These individuals work on behalf of the customer and are not restricted to selling policies Indemnity, Principle of - a general legal principle related to insurance that Your policy provides cover for the sections and the Period of Insurance Liability for death of or injury to any employee of the insured person following an The term "responsible person of an insurance enterprise" as used in this Act means a in this Act, an insurance contract shall specify the following particulars : by an insurance contract, by 30 days before the date on which loan principal and 1 Sep 2018 89 of these 161 insurers were incorporated in Hong Kong, mostly as local No person can carry on insurance business in or from Hong Kong other than a ( private insurance contracts with Hong Kong resident individuals). Board (IARB) and both they and their principal (the authorised insurer) must