”Home Protection Insurance Authority” means the authority of the Commonwealth to sell, apply for or negotiate home protection insurance as defined in section 38.2-129 on behalf of insurers licensed in the Commonwealth. ”Restricted Alien Health Worker” means a non-resident officer whose licensing authority in his or her home state does not include all the powers granted under a Virginia Health Worker License. The license granted to this agent authorizes the agent to sell, solicit, or negotiate in Virginia on behalf of authorized insurers in Virginia only those types or categories of insurance for which the agent is authorized in its home state. ”Agent”, ”Insurance Agent”, ”Producer” or ”Insurance Producer”, if used without qualification, means a physical or commercial entity that sells, solicits or negotiates insurance or pension contracts in the Commonwealth. An insurer who sells, requests or negotiates any of the coverages referred to in this definition shall make available to any person whose duties include the sale, solicitation or negotiation of such coverage a program of instructions that may, at the discretion of the Commission, be submitted to the Commission for approval or review by the Commission after it has been implemented. ”Sell” means exchanging an insurance contract in any way for cash or an equivalent contract on behalf of an insurer. `car rental insurer` means a person who (i) is a commercial agent of a car rental company who primarily supplies passenger cars to the public under a lease agreement for a period of less than six months and (ii) whose licence in the Commonwealth is limited to sale; obtaining or negotiating only the following insurance coverages and only in connection with and in addition to the rental agreement: On the other hand, the ”express power of attorney” is clearly stated and granted by the client to the agent orally or in writing. and ”apparent authority”, sometimes referred to as ”so-called authority”, exists when the actions of a principal could lead a third party (as a reasonable person) to believe that the agent has authority, even if it is not express or implied. The officer`s powers are limited in most cases, and although the officer may make decisions on behalf of the principal, these decisions often have limitations and are subject to review by the principal. Apparent authority is the authority that is claimed to a third party and given to the agent based on the actions of the agent. The implied power applies to the insurance company`s representative, who has the authority to obtain life insurance claims on behalf of the insurer. When the insurer grants this express power to the agent, it also grants the agent the implied power to call potential customers on its behalf to arrange sales dates.
Implied authority also applies in a situation where a person wears a uniform or name tag that bears the logo or brand of a company or organization. ”Life and pension insurance agent” means an agent authorized in the Commonwealth to sell, solicit or negotiate life insurance and annuity contracts within the meaning of articles 38.2-102, 38.2-103, 38.2-104, 38.2-104, 38.2-105.1, 38.2-106 and 38.2-107.1 respectively on behalf of insurers authorized in the Commonwealth. Implied authority is an authority that is not explicitly or written into a contract, but it is an authority that an agent is supposed to have to manage the business for a principal. Implied authority is secondary to explicit authority, as not all the details of an agent`s authority can be stated in the written contract. For example, in real estate, explicit authority means that the agent has been given the power to act on behalf of the client. ”Designated Agent”, ”Designated Insurance Agent”, ”Designated Producer” or ”Designated Insurance Producer”, when used without qualification, means a physical or commercial entity authorized in the Commonwealth to sell, solicit or negotiate insurance contracts or annuity contracts of classes authorized under such license and appointed by a company authorized for sale in the Commonwealth. to request or negotiate, on its behalf, insurance contracts for the classes authorized by such a licence and, if authorized by the Société, to collect premiums for such contracts. If a waiter at a restaurant tells you they can give you a free drink when you buy a ticket, they have a contract with you on behalf of the restaurant company they represent. The authority of the server is implied by the fact that it has been selected as the only employee of the company intended for the business relationship with you. Whether or not other employees are involved in the transaction is irrelevant, as they are expected to be the only person required to complete your business transaction. The term ”car rental insurer” does not include car rental participants. ”Dental Plan Organization Authority” means the Commonwealth authority to sell, solicit or negotiate contracts for dental services on behalf of dental planning bodies accredited under Chapter 61 (Sections 38.2 to 6100 et seq.).
”Mortgage Redemption Insurance Authority” means the Commonwealth authority that sells, applies for or negotiates mortgage redemption insurance on behalf of insurers licensed in the Commonwealth. For the purposes of this Chapter, ”mortgage default insurance” means a non-renewable, non-convertible and degressive term life insurance policy taken out in connection with a mortgage transaction for a period coinciding with the term of the mortgage. The initial amount may not exceed the amount of the outstanding debt at the time the insurance comes into force, rounded to the nearest amount of $1,000. ”Mutual Life and Health Insurance Authority” means the Commonwealth authority that sells, applies for or negotiates life, accident and health insurance on behalf of insurers authorized under Chapter 39 (Sections 38.2-3900 et seq.), but only to the extent permitted by Section 38.2-3919. Apparent authority is the appearance of power on the part of the insurer through actions or the use of identification documents by the agent, such as .B. This type of authority occurs when a principal allows an agent to act on his or her behalf without explicit or implied authorization. The express power specifies in the form of a contract the activities that the agent may carry out on behalf of the insurer. It is determined by oral or written communication and describes the agent`s ability to apply, initiate and collect initial bonuses when acting on behalf of the principal. ”Termination” means the termination of the relationship between an insurance manufacturer and the insurer or the termination of an insurance manufacturer`s authority to purchase insurance. Implied authority refers to an officer who is responsible for taking the steps reasonably necessary to achieve the objective of an organization. Under contract law, the implied power of attorney has the option of entering into a legally binding contract on behalf of another person or company.
”Health Officer” means an agent authorized in the Commonwealth to sell, solicit or negotiate insurance as defined in sections 38.2-108 and 38.2-109, including contracts issued by insurers, health insurance plans, health care organizations, dental service plans, optometric service plans and Commonwealth-accredited dental plan organizations. ”Restricted Funeral Insurance Authority” means the Commonwealth Authority responsible for selling, soliciting or negotiating membership in a funeral insurance company where certificates of membership are used solely to fund funeral contracts in advance to a person on behalf of Insurers licensed under Chapter 40 (sections 38.2-4000 et seq.); or to represent an association referred to in § 38.2-3318.1, which is limited to asking the members of that association for group life insurance certificates if the funds are used exclusively to finance funeral contracts. ”car rental company” means an hourly employee without a licence or an employee of a motor vehicle rental company who, under a lease agreement, primarily supplies private motor vehicles to the public for a period of less than six months and does not receive any direct or indirect commission from the insurer, lessee or vehicle rental company. `negotiation` means the act of direct consultation with a buyer or potential purchaser of a particular insurance contract with respect to any of the essential benefits, terms or conditions of the contract, provided that the person involved in that act sells insurance or takes out insurance with insurers on behalf of purchasers. . . .