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What is the most common example of a general agent?
2 General agent A property manager is an excellent example of a general agent. A general agent represents the principal in a range of activities or a particular business. A general power of attorney can create this type of agency.
What is the difference between a general agent and a broker?
Agents represent insurance companies. Brokers represent their clients. Brokers have a fiduciary duty to their clients, which agents do not. This means that agents do not play an advisory role in the process as brokers do.
What does general agent mean in insurance?
General agents are insurance agents who sell insurance products to other insurance agents or brokers. The other insurance agents and brokers then sell these products to the people or companies who will be using the insurance. In this way, general agents act as insurance wholesalers as opposed to insurance retailers.
Whats an example of a general agent?
An example of a general agent would be a property manager who acts on behalf of clients on an ongoing basis. Another example would be a client that wants you to handle multiple real estate transactions on their behalf. General agency can be granted by a general power of attorney.
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46 CFR 328.2 - Sec. 2 General Agents requirements.
2 General Agents requirements. The General Agent shall: (a) Obtain from the Master, a requisition for slop chest items required for the intended voyage.
Managing General Agent (MGA) Appointment and Termination
An insurer that appoints a managing general agent (MGA) to act for it in New York State, either directly or through subagents of the MGA, must complete and file
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