Charasteristics Of Insurance Agents

The essential characteristic of an insurance agent is that he is vested with legal power to establish contractual relations between the insurance company and the policy holders.

The fact that the majority of insurance agents are recruited by field supervisors or managers who,in turn,hold agency contracts with insurance companies does not change this basic characteristic as in the ultimate analysis ,such insurance agents hold contracts for services with the insurance companies and not with their recruiters.

Rights Of And Insurance Agents

The Agent's most important right is the right to receive payment for his services,usually in the form of commission.

The agent is also entitled to reimbursement of moneys which he has expended with express authorithy of his principal .However ,such expense has to be reasonable and within acceptable limits.

The agent has the right to perform his duties in the manner which he considers to be appropriate.He may be reject any attempt by his principal to control the manner in which he works.

Classes Of Agent

Every agent falls into one of the following three categories.They are classified in accordance with the authority provided to them:

1. Special Agent
2. General Agent
   
3. Universal Agent

See also - a .What is Special Agent?

b.What is General Agent?

c.What is Universal Agent?

Insurance Agents - Why Have A Website?

Agents Of Whom?

The legal maxim applicable to agency generally is qui facit per alium facit per se which means"he who acts through another is himself perfoming the act."

Thus,a duly appointed insurance agent acting within the scope of his authorithy,binds his principal by this actions just as though the principal ha had performed them personally.Because of this,it is particularly important in respect of any givenaction decide for whom the insurance agent acted at the relevant time.It is,therefore,quite possible for an agent of the insurer to be legally regarded as agent of the insured for given act,act vice versa.