Question by : What authority has an insurer gives to its producers by means of the agency agreement is known as?
What authority has an insurer gives to its producers by means of the agency agreement is known as?

A.) Implied Authority
B.) Express Authority
C.) Fiduciary Responsibility
D.) General Authority

I am looking all over the place including my book and cannot find the correct answer for my study guide. I thought it would be Implied but wasn’t completely sure.

Best answer:

Answer by R B
Express authority aka written authority..

.Express authority is the authority specifically given to an agent, either orally or in writing, by the principal. Written authority is usually provided through an agency agreement that allows the agent to countersign, issue, and deliver policies and provide other customary services on all contracts accepted by the insurer from the agent.

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