In Many Situations, an Agent Is Able to Exercise This

question 13

Multiple Choice

In many situations, an agent is able to exercise this authority, which secures coverage for an insured without any additional input from the insurer.Identify this authority.

• A)Waiver authority
• B)Estoppel authority
• C)Duress authority
• D)Binding authority
• E)Facultative authority

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Definitions:

Receivable

A receivable is an amount of money owed to a firm by its customers following the sale of goods or services on credit.

Accounts Receivable

These are funds owed to a company by customers for goods or services delivered or used but not yet paid for; considered a current asset on the balance sheet.

Industrial Firms

Companies engaged in the production of goods within an industrial sector, including manufacturing, construction, and mining activities.

Assets

Resources owned or controlled by a business, entity, or individual, expected to produce economic value or future benefits.