Insurance agent

“ There is nothing in the record which shows that the agent was invested with authority to make an insurance for the company. In representing himself as an agent, he only solicited an application by the assured to the company for a policy. ”

“ Washington Insurance Co., 4 Cow. (N. Y.) 645, the rule was applied in a case where the agent was authorized to make insurances, 'provided the office shall recognize the rate of premium, and be otherwise satisfied with the risk.' It was held that the company was bound to issue a policy where the insurance was a proper one and the premium was paid or tendered, although before the premium was received at the home office the property was consumed by fire. ”

“ Insurance– The term insurance means any product, other than title insurance or bail bonds, defined or regulated as insurance by the appropriate State insurance regulatory authority.
(4) Insurance producer– The term insurance producer means any insurance agent or broker, excess or surplus lines broker or agent, insurance consultant, limited insurance representative, and any other individual or entity that sells, solicits, or negotiates policies of insurance or offers advice, counsel, opinions or services related to insurance. ”

“ They also try to prevent the lapsing of policies and sell new insurance when time allows. The company compensates the agents as agreed to in the 'Agent's Commission Plan' under which the agent retains 20% of his weekly premium collections on industrial insurance and 10% from holders of ordinary life, and 50% of the first year's premiums on new ordinary life insurance sold by him. The company plan also provides for bonuses and other fringe benefits for the debit agents, including a vacation-with-pay plan and participation in a group insurance and profit-sharing plan. ”

“ Has any proposal or application to insure your life been made to any company, association, or agent on which a policy of insurance is now pending? Or has any such proposal or application ever been made for which insurance has not been granted, or on which a policy or certificate of insurance was not issued in full amount, and of the same kind as applied for? ”

“ To indulge in outdoor life, the townships of Darlington and East and West Whitby were traversed by me as sub-agent for a farmers’ insurance company. There was not much difficulty in securing renewals of policies, but it was uphill work to get new business. The general excuse for refusal to insure was that Mr. Farmer had been insured before and had never made anything out of it. My throat used to get dry as a tin horn in trying to explain that the company couldn’t exactly guarantee a “blaze”, but the insurance policy was to protect the insure in case of fire. ”

“ The agent of the company at Baltimore, who negotiated this insurance, the defendants being a New York company, states that when applications are made to enter risks on running policies, they are endorsed at once by him, and the report of such endorsement transmitted to the company in New York, which names the premium, and this is communicated to the assured; that the premiums specified in the body of the policies are nominal, and the true premiums to be charged are fixed by increasing or reducing the nominal premiums when the risks are reported ”

“ Its outstanding policies were not affected thereby, and it continued to collect the premiums upon them and to pay the losses arising thereunder, and it was doing so at the time of the service of process upon its agent.'
'It cannot be said with truth, as we think, that an insurance company does no business within a state unless it have agents therein who are continuously seeking new risks, and it is continuing to issue new policies upon such risks. ”

“ The law of agency is the same, whether it be a plied to the act of an agent undertaking to continue a policy of insurance, or to any other act for which his principal is sought to be held responsible.
The principle that no one shall be permitted to deny that he intended the natural consequences of his acts when he has induced others to rely upon them, is as applicable to insurance companies as it is to individuals, and will serve to solve the difficulty mentioned. ”

“ The General Agent Service Agreement also provides that the United States shall procure insurance against all insurance risks 'of whatsoever nature or kind relating to the vessels assigned hereunder' and 'shall defend, indemnify and save harmless the General Agent against and from any and all loss, liability, damage and expense * * * to the extent not covered or not fully covered by insurance.'↑ See notes 32, 40, 41.↑ See S.Rep.No.898, 74th Cong., 1st Sess., pp. ”

“ The agents are stimulated by letters and instructions to activity in procuring contracts, and the party who is in this manner induced to take out a policy, rarely sees or knows anything about the company or its officers by whom it is issued, but looks to and relies upon the agent who has persuaded him to effect insurance as the full and complete representative of the company, in all that is said or done in making the contract. ”

“ The receipt by an agent for the first premium, or of a note therefor, subject to the approval of the application by the company, does not effect a contract between insurer and insured.
Some states have enacted statutes prescribing requirements for life insurance policies, or standard forms. Delivery to a third person for the insured may be sufficient. The contract becomes complete when the policy is put in the mail, postage prepaid, for delivery in due course to the insured. ”

“ No agent has power in behalf of the company to make or modify this or any contract of insurance, to extend the time for paying a premium, to waive any forfeiture, or to bind the company by making any promise or making or receiving any representation or information. ”

“ I got it from the agent Stryker dealt with. The old fellow has been fussing over that insurance off and on for years; and now, just at the last minute, a man up and dies who leaves him enough money to get his insurance. ”

“ Every such insurer or agent shall, within ten days after written demand therefor, furnish to any person, upon whose property or risk a rate has been made by said insurer, or to his authorized representative, full information as to such rate, and if such property or risk be rated by schedule applying particularly to each risk, a copy of such schedule, and shall provide such means as may be approved by the Commissioner of Banking and Insurance were by any person or persons affected by such rate may be heard on an application for a change in such rate. ”

“ Any person acting as agent of any foreign insurance company which has not received the license from the auditor above provided for, or shall so act after its expiration, is liable personally to the holder of any policy of insurance in respect to which he so acted as agent for any loss covered by it ”

“ The tendency of the modern decisions in this country is steadily in the opposite direction. The powers of the agent are, prim a facie, coextensive with the business intrusted to his care, and will not be narrowed by limitations not communicated to the person with whom he deals. [3] An insurance company, establishing a local agency, must be held responsible to the parties with whom they transact business for the acts and declarations of the agent, within the scope of his employment, as if they proceeded from the principal. ”

“ In compensating agents the assessment companies naturally pay in proportion to the insurance obtained, inasmuch as there is no other basis to go upon, but regular companies usually pay the agent a percentage of the premium which includes a considerable trust fund over and above the assessment for actual insurance. ”

“ Georgia Laws, 1935, p. 140:
'No licensed fire or casualty insurance company or company writing fidelity or surety bonds, shall write or issue any policy or indemnity contract on any risk in this State except through a resident agent licensed by the Insurance Commissioner: Provided * * * The words 'resident agent' as used in this section are deemed to mean resident agents engaged in the solicitation of such business from the public generally and shall not include any salaried employee of any insurance company doing business in this State ”

“ The money was paid to the agent at Washington on that day. The insurance was post-dated so as to include that day. The full amount of the premium for one year was paid by the applicant, viz., $137.50. The company cut off the insured from two and a half months of his policy when they issued it on the 1st of October, and dated it as of July 16, although taking payment of the premium for a year. ”

“ Insurance Agency.—Insurance, both fire and life, is a mine of wealth, and has opened wondrously during the last few years. The present magnitude of the business is shown by the statement that there are $2,500,000,000 invested in life insurance in the United States, while the fire insurance agents last year wrote more than $16,000,000,000. There are seven men who have an aggregate of $7,000,000 on their lives. ”

“ When procuring the policy, obtaining applications of employees, taking pay roll deduction orders, reporting changes in the insured group, paying premiums, and, generally, in doing whatever may serve to obtain and keep the insurance in force, employers act not as agents of the insurer, but for their employees or for themselves. ”

“ The assured assumes the risk of paying premiums during the life on which the insurance is taken, even though their aggregate amount should exceed the insurance money. He also takes the risk of the forfeiture of his policy if the premiums are not paid on the day they fall due. ”

“ On the other hand, the average man is convinced that there is, and so certainly is the man who takes out a policy of accident insurance. It is his reading of the policy that is to be accepted as our guide, with the help of the established rule that ambiguities and uncertainties are to be resolved against the company. ”

“ In an ordinary life assurance or endowment assurance contract the policyholder has the knowledge that either he or his dependents are assured of the payment of a sum on the occurrence of an event that must happen. In the various forms of insurance, such as fire insurance, marine insurance, accident insurance or burglary insurance, the policyholder pays a premium in order to be insured against a contingency which, if he is an honest man, he hopes will never occur. ”

“ If the assured, by his voluntary act, increases the risk, and the fact is not known, the result is that he gets an insurance for which he has not paid.' And again: 'An increase of risk which is substantial, and which is continued for a considerable period of time, changes the basis upon which the contract of insurance rests ”

“ The obligation of an insurer in a policy of life insurance is made up of a number of promises, of which one is to pay to the beneficiary the amount of the insurance-the 'proceeds'-and another is to pay the 'surrender value' to the insured upon his demand. ”

“ When the sum insured is large, a higher premium per cent. is demanded; and money, papers, pictures, gunpowder, and jewels, are excluded.—If an article be falsely described, in order that it may be insured at a lower premium, the policy is justly void. An insurance made on the same subject at different offices, must be specified by indorsement on the policy; and, in case of loss, the offices pay a sum in proportion ”

“ Such is the form of the contract, and such is its character. It has been contended that the payment of each premium is the consideration for insurance during the next following year,-as in fire policies. But the position is untenable. It often happens that the assured pays the entire premium in advance, or in five, ten, or twenty annual instalments. ”

“ When the insured effects insurance with an underwriter through a broker, then, unless otherwise agreed, the broker is liable for the premium to the underwriter, who is, however, directly responsible to the assured for losses or liabilities falling on the policy and for returnable premium. ”

“ The object for which insurance exists is to guard against certain accidents to which we are all liable, such as the destruction of property by fire, or the loss of future earnings by disablement or death. An agreement is entered into by which one party, known as the insurer or assurer, agrees to pay to another, called the insured or assured, a certain sum in the event of the particular event insured against happening.
The document which states the conditions of this agreement is called the policy, and the payment made on account of the insurance is known as the premium. ”

“ The preliminary arrangements for the amount and conditions of insurance are in a great majority of instances made by agents. It is always so where the insurance is effected out of the State where the company is incorporated and has its principal place of business. ”

“ If fires destroy a million of dollars’ worth in property insured for its full value, and a million’s worth more in property insured for one-tenth of its value, the insurers will pay $1,000,000 upon the first group and more than $750,000 upon the second. But if all the insurance is taken at the same rate the insurers will have received premiums ten times as great on the former group as upon the latter. ”