MLchartDataset catalogue

Implied authority

Term · Insurance and risk management · MLC-T-INS-001775

The authority that an agent is presumed to have, even if not explicitly granted, to carry out the express powers given by the principal. In insurance, an agent may have implied authority to perform actions necessary to sell and service policies, such as collecting premiums. This authority is derived from the nature of the agent's position and the customs of the business.

Table 1. Record
IdentifierMLC-T-INS-001775
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001775",
  "term": "Implied authority",
  "field": "Insurance and risk management",
  "definition": "The authority that an agent is presumed to have, even if not explicitly granted, to carry out the express powers given by the principal. In insurance, an agent may have implied authority to perform actions necessary to sell and service policies, such as collecting premiums. This authority is derived from the nature of the agent's position and the customs of the business.",
  "url": "https://mlchart.com/terminology/insurance/implied-authority/"
}

Record 1,689 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.