Indemnity, indemnify (as I understand it) is protection from loss, and to make whole, after a loss has been sustained. On Behalf of would be the person the sum is being paid for/in your stead/representing you/in stead of you. Your insurance company made payment to the injured/damaged property that you were responsible for, thus indemnifying them, on your behalf, (rather than you paying it yourself).
Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.
You can if what your doing is buying or arranging insurance on behalf of the legal owner. The owner of the property needs to be the primary insured beneficiary. Other parties interests can also be listed on the policy.AnswerNo not really. The insurance looks for ownership documents I guess.
The Escrow Company is in the real estate industry. Basically, the escrow is the money held by a third party on behalf of a transacting party. In the USA its specifiacally used in real estate for property tax and insurance.
No, a Title Agency or individual producer cannot use an Underwriter's authority to sell title insurance unless that agency or individual producer is an employee of the Underwriter and the Underwriter also acts as an agency in the state it is doing business in. 1. A Title Insurance AGENT is the business who acts in behalf of an Underwriter. 2. A Title Insurance COMPANY/UNDERWRITER is the company who issues title insurance. Example: John Doe decided to open a Title Agency, but in order to do that, he must sign an agency agreement with an Underwriter to act as an agent for that underwriter. Once the agreement is in place and all conditions of the agreement have been met, John Doe may now go solicit business for that Underwriter under his newly created Title Agency. Can he sell title insurance in behalf of the underwriter without being licensed? The answer is yes and no. Some states require that a Title Agency and its principal (primary owner) be licensed specifically for title insurance. Other states have no licensing requirements to operate as a Title Agency. The best 2 resources to find out what your State requires for agency licensing are: 1. Department of Insurance (in your state) 2. Title Insurance Underwriter authorized to do business in your state
The answer to the question depends upon what aspect of the insurance business that you wish to enter, and what state in which you are located. However, in general, there are some common aspects: 1. An insurer is the entity that assumes the risk of loss of the people or businesses whom/which it insurers. Insurers are licensed by the states in which they conduct business. Every state has requirements as to the assets and financial stability that the insurer must demonstrate in order to conduct business. Among the variables include the kind of risks that the company will assume. An insurer will also have to demonstrate the honesty, integrity and experience of the people who will have ultimate managerial control of the company. 2. An insurance agent is a person who sells insurance on behalf of an insurer. He/she must be licensed by the state insurance department where business will be conducted. Licensure involves a background investigation as to honesty and integrity. It also involves testing as to knowledge about the kinds of insurance products that he/she will sell and concerning which advice will be given. 3. An insurance adjuster is a person who assesses claims made against an insurance policy. He/she also is licensed by the state insurance regulator. The licensing process also includes an investigation of honesty and integrity and knowledge of the subject matter of the kinds of insurance policies and claims that the person will adjust.
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
A letter of indemnity is written by a bank / insurance company (in general: a third party), which is written on behalf of A (the first party) to cover B (the second party) against damages or specific loss arising out of an action of A.
Basing on the credibility of the individual or organization, Banker assures (assurance is no guarentee as per Law ?) and counter signs on their behalf as a second signatory. This is indemnity bond. Banker takes margin money and basing on the limits available to the industry, banker issues bank guarentee. In this case, Banker is the first signatory which is more stronger in terms of payment to the concerned. Any comments Please!....chandiprasad
in behalf of is incorrect usage (Delete me if I am worng)
Agent
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Drawings A/C Dr To, Cash A/C .... (Being life insurance paid on behalf of the owners.)
You can't. That is private information between insurance companies and their clients. If someone has caused damage to your car you may have to get a lawyer and take them to court. If that person has insurance then their insurance company will defend their client and pay on their behalf if the court decides that they are liable for your damage.
The role of auto insurance brokers is to sell some type of insurance. For example, the role of insurance brokers is to sell insurance on behalf of different insurance companies.
The difference between the words of avenge and revenge is simple. Avenge is seeking to get back at someone on somebody else's behalf who has wronged them. Revenge on the other hand, is seeking to get back at someone who has personally wronged you.
In most cases, no. Normally your insurance company handles the case on your behalf.
An insurance broker is a person or entity that is licensed by one or more state departments of insurance to sell insurance. This is similar to an insurance agent. The main difference between a broker and an agent is this: a broker is authorized by a number of insurers to submit applications for insurance by the broker's customers. Stated otherwise, a broker works on behalf of the customer, and seeks to obtain coverage for him/her/it from the insurers represented by the broker. In contrast, an insurance agent often represents a single insurer and sells only that insurer's products. Both are governed by the insurance laws of the state(s) of licensure, and are required to meet educational requirements to obtain and maintain their licenses.