What is implied authority defined as?

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What is implied authority defined as?

A) Authority given in writing to an agent in the agency agreement
B) Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties
C) Authority given to handle claims and process payments
D) Authority given to an agent to act outside the scope of the agency agreement

Answer: B) Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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