Authority that the insurance company specifically grants to an agent is called

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Authority that the insurance company specifically grants to an agent is called

A. Binding authority.
B. Express authority.
C. Implied authority.
D. Apparent authority.

Answer: B. Authority that the insurance company specifically grants to an agent is called express authority.

Insurance

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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?

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