Insurance Regulation and Compliance
The important points addressed in this lesson are:
Insurance regulation is a responsibility shared by federal and state governments
The concept of agency -- binding a principal by the actions of its agent -- grew out of English common law.
An agent's authority may be express, implied or apparent.
Agents owe a fiduciary responsibility to their insurers and clients
Several legal concepts, including waiver and estoppel, affect liability between buyers and sellers and their agents.
Courts decisions are currently placing greater responsibility on sellers.