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March 25, 2011

Definition of disability
The definition of "disability" is subjective because some people can work without complaint with a condition that would disable and incapacitate others. A typical life and health insurance policy may define disability insurance as including insurance related to injury, disablement, or death resulting to the insured from accidents or sickness.

March 25, 2011

Insurance agents act on behalf of one or more insurance companies. That relationship between the insurance agent and the insurance company provides authority for the agent to act for and bind the insurance company. Insurance brokers, on the other hand, represent insurance purchasers rather than insurance companies even though insurance brokers may receive their commissions from insurance companies. Insurance brokers do not have authority under principal-agent or employer-employee theories to bind the insurance companies that provide the policies insuring companies or individuals.

March 25, 2011

Who is an innocent co-insured?
When multiple insureds obtain an insurance policy, usually on jointly owned property, and one insured causes a loss through wrongdoing, the other insureds are considered "innocent co-insureds." When the innocent co-insureds submit a claim to the insurer to obtain coverage for the loss, an issue arises as to whether the claim should be paid because it would benefit the insured who committed the wrongdoing.

March 25, 2011

Life insurance companies may sell their insurance policies through full-time agents, brokerage markets, direct sales, or mass marketing.

March 25, 2011

Mass marketing in the insurance field is the presentation of a selling message to induce a number of insureds at one time to purchase insurance policies. It has changed the traditional method of selling insurance on a one-on-one basis.