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Published byAlice Davis Modified over 8 years ago
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Definition of an Agent A person can be an agent only when he is authorised to act for the principal.
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To be an Agent- The person employed must be authorised to do any act for another. Principal- The person for whom such act is done of who is so represented.
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Express authority. Implied authority. Ostensible or Apparent authority.
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The act with in scope. Proper care. To deduct lawful charges. Reasonable diligence. Not adverse title. To render accounts. In interest of principal. Not to deal on own name. No conflict. Not delegate further.
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Right to remuneration. Right to get compensation. Right to return money. Right to indemnity. Right to retention.
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Towards principal. Towards third party.
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Licence is required under section 42 of insurance Act,1938 which is regulated by the insurance regulatory and development authority(IRDA) ````````````````````````````````````````````
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