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1.Insureds are required to notify the insurer as soon as possible when a loss occurs. If an insurance agent is told about a loss but fails to report it to the insurer he or she represents, can the insurer deny its responsibility to pay the claim? Explain. 2.Ruth owns and manages an insurance agency. While she was on vacation, she hired a temporary employee, Kathie, to answer telephone calls and questions. Kathie is not an insurance agent and has no insurance experience. During the week, Kathie misunderstood the extent of her responsibilities and agreed to bind coverage for several policyholders who represented loss exposures not written by the companies the agency represents. Considering the responsibilities of an agent to a principal, explain whether Ruth has violated any of these responsibilities. 3.Andy, an insurance agent, is authorized by Radley Insurance Company to issue insurance policies providing not more than $100,000 in coverage. Andy issues a Radley Insurance Company policy providing $200, 000 in coverage. If there is a claim on the $200,000 policy, would Radley be obligated to pay? Explain. What might Radley Insurance do to recover the cost of the claim, if obligated to pay it? 4.Ron buys his insurance from a direct writing insurer's sales representative, while Anita deals with an independent agent. Norma, on the other hand, buys her insurance through the mail. Explain whether you agree or disagree with the following reasons for their choices. Ron: "Because my sales representative is an employee of the insurer, anything she says literally makes a commitment for the insurer. An independent agent is just an intermediary. An independent agent does not have the authority to make any promises, and the insurer is not required to honor any of the agent's commitments." Anita: "An independent agent represents many different insurers and offers me a broader selection to choose from, and that helps me get the best deal. Sometimes my agent even changes my policy to a different insurer." Norma: "I figure mail order is the best deal. Because it cuts out the middleman, direct response insurance should have the lowest prices. Besides, an agent does not provide any services that I cannot handle over the telephone with my customer service representative." 5.The XYZ Insurer offers a preferred homeowners policy that has been exceptionally profitable. XYZ executives have determined that they would like to encourage their independent agents to write more of these policies. However, these executives are also cautious about ensuring that they continue to receive applications from policyholders that are carefully selected and will continue to be profitable. Explain how the XYZ executives can structure an incentive for their independent agents to achieve their goals.
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