The relationship between a person (the Principal) and another person (the Agent) who was appointed, selected, empowered, given authority by the Principal to represent the interests of the Principal in …
Agency by Estoppel (Ostensible Agency)
An agency relationship created by the actions, behavior or statements of the Principal and/or the Agent upon which a third party relies. Ostensible Agency may be found by a court where no agency …
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Agency By Necessity
An agency relationship where the authority to represent is imputed to the Agent as a result of an emergency situation to protect the interests of the Principal. …
Actual Authority
With reference to an agent or representative. The limits of the power the agent or representative has to bind her principal to an agreement or to a statement. …
Adjustment Period
See Adjustment Interval. The amount of time between interest rate adjustments in an adjustable-rate mortgage. …
Actual Cash Value
An insurance term, the value of a building calculated by subtracting the decrease in value caused by age and wear and tear from the cost of replacing the building entirely. …