Maryland Code, INSURANCE 10-415
Terms Used In Maryland Code, INSURANCE 10-415
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) a public adjuster may not undertake the adjustment of any claim if the public adjuster is not competent and knowledgeable as to the terms and conditions of the insurance coverage, or that otherwise exceeds the public adjuster’s current expertise;
(2) a public adjuster may not make a statement that the public adjuster knows to be false or with reckless disregard as to the statement’s truth or falsity concerning the qualifications or integrity of any person engaged in the business of insurance to any insured client or potential insured client;
(3) a public adjuster may not represent or act as a company adjuster or as an independent adjuster on the same claim;
(4) the public adjuster contract may not be construed to prevent an insured from pursuing any civil remedy after the rescission or cancellation period under § 10-411(h) of this subtitle; and
(5) a public adjuster may not enter into a contract or accept a power of attorney that vests in the public adjuster the effective authority to choose the persons who shall perform repair work.
(b) A public adjuster may not agree to any loss settlement without the insured’s knowledge and consent.