what is a terms of business agreement?
naima asked:
I have a second stage interview with a company that sells insurance tomorrow. They want me to maintain Delegated authority and Terms of Business Agreements but I only have a vague idea of what these things are as I have just recently finished my law degree.
Who is a Terms of Business Agreement between? What kind of questions can I expect from a second interview and is it alright to wear grey trousers and a white shirt to a second interview as I wore my black suit to the first interview. Any advice would be really appreciated. Thanks
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TOB agreement is an something you receive and sign to confirm you understand the terms of the business i.e. what they do, how they work etc Gem*
yer kidding right? you’ve finished law school then and don’t know what “terms of business… means?
God help us. Cyclone Ranger ♂
Terms of business Agreement is between you and the company you are dealing with. It is required by Law to be give to all customers. It sets out their policies and also the fee and outlays they are required to make. ****
Wear your black suit maybe buy a £5 shirt tie pack to change the appearance, the terms etc is between the punter and the company basically your the promoter of the product and making sure or atleast collecting the signiture from the punter stating they agree to the terms… Glucks the company ask
Just say you will punt the product wether or not you agree with the product or not plus any frills you may be able sell but tell them you see your job as getting the signiture and its the company responsibility to maintain the contracts between them and the punter Natalie Cd
A Terms of Business Agreement (TOBA) is an agreement between two parties on how they will transact business. For instance as a broker we have TOBAs with our insurers for whom we are agents and we supply a TOBA to our customers – which tells them, amongst other things, how we make charges for our services. TOBAs for instance will state when payments have to be made, how the agent can put clients on cover, how much commission is taken and could extend to things like client ownership – basically anything can go into a TOBA.
A Delegated Authority Agreement is similar to a TOBA however a DA gives the agent the power to administer insurance contracts on behalf of the principal. For instance many insurance schemes are ‘delegated authority’ – the insurer gives the power to underwrite, put on cover and pay claims. (Commonly known as ‘giving the pen’).
It would appear that your duty will be to check that these agreements are watertight in that the company won’t assume more liability than it expects. welcome news