The period attorney-in-fact is used in several states of the India in place of the period agent and should be distinguished from the period attorney-at-law. An attorney law in the India’s lawye someone approved to practice law in a particular authority. The Uniform Power of Attorney Act employs the term agent
As an agent, an attorney-in-fact is a fiduciary for the principal, so the law requires an attorney-in-fact to be completely truthful with and faithful to the main in their dealings with each other.
If the attorney-in-fact is being paid to act for the principal, the contract is usually separate from the power of attorney itself, so if that contract is in script, it is a separate document, kept private between them, whereas the power of attorney is intended to be shown to various other people.
In the context of the stand-alone reciprocal inter-insurance exchange the attorney-in-fact is a stakeholder/trustee who takes protection of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims. When all the claims are paid, the attorney-in-fact then returns the leftover funds to the subscribers.
As an agent, an attorney-in-fact is a fiduciary for the principal, so the law requires an attorney-in-fact to be completely truthful with and faithful to the main in their dealings with each other.
If the attorney-in-fact is being paid to act for the principal, the contract is usually separate from the power of attorney itself, so if that contract is in script, it is a separate document, kept private between them, whereas the power of attorney is intended to be shown to various other people.
In the context of the stand-alone reciprocal inter-insurance exchange the attorney-in-fact is a stakeholder/trustee who takes protection of the subscriber funds placed on deposit with him, and then uses those funds to pay insurance claims. When all the claims are paid, the attorney-in-fact then returns the leftover funds to the subscribers.
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