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The relationship between insured and insurer is not akin to the relationship between, say, guardian and ward, principal and agent, [3] or trustee and beneficiary. In these latter instances, the inherent character of the relationship is such that the law has traditionally imported general fiduciary obligations.
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
The trustee's right to do this, where it exists, is called a power of appointment. Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. 'As Trustee For' (ATF): This is the legal term used to imply that an entity is acting as a trustee.
A fiduciary duty is an ethical or legal relationship of trust between two or more parties. Generally, the fiduciary must act in the best interests of the other party.
An attorney in fact or agent is a fiduciary and has a duty to inform and to account for actions taken under the power of attorney. Sec. 751.102. Duty to Timely Inform Principal. [TPC §489B(b)] (a) The attorney in fact or agent shall timely inform the principal of each action taken under the power of attorney.
However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the question.
In the trustee model, Burke argued that his behavior in Parliament should be informed by his knowledge and experience, allowing him to serve the public interest. Essentially, a trustee considers an issue and, after hearing all sides of the debate, exercises their own judgment in making decisions about what should be done.
A successor trustee is named in the event of the creator’s inability to continue managing their affairs. This prevents a court from appointing a conservator to manage the creator’s affairs. Pros