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Business Definition for: attorney-in-fact
Dictionary of Business Terms
attorney-in-fact

one who is authorized to act for another under a Power Of Attorney which may be general or limited in scope. A person need not be an attorney-at-law to be an attorney-in-fact.

Dictionary of Insurance Terms
attorney-in-fact
See also reciprocal exchange
Dictionary of Real Estate Terms
attorney-in-fact

one who is authorized to act for another under a power of attorney, which may be general or limited in scope.

Example: Collins wishes to sell her home but is planning a 6- month vacation in the Middle East. She gives authorization to her friend Baker to sign the deed over to a buyer. Baker becomes her attorney-in-fact for this situation.

Related Terms:
reciprocal exchange

unincorporated association with each insured insuring the other insureds within the association. (Thus, each participant in this pool is both an insurer and an insured.) An attorneyin-fact administers the exchange to include paying losses experienced by the exchange, investing premium inflow into the exchange, recruiting new members, underwriting the inflow of new business, underwriting renewal business, receiving premiums, and exchanging reinsurance contracts. Members share profits and losses in the same proportion as the amount of insurance purchased from the exchange by that member.

Referring Terms:
power of attorney
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