A producer's / agent's powers that are stated in his/her agency contract are called _______ powers.

The correct term for the powers that a producer or agent has, as specified in their agency contract, is express powers. Express powers are clearly defined and documented within the agency agreement, establishing the authority of the agent to act on behalf of the insurer in various matters, such as binding coverage, issuing policies, and collecting premiums.

This explicitly documented authority helps ensure that both the producer and the insurer have a clear understanding of the roles and responsibilities involved in their contractual relationship, thus reducing ambiguity and potential disputes regarding what actions the agent is permitted to take. The express powers are foundational to the functioning of agency relationships in insurance, as they delineate specific powers that are agreed upon by both parties.

In contrast, implied powers are those that are not explicitly stated but are necessary for the agent to conduct their duties effectively. Customary powers might refer to commonly accepted practices, while inherent powers are those that agents naturally possess due to their position. However, none of these terms directly refer to the powers laid out in an agency contract, making express powers the most accurate choice in this context.