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What is the difference between an insurance agent and insurance broker?
Wiki User
∙ 14y ago
An Insurance Broker has a duty of care to the client to secure the best deal on the market by 'broking' the insurance requirement out to all insurance companies who will accept the risk.
An Agent of an Insurance Company works only for the Insurance Company concerned and thus the client will get a quote from only the insurance company the Agent represents .
Wiki User
∙ 14y ago
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What is the difference between mercantile agent delcredere agent broker and factor agent?
An agent (captive) works directly for a single insurance company and is limited only to that company's offerings. A broker represents many insurance companies and can therefor provide you a multitude...
What is the Difference between brokerage and commission?
difference between broker and commission agent
What is the difference between insurance agents and brokers?
An insurance broker differs from an insurance agent in that a broker is considered an agent of the Insured even though he or she may receive a commission from the insurance company A broker may sell the products of a number of insurers whereas an insurance agent has the Insurer as his principal and works in the interest of the Insurer and not the Insured
What are the relevance of brokers in insurance?
An insurance broker is a person or entity that is licensed by one or more state departments of insurance to sell insurance. This is similar to an insurance agent. The main difference between a broker and an agent is this: a broker is authorized by a number of insurers to submit applications for insurance by the broker's customers. Stated otherwise, a broker works on behalf of the customer, and seeks to obtain coverage for him/her/it from the insurers represented by the broker. In contrast, an insurance agent often represents a single insurer and sells only that insurer's products. Both are governed by the insurance laws of the state(s) of licensure, and are required to meet educational requirements to obtain and maintain their licenses.
Are insurance broker and insurance agent the same?
No
What role does a insurance advisor have?
An insurance advisor/agent gives probable customers knowledge about an Insurance Plan and sell Insurance Policies. There are three types of insurance agents : 1. Life Insurance Agent. 2. General Insurance(Non-Life) Agent. 3. Composite Insurance Agent(i.e. both life and non life agent). An insurance broker can also be an insurance advisor. Difference between an insurance agent and an insurance broker are: 1. An insurance agent is employed by only one general insurance company or one life insurance company or both(depending on the type of Agent) but an insurance broker can work with any insurance company(Life or General). 2. An insurance agent is accountable to Insurer(insurance company) but an insurance broker is accountable to customers, i.e. an insurance broker works on behalf of customers to seek a better insurance plan. 3. Both agents and brokers are reimbursed by insurance company. 4. There is no capital requirement for Insurance Agents but Insurance brokers must have capital of Rs. 50 lakhs for direct broker, Rs. 1 crore for reinsurance broker and Rs. 2.5 crore for composite broker. Generally Insurance brokers works with big businesses whereas agents work with all type of businesses.
What is another name for an insurance agent?
broker
What is the difference between a broker and agent in marketing and advertising?
one eats eggs for breakfast
What is the difference between an independent insurance agency and an independent insurance agent?
The agency is the business and the agent is a person.
How do sick people get life insurance?
You need a good agent or broker with access to substandard life insurance companies. I'm an insurance broker.
What do you call the person who sells insurance policies?
This individual is called an Agent or Insurance broker
Is it common for a commercial insurance agent to charge their client an agency commission fee and also a service fee?
Yes if they are a broker. You will always see a broker fee from your agent and they a fee from the insurance company
