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Insurance Brokers vs. Insurance Agents. broker in insurance. There are two types of insurance agents, and both work slightly differently than insurance brokers. Captive agents are professionals ...
Insurance brokers vs insurance agents. While both insurance brokers and insurance agents help you get insurance, there’s a significant difference in who brokers vs. agents represent. Not all ...
An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
Often, independent insurance agents will work with insurance intermediaries, who obtain quotes from multiple insurance providers and pass them off to the independent agent. Working with an insurance intermediary service allows the independent agent to review many quotes and offer their clients the best policy options available.
Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. Agents generally cannot offer as broad a range of selection compared to an insurance broker.
A broker legally represents you as the policyholder, while an independent agent represents their principal, which is the insurance company they work for. As such, the fiduciary duties of the two ...
For example, a licensed insurance agent may be qualified to sell both life insurance and variable annuities, because the insurance agent holds an insurance license and holds the Series 7 qualification examination. A broker (Series 7) may also be a financial planner.
The main difference between a financial advisor vs. insurance agent lies in what they do. Advisors give advice, including advice about insurance, but they're not all licensed to sell insurance ...