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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.
Errors and omissions (E&O) insurance, which may exclude negligent acts other than errors and omissions ("mistakes"), is most often used by consultants and brokers and agents of various sorts, including notaries public, real estate brokers, insurance agents themselves, appraisers, management consultants and information technology service providers (there are specific E&O policies for software ...
Depending on the carrier, other optional coverage types may include roadside assistance, rental car reimbursement, new car replacement and gap insurance. Just like fingerprints are unique, so are ...
For their efforts, independent agents are paid a commission (remuneration). [2] In addition to insurance policies, agents often sell mutual funds, annuities, and products that address wealth management, retirement and estate planning. Independent agents must be licensed by the states in which they sell insurance and financial products. [2]
What is an insurance broker? Brokers for auto, home or life insurance are professional intermediaries who help individuals, businesses and organizations secure insurance coverage. They work ...
Coverage options: Look for car insurance companies that offer the coverage types you want or need for your situation. Some companies offer more endorsement options, while others offer more slimmed ...
In its core brokerage business, Marsh represents commercial businesses searching for insurance and arranges for coverage with other companies that actually offer the policies themselves. [4] Marsh's clients in this area include large multinational companies , high growth middle-market businesses, small commercial enterprises, and high net-worth ...
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a ...