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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.
Brokers for auto, home or life insurance are professional intermediaries who help individuals, businesses and organizations secure insurance coverage. They work independently, meaning they don’t ...
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.
Several companies may authorize the agent to sell for them, but the agent remains an independent businessperson. While the agent collects commissions, they do not collect a salary from the companies they represent. On average, independent agents work with thirteen property and casualty and six life and health insurance companies on a regular basis.
There are two primary types of life insurance policies: term life insurance and permanent life insurance. Term life insurance : This is a straightforward option that provides coverage for a set ...
Arthur J. Gallagher & Co. (AJG) is an American global insurance brokerage and risk management services firm headquartered in Rolling Meadows, Illinois (a suburb of Chicago). The firm was established in 1927 and is one of the largest insurance brokers in the world.
A commission structure can apply to employees or independent contractors. Industries where commissions are common include car sales, property sales, insurance booking, and most sales jobs. In the United States, a real estate broker who successfully sells a property might collect a commission of 6% of the sale price. [7]
In 1995, the company sold its remaining direct life insurance holdings to General Electric to focus on consulting. [8] Aon built a global presence through purchases. In 1997, it bought The Minet Group, as well as insurance brokerage Alexander & Alexander Services, Inc. in a deal that made Aon (temporarily) the largest insurance broker worldwide.
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