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An independent agent may present you with an insurance quote from a smaller, unfamiliar company but one that still meets your needs and offers the right insurance coverage for your family.
Working with a captive insurance agent: If you know you want to work with a specific insurance provider (for example, if you already have a policy with them and want to bundle a new policy with it ...
Working with an insurance intermediary service allows the independent agent to review many quotes and offer their clients the best policy options available. 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 ...
Insurance brokers can help take the pain out of shopping for a new policy. Instead of comparing several options from dozens of insurers on your own, a broker will do this work on your behalf.
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.
In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".
Insurance agent: There are two types of insurance agent; “captive” agents, who only work with one insurer, and “independent” agents, who can help you get quotes from many insurers.
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.