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An agency cost is an economic concept that refers to the costs associated with the relationship between a "principal" (an organization, person or group of persons), and an "agent". The agent is given powers to make decisions on behalf of the principal. However, the two parties may have different incentives and the agent generally has more ...
A tied agent, working exclusively with one insurer, represents the insurance company from whom the policyholder buys (while a free agent sells policies of various insurance companies). Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict.
In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Direct premiums written represents the premiums on all policies the company's insurance subsidiaries have issued during the year.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
AOL MyLifeProtected makes it easier for you to navigate the insurance buying process and understand the market-leading insurance plans that best meet your insurance needs. Go to the AOL MyLifeProtected webpage to get started. After answering a few questions about yourself and the type(s) of insurance you’re interested in, AOL MyLifeProtected ...
In the health insurance and the health care industries, FFS occurs if doctors and other health care providers receive a fee for each service such as an office visit, test, procedure, or other health care service. [5] Payments are issued only after the services are provided. FFS is potentially inflationary by raising health care costs. [6]
An insurance company can set its own installment fee amount, even if the installment fee is higher than what the company is being charged to process your payment. Consider potential savings
To continue the example of a $300,000 home, where the average 2.74 percent listing-agent fee comes to $8,220, consider a 1.5 percent fee, which comes to just $4,500 — a savings of more than $3,700.