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 Lack of heath insurance in Georgia? |
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 Insurance question? |
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In term plan insurance, if the sum assured is 10 lakhs for 20 years, paying Rs.2500 annually as premium, then if the person is still alive after 20 years, will he receive a single penny back?
W... |
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| He destroyed my Vacuum cleaner, my fridge freezer and threw away a carpet I was planning to refit. The total comes to £1250. He has already been paid for the work and claims that it was not his ... |
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| What Insurance will cover my cousin who dosen't have insurance and has currently got into an accident in the fog and drove into a 100 ft ditch and was air lifted to the hospital, and the ... |
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Tom K | Insurance: What is the difference between an Independent Agent and an Independent Broker? |
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rutherian
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Generally speaking an "agent" is an individual licensed by a state to represent an insurance company to the public. An independent agent means the agent is not "captive" or only contracted by one insurance company and may represent more than one company. A "broker" is an individual licensed by a state to represent the general public to insurance companies. They are usually contracted with several insurance companies and their job is to search the insurance market for the person they represent. The amount of commission paid to a broker or agent is usually very close to the same and has absolutely no bearing whatsoever on the premiums that a person pays for insurance. If an individual goes to the insurance company directly to purchase insurance the commission will either be kept by the company or paid out to the individual that assists you on the phone or in person when filling out an application. Some insurance companies will not allow "direct" applications and require the use of agents or brokers. Many states are doing away with the "broker" and "agent" terminology and simply calling anyone licensed to accept insurance applications "producers". |
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we_build_champions
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An Independent agent represents an insurance company or several companies. An Independent Broker represents the client directly. There are distinct legal definitions that vary from state to state. Insurance is regulate at the state level. This definition is paraphrased from the Washinton State office of the Insurance Commissioner. There are similar definitions on the California Department of insurance site |
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mbrcatz
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Effectively, none. In the insurance business, they are pretty much used interchangably.
Technically, the agent works for the companies, and the broker works for the clients. Practically, independent agents and brokers work to match up clients to carriers, and most of the time are paid by the carriers on a straight commission basis. |
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swomedicineman
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I used to work for an insurance agent with a major company. He owns his agency and pays his employees etc... He is considered an independent agent but is also what is known as a "captive agent" in that he can only sell Nationwide Insurance policies. Brokers are agents that shop around to different companies to find the best rates. They must be licensed as a broker but your policy may be through Hartford whereas my policy may be through Integon or Lloyd's of London. Does that make sense? |
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missv
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an independent agent works exclusively for one company, an independent broker works with many companies and can usually find you the best deal |
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STEVEN F
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An agent has the authority to act on behalf of on or more companies. That means they can actually approve you application. A broker must submit the paperwork to the company for approval. |
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Karen Elaine
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an independent agent is not state related, therefore they have to sometimes seek their companies through independent brokers who then get with the larger companies. but if you can find a standard company, like statefarm, you get it directly with less commissions to pay each agent, broker, and so on |
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tigertiggerii
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typically, the agent is working for a specific company and a broker is not captive, able to get appointed with any company. |
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