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While both insurance brokers and insurance agents help you get insurance, there’s a significant difference in who brokers vs. agents represent. Not all states have brokers, and in some states, a ...
There are two types of insurance agents, and both work slightly differently than insurance brokers. Captive agents are professionals employed by one insurer, meaning the policies they sell are ...
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.
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.
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example, [11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the ...
Mortgage banker vs. mortgage broker. Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a ...