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Independent insurance agents typically represent a number of insurance companies, or "carriers", and sell the products that most appropriately meet the needs of their clients. Independent agents typically are very well trained and knowledgeable of the complexities of the insurance market and insurance law. [1]
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.
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".
Agency Demand for Greater Access to Appetite: 87% of agents say they would write more business with carriers if they provided real-time appetite and quoting within their agency management systems to make it easier to find markets. Nearly 76% of agencies said they often lose opportunities because they cannot find a market to quote.
The main difference between a financial advisor vs. insurance agent lies in what they do. Advisors give advice, including advice about insurance, but they're not all licensed to sell insurance ...
Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy, the insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process.
The average cost of car insurance can vary drastically from one carrier to another based on a variety of rating factors, including the type of vehicle you drive, your driving history and the ...
[4] [8] Through 2006, Citizens Insurance charged its customers the highest rate approved by the Florida Office of Insurance Regulation to avoid competing with private carriers. Insurance agents were prohibited from writing policies through Citizens if there was a private (not surplus lines) carrier that would write the risk. If a qualified ...