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An insurance broker typically doesn’t know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of ...
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.
An insurance agent's main job is to sell you an insurance policy, not necessarily give comprehensive financial advice. A financial advisor who's also a licensed insurance agent, on the other hand ...
Several companies may authorize the agent to sell for them, but the agent remains an independent businessperson. While the agent collects commissions, they do not collect a salary from the companies they represent. On average, independent agents work with thirteen property and casualty and six life and health insurance companies on a regular basis.
The third possible license is the exempt securities license. In many, but not all, cases, licensing requires the support of a dealer or insurer. It is also mandatory for advisers to carry errors and omissions insurance. The term financial adviser can refer to the entire spectrum of advisers.
Auto insurance is a legal requirement in most states, and so paying for your coverage can feel like an obligation — like a tax or utility payment — with most drivers setting up their policy ...