Who is called Agent in insurance?
Definition: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.
What is the meaning of insurance agent?
An insurance agent is a representative of an insurer who negotiates and sells insurance contracts. … An insurance agent is a representative of an insurer who negotiates and sells insurance contracts.
What is the role of an insurance agent?
Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. … Successful insurance agents implement marketing strategies to promote new and current insurance policies. Marketing activities are also crucial to bringing new customers to your agency.
Who becomes an agent?
According to Section 183, any person who has attained the age of majority and has a sound mind can appoint an agent. In other words, any person capable of contracting can legally appoint an agent. Minors and persons of unsound mind cannot appoint an agent.
What is an example of an agent?
The definition of an agent is a person or group of people that represent another person or that takes action for other people. Someone who schedules appearances for a musical group is an example of an agent.
What are the types of insurance agents?
There are two types of insurance agents:
- Captive Agents. Captive agents work for one insurance company either full-time or as independent contractors. …
- Independent Agents. …
- Retail Brokers. …
- Wholesale Brokers. …
- Surplus Lines Brokers.
What are the 4 types of agents?
The Four Main Types of Agent
- Artists’ agents. An artist’s agent handles the business side of an artist’s life. …
- Sales agents. …
- Distributors. …
- Licensing agents.
Where do insurance agents work?
Insurance agents operate on a self-employed basis, selling and promoting insurance to potential clients within an assigned territory. They can usually be divided into two categories: captive agents, who work for a single insurance company, and independent agents, who represent several companies.
What are the 5 duties of an agent?
DUTIES OF AGENT
- Duties to follow Instructions or Customs:
- Duty of reasonable care and skill.
- DUTY TO AVOID CONFLICT OF INTEREST.
- Duty not to make secret profit:
- Duty to remit sums.
- Duty to maintain Accounts:
- Duty not to delegate.