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Before becoming an independent agent, it is advisable that you have some experience in the insurance business. Primarily because the attrition rate among insurance agents as a whole is high.
As a captive agent (one that works only for an insurer like State Farm or Progressive) you can often rely on a base salary and/or benefits to assist you as you develop your book of business.
As an independent agent, developing and managing your business is up to you. Of course, if you truly are a salesperson, the sizable increase in commissions and unlimited earnings is compelling.
The challenge is finding the right appointments. Most insurance companies do not want to appoint agents that have no proven track record, which often includes a sizable book of business, but, there are options.
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Is it better to buy homeowners insurance through an independent agent or a large company?
The independent agent or broker t too , is going to give you policy from large insurance company. In either case you have to do your research well to get best deal and proper coverage. The broker or agent is helpful as you can have personal connection with him.
Are insurance broker and insurance agent the same?
No
How do you become agent in reliance vehicle insurance?
You need a broker's license for your state. look into it online.
What is it like working for New York Life Insurance as a new agent?
You can make more money and have more flexiblity as an independent broker.
What is another name for an insurance agent?
broker
How do sick people get life insurance?
You need a good agent or broker with access to substandard life insurance companies. I'm an insurance broker.
What role does a insurance advisor have?
An insurance advisor/agent gives probable customers knowledge about an Insurance Plan and sell Insurance Policies. There are three types of insurance agents : 1. Life Insurance Agent. 2. General Insurance(Non-Life) Agent. 3. Composite Insurance Agent(i.e. both life and non life agent). An insurance broker can also be an insurance advisor. Difference between an insurance agent and an insurance broker are: 1. An insurance agent is employed by only one general insurance company or one life insurance company or both(depending on the type of Agent) but an insurance broker can work with any insurance company(Life or General). 2. An insurance agent is accountable to Insurer(insurance company) but an insurance broker is accountable to customers, i.e. an insurance broker works on behalf of customers to seek a better insurance plan. 3. Both agents and brokers are reimbursed by insurance company. 4. There is no capital requirement for Insurance Agents but Insurance brokers must have capital of Rs. 50 lakhs for direct broker, Rs. 1 crore for reinsurance broker and Rs. 2.5 crore for composite broker. Generally Insurance brokers works with big businesses whereas agents work with all type of businesses.
What is required to start an small independent agent of ensurance car and hause?
You need an insurance license, an insurance brokers license, and insurance companies willing to take you on as a broker for their insurance coverages. Check with your State Department of Insurance for details.
What is the difference between an independent insurance agency and an independent insurance agent?
The agency is the business and the agent is a person.
What do you call the person who sells insurance policies?
This individual is called an Agent or Insurance broker
What is the difference between mercantile agent delcredere agent broker and factor agent?
An agent (captive) works directly for a single insurance company and is limited only to that company's offerings. A broker represents many insurance companies and can therefor provide you a multitude...
What is the difference between an insurance agent and insurance broker?
An Insurance Broker has a duty of care to the client to secure the best deal on the market by 'broking' the insurance requirement out to all insurance companies who will accept the risk. An Agent of an Insurance Company works only for the Insurance Company concerned and thus the client will get a quote from only the insurance company the Agent represents .
