What is the Definition of Agent?
Insurance is sold by two types of agents: independent agents, who are self-employed, represent several insurance companies and are paid on commission; and exclusive or captive agents, who represent only one insurance company and are either salaried or work on commission. Insurance companies that use exclusive or captive agents are called direct writers.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Agent?
Check out other definition of insurance terms below:
What is the Meaning of POINT-OF-SERVICE PLAN In Insurance Terms?
Health insurance policy that allows the employee to choose between in-network and out-of-network care each time medical treatment is needed.
What is the Meaning of POLICY In Insurance Terms?
A written contract for insurance between an insurance company and a policyholder stating details of coverage.
What is the Meaning of POLICY DIVIDEND OPTIONS In Insurance Terms?
Ways in which the owner of a participating insurance policy may receive policy dividends. (See Additional term insurance option; Cash dividend option; Dividend accumulations option; Paid-up additional insurance option; Premium reduction option)
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