What is the Definition of Captive Agent?

What is the Definition of Captive Agent?

A person who represents only one insurance company and is restricted by agreement from submitting business to any other company, unless it is first rejected by the agent’s captive company. (See Exclusive agent)

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 Captive Agent?

What is the Definition of Captive Agent?

Check out other definition of insurance terms below:

What is the Meaning of FREE-LOOK PERIOD In Insurance Terms?

A period of up to one month during which the purchaser of an annuity can cancel the contract with no penalty. Rules vary by state.

What is the Meaning of FREQUENCY In Insurance Terms?

Number of times a loss occurs. One of the criteria used in calculating premium rates.

What is the Meaning of FRONTING In Insurance Terms?

A procedure in which a primary insurer acts as the insurer of record by issuing a policy, but then passes the entire risk to a reinsurer in exchange for a commission. Often, the fronting insurer is licensed to do business in a state or country where the risk is located, but the reinsurer is not. The reinsurer in this scenario is often a captive or an  independent insurance company that cannot sell insurance directly in a particular country.

Thank you for visiting our website and read this FAQ article about "What is the Definition of Captive Agent?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the word you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter