What is the Definition of Independent Agent?

What is the Definition of Independent Agent?

Agent who is self-employed, is paid on commission, and represents several insurance companies. (See Captive 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 Annuity?

What is the Definition of Independent Agent?

What is the Definition of Independent Agent?

You can find random definition and meaning of insurance terms below:


Meaning of Institutional Investor in Insurance Terms

An organization such as a bank or insurance company that buys and sells large quantities of securities.


Meaning of Insurable Interest in Insurance Terms

In insurance, a person exhibits an insurable interest in a potential loss if that person will suffer a genuine economic loss if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is not a valid contract.


Meaning of Insurance Pool in Insurance Terms

A group of insurance companies that pools its assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to insure risks that cannot be covered in the voluntary market such as coastal properties subject to hurricanes. (See Beach and windstorm plans; Fair access to insurance requirements plans/FAIR plans; Joint underwriting association/JUA)


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