Insurance Agent

Business, Legal & Accounting Glossary

Definition: Insurance Agent


Insurance Agent

Quick Summary of Insurance Agent


Individual who is licensed by a state to sell insurance for one or more specific insurance companies.




What is the dictionary definition of Insurance Agent?

Dictionary Definition


An insurance agent is the representative for an insurer. He may be an independent agent representing the products of a collection of insurance companies, or he may be a dedicated agent who represents a single company. Some agents specialize in selling certain kinds of policies such as life insurance, or annuities sold to individuals, or various kinds of insurance sold to small businesses or corporations. An agent usually works for an agency.


Full Definition of Insurance Agent


An insurance agent is an individual approved by the state to sell insurance products.

An insurance agent is principally a sales professional also referred to as “producer”. An insurance agent is likely to sell one or a number of insurance products, such as life, property, and casualty, health, disability, or long term care. Insurance policies sold by an insurance agent may be used to protect both individuals and businesses from natural disasters, accidents, theft, and death. There is a subtle difference between an insurance agent and an insurance broker. An insurance broker or independent insurance agent will sell insurance on behalf of many companies in order to offer their clients the best rate possible. Conversely, an insurance agent, also known as a captive agent, represents a single insurance company. Today, an appropriately licensed insurance agent may also sell various comprehensive financial products, such as mutual funds, variable annuities, and other securities.


Examples of Insurance Agent in a sentence


His insurance agent was very kind to us and he made sure that we felt safe and were going to be okay in the future.

Over the years, our insurance agent has helped us buy Auto, Home, Life, and Renters insurance, all from different companies.

An insurance agent would be desired by an individual to compare insurance products and quotes that best suit the person’s interest, whether it be in the home, auto, health, or life sectors.


Related Phrases


Insurance
independent agent
insurance broker
agent
flat commission
Fair Access to Insurance Requirements (FAIR) Plan
expense reimbursement allowance
captive agent
expense allowance
Council of Insurance Agents & Brokers


Cite Term


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Page URL
https://payrollheaven.com/define/insurance-agent/
Modern Language Association (MLA):
Insurance Agent. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 29, 2024 https://payrollheaven.com/define/insurance-agent/.
Chicago Manual of Style (CMS):
Insurance Agent. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/insurance-agent/ (accessed: March 29, 2024).
American Psychological Association (APA):
Insurance Agent. PayrollHeaven.com. Retrieved March 29, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/insurance-agent/

Definition Sources


Definitions for Insurance Agent are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th November, 2021 | 0 Views.