Insurance agent

(redirected from Agency (law))
Also found in: Dictionary, Thesaurus, Wikipedia.
Related to Agency (law): Agency by Estoppel, undisclosed agency

Insurance agent

The insurance company representative and adviser who sells insurance policies.

Insurance Agent

A person licensed by a state and generally employed by an insurance company to sell insurance policies on the company's behalf. The agent generally receives a commission for this service. He/she attempts to extract the maximum value for the insurance company in all his/her dealings. An insurance agent should not be confused with an insurance broker or an insurance underwriter.

insurance broker

or

insurance agent

a person or firm which acts as an intermediary in bringing together clients seeking INSURANCE cover and INSURANCE COMPANIES offering suitable policies. In some cases the agent may simply introduce the two parties to each other and receive a commission from the insurance company; or the agent may be employed by a particular insurance company to sell insurance policies on its behalf, partly on salary and partly on commission. Insurance brokers are usually independent intermediaries who are able to negotiate with a number of insurance companies on behalf of clients in order to secure for them the most advantageous cover and terms, as well as handling claims and offering general insurance advice. Most of the larger insurance brokers are members of LLOYDS, a corporation of brokers and insurance companies. Insurance brokers are regulated by the FINANCIAL SERVICES AUTHORITY in accordance with various standards of good practice laid down under the FINANCIAL SERVICES ACT 1986.