Insurance Glossary

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Insurance Term - Agent

An individual who sells and services insurance policies in either of two classifications: a) An independent agent represents at least two or maybe more insurance companies, and services clients by searching the market for the most advantageous price for maximum coverage. b) A direct or career agent represents only one insurance company and sells only its policies. This agent is paid a commission in the same manner as an independent agent. In short, insurance agents are insurance professionals who serve as an intermediary between the insurance company and the policyholders. As a broad statement of law, an agentís liability to the customer is only administrative. That is, agents are only responsible for the timely and accurate processing of forms, premiums, and paperwork. Agents are not duty-bound to conduct a thorough examination of an individualís health condition or business, or to make sure that an individual possesses appropriate policy coverage, based on his/her requirements.

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