What is the difference between an insurance agent who sells products from several companies, and a broker?

Answers:1   |   LastUpdateAt:2012-10-27 15:04:44  

Asked at 2012-06-02 21:03:46
I sondernig if I need a broker's license if I'm going to be an agent of an agency. Thanks for taking the time to respond .. I appreciate it.
Answer1jhoinAnswered at 2012-10-27 15:03:03
An insurance agent, also called an insurance broker, in some cases, is the local representative of any number of insurance companies. A legitimate insurance agency must be approved by a state board before he or she can legally sell insurance policies to customers. MedlinePlus Usually, an insurance agent works as a local 'face' of a single company, but occasionally an independent agent can work with different companies depending on their areas of expertise and coverage. MedlinePlus Most consumers interested in purchasing insurance coverage will only deal with a local insurance agent directly. He or she is authorized to submit all coverage options available through the largest insurance company. As part of the salary of an insurance agent is based on sales commission, he or she often offer "one stop shop" for all your insurance needs of the customer. An insurance agent can sell individual policies car insurance, home, life and health, or offer a package plan that includes a combination of these needs. MedlinePlus MedlinePlus An insurance broker is an independent insurance agent who works with many insurance companies to find the best policies available to their customers. A typical insurance agent works for a specific company, and choose from within that company policies to customers. While an insurance agent is different from the typical in this respect, the two are otherwise similar. Both structural policies, resolving claims and generally work on commission. MedlinePlus MedlinePlus In most states, the agent and the insurance agent must be licensed, after passing an exam insurance. While formal education or degrees are not necessarily required to become an insurance agent or broker, that are useful. Although higher education is not necessary for progress, which certainly is an advantage for the person who aspires to rise to administrative level. Advancement and management experience are certainly beneficial to the agent who aspires to become an independent insurance broker. An agent or broker can also attend seminars and conferences to keep up on the latest insurance trends and legislation.
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