Mataracy
VIP Contributor
Humanly speaking sometime we may be seeing an Agent and a Brokers as the same.
Though in the eyes of the general law of the land both the insurance broker and insurance agent are agents, but legally and professionally,they are agent of very distinct status and responsibilities.
The different between An Agent and insurance Broker is that:
(1) The agent is not a professional expert in insurance whereas a broker is a professional in the field of insurance.
(2) An agent is usually in the business of insurance on a part-time basis to introduce business to the insurer whereas a broker is a full- time professional who has much wider powers and responsibilities to his client than the agent.
(3) The reward of the agent patronage is the agency commission while a broker receives a brokerage commission which is also much higher than that of the agent.
(4) An agent cannot usually be traced to a corporate office of his own whereas a broker has a corporate business office where he transacts his business.etc.
Your own idea is welcome and will be more appreciate. What is your take here?
Though in the eyes of the general law of the land both the insurance broker and insurance agent are agents, but legally and professionally,they are agent of very distinct status and responsibilities.
The different between An Agent and insurance Broker is that:
(1) The agent is not a professional expert in insurance whereas a broker is a professional in the field of insurance.
(2) An agent is usually in the business of insurance on a part-time basis to introduce business to the insurer whereas a broker is a full- time professional who has much wider powers and responsibilities to his client than the agent.
(3) The reward of the agent patronage is the agency commission while a broker receives a brokerage commission which is also much higher than that of the agent.
(4) An agent cannot usually be traced to a corporate office of his own whereas a broker has a corporate business office where he transacts his business.etc.
Your own idea is welcome and will be more appreciate. What is your take here?