General insurance Who is an Agent in insurance?

[Mataracy]

Legally , an agent is one who is employed to perform an act on behalf of his principal within a specified guidelines .

A duly appointed agent, acting within the scope of his authority, binds his principal by his actions just as though the principal had performed them personally.

We have full - time and part - time agents. The full time agents are employed on full - time basis by the various insurance companies and are remunerated by way of salary (allowance) or commission or in some cases both salary and commission. The part-time agents are only remunerated by way of commission.

Because the insurance agent is not an expert and usually not an insurance professional, he is not required or expected to possess a sound technical knowledge of the intricacies of the insurance business, and he cannot therefore be sued for professional negligence, unlike the broker who is an expert and a professional with the consequences that flow fro this responsibility.

Who is an Agent to your under this concept?

 

[Good luck]

An agent in an insurance company is one who stands as an intermediary between the new customer and the company. The fellow play a vital role in making sure the person understand and have a good idea or knowledge about the investment plan or any policy he wants to venture into so as not to have issues or problems in future.

 

[btaliat]

Unlike the brokers who are recognized by the law and even the insurance companies, agents are there to put their clients through what the insurance is all about. They are times advice their clients on the apt insurance policy to be adopted. Though like the poster said, they do collect commission or salary as agreed on.

 

[Mandy96]

Judging from your explanation, by your last paragraph I think the difference between a broker and an agent is the professionalism. I mean an agent is not a professional, an agent is just like a self-employed agent that knows about the insurance business and put the client through on the right decision to make

 

[Wisdom01]

I think an agents is just like the person who introduced the insurance company to the customers and after him signing up and subscribing the agents recurved a commission for doing so , there are really different kinds of agents of an insurance company ,and most people takes it as profession too

 

[Phabbyfundz]

Firstly we have to actually understand the job of an agent in any firm or establishment not just for insurance. Who is an agent? An agent is any one who act as a mediator between the provider of a service or company as in this case an insurance company and the buyer or purchaser of a service.

 

[btaliat]

Agent to me is just like a freelancer. He is not working for any insurance company. He's always independent with an office for a prospective insured person. He puts anybody who is interest in any insurance policy out on what it is required of them and the company they want to partner with.

 

[Jamoflondon]

I think the role of an agent is to give the client some necessary on the type of insurance to opt for, and if the client happens to have made up his or her mind, then the agent has the job of letting the client know what he or she is up for , I mean the advantages and disadvantages surrounding the policy

 

[btaliat]

I think the role of an agent is to give the client some necessary on the type of insurance to opt for, and if the client happens to have made up his or her mind, then the agent has the job of letting the client know what he or she is up for , I mean the advantages and disadvantages surrounding the policy

That is the summary of what an agent does. Unlike a broker, he is just like s freelancer who is not employed by the insurance company. He sources for whoever wants to go for insurance and gives advice on the insurance policy and also advises his client legally. He's paid in commission or some time salary based on agreement.

 

[Lens1000]

The insurance agent act within the confine of the insurance company. They act in capacity of the insurance company . An agent shouldn't necessarily be an expert in the field . Once he garnered little experience, it's okay. The scope of operation is limited because he is not an expert in the field. Anyone with little knowledge in insurance could apply as an agent.