BANKING AFFAIRS

Detailed explanation-1: -Description: An insurance agent is a representative who sells the policy on behalf of an insurance company.

Detailed explanation-2: -An agent is a person who acts on behalf of a person or group. In the insurance industry, an agent represents one or more insurers. The agent is responsible for distributing the insurer’s products; their insurance policies. They can represent one or several different insurance companies.

Detailed explanation-3: -By definition, an insurance agent acts on behalf of the insurer it represents, and as such is vested with apparent authority to collect premium payment from an insured.

Detailed explanation-4: -An insurance broker represents you as the client whereas an Insurance Agent represents the company they are employed by as their client, and you become the customer.

Detailed explanation-5: -Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider.