MANAGEMENT

Detailed explanation-1: -Definition: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents.

Detailed explanation-2: -Definition: A professional who sells an insurance company’s products to consumers to earn a commission is called an insurance agent.

Detailed explanation-3: -A home insurance agent, for example, might start by asking for details about a customer’s home; a customer who owns a 60-year-old house will have very different insurance needs than a customer renting a brand-new apartment. In addition to selling new policies, agents also help existing clients manage their policies.

Detailed explanation-4: -Captive agents sell insurance for one specific company. The one and only insurance company that they represent is typically a “name brand” company. You might even see their commercials during the Super Bowl. Independent agents, on the other hand, sell insurance for several different companies.