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The financial entity on whose behalf an insurance agent acts is known as the?
Wiki User
∙ 16y ago
If I'm understanding your question correctly the term would be "the insurer".
Wiki User
∙ 16y ago
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A person who acts on behalf of an insurance company in the solicitation of an insurance contract is known as?
Agent
What agent receives funds on behalf of someone else?
The name of an agent that recieves funds on behalf of someone else to handle financial decisions and act on another persons behalf is commonly known as Power Of Attorney.
Can your car insurance agent register your car?
No; the Registry of motor vehicles or DMV or whatever the particular entity is.
What are the relevance of brokers in insurance?
An insurance broker is a person or entity that is licensed by one or more state departments of insurance to sell insurance. This is similar to an insurance agent. The main difference between a broker and an agent is this: a broker is authorized by a number of insurers to submit applications for insurance by the broker's customers. Stated otherwise, a broker works on behalf of the customer, and seeks to obtain coverage for him/her/it from the insurers represented by the broker. In contrast, an insurance agent often represents a single insurer and sells only that insurer's products. Both are governed by the insurance laws of the state(s) of licensure, and are required to meet educational requirements to obtain and maintain their licenses.
What is the implied authority of an insurance agent?
An insurance agent is called the First Underwriter,as they are the first persons who intereact with the prospects, examine their financial standings,past medical histories,family backgrounds,which are considered very important aspect. Those club member agents are authorised to take delivery policy bonds and other important documents from the insurance cos on behalf of the policy holders. They are also authorised to attest signatures of policy holders in various documents, acceptable to the insurance co.
What kind of education does one need to be an insurance agent?
You can obtain license 7 to sell insurance. In addition, it is recommended that you have a financial degree or a MBA.
Why insurance agent should give identity theft protection service?
An insurance agent may consider recommending such a service to a client as part of a larger financial protection package. Such a service, however, is generally not deemed to be an insurance product unless it is formulated to indemnify the insured for the false use of personal information for which he or she sustains a financial loss.
What is the telephone number for an Aetna Insurance Agent in Wichita, Kansas?
Flinthills Financial group is a Aetna agent in Wichita, Kansas. Their phone # is (316) 613-2276
What is correspondence bank?
A financial institution that provides services on behalf of another, equal or unequal, financial institution. A correspondent bank can conduct business transactions, accept deposits and gather documents on behalf of the other financial institution. Correspondent banks are more likely to be used to conduct business in foreign countries, and act as a domestic bank's agent abroad.
What role does a insurance advisor have?
An insurance advisor/agent gives probable customers knowledge about an Insurance Plan and sell Insurance Policies. There are three types of insurance agents : 1. Life Insurance Agent. 2. General Insurance(Non-Life) Agent. 3. Composite Insurance Agent(i.e. both life and non life agent). An insurance broker can also be an insurance advisor. Difference between an insurance agent and an insurance broker are: 1. An insurance agent is employed by only one general insurance company or one life insurance company or both(depending on the type of Agent) but an insurance broker can work with any insurance company(Life or General). 2. An insurance agent is accountable to Insurer(insurance company) but an insurance broker is accountable to customers, i.e. an insurance broker works on behalf of customers to seek a better insurance plan. 3. Both agents and brokers are reimbursed by insurance company. 4. There is no capital requirement for Insurance Agents but Insurance brokers must have capital of Rs. 50 lakhs for direct broker, Rs. 1 crore for reinsurance broker and Rs. 2.5 crore for composite broker. Generally Insurance brokers works with big businesses whereas agents work with all type of businesses.
Can a licensed insurance agent file bankruptcy?
Yes of course. Insurance agents are people too. Just like anyone else, they can run into insurmountable financial difficulties. However, an insurance agent may find difficulty obtaining company appointments once a bankruptcy has been filed.
What are the rights of an agent in insurance?
An insurance agent has a contract with an insurance company which specifies his rights; but basically an agent has a right to be paid a commission for the insurance that he or she sells.
