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What is the difference between an insurance company and an insurance agency?
Wiki User
∙ 13y ago
An insurance company is the entity that assumes the financial risk of the events/occurrences against which the customer wishes to insurer. That is, it is the risk-bearing entity and it issues policies (contracts) that specify the nature and extent of the risks that it insures, and in what amounts. An insurance company must be authorized (licensed) to transact in the state in which it does business. The insurance regulator is concerned with a number of factors, not the least of which is claims paying ability.
An insurance agency is the entity that sells insurance policies issued by the insurance company. In essence, it is the "retailer" and has direct dealings with the customer. An agency is staffed by licensed insurance agents and other licensed personnel.
Wiki User
∙ 13y ago
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