Person whose duty is to select risks for insurance and to determine in what amounts and on what terms the insurer will accept the risks.
A person or firm authorized by an insurer to transact insurance business who may have authority to bind the insurer, issue policies, appoint producers, adjust claims and provide administrative support for the types of insurance coverage pursuant to an agency agreement.
A third party in the design, negotiation, and administration of a reinsurance agreement. Intermediaries recommend to ceding companies the type and amount of reinsurance to be purchased and negotiate the placement of coverage with reinsurers. Also called a broker. See Brokerage Market
Agent who is self-employed, is paid on commission, and represents several insurance companies. See Captive agent
Any person in a position of trust with regard to property of another, property held for the benefit of another or the personal custody of another. Administrators, executors, guardians and trustees are all fiduciaries.
A captive agent, or a person who represents only one insurance company and is restricted by agreement from submitting business to any other company unless it is first rejected by the agent’s company. See Captive agent
A professional designation given by the American Institute for Property and Liability Underwriters. National examinations and three Years of work experience are required.
A professional designation by The American College for those who pass business examinations on insurance, investments, and taxation, and have life insurance planning experience.
A professional designation given by The American College to financial services professionals who complete courses in financial planning.
A person who represents only one insurance company and is restricted by agreement from submitting business to any other company, unless it is first rejected by the agent’s captive company. See Exclusive agent