agent - Insurance Software development

The difference between an Insurance Broker and an Insurance Agent

Author - Webner
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4:42 am
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Explanation:

Agent: An insurance agent sells or promotes insurance products on behalf of their organization. It is a person who represents an organisation and sells its product. An insurance agent is responsible for filling the forms and processing them correctly and they ensure that premiums are timely paid. In addition to this, agents also focus on improving the image of the company.
An Insurance Broker: An insurance broker sells, buys, or negotiates various financial products best suited to their individual client needs. Brokers are finding out what’s best for their clients from several […]

Managing General Agent (MGA)

Author - Webner
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4:16 am
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Managing General Agent(MGA) is a specialized type of insurance agent/broker that is authorized with different insurance companies. We can say that these types of agents can work as a broker or agent on the behalf of an Insurer. While an insurance broker works for the policyholder, an MGA works for the insurance company.

These independent agents have specific skill sets or knowledge that the insurance company doesn’t have amongst their regular staff. As a result, they’re often assigned duties an insurer won’t be able to fulfill.

MGA’s can also perform certain functions that are […]

Define and Differentiate some Insurance Terms

Author - Webner
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9:07 am
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1. Insured:
The insured is the person or entity who is covered by an insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy. Something that’s insured is protected by an insurance policy — in other words, its loss or damage will be compensated by an insurance company. If your laptop is insured, you’ll get enough money to replace it if it’s stolen. If an insured house burns down or […]

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