Terms - Insurance Software development

Producer, Agency, Carrier and Other Basic Insurance Terms

Author - Webner
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4:47 am
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What is an insurance producer?

An Insurance producer also called an insurance agent is an individual that works as a salesperson for any insurance agency. An insurance producer must be licensed by a State’s Insurance Division or Department to sell insurance in that State. The insurance sector is divided into various categories and hence an insurance producer must be licensed for each category in which he/she wants to transact business. Most of the time, producers provide service to the policies that they have written but the main intention of the producer is to sell the insurances […]

Some Important Insurance Definitions

Author - Webner
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5:14 am
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What is Insurance?

Insurance is defined as a contract in which an individual or organization receives financial protection and reimbursement of damages from the insurer or the insurance company. On a basic level, Insurance is some form of protection from any unpredictable financial losses. The insurance industry is built on policyholder’s confidence that insurance contracts will be fulfilled and eligible claims paid. Here we will discuss some important terms that are widely used in the insurance field.

Insurance Carriers

An insurance carrier is an insurance company also called an insurance provider, one which provides an […]

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