Broker versus Agent

Jun 6, 2019

  1. Randy Foulds
    Offline

    Randy Foulds New Member

    Posts:
    8
    Likes Received:
    5
    State:
    California
    This question comes up from time to time. In California, I am a licensed Agent. Yet I work on behalf of the insurance buyer, my client. I am not a captive agent, yet I cant be called a broker. California does not really recognize the term broker as any different than and agent in their licensing.

    What do you consider yourself and does your state recognize the difference?
     
  2. David Taylor Jr
    Offline

    David Taylor Jr Guru

    Posts:
    254
    Likes Received:
    112
    State:
    Kentucky
    I honestly don't use either term. I call myself a health insurance advisor.
     
  3. Todd King
    Offline

    Todd King IMO/FMO Owner

    Posts:
    8,464
    Likes Received:
    2,045
    State:
    Virginia
    There really is no such thing as a broker when it comes to the life and health side of insurance. It's a term that is used much like "Final Expense".

    I'm not sure, but there may be a "broker" term for the P&C side.

    Moreover though, brokers are those that deal with securities.
     
  4. axeman462
    Offline

    axeman462 Guru

    Posts:
    1,742
    Likes Received:
    108
    State:
    Florida
    I'm not sure about tthe compliance side of it (in Florida), but I know my customers like to hear the word "Broker", because it implies that I represent several different insurance companies (as I do).
     
  5. David Taylor Jr
    Offline

    David Taylor Jr Guru

    Posts:
    254
    Likes Received:
    112
    State:
    Kentucky
    There is in Kentucky.
     
  6. Markthebroker
    Offline

    Markthebroker Guru

    Posts:
    1,196
    Likes Received:
    1,092
    State:
    California
    When people see that I can fly, and how awesome my hair is, the last thing they are worried about it whether I call myself an agent or a broker.
     
  7. Tahoe Ray
    Offline

    Tahoe Ray Guru

    Posts:
    2,907
    Likes Received:
    617
    State:
    Nevada
    NY has both broker and agent licenses. You can't appoint with a carrier if you only have a broker license.

    Other states have "consultant" type licenses as well.

    If you stopped people on the street and asked them if they know the difference, do you think they'd know?
     
  8. David Taylor Jr
    Offline

    David Taylor Jr Guru

    Posts:
    254
    Likes Received:
    112
    State:
    Kentucky
    The average person? Absolutely not. To them we are all just Insurance Agents.
     
  9. axeman462
    Offline

    axeman462 Guru

    Posts:
    1,742
    Likes Received:
    108
    State:
    Florida
    not a chance. Customer only cares about what companies you represent, the cost of your services, and how much the product you sell costs. Titles are meaningless
     
  10. Tahoe Ray
    Offline

    Tahoe Ray Guru

    Posts:
    2,907
    Likes Received:
    617
    State:
    Nevada
    100% agree.
     
Loading...