Confused. Independent Agent or Broker?

[CaseyP]

Hi folks,

I'm trying to clear up some confusion about the difference between an Independent Agent and a "Broker."

Are they the same (meaning if I'm an Independent Agent, am I also a broker)?

Or, does "Broker" refer to the actual business that hires sales agents as employees?

Thanks

 

[iiinycboi]

in NEW YORK, an agent represents the carrier and a broker represents the client.

but both do the same thing but it shows your relationship.

 

[nyc2phi]

I have a question to add to this..

When naming your agency, could you use "xyz insurance brokerage" or does it have to be "xyz insurance agency"

This is for an IA. I feel like on my test it said something about brokerage being in the name is not allowed?

 

[CdnBroker]

There the same thing... don't over complicate it

 

[CaseyP]

Alrighty, thanks guys

 

[iiinycboi]

you should check with your state doi, because for me it does matter and i had to get both licenses!