I Have a Stupid Question…….

[redgo]

What is the difference between Independent Agent and Insurance Broker? I know Agents represent the company and Broker represents the client. Till today, I thought all agents are only captive… but I was told otherwise today.

 

[ergammill]

Regardless of what a Broker told you, an agent and broker are the same thing.

Captive agents represent their one company/carrier.

Independent Agents represent their client by contracting with several carriers in order to find whats best for you. Regardless, it's never a bad idea to shop around. Some captive agents have better products, but a good independent agent can give you many choices and customize a plan to fit your needs, rather than a one size fits all.

Since the repeal of the 1977 Broker act, any agent can call themselves a broker, however it usually refers to someone in the P&C lines, and not life insurance.

 

[jody108]

Redgo,

Can you tell us what you are doing now?

Are you an agent?

Are you considering being an agent?

You can be independent and represent a lot of companies or you can be captive and just represent one company or one agnecy.

An agent represents both the company and the consumer.

Are you new to the industry?

Jody

 

[redgo]

UPDATE.... So I got an answer from the local Independent Agent & Broker's office. They tell me here in WA State, as of last July the Insurance commissioner changed the test. Where as there used to be a separate Agent and Broker test, now there is one test called producer. So technically... all agents and broker in WA state are called producers.

 

[VolAgent]

UPDATE.... So I got an answer from the local Independent Agent & Broker's office. They tell me here in WA State, as of last July the Insurance commissioner changed the test. Where as there used to be a separate Agent and Broker test, now there is one test called producer. So technically... all agents and broker in WA state are called producers.

Many states are going to this, where there is no legal distinction. They hold everyone to the same standard. Usually it is something like, do not harm the client.

 

[redgo]

[FONT='Cambria','serif']The reason why I was asking was.... I was trying to decide what "title" to put on my business cards. I just wanted to see what options I had, other than the obvious ... Insurance Agent or Agency Owner/Broker Owner. [/FONT]
[FONT='Cambria','serif'] I know this is kind of silly, but just curious, for the Agency owners out there... what titles are you guys using on your cards?[/FONT]

 

[Todd King]

Just call yourself an "Independent Insurance Agent"...if in fact you are independent.

 

[redgo]

I Will have 7-10 carriers I will be working with, so yeah I am Independent.

 

[jody108]

Awesome! Sounds like you've got it covered.

 

[redgo]

So here are a few I have seen... let me know what else you guys have seen. Princpal Agent, Managing Agent, Owner/Broker, Managing Member, Licensed Agent