Enter the Race
Super Genius
- 193
Had someone ask me this today, I didn't really know how to answer. Maybe someone on here that is more experienced then me does know the answer.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Your state may make this a difference.
An agent represents one or more insurance companies and they are paid by those companies.
Insurance consultant/analyst is one who is paid by the customer to analyze current coverage, etc.
Just follow the money.
Also, Section 1832 of the California Insurance Code does not allow a Life and Disability Insurance Analyst to receive a commission from an insurer when the person is already receiving a fee from a consumer for reviewing the same existing life or disability insurance policy.
Depends on which "hat" you're wearing with the client.
http://www.insurance.ca.gov/0200-in...23LifeAndDisabilityInsuranceAnalystNotice.pdf
Can't double-dip on your compensation.
Had someone ask me this today, I didn't really know how to answer. Maybe someone on here that is more experienced then me does know the answer.
It's all about who can utilize legal grammar the best.
No, it's all about who can comply with any particular state's statutory licensing requirement.
An insurance agent (aka producer or broker) sells policies for which he is paid a commission (or salary if an employee producer). He is required to be licensed by the state insurance department as an agent, producer, or broker. This is common to all states.
An insurance consultant may have different definitions and licensing requirements depending on the state.
Massachusetts, for example, statutorily defines "Insurance Advisor" as follows:
"Whoever, not being an officer or a regular salaried employee of any company and acting for such company, or not being duly licensed as an insurance broker or not being duly licensed as an insurance agent and acting for any company of which he is such an agent, or not being a duly authorized attorney-at-law or a certified public accountant acting within the course or scope of his profession or business, for a fee received or to be received, offers to examine, or examines or aids in examining any policy of insurance or any annuity or pure endowment contract for the purpose of giving, or gives or offers to give, any advice, counsel, recommendation or information in respect to the terms, conditions, benefits, coverage or premium of any such policy or contract, or in respect to the expediency or advisability of altering, changing, exchanging, converting, replacing, surrendering, continuing, renewing or rejecting any such policy or contract, or of accepting or procuring any such policy or contract from any company, or whoever, in or on advertisements, cards, signs, circulars or letterheads, or elsewhere, or in any other way or manner by which public announcements are made, uses the title ''insurance adviser'', ''insurance specialist'', ''insurance counselor'', ''insurance analyst'', ''policyholders' adviser'', ''policyholders' counselor'', or any other similar title, or any title, word or combination of words indicating that he gives, or is engaged in the business of giving, advice, counsel, recommendation or information to holders of policies of insurance or annuity or pure endowment contracts, shall be deemed an insurance adviser."
And requires a separate license and a licensing exam.
Section 177A
A quick googling reveals that many states do have similar licensing requirements and a person who purports to be a consultant while he is really just selling policies could be in big trouble. Seems like a conflict of interests to me.
A quick googling reveals that many states do have similar licensing requirements and a person who purports to be a consultant while he is really just selling policies could be in big trouble. Seems like a conflict of interests to me.