What is another name for a captive agent?

Captive (sometimes referred to as dedicated) agents are insurance producers who work for one company and sell one company's products. Conversely, independent agents work for multiple companies and can sell multiple different types of products to their customers.

How do independent agents differ from captive agents?

In short, captive insurance agents are contracted to work for one insurance company and can only sell that company's policies. On the other hand, independent agents are contracted to work with a variety of insurance companies and can sell policies from multiple providers.

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Contract between General Agent of Insurance Company and Independent...

Suffolk New York Contract between General Agent of Insurance Company and Independent Agent

Name: Suffolk New York Contract between General Agent of Insurance Company and Independent Agent
Brand: US Legal Forms
Rating: 4.75 (379 reviews)

Category:

Contracts - Agency

State:

Multi-State

County:

Suffolk

Control #:

US-00630BG

Format:

Instant download

Description

This is a generic form contract between a general agent of an insurance company and an independent agent. The independent agent is an independent contractor, but subject to the terms of the agreement. In view of the fact that insurance is a closely regulated business, local state law and insurance regulations should be consulted when using this form.

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How to fill out Suffolk New York Contract Between General Agent Of Insurance Company And Independent Agent?

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FAQ

The main difference between a broker and an agent has to do with whom they represent. An agent represents one or more insurance companies. He or she acts as an extension of the insurer. A broker represents the insurance buyer.

Independent agents are insurance agents or brokers that are not employed by any specific insurance agency. Independent agents are, therefore, able to sell insurance policies from multiple companies, where they are paid on commission for each policy sold.

Captive (sometimes referred to as dedicated) agents are insurance producers who work for one company and sell one company's products. Conversely, independent agents work for multiple companies and can sell multiple different types of products to their customers.

An independent agent represents multiple insurers. An insurance agency sells policies on behalf of insurers that have granted it an appointment. An appointment is a contractual agreement that specifies the types of products the agency may sell and the commission the insurer will pay for each.

The General Agency Agreement has been developed for the provision of selected agency services over a period of time in a defined territory or area. It is a framework agreement which parties can adapt or amend to suit their individual requirements. The contract is designed for use in all trades.

While independent insurance agents have a theoretically higher earnings ceiling than captive agents, the stability provided by working directly for an insurance company means that a captive insurance agent's income is likely to be more stable and consistent.

Insurance agents can choose to be either captive agents or independent agents. Captive agents work for only one insurance company whereas an independent agent does not work for any particular insurance company but rather can sell policies from an array of companies.

In short, captive insurance agents are contracted to work for one insurance company and can only sell that company's policies. On the other hand, independent agents are contracted to work with a variety of insurance companies and can sell policies from multiple providers.

A captive agent is an insurance agent that works for only one insurance company. Captive agents only sell the products of the insurance company they work for and cannot help individuals outside of that offering. The opposite of a captive agent is an independent agent that works for many insurance companies.

Instead, independent insurance agents contract with multiple insurance companies, selling specific lines of insurance coverage from those companies on a non-exclusive basis.

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And Engineering contract for Suffolk Public Schools. Provide the record in a searchable, machine readable format.21.Agency RAOs must post commonly available public records on its website. Contract for Services provided in accordance with the Contract. In addition, there are over 400 employees in the organization. (540) 977-8820 is a phone from the carrier and its connection status is . UNK the , .

22. A group of public, local, and government organizations formed the Greater Boston Public Library Foundation in 2012. Among its initial goals is to raise between 350,000 and 500,000.23. Massachusetts Public Radio (Maserati) is a federally funded nonprofit. Its mission is to “promote the production and circulation of high quality radio and podcasts by funding public radio.” 2424. The Massachusetts Bay Transportation Authority was created by The Massachusetts Bay Transportation Authority Act, 2006, enacted by the Massachusetts Legislature and signed by Gov. Deal Patrick. The M.B.T.A. is the state agency authorized to operate the Massachusetts Turnpike and other transportation facilities.25. A new law was signed in October 2011: Massachusetts' Public Employee Health and Welfare (PERM) Act, which goes into effect in 2013.

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Suffolk New York Contract between General Agent of Insurance Company and Independent Agent

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How to fill out Suffolk New York Contract Between General Agent Of Insurance Company And Independent Agent?

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FAQ

What is the difference between a general agent and a broker?

What is the meaning of independent agent?

What is another name for a captive agent?

What agent represents multiple insurance companies?

What is a general agency contract?

Is it better to be a captive or independent?

What is the difference between a captive agent and an independent agent?

How do independent agents differ from captive agents?

What is a captive agent?

Which kind of agent enters into agreements with more than one insurer?

Interesting Questions

What is the purpose of the Suffolk Contract between a General Agent and an Independent Agent?

Can an Independent Agent exclusively represent one insurance company under the Suffolk Contract?

What responsibilities does a General Agent have under the Suffolk Contract?

Is an Independent Agent required to meet specific production levels under the Suffolk Contract?

Can an Independent Agent terminate the Suffolk Contract at any time?

Are there any financial obligations for Independent Agents under the Suffolk Contract?

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