Difference Between Insurance Agent and Broker-Insurance Agent vs Broker

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Difference Between Insurance Agent and Broker-Insurance Agent vs Broker

An insurance agent deals with both insurance clients and insurance companies but typically represents insurers. Basically, their objective is to facilitate the purchase of insurance from one of the insurance companies they represent.

Generally, working with an agent is very helpful because they can bind an insurance policy for you. Therefore, this means that you can get coverage while the policy is still being finished in screening by paying the down payment.

Octo Insurance Agency is a full-service, independent insurance agency in Dallas, Texas. Further, we provide coverage for homes, businesses, and autos all around Lone Star State.

Similar to an insurance agent, an insurance broker acts as an intermediary between the insurance purchaser and the insurance company. Basically, Insurance Broker represents the purchaser’s interests.

Agents for insurance companies can’t bind plans. Therefore, this means that they can only take the application and send it to the insurance company. In fact, before the insurance company accepts your application, you don’t have coverage. Generally, Brokers identify buyers and send the buyers’ finished forms to the insurance company. Therefore, this could be a big difference between agents and brokers if you need coverage quickly for a home buy or mortgage application.

Additionally, the insurance company that sells the policy pays the broker a commission, and the broker might additionally charge a fee for marketing the policy around.

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