11/10/2020 0 Comments Insurance Agents Insurance companies, both large and small, usually hire independent insurance agents to represent their interests on insurance related issues, such as claims, accident claims, health coverage, financial product sales, insurance product liability, and insurance product licensing. These independent agents may work for several insurance companies, or they may represent themselves. The insurance agents work with the insurance company's risk manager to determine how best to market their products to increase the number of insurance policies sold. The insurance agent's responsibilities are similar to those of the agents who work for larger companies such as the EPG Insurance. They must be able to provide information to the company that clients will need when buying an insurance policy. They are expected to convince the client that the insurance policy will provide the client with the coverage he needs at a price he can afford. Because insurance agents are hired by a company, they must be able to work in close partnership with the company's insurance specialists in order to provide accurate information to clients. Since they are often independent contractors, however, the insurance agent's role is less direct than it would be if he were an employee of a company. Most independent insurance agents, or independent insurance sales representatives, will also work with other companies, and sometimes they will work with other insurance companies. This may include working with a third party company, like a broker, to sell insurance policies that they have worked on. In many cases, the insurance agents will be responsible for working with the company, since they are representing the company's interests and not their own. Read more now about insurance here. Independent agents, like sales representatives and insurance brokers, may also work on commission or as a commission-based employee. In most states, however, insurance sales commissions are limited to no more than 10 percent of the total sales made. It is not unusual, however, for sales representatives and independent agents to earn additional money by referring clients to the insurance company. Independent agents and brokers also receive bonuses based on the number of sales they generate and may get bonuses based on a percentage of the premium paid on the insurance policies. An independent insurance agent must be licensed by his state's insurance department to work. He may receive certification from the National Association of Insurance Commissioners or the National Commission for Professional Ethics. There are also other certifications that he may acquire, but are not mandatory for employment in most states. When hiring an independent insurance agent, make sure that he is highly skilled in selling insurance because most states require his state's insurance agency to maintain an active insurance license. You should check with your state's insurance department to determine whether there are any other agencies that the agent has represented before employing him. If the company the agent represents does not have a license, or if they do not have an insurance license, do not allow that agency to refer you to another agency. Instead, make sure that your insurance agent has experience in selling insurance policies in your state or that he is fully certified by the state's insurance department. Get more details about insurance here: https://en.wikipedia.org/wiki/General_insurance.
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