What Is An Insurance Man?
An insurance man is a vague term but could mean someone who is licensed to sell insurance.
An insurance man who sells insurance can be referred to as a couple different things:
-insurance agent
-insurance broker
-insurance salesman
Captive vs Independent Insurance
An insurance man who sells insurance can have an option to work for a bunch of different companies in most cases these can range with special agreements that make either very similar to each other but there are captive insurance guys and independent or not captive insurance guys.
-Captive Insurance Agent – Captive means they are working for a carrier in most cases that can only sell one insurance which is THERE main insurance. Sometimes captives have access to other carriers but in most cases these guys cannot take a book with them and use the name brand of the insurance carrier to market.
-Independent Insurance Agent – Independent means they work independently at a brokerage or for themselves. In a lot of cases they got their book of business by doing sales and using their own name. With this option you will in most cases be able to place risks with several insurance carriers.
The reason why not all independent or captive agencies are all cut and dry is because of the agreements that each company has. A lot of independent insurance agencies could make it so you cannot take your book with you even if you used your own name to get the clients. Sometimes there are carriers on the independent side that want you to commit like over 90% of your business to them. This is why the lines can be not so clear because you could have an insurance brokerage that is basically captive with their agreements to one carrier as well as cannot take the book of business.
History of Insurance Man
Did you know that the concept of insurance has been pretty much the same over the course of hundreds of years? Especially life insurance. Working in commission-only fields has been around for thousands of years.
Around 1347 the first insurance policy was written. This was for ships and wares when there were a lot of different treacherous things at sea. To ship things by sea was a great risk and this was when the first insurance companies started to form to support this.
Different Types Of Insurance
You can take different insurance exams per your state and pass and become licensed in insurance in many different insurance fields. Here are just some of the insurance exams you can take and pass and then sell insurance yourself.
Property & Casualty Insurance – Is property insurance, casualty goes hand in hand because that is what you are insuring for on the property.
Life Insurance – Life insurance, if someone is paying a policy and is in good standing when the person who is insured passes away the death benefit amount will go to the beneficiary.
Accident Insurance – If something were to happen to someone making a high income say a doctor they could file a claim and receive income while they got into an accident at work.
Health Insurance – Americans have to pick up health insurance policies which cover check ups and even surgeries at certain limits with deductibles.
The benefit of Insurance Broker Resources being in insurance is that we represent several carriers and if someone complains that they are paying too much for insurance we can shop their rates else where to keep the entire insurance market lower based on competition!
If you are in need of an insurance man or want to become an insurance man yourself Insurance Broker Resources is a insurance man that can help you with all types of insurance!