When an individual have determined that he would like to insured against the loss then the subsequently step is to search for the insurance coverage. Individuals have many different options available but it is forever best to shop in the own region. Individuals can contact directly to the insurance companies through the agents. Agents can bind the insurance policy. This procedure of binding the insurance policy is simply an on paper acknowledgement that identifies the most important mechanism of insurance contract. This is proposed to offer the temporary insurance protection shield to the consumer awaiting the formal policy being issued by the concern insurance company. All agents work entirely for their concern insurance company. Insurance agents are divided into two categories. Here is the brief summary of two types of agents:
Related Concern Posts
Captive Agents
Captive agents symbolize to a single insurance company and they are mandatory to only do business with concern one company.Independent Agent
Independent agents symbolize to the multiple companies and they work on behalf of the client, not the insurance company to establish the most suitable insurance policy.Related Concern Posts
- How Does Insurance Work?
- What is Risks?
- Type of Risk
- Effect of Risk
- Cost of Risk
- Mitigating Risk
- Risk Control
- Risk Financing
- What is Risk Sharing?
- What is underwriting?
- What is Insurance Contract?