Examples:
Jim moved to Texas, and called his insurance agent to change his address. Jim's agent put him in contact with an agent in Texas who could help him obtain another policy, because Jim's current agent was not licensed in Texas.
Definition:
A state-licensed professional who represents an insurance company in selling and servicing policies. In most states, agents are required to undergo approximately 40 hours of passing classroom instruction for the type of insurance they are qualifying for to be approved to take the state insurance exam. After successfully completing the state exam an agent will need to take continuing education classes to keep her/his license current. Only agents are allowed to sell and service insurance policies and only in the states they are licensed in.
Related Terms
• Broker
• Insured Person
• Rating Factors
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Agent
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