What Is Career Agent? Definition

Why it matters

Career agent programs can offer salary, benefits, training, and a manager, in exchange for exclusive product sales and company rules. Agents should ask who owns future renewals if they leave. Compare with independent work on income stability and freedom to shop carriers. Setups differ widely, so read the written agreement for pay, quotas, and exit terms.

Source: law.cornell.edu

Related terms

Captive Agent: A captive agent sells the products of one insurance company, or a small group of related companies, under an exclusive agreement. The company usually controls the agent's products and rules.
Independent Agent: An independent agent is licensed to sell products from more than one insurance company and is not tied to a single carrier. Most independent agents are contractors, not employees.
Agent vs Broker: An agent usually represents an insurance company, while a broker usually represents the buyer. In practice, many licensed producers act as both, and state law defines the terms.
Book Of Business: A book of business is the set of policies and customers an agent has sold and serviced. It is the source of renewals and future sales.
Agency: An agency is a business licensed to sell insurance through its agents. It can hold carrier contracts, employ or contract with producers, and in many states needs its own entity license.

All 241 terms

Why it matters

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