Page 60 - M1_Insurance Introduction Notes

function of an agent is to procure business for the

insurance company by procuring insurance

policies. He/she is also responsible for business

relating to the continuance, renewal or revival of

policies of insurance.

 Licensed Insurance Brokers - An individual or

firm, whose full-time occupation is the placement

of insurance business with insurance companies, is

known as an insurance broker. The broker receives

brokerage as a percentage of premium from the

insurer.

The main difference between an agent and a

broker is that there are no restrictions on the

procurement of business by a broker for various

different insurance companies, while the agent

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