Page 64 - MODULE1_Insurance Introduction_CHA
P. 64
11. Whom to buy insurance from?
Insurance policies can be bought from the following:
Directly from registered insurance companies – either
online or their financial service consultants (employees of
an insurer); read details (to hyperlink to web portal
From licensed insurance Agents (including corporate
agents and micro-insurance agents) - The primary function
of an agent is to procure business for the insurance
company by procuring insurance policies. He/she is also not
only responsible for business relating to the continuance,
renewal or revival of policies of insurance but is expected
to help even at claim stage.
Different countries may have different policies on whether
a single agent can represent only one company or multiple
companies. Most brokers represent several insurers through
different members of the family.
The agents receive brokerage as a percentage of premiums
from the insurers; he / she are not employees of the
insurer.
From licensed Insurance Brokers - An individual or firm,
whose full-time occupation is the placement of insurance
business with insurance companies, is known as an
64
