How do independent insurance brokers make money?
If I pay 1000 in insurance premiums per year to an insurance broker, does that mean only 900 of it is the actual premium cost and 100 of it is commission to the insurance broker, if the insurance broker takes a 10% commission? So if I were to purchase the insurance directly from the insurance company, I should only have to pay 900?
Is this the way independent insurance brokers make money, or do they get paid by the insurance companies?
Question answered by MSAD
The only way to purchase insurance is through the sells side of the business. That's going to usually involve agents. And agents get paid a commission. However, the commission is not that much.
And even if the agent was not paid a commission, then they would be paid a salary. Someone has to process the application etc. So if you purchase your policy through an 800# or online and don't have an actual agent assigned to you, the cost is the same.
i work at an insurance brokers can i move to another brokers within 5 miles?
I work at a small insurance brokers, i am now looking to leave as there is little prospect for promotion or anything. My boss has said to another member of staff that has just started that they cannot move to another brokers within 5 miles of our office if they decide to leave. Is this correct?
Question answered by GFNGeek
this all depends on your contract of employment, most brokers will have some sort of clause to stop you just working down the street and therefore possibly taking their business. So have a look what you signed when you started, and usually it should be accompanied by a timeframe so something like you cant work within 5 miles for 12 months or the like. This is pretty standard for some contracts you should check it out and if needed speak to citizens advice on if it is binding.
What is the difference between Insurance Brokers and Insurance Agents?
What is the difference between insurance brokers and insurance agents?
Question answered by mbrcatz
Technically, a broker works for the insured, and works with multiple companies. An agent works for the company.
These days, though, the words are used interchangably by most non-insurance people.
how to become a part time independent insurance broker in Ontario?
Hi, i would like to know how to become a part time independent insurance broker in Ontario?
Question answered by Gambit
Insurance brokers in Ontario are licensed and regulated by the Registered Insurance Brokers Association of Ontario (RIBO). The first level of license is called the Entry Level (Acting Under Supervision) level. This level allows you to deal with the public with regards to general insurance other than accident & sickness insurance (including life insurance). If you wish to sell A&S and Life Insurance then you need a different license. In order to obtain an Entry Level license you need to pass a Entry Level or Equivalency examination. You do this by registering for a course. RIBO does not run the courses, but the Insurance Brokers Association of Ontario does. You can click the link below for more information about the course. Keep in mind you have to be employed with a brokerage in order for you to obtain the license. If you take the course but aren't employed at a brokerage then RIBO might let you take the course and give you a certificate of completion when you pass the exam, but they won't give you a license until you are employed as a broker. The only problem I see for you is I don't know any brokerages that are going to hire a part time broker. A brokerage would want someone working full time in order to be useful.
There are no educational requirements to become a broker, but you need to take 8 hours of continuing education courses per year in order to maintain your license. No professional experience/requirements are required either however you can obtain professional designations in insurance.
Where can I get a quick Insurance Brokers license in New York City Area?
I may be interested in working as an Insurance broker for my friend's company. Where do I go to take the course/get the license? Is there an accelerated program?
I have a Bachelors Degree in Business.
Question answered by Piggiepants
NY Insurance Department has a link to search PreLicensing Providers for various insurance licenses; http://www.ins.state.ny.us/iabedu.htm
How do you become an UK insurance broker?
How do you become an UK insurance broker?
What is involved in the starting up process?
What are the costs involved?
What is required?
Question answered by Twinkles
Depends what type of incurance you are looking to work in as some insurances you will need to be qualified. In order to find out what is required try the Financial Services Authority as they regulate insurance.
And no insurance brokers are not all robbers but maybe just the ones a dodgy spark would use! lol
Who do you pay insurance broker or car insurance company?
I have applied for car insurance through light house, which is a car insurance broker. I have been told to pay a certain amount to a loan company. Today I have received a notice from Allstate about my policy and I need to come up with almost 1700$ by the 9th. I'm so confused and of course no one is open tomorrow. Is the loan to help me pay my car insurance or am I paying two different people.
Question answered by Tom Z
The loan and the insurance are two separate issues. The "certain amount" to the loan company is probably the down payment. The $1,700 to Allstate is probably for the 6 month term of the auto insurance. Check your bill carefully, most companies offer installment plans so you don't have to come up with the full amount. If the bill doesn't show that option call Allstate, their customer service number is probably on the bill.
Can I start with working with a wholesale insurance broker if I can't find any insurance company to appoint me?
Can I start with working with a wholesale insurance broker if I can't get any appointments?
Question answered by Tom R
its the same problem . you have to be appointed to be able to sell insurance as a broker. now you might be able to become a sub agent. which means you will be selling the policies for a licensed agent.
what does an insurance broker actually do?
I have a job interview tomorrow as an Admin Assistant / Insurance Broker.
Whilst I'm confident it has jsut dawned me i haven't got a scooby what an Insurance Broker does.
Can anyone shed any light? Ta.
Question answered by Confuzzled
Basically, an insurance broker is a middle man (or woman) who links people needing insurance with those who provide it (and they get paid by the insurance provider and/or customer for making the introduction).
Good luck with the interview. Handy tip: If they leave you in the room on your own and the phone rings, answer it politely and pass on the message ;-)
I am considering a career as insurance broker but not sure what to choose?
I am considering a career as insurance broker but not sure if I should go for mortgage or insurance brokerage. Could anyone plz guide me what is the major difference between the 2 and what field of brokerage should I choose? Which one is more beneficent in terms of making a career and money in today’s market?
Any helpful answer especially from an experienced professional is much appreciated.
Question answered by Lynn
Mortgage insurance is decreasing term life that theoretically keeps pace with the decreasing balance on a home mortgage. The idea is that the policy goes away the same time a mortgage does. For consumers that has very limited appeal, making it a tough way to make a living.
A regular insurance brokerage will give you a full line of insurance products, giving you the options to sell many policies to the same client. Much easier to make a living.
To give yourself the broadest possible options, I suggest you get P&C and Life & Health licenses. Your state's licensing requirements may vary on how that's divided up. Then you can sell personal lines, commercial lines, life and health.