Differences Between Agents, Prodcers, & Brokers

[mk.insurance]

I often hear these three terms used interchangeably. What are the differences & similarities between the three of them? What is each of their job descriptions?

 

[DS4]

I often hear these three terms used interchangeably. What are the differences & similarities between the three of them? What is each of their job descriptions?

I have been called all three along with many other names.

 

[goillini52]

I often hear these three terms used interchangeably. What are the differences & similarities between the three of them? What is each of their job descriptions?

An agent and a producer are the same thing. A broker is an agent that's independent and represents multiple companies.

 

[kgmom219]

I've been called all three. But since I am a sweet girl all of the time, never anything else.

Agent usually means "captive"

Broker means you represent multiple carriers.

Producer is the term the carriers use.

 

[Todd King]

I've been called all three. But since I am a sweet girl all of the time, never anything else.

Agent usually means "captive"

Broker means you represent multiple carriers.

Producer is the term the carriers use.

Huh? If you have a license, you're an agent. Has nothing to do with being captive or not.

Producer can be interchanged with agent, although some agents never "produce".

 

[senior-advisor-indiana]

I often hear these three terms used interchangeably. What are the differences & similarities between the three of them? What is each of their job descriptions?

Since no one else has listed any similarities I will list the first one that comes to mind. None of them can be used to describe Rick...

 

[pcbinsurance]

Producer also refers to what certain States' licenses call an insurance agent.

 

[BlockO]

I never was crazy about the term "insurance broker".

the broker part of it sounds too much like it's involved in some way with the stock market.

but then again, for an agent who sells annuities, that might be a good thing or bad.

 

[Tahoe Ray]

In NY "broker" and "agent" are two separate licenses.

The broker represents the insured and the agent represents the carrier.

 

[BlockO]

In NY "broker" and "agent" are two separate licenses.

The broker represents the insured and the agent represents the carrier.

Interesting. I wonder if other states are like that, or if it's just a NY thing? I've heard that NY can sometimes be on the planet Mars with the way their insurance laws are structured.