If I am a Pennsylvania licensed life and health producer, not captive ... should my business card say Independent Agent or Broker? I keep finding conflicting definitions. The terms seem interchangeable, but I want to send the right message to my clients. What is commonly used? Thanks.
Independent Agent or Broker?
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my card says owner/broker because I have an agency with agents under me.
If I was not an agency I would just have Independent Agent
If I was not an agency I would just have Independent Agent
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If you operate specifically in PA and no other states, I believe the term is interchangeable. I can tell you that if you were to do biz in NY state, for instance, the terms mean two different things. Most likely, you would be an independent agent.
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The text from my pre-licensing goes something like this:
Producers may act either as agents for the insurance company, or as brokers representing the individual seeking insurance. Brokers, in contrast to the agent-client relationship in which the agent represents the insurer to the purchaser, a broker may do business with several different insurers. Brokers are independent sales reps who select insurance coverage from the various companies for their clients.
My first interpretation of this text is that an agent, whether captive or independent brings one or a few insurers to individuals seeking insurance. Likewise, my interpretation of a broker is an independent representative focused on bringing the client the best coverage value without insurer placement bias. Simply stated: To the insurance company I am an agent - to the client I am a broker.
Before I considered this career path, the guy who handled my insurance was an agent. Now as an independent representative, I see my role more along the lines of a broker even though the term agent may be more commonly applied.
So far the recommendations indicate independent agent. Any others agree / disagree?
Producers may act either as agents for the insurance company, or as brokers representing the individual seeking insurance. Brokers, in contrast to the agent-client relationship in which the agent represents the insurer to the purchaser, a broker may do business with several different insurers. Brokers are independent sales reps who select insurance coverage from the various companies for their clients.
My first interpretation of this text is that an agent, whether captive or independent brings one or a few insurers to individuals seeking insurance. Likewise, my interpretation of a broker is an independent representative focused on bringing the client the best coverage value without insurer placement bias. Simply stated: To the insurance company I am an agent - to the client I am a broker.
Before I considered this career path, the guy who handled my insurance was an agent. Now as an independent representative, I see my role more along the lines of a broker even though the term agent may be more commonly applied.
So far the recommendations indicate independent agent. Any others agree / disagree?
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Independent Agent, you can't go wrong!
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