Independent Agency System
Definition of "Independent agency system"
Means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell.
Popular Insurance Terms
Plan in which funds are currently allocated to purchase retirement benefits. An employee is thus assured of receiving retirement payments, even if the employer is no longer in business at ...
Individual who has temporary rightful possession of another's property. The bailee often furnishes a receipt in exchange for the bailor's property. For example, a dry cleaner has temporary ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
Rule concerning stock sold and then repurchased or a similar security repurchased (warrants or options) within 30 full days before or after the day of the sale. Losses established from such ...
Coverage for negligent acts or omissions of an operator of a motel or hotel resulting in bodily injury to guests and damage or destruction of a guest's property. ...
Coverage in which one premium payment is made and the policy is fully paid up with no further premiums required. ...
Insurer in a group of companies that act as subsidiaries. ...
Reinsurance marketplace modeled after Lloyd's of London. Like Lloyd's, the New York Insurance Exchange is a market for hard-to-place risks and for the placement of excess or surplus lines. ...
Net profit of a business, less dividends. Reinvestment of retained earnings enables an insurance company to write more business from a stronger capital base. Contributions to retained ...
Have a question or comment?
We're here to help.