Insurance carriers are companies that provide products (policies) that cover a single specific risk or a number of specific risks, under agreed terms and conditions. The three most common types of insurance companies are Standard Line Carriers, Surplus Lines Carriers and Captive Carriers. A Standard Line Carrier sells insurance policies such as life, health, auto,…
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An Insurance Adjuster is a professional who helps assess the damages and resulting payments associated with insurance claims. There are three kinds of adjusters: 1) public; 2) independent; and 3) company, or staff adjusters. Public adjusters represent the insured, while independent and staff adjusters represent the insurer. Insurance companies hire adjusters to inspect, evaluate, and…
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An insurance Aggregator allows business and personal insurance buyers to compare the policies, coverage, and prices of different insurance companies’ offerings in one place. They are usually, but not always online platforms. Aggregators provide an efficient way for consumers to get instant quotes from multiple insurers, allowing them to make informed decisions about purchasing the…
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The simplest way to think about Reinsurance is, “insurance for insurance companies.” More specifically, reinsurance is a contract between an insurance company and reinsurance company; a tool insurance companies use to manage risks and limit the amount of capital required to support those risks. Reinsurers are typically larger, more established companies and they often specialize…
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Insurance Third Party Administrators (TPAs) manage and processing claims on behalf of insurers. Their scope of services can vary, though typically include gathering appropriate information about a claim, determining if the claim is payable, and even paying the claimant on behalf of the insurer. In this capacity, they may function as first-line customer service organizations…
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A managed general agent is a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims. Typically, MGAs are involved with…
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A wholesale Broker is a type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who…
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Insurance Brokers maybe divided into two separate categories: 1. Retail Broker; and 2. Surplus Lines Broker. A Retail Broker is an intermediary who represents the individual/entity seeking insurance and an insurance carrier, or Carrier’s MGA, to underwrite the insurance coverage sought. A Surplus Lines Broker is also an intermediary between the insured and the carrier…
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Insurance Agents can be classified into two separate categories: 1. Retail Agent; and 2. Wholesale Agent. A Retail Agent is an insurance licensee who acts as an intermediary between an individual/entity seeking insurance coverage and an insurance carrier to underwrite the insurance coverage sought. Retail Agents may also work with other intermediaries such as Wholesale…
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