Creative Compliance FAQ's
Yes. All available NIPR data is fully integrated into your records.
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 produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation.
Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk.
There are two types of wholesale brokers: managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured; but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.
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 talk to people involved in an accident or natural disaster. The adjuster then determines how much money the insurer should pay out on the claim. Nearly all states require that insurance adjusters have a license before they can begin working. In most cases, this involves taking and passing an exam. Continuing Education requirements related to latest regulations, laws and best practices may also be required.
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, and home insurance to the general public. A Surplus Line Carrier specializes in providing coverage for higher-risk customers. And a Captive Carrier is an insurer owned by a larger company which provides insurance only for that company’s employees or products.
In all cases, carriers assess the risks of insuring customers and determine the associated premiums. They also pay out benefits to customers who file claims for covered losses, either directly or through an intermediary such as a Managed General Agent (MGA) or Third-Party Administrator (TPA). Insurance is a highly regulated industry and carriers must be licensed in each state in which they operate, and follow many federal and state laws and regulations.