What is the difference between an insurance agent and a broker?

The difference between an insurance agent and a broker in Rhode Island is the way in which they provide services to their clients. An insurance agent is typically affiliated with a single provider and represents its interests. An agent will usually have in-depth knowledge of their provider’s products and services and will be able to help customers determine the best policy for their needs. A broker, on the other hand, works with a number of different providers and is able to compare their products and services. The broker acts as a negotiator on behalf of their client, working to get them the best deal available on coverage and cost. Brokers also help customers stay up-to-date on new products and regulations that may affect their coverage. In Rhode Island, both agents and brokers are regulated by the state’s insurance department. They must both be licensed with the state and adhere to a code of conduct. Agents and brokers both have the responsibility of ensuring that their clients are receiving the best coverage for their needs. Ultimately, the right choice for a consumer will depend on their specific needs and circumstances.

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What is the difference between an insurance agent and a broker?

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