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

Insurance agents and brokers are both professionals that provide services related to insurance policies, but there are some key differences between them. An insurance agent is an individual or company authorized by an insurance company to sell its insurance policies. Insurance agents work directly for the insurance company and their primary job is to sell policies and provide customer service. Insurance brokers, on the other hand, are independent contractors that act as intermediaries between an insurance company and a policyholder. Brokers typically represent several different insurance companies and are responsible for finding the best insurance policy for their customers by comparing different policies and prices. They also provide expertise and advice to help their customers choose the policy that best fits their needs. In Minnesota, both insurance agents and brokers must be licensed in order to sell insurance policies in the state. Agents and brokers must complete pre-licensing courses, pass written examinations, and meet other licensing requirements in order to be licensed. Both agents and brokers must also continue their education with continuing education courses in order to maintain their license. Overall, insurance agents and brokers both provide essential services related to insurance policies, however there are key differences between them. Agents work directly for an insurance company and are responsible for selling policies and providing customer service. Brokers, on the other hand, are independent contractors that act as intermediaries between an insurance company and a policyholder and are responsible for finding the best policy for their customers.

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

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