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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Agents and Brokers

A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.

Agents

When you buy insurance, you will probably purchase the insurance from an agent. An agent is someone who legally represents the principal and has the authority to act on the principal’s behalf. The principal represented is the insurance company.

An agent has the authority to represent the insurer based on express authority, implied authority, and apparent authority. Express authority refers to the specific powers that the agent receives from the insurer. Implied authority means the agent has the authority to perform all incidental acts necessary to exercise the powers that ...

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