The 2 types of Insurance Agents - Moran Insurance (2024)

FAQs

What are the two basic types of insurance agents? ›

Captive agents sell insurance for one specific company. The one and only insurance company that they represent is typically a “name brand” company. You might even see their commercials during the Super Bowl. Independent agents, on the other hand, sell insurance for several different companies.

Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance. The three types of property insurance coverage are replacement cost, actual cash value, and extended replacement costs.

Insurance companies are classified as either stock or mutual depending on the ownership structure of the organization. There are also some exceptions, such as Blue Cross/Blue Shield and fraternal groups which have yet a different structure.

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

People hire agents to perform tasks that they lack the time or expertise to do for themselves. A universal agent has wide authority to act on another's behalf, but a general agent or special agent has more limited and specific powers.

For the most part, there are two types of life insurance plans - either term or permanent plans or some combination of the two. Life insurers offer various forms of term plans and traditional life policies as well as "interest sensitive" products which have become more prevalent since the 1980's .

What is the most basic homeowner policy called? ›

HO-1 Basic Form Policy: The HO-1 policy is the most basic and limited homeowner insurance option. It provides coverage for a specific list of perils, such as fire, lightning, hail, theft, and vandalism.

Although there are many insurance policy types, some of the most common are life, health, homeowners, and auto.

There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance. Life/annuity and P/C insurers can also write health coverage.

For the most part, there are two types of life insurance plans - either term or permanent plans or some combination of the two. Life insurers offer various forms of term plans and traditional life policies as well as "interest sensitive" products which have become more prevalent since the 1980's .

A program run by U.S. federal, state, or local governments in which people have some or all of their health care costs paid for by the government. The two main types of public health insurance are Medicare and Medicaid.