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Business Glossary

Business Definition for: independent agency system

Dictionary of Insurance Terms

independent agency system

means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell.

See also independent agent

Related Terms:

independent agent

agent representing several insurance companies. The agent is independent from all the companies he or she sells for, and can therefore in theory evaluate different insurance policies objectively. Independent agents pay all their own expenses and keep their own records and earn their income from commissions on the policies they sell. The opposite of an independent agent is a captive agent, who works exclusively for one company.

Referring Terms:

agency
agency system
independent insurer
ownership of expirations

Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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