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

An insurance agent represents the insurance companies for which the agent has been appointed; an insurance broker represents the customer. Because brokers do not represent insurers, they cannot bind coverage, and the transaction must be completed by an agent or the company itself. New York's Department of Financial Services describes the same split: agents act for appointed New York authorized companies, while brokers act for the insured and can place business with any authorized company that will accept it.

An insurance agent represents the insurer in the sale: captive agents work for one company, while independent agents sell policies from several companies. A broker represents the client rather than the insurer, matching the client's needs with the company that offers the best rate and coverage. In Alabama, both are licensed as producers through the Alabama Department of Insurance.

An agent represents insurance companies: captive agents work for one insurer, while independent agents may sell for several. A broker represents the client rather than the insurer. Both must be licensed in the states where they work, and agents who sell securities products such as variable annuities also need FINRA registration.

An insurance agent represents insurance companies and sells their policies, while a broker represents the client who is shopping for coverage. Captive agents work for one company, and independent agents sell policies from several companies. In Georgia, agents and brokers are both licensed through the Office of Commissioner of Insurance and Safety Fire.

An insurance agent represents one or more insurance companies and sells their policies, while a broker represents the customer and shops among multiple insurers. Captive agents work exclusively for one company, and independent agents sell policies of several companies. In both roles, selling, soliciting, or negotiating insurance requires a state license in the lines sold.

An insurance agent represents one or more insurance companies when selling their policies, while a broker represents the client rather than the insurer. Captive agents work exclusively for one company, and independent agents sell policies of several companies. In Iowa, both roles fall under the "producer" license the Iowa Insurance Division issues under state law.

An insurance agent represents one or more insurance companies when selling policies: captive agents work exclusively for a single company, while independent agents sell policies of several companies. A broker instead represents the client, shopping across insurers for coverage rather than selling for a particular carrier. Both must hold a valid state insurance license where they do business.

An agent sells insurance for insurers: captive agents work exclusively for one company, while independent agents sell policies of several companies. A broker represents the client rather than the insurer. Massachusetts issues one producer license covering both roles, and agents who sell securities or variable products must also be registered with FINRA.

An insurance agent represents insurance companies and sells their policies to consumers, while a broker represents the consumer rather than any insurer. Michigan does not allow brokerage; a broker's acts do not bind any insurer. Michigan producers must be licensed by the state Department of Insurance and Financial Services and must be appointed by an insurer before acting as its agent.

An insurance agent sells policies on behalf of one or more insurance companies. Agents may work captive, selling exclusively for one company, or independent, selling the policies of several companies. A broker represents clients rather than insurers, seeking coverage on the policyholder's behalf rather than the company's.

An insurance agent sells policies for one or more insurance companies: captive agents work exclusively for a single carrier, while independent agents represent several companies. An insurance broker represents the client rather than any insurer. Both must hold a producer license to transact insurance.

An agent represents one or more insurers, while a broker represents the client. Captive agents work for a single company and sell only that company's policies. Independent agents sell policies from several companies, and brokers represent the insurance buyer rather than the insurer. In New Mexico, the Office of Superintendent of Insurance licenses both resident producers and nonresident brokers, and the license alone does not authorize representing an insurer; the insurer must appoint the producer before business can be transacted.

An insurance agent represents one or more insurance companies and must be appointed by a company to sell insurance; a broker represents the insured and can place business with any New York authorized company that will accept it. In New York, you do not need a company appointment to obtain an agent license, but a notice of appointment must be filed with the Department within 15 days of the agency contract or first insurance application. Brokers cannot be appointed to insurance companies.

An insurance agent represents one or more insurance companies and sells their policies, while a broker represents the client rather than the insurer and shops across companies for coverage. Among agents, captive agents work exclusively for one company, and independent agents sell policies from several companies. Both agents and brokers must be licensed in the states where they work.

Traditionally, an agent represents insurers while a broker represents the customer, but Oregon does not permit brokering. The state licenses insurance producers, and under Oregon law a person who solicits or procures an application as an agent of an insurer is regarded as the insurer's agent, not the insured's. A producer may represent as many insurers as appoint them.

Under South Dakota rules, the difference comes down to who pays the producer. An insurance agent acts on behalf of an insurer, which compensates the producer directly or indirectly to sell, solicit, or negotiate its products; the insurer must then file a notice of appointment within 15 days of executing the agency contract or receiving the first insurance application. A producer compensated only by the insured customer is an agent of the insured and does not need an insurer appointment.

In Vermont, both roles hold the same Producer license, which Vermont law (Title 8, Section 4791) defines as a person who sells, solicits, or negotiates insurance; the Producer license replaced the former agent and broker license types. In general usage, an agent represents one or more insurers when selling their products, while a broker represents the client rather than the insurer. Captive agents work exclusively for one company, and independent agents sell for several companies.

In Wisconsin the difference is functional, because the state licenses an agent, broker, and producer identically as intermediaries. An agent represents an insurer in selling that company's policies, while a broker represents the client shopping among insurers. Both must hold the same intermediary license and meet the same prelicensing, exam, and continuing education requirements.

An insurance agent represents one or more insurers and can bind coverage; a broker represents the buyer and cannot bind coverage. In Wyoming, both roles fall under the producer license, and state law treats a producer acting as a broker as the customer's representative rather than the insurer's. An independent agent can offer products from multiple companies, while a captive agent works for one company.