Brokerage General Agent

AAA

DEFINITION of 'Brokerage General Agent'

An independent firm or contractor working for an insurance company whose main function is to sell one or more insurance products to select insurance brokers. Brokers then sell the policies to their clients. Brokerage general agents can specialize in one segment of the insurance industry or sell policies across a wide range of insurance companies.

In addition to selling policies, many brokerage general agents provide a wide variety of supportive services for individual brokers, including taking online applications, tracking cases, providing immediate policy quotes and answering underwriting-requirement questions.

INVESTOPEDIA EXPLAINS 'Brokerage General Agent'

There are numerous general industry associations and interest groups serving brokerage general agents, including the National Association of Insurance and Financial Advisors (NAIFA), National Brokerage Agencies and the Independent Insurance Agents and Brokers of America. These associations lobby on behalf of members' interests, provide professional training opportunities and promote industry best practices.

Brokerage general agents may also belong to niche trade groups targeting their specific industry focus, such as the Society of Underwriting Brokers (SUB) for life insurance or the National Association of Health Underwriters (NAHU) for health insurance. Many national associations also have regional, state or local chapters.

RELATED TERMS
  1. American Agency System

    A method of selling insurance policies in which independent insurance ...
  2. Health Insurance

    A type of insurance coverage that pays for medical and surgical ...
  3. Life Insurance

    A protection against the loss of income that would result if ...
  4. Broker

    1. An individual or firm that charges a fee or commission for ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Homeowners Insurance

    A form of property insurance designed to protect an individual's ...
Related Articles
  1. Understanding Your Insurance Contract
    Insurance

    Understanding Your Insurance Contract

  2. How An Insurance Company Determines ...
    Home & Auto

    How An Insurance Company Determines ...

  3. 15 Insurance Policies You Don't Need
    Insurance

    15 Insurance Policies You Don't Need

  4. The History Of Insurance In America
    Home & Auto

    The History Of Insurance In America

comments powered by Disqus
Hot Definitions
  1. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  2. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  3. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  4. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  5. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  6. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
Trading Center