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.

BREAKING DOWN '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. Independent Agent

    An insurance agent that sells insurance policies provided by ...
  2. Agency Plant

    The amount of presence that an insurance company has in a market.
  3. Independent Insurance Agents & ...

    Independent agents who shop around at different insurance companies ...
  4. Brokerage Department

    A department within an insurance company whose agents specialized ...
  5. Direct Writer

    A captive agent that only issues insurance policies from a specific ...
  6. Broker Of Record

    In insurance, a broker of record is an agent designated by the ...
Related Articles
  1. Insurance

    Becoming An Insurance Agent

    Few careers match the opportunity for as quick and large a paycheck as does being a life insurance agent.
  2. Insurance

    How to Become a Life Insurance Agent

    The pros and cons of becoming a life insurance agent, a field that can be hard to crack—but that can pay off big when you do.
  3. Financial Advisor

    How to Find the Best Life Insurance Agent

    Choosing a life insurance agent is the first and most important step in obtaining coverage. Buyers should pay attention to five key factors.
  4. Insurance

    Want To Sell Life Insurance? Read This First

    Looking for a career that offers big financial upside and the lure of self-employment? Insurance sales could well be for you.
  5. Investing

    Would You Make A Good Real Estate Broker?

    How to tell if you'd be good in this field. It is a common second career for many people, but isn't a good match for everyone.
  6. Insurance

    Bundle Your Insurance For Big Savings

    Bundling your insurance can save you money and time. Read on to see how get the most out of multiline insurance discounts.
  7. Investing

    How Do Real Estate Agents Get Paid?

    Here's how real estate commissions on home sales really work. And, yes, they're negotiable.
  8. Insurance

    How Hard Is a Career Selling Life Insurance?

    Learn why selling life insurance is a difficult way to make a living, but also how agents who persevere are rewarded down the road with a strong passive income.
RELATED FAQS
  1. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
  2. What is the usual profit margin for a company in the insurance sector?

    Learn what the average profit margin is within the insurance industry, and what factors can affect the profitability of an ... Read Answer >>
  3. What are examples of the largest companies in the insurance sector?

    Read about some of the largest and most influential companies in the insurance sector, a list that includes Berkshire Hathaway ... Read Answer >>
  4. Should I be Worried About My Insurance Company?

    Policyholders should also take a serious look at the financial stability of their current insurance company especially if ... Read Answer >>
Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Maintenance Margin

    The minimum amount of equity that must be maintained in a margin account. In the context of the NYSE and FINRA, after an ...
  3. Salvage Value

    The estimated value that an asset will realize upon its sale at the end of its useful life. The value is used in accounting ...
  4. Cryptocurrency

    A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of ...
  5. Promissory Note

    A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on ...
  6. SEC Form 13F

    A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ...
Trading Center