YOU ASK:
What is the definition of Exclusive Agent?
WE ANSWER:
An Exclusive Agent (which is also called a captive agent) is a licensed insurance agent that sells the products of only one insurance company. Normally, a contract with the insurance company is signed, which restricts the agent from selling products from competitive insurance companies. The only exception for this are businesses that have first been rejected by the insurance company that the agent has signed on.
The exclusive agent earns income from commissions or from a basic salary plus commissions. There may also be benefits such as office expense allowance, health insurance and life insurance that may normally be offered by the insurance company to its employees.
Was this insurance question and its answer useful?
| Not a bit | Very useful |
Have an Insurance Question? Ask For Insurance
More insurance terms around exclusive agent:
- Exclusive Remedy
- Expense Ratio
- Experience
- Exposure
- Extended Coverage
- Extended Replacement Cost Coverage
- Extended Term Insurance Option
- Face Amount
- Facultative Reinsurance
- Fair Access to Insurance Requirements Plans / Fair Plans
- Exclusion
- Excess of Loss Reinsurance
- Excess and Surplus Lines
- Escrow Account
- Errors and Omissions Coverage (E&O)
- Equity Indexed Annuity
- Equity
- Environmental Impairment Liability Coverage
- Endowment Insurance
- Endorsement