NLIC.org

Mike Said:

do insurance brokers sell insurance higher than insurance agents?

We Answered:

Chris nailed the answer, but let me explain why it seems some brokers are more expensive. There are times when brokers are niche agents. They work within a select line or coverage and really know their stuff. When an agent gets really good at something, they usually get a little more preferential treatment at a company because when they bring a risk to a company they have it all neatly put together for the underwriter. Sometimes these brokers are specializing in the hard-to-place markets (hazardous waste handlers, high-rise building, etc). Because of the narrow fields and the riskier classes, the pricing is higher.

This type of broker typically works with other general agents/brokers and takes over on their accounts to place the one piece of business that is hard. They will pay back to the agent a piece of the commission that they get from the company (sharing the one commission).

Hope this helps.

Patrick Said:

What insurance policies pay the best for agents/brokers and have limited competition?

We Answered:

Only a broker would know that, so unless one is prepared to tell you, I doubt anyone else would know.

Jane Said:

NY Insurance Agents & Brokers-Licensing Questions

We Answered:

I'm thinking, you're going to need to put a telephone call in to the NY Insurance Department and ask. Some states are reciprocal, like Florida, but I have no idea if NY is or not.

Andre Said:

What is the difference between Insurance Brokers and Insurance Agents?

We Answered:

Technically, a broker works for the insured, and works with multiple companies. An agent works for the company.

These days, though, the words are used interchangably by most non-insurance people.