An agent who supervises other agents in a given territory and acts as an exclusive agent in this territory.
An independent businessperson who is under contract to an insurance company and whose primary function is to build and manage a field office of full-time career agents focused on distributing the products of a single company within a defined territory. See also general agency system.
In some parts of the world this term merely means an insurance agency involved in all types of insurance. In the Far East it is more likely to mean an insurance agency acting in loco parentis under a power of attorney from an overseas based insurer and empowered to underwrite risks and settle claims on behalf of that insurer.
In life and health insurance, an individual appointed by the insurer to administer its business in a given territory. The general agent is responsible for building his or her own agency and service force and is compensated on a commission basis, although usually with some expense allowances.
An independent entrepreneur who is under contract to the insurer.
someone authorized to transact every kind of business for the principal
an agent who sells insurance
An agent authorized to do all the acts connected with carrying on a particular trade, business, or profession.
An agent who represents one or more insurance company(s) and who acts on behalf of the insurance company(s) in the areas of approving or denying applications, issuing policies, handling claims and collecting premium payments.
An insurance company representative in a given territory, entrusted with the task of supervising the company's business within that territory. He may appoint local agents whom he services. A true general agent is an independent contractor compensated on a commission basis. In practice, in the life and health fields, he may receive certain expense subsidies from the company for office operation and training of new agents.
A type of agency relationship, often created by a general power of attorney, that allows the agent to bind the principal to contracts within the specified scope of the agency. For example, a property manager act on behalf of the principal, within the specific scope of managing the principal's property.
One authorized by a principal to perform any and all acts associated with the continued operation of a particular job or a certain business of the principal. The essential feature of a general agency is the continuity of service, such as that provided by a property manager of a large condominium project. Most real estate brokers are treated as special agents. (See agent, special agent)
An agent who has special authority to act on behalf of a company in a province. An example of this special authority is the ability to appoint other agents or settle claims.
An agent vested with the authority to transact all of the business of his or her principal within the limits of the granted authority.
An individual appointed by a Life or Health insurer to administer its business in a given territory. He is responsible for building his own agency and service force and is compensated on a commission basis, although he possibly has some additional expense allowances.
An agent who is authorized to do all the acts connected with carrying on a particular trade, profession, or business.
an independent agent that represents one or more insurance companies.
An agent with wide powers / An agent, often with an exclusive territory, employed by an insurance company to obtain business for it.
A general agent is a much different concept than that of a retail agent. In the property/casualty context, some insurers contract with general agents to perform underwriting and claims functions rather than to hire their own employees to perform the underwriting and claims functions. In other circumstances, insurers contract with general agents to perform underwriting functions only, commonly for limited classes of business, such as restaurant policy programs. In the life insurance context, insurers sometimes contract with general agents to be their exclusive marketing channel for the insurer's products. In order to sell that company's products, an agent must be a subagent of the general agent.
An independent business person who acts under a grant of authority from a life insurance company to develop insurance business within a defined territory. The general agent is frequently an active sales person, as well as the administrator of the agency.
A General Agent is an agent, i.e. representative of another, who has a mandate of general nature.