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Insurance

Agent

Insurance is a financial product that is sold through two types of agents: independent agents and exclusive agents. Independent agents work for themselves and represent multiple insurance companies. They are paid based on commission. On the other hand, exclusive agents only represent one insurance company and are either salaried or work on commission. These types of agents are also known as captive agents. Insurance companies that use exclusive agents are referred to as direct writers.

Survivorship benefit

When an annuitant passes away, the remaining funds from their annuity become available for distribution to the living annuitants. This is known as the death benefit. It is a...

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Evidence of Insurability

Insurance companies consider various factors when determining whether to accept an applicant for insurance. These include the individual's physical condition and occupation....

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Vicarious liability

As a finance professional, it is important to understand the concept of vicarious liability. This refers to the legal responsibility one may have for the actions or wrongdoi...

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Private insurance

Private sector insurance refers to the coverage provided by companies, as opposed to government insurers. Understanding this distinction is crucial in the world of finance. ...

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