Definition: The word "insurance" has many different meanings depending on how it's used, but here are some common definitions: - A business or profession that offers protection against financial losses - this typically includes both life insurance and property insurance. - A professional who assists individuals in preparing for potential claims through a process of negotiation, calculation, and approval. - The act of paying money towards the expenses associated with a particular event or situation. The word "how insurance agents make money" is often used to describe how insurance companies earn their income. Insurance agents may charge commissions based on the amount of coverage they sell and the level of risk taken on their behalf. Some common types of commission structures include: - Flat fee: This involves paying a flat rate for the policy, typically ranging from 3% - 6% depending on the policy's complexity. - Commission-based fees: These are paid as a percentage of the premiums received by the insurance company. For example, an agent may receive a fixed percentage commission for each new policy they sell or negotiate on their behalf. - Milestone payments: Agents may also earn money based on certain milestones such as renewing policies, qualifying for discounts, and making a sales quota. It's important to note that this is just one definition of how insurance agents make money. The exact structure can vary depending on the industry and company size, as well as the specific policies and coverage offered by each agent.
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