Definition: Life Insurance Agency 1. In the context of life insurance, an agent is a professional who sells or negotiates policies on behalf of an insurance company. The term "life insurance agency" refers to an entity that represents an insurance company in its sales efforts. 2. A life insurance agency typically has a team of agents and advisors who work together to underwrite policies and negotiate rates for clients. They often represent the interests of the companies they work with, which can include large financial institutions, investment firms, or retirement plans. 3. The purpose of an agent is to secure policies that cover a specific life event, such as death or disability, through premium payments over time. Life insurance agents are typically paid based on their performance in underwriting and negotiating policies for the clients they represent. 4. To be considered a life insurance agency, an entity must have a physical office, a portfolio of products to sell, and a team of agents who work together. They also need to comply with certain regulations and maintain their licenses or certifications before they can operate in the market. 5. The term "life insurance agency" can also refer to a company that specializes in selling life insurance policies, such as AIG (American International Group) or Citigroup Life Insurance Company.
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