What does a captive insurance agent do?
What does a captive insurance agent do?
A captive agent is an insurance agent that works for only one insurance company. Captive agents only sell the products of the insurance company they work for and cannot help individuals outside of that offering. The opposite of a captive agent is an independent agent that works for many insurance companies.
How much do captive health insurance agents make?
What Is the Average Captive Insurance Agent Salary by State
| State | Annual Salary | Monthly Pay |
|---|---|---|
| California | $57,661 | $4,805 |
| Vermont | $57,541 | $4,795 |
| South Carolina | $56,936 | $4,745 |
| Wyoming | $56,869 | $4,739 |
Is a captive agent an employee?
A licensed insurance agent who works for one single insurance company exclusively, is known as a captive agent. A captive agent represents one single insurance company and sells only the products offered by that company. A captive agent may be a full-time employee of the company or an independent contractor.
What are the different types of insurance agents?
There are two types of insurance agents:
- Captive agents typically represent only one insurer.
- Independent insurance agents typically represent more than one insurer.
Who are captive agents?
Insurance Term – Captive Agent Representative of a single insurer or a fleet of insurers who is (are) obliged to submit business only to that company, or at the very minimum, give that company first refusal rights on a sale.
What is the best captive insurance company to work for?
Captive Resources ranked No. 1 in the medium employer category (250-999 U.S. employees) and No. 3 overall in this year’s Best Places to Work in Insurance — an annual feature by Business Insurance and Best Companies Group.
How many captive insurance agents are there?
7,000 captives
Today, there are over 7,000 captives globally compared to roughly 1,000 in 1980 according to AM Best Captive Center. Captives can be domiciled and licensed in a wide number of jurisdictions, both in the U.S. and offshore.
Who own a captive insurance company?
insureds
A “captive insurer” is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer’s underwriting profits.
