An insurance intermediary helps consumers purchase insurance policies. The main types are insurance agents, brokers, corporate agents, and bancassurance. Insurance agents work for insurance companies and sell only their products. Brokers can compare policies from multiple insurers. The primary difference is that agents represent insurers while brokers represent consumers. Agents have actual, apparent, and authority of necessity. Their duties include acting in the principal's interests, obtaining instructions, avoiding conflicts, and protecting the principal. Agents' rights include retaining sums due, receiving remuneration, and lien on the principal's property.

1. Presented by :
Ms. Priya
( Assistant professor in Commerce )
Dayanand Mahila Mahavidyalya, KKR

2. An insurance intermediary is a person or a
company that helps you in buying insurance
policy. Insurance agents, insurance brokers
and financial advisers are insurance
intermediaries.

3. TYPES OF INSURANCE
INTERMEDIARIES
 Insurance agents
 Insurance brokers
 Corporate agents
 Bancassurance

4. An insurance agent is a person who works for an insurance
company and sells the insurance products of this company. An
important aspect of working with an agent is that he / she sells
insurance products of one company only, and thus is typically
not able and not interested to compare prices and features of
other products on the market.
Agents should not be confused with brokers (or insurance
brokers) who are typically able to compare products from
several insurance providers.
Typically, an insurance agent receives a salary paid by an
insurance company, and he/she can also receive a sales-based
commission or bonus

5. Both insurance brokers and insurance agents act as intermediaries
between insurance buyers and insurers. ... The primary difference between
an insurance broker and an insurance agent is who each represents.
While a broker represents the insurance buyer, an agent represents one or
more insurance companies.

8. Authority of Agents
Actual Authority- Granted by principal or arise due to conduct by principal
Apparent Authority – by estoppel
Authority of Necessity- In case of emergencies for benefit of owner

9. Duties of an agent
• Act within scope
• Delegation of Authority
• Due care and Diligence
• Accountability for money and accounts
• Deals only in Principal’s Name
• To communicate and obtain instructions in case of difficulty
• No secret Profits
• No to use inside information against principal
• Protect and Preserve the Principal’s Interest on his Death or Insanity

10. Rights of An Agent
•Rights of Retention all sums due to him
•Right to Remuneration
•Right to Lien of property of principal till any due
amount
•Right to be Indemnified
•Right to Compensation