01.Core Concepts

The independent agency is a major distribution form for property and casualty insurance The agency is a business firm that usually represents several unrelated insurers Agents are paid a commission based on the amount of business produced, which vary by the line of insurance The agency owns the expirations or renewal rights to the business; it may bill the policyholders and collect premiums, but most insurers use direct billing Agents may be authorized to adjust small claims and may provide loss control services to their insurers