Insurance definition, the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. Insurance agent definition. See more. training, data banks, research facilities, access to reinsurance etc.). Furthermore, microinsurance makes it possible for people to take more risks. gent (ā'jent), 1. A microinsurance scheme is a scheme that uses, among others, an insurance mechanism whose beneficiaries are (at least in part) people excluded from formal social protection schemes, particularly, informal economy workers and their families. The target population typically consists of persons ignored by mainstream commercial and social insurance schemes, as well as persons who have not previously had access to appropriate insurance products. insurance agent definition: a person or company who gives advice about and sells insurance for an insurance company or number…. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. It sells auto, home, motorcycle, and renters insurance direct to consumers online and by phone. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. Define insurance agent. Wikipedia The Free Encyclopedia. Agents advise clients on the coverage they need and locate insurers willing to provide transactions are low-cost (and reflect members’ willingness to pay); clients are essentially low-net-worth (but not necessarily uniformly poor); the essential role of the network of microinsurance units is to enhance risk management of the members of the entire pool of microinsurance units over and above what each can do when operating as a stand-alone entity. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. ); the most frequent microinsurance products are: Dirk Reinhard provides a good list summarising reading pertinent to microinsurance. Learn more. Microinsurance is the use of insurance as an economic instrument at the "micro" (i.e. Microinsurance has made a significant difference in countries like Mali, as Maxime Prud'Homme and Bakary Traoré describe in Innovations in Sikasso. Esurance was founded in 1999 by Jean-Bernard Duler, … insurance broker or insurance agent a person or firm which acts as an intermediary in bringing together clients seeking INSURANCE cover and INSURANCE COMPANIES offering suitable policies. The last definition therefore, includes the critical features of the previous three: Microinsurance, like regular insurance, may be offered for a wide variety of risks. insurance agent synonyms, insurance agent pronunciation, insurance agent translation, English dictionary definition of insurance agent. USA and UK Lists available. English 6 157 000+ articles. Includes postal and email addresses Learn more. Deutsch 2 508 000+ Artikel. Italiano 1 634 000+ voci. Neymar da Silva Santos Júnior Neymar Jr. Neymar avec le Brésil en 2018 . Insurance Accounting & Systems Association, Inc. Insurance Advertising Compliance Association, Insurance Agents and Brokers Association of California, Insurance and Actuarial Advisory Services, Insurance and Financial Advisors Political Action Committee, Insurance and Financial Practitioners Association of Singapore. Wikipedia is a free online encyclopedia, created and edited by volunteers around the world and hosted by the Wikimedia Foundation. Description: Generally, there are two types of such agents who reach the prospective parties that may be interested in buying insurance. These are independent agents and captive or exclusive agents. Insurance functions on the concept of risk pooling, and likewise, regardless of its small unit size and its activities at the level of single communities, so does microinsurance. smaller than national) level of society. 日本語 1 242 000+ 記事. When farmers are insured against a bad harvest (resulting from drought), they are in a better position to grow crops which give high yields in good years, and bad yields in year of drought. Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles.Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Meaning: The insurance company representative and adviser who sells insurance policies. Il ne faut pas confondre courtier en assurances et agent général d'assurance. This definition is exactly the same as one might use for regular insurance except for the clearly prescribed target market: low-income people. After the term stated in original contract expires, the sum of money paid to insurance company will need to be renegotiated and will often increase. Still, many countries face continuing challenges. 日本語 1 227 000+ 記事. Insurers may use the subscription business model, collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. As many low-income people do not have access to adequate risk-management tools, they are vulnerable to fall back into poverty in times of hardship, for example when the breadwinner of the family dies, or when high hospital bills force families to take out loans with high interest rates. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. One of the greatest challenge for microinsurance is the actual delivery to clients. Situation actuelle Équipe Paris Saint-Germain Numéro 10 Biographie Nom Neymar da Silva Santos Júnior Nationalité Brésilien Naissance 5 février 1992 (28 ans) Lieu Mogi das Cruzes (Brésil) Taille 1,75 m (5 ′ 9 ″) Période pro. Membership is not compulsory (but can be automatic), and members pay, at least in part, the necessary contributions in order to cover benefits. 2. Esurance Insurance Services, Inc. was an American insurance company. Any person acting as an insurance agent or broker must be licensed to do so by the state or jurisdiction that the person is operating in. Microinsurance links multiple small units into larger structures, creating networks that enhance both insurance functions (through broader risk pools) and support structures for improved governance (i.e. Insurance agent definition: a person who sells insurance | Meaning, pronunciation, translations and examples Microinsurance is the protection of low-income people (those living on between approximately $1 and $4 per day( below $4)) against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved.This definition is exactly the same as one might use for regular insurance except for the clearly prescribed target market: low-income people. Si le premier est un intermédiaire en assurances, le second n'a pas la qualité de commerçant indépendant. Whereas states previously would issue separate licenses for agents and brokers, most states now issue a single producer license regardless if the person is acting on behalf of the insured or insurer. Or … Each of these models has their own advantages and disadvantages. The use of the mechanism of insurance implies: Microinsurance schemes may cover various risks (health, life, etc. The scheme differs from others created to provide legal social protection to formal economy workers. Español 1 645 000+ artículos. This mechanism is conceived as an autonomous enterprise, independent of permanent external financial lifelines, and its main objective is to pool both risks and resources of whole groups for the purpose of providing financial protection to all members against the financial consequences of mutually determined risks. More definitions such as Insurance agent in Dictionary I. Deutsch 2 479 000+ Artikel. Life microinsurance (and retirement savings plans), Health microinsurance (hospitalisation, primary health care, maternity, etc. Prepayment and resource-pooling: the regular prepayment of contributions (before the insured risks occur) that are pooled together. [5], CS1 maint: multiple names: authors list (, Insurance Regulatory and Development Authority, https://en.wikipedia.org/w/index.php?title=Microinsurance&oldid=977720958, Creative Commons Attribution-ShareAlike License, Microinsurance is insurance with low premiums and low caps / coverage. The institutions or set of institutions implementing microinsurance are commonly referred to as a microinsurance scheme. For agents not listed here, see the specific name. Without the insurance, however, they will be inclined to do the opposite; since they have to safeguard a minimal level of income for themselves and their families, crops will be grown which are more drought resistant, but which have a much lower yield in good weather conditions. Most people chose this as the best definition of insurance-agent: A person who sells insura... See the dictionary meaning, pronunciation, and sentence examples. Agent: An agent is a person who represents an insurance firm and sells insurance policies on its behalf. The expression "microinsurance scheme" designates either the institution that provides insurance (e.g., a health mutual benefit association) or the set of institutions (in the case of linkages) that provide insurance or the insurance service itself provided by an institution that also handles other activities (e.g., a micro-finance institution). Insurance agent definition is - a person whose job is to provide people with insurance. Methods and models for doing so vary depending on the organization, institution, and provider involved. Insurance Agent Definition - Email Mailing List of Insurance Services Brokers and Agents. [5] A wide variety of microinsurance products exist to address these risks, including crop insurance and livestock/cattle insurance, which are increasingly sold as index-based insurance, theft or fire insurance, health insurance, term life insurance, death insurance, disability insurance, and insurance for natural disasters. insurance agent définition, signification, qu'est ce que insurance agent: a person or company who gives advice about and sells insurance for an insurance company…. Its primary competitors are other direct personal insurance writers, mainly GEICO and Progressive.Founded in 1999, the company was acquired by Allstate in 2011.. History. Insurance agents and brokers can specialize in offering one form of small business insurance. Term insurance is the cheapest way of buying live insurance. Русский 1 659 000+ статей. ), Property microinsurance – assets, livestock, housing, This page was last edited on 10 September 2020, at 15:27. Microinsurance is the protection of low-income people (those living on between approximately $1 and $4 per day( below $4)[1]) against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved. The insurance agency sells policies through local agents, called GEICO Field Representatives, over the phone directly to the consumer via licensed insurance agents, and through their website. Wikipedia The Free Encyclopedia. Français 2 275 000+ articles. Small means, massive impact, Microinsurance is recognized as a useful tool in economic development. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. Learn more. An active force or substance capable of producing an effect. Progress in Bangladesh. Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). As Dubby Mahalanobis states, one must be thorough and careful when making policies, otherwise microinsurance could do more harm than good. insurance meaning: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. Tricky challenges In general, there are four main methods for offering microinsurance[2] the partner-agent model, the provider-driven model, the full-service model, and the community-based model. A best-selling author needs a good agent. The office of an insurance commissioner is established either by the state constitution or by statute. Independent insurance agents, also known as insurance sales agents or "producers", typically sell a variety of insurance and financial products, including property insurance and casualty insurance, life insurance, health insurance, disability insurance, and long-term care insurance. Italiano 1 656 000+ voci. A travel agency is a private retailer or public service that provides travel and tourism-related services to the general public on behalf of accommodation or travel suppliers to offer different kinds of travelling packages for each destination. Agent definition, a person or business authorized to act on another's behalf: Our agent in Hong Kong will ship the merchandise. Risk-sharing: the pooled contributions are used to pay a financial compensation to those who are affected by predetermined risks, and those who are not exposed to these risks do not get their contributions back. See more. Insurance definition: Insurance is an arrangement in which you pay money to a company , and they pay money to... | Meaning, pronunciation, translations and examples Microinsurance is a financial arrangement to protect low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved. Agents and brokers are licensed in their states and must comply with all governing statutes and regulations. In disease, a factor such as a microorganism, chemical substance, or a form of radiation, the presence or absence of which (as in deficiency diseases) results in disease or in more advanced form of disease. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for … Noun 1. insurance agent - an agent who sells insurance insurance broker, underwriter, general agent broker, factor, agent - a businessman who buys or sells... Insurance agent - definition of insurance agent by The Free Dictionary. Insurance Definition: Insurance refers to a contractual arrangement in which one party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. Specifically in Bangladesh, micro health insurance schemes are having trouble with financial and institutional sustainability, Syed Abdul Hamid and Jinnat Ara describe, but things are improving. Guarantee of coverage: a financial compensation for a number of risks, in line with a pre-defined benefits package. Wikipedia is a free online encyclopedia, created and edited by volunteers around the world and hosted by the Wikimedia Foundation. Microinsurance is synonymous to community-based financing arrangements. Insurance agents and brokers who specialize in property and casualty insurance help small business owners obtain insurance coverage from insurers at a reasonable price (or premium). En savoir plus. An insurance commissioner (or commissioner of insurance) is a public official in the executive branch of a state or territory in the United States who, along with his or her office, regulate the insurance industry.The powers granted to the office of an insurance commissioner differ in each state. "General micro insurance product means health insurance contract, any contract covering the belongings, such as, hut, livestock or tools or instruments or any personal accident contract, either on individual or group basis, as per terms stated in Schedule-I appended to these regulations"; and "life microinsurance product" means any term insurance contract with or without return of premium, any endowment insurance contract or health insurance contract, with or without an accident benefit rider, either on individual or group basis, as per terms stated in Schedule-II appended to these regulations as those within defined (low) minimum and maximum caps. These include both health risks (illness, injury, or death) and property risks (damage or loss). Its mascot is a gold dust day gecko with a Cockney accent , voiced by English actor Jake Wood from 2005 until his termination due to a pay dispute in 2015. https://www.thefreedictionary.com/insurance+agent, "A significant percentage of consumers still prefer working with a local Medicare, The Indian Insurance regulator, IRDAI, has made it mandatory for agents to pass the exam before becoming an, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Website Traffic to Medicare Supplement Insurance Association Doubles, AAMSI Reports, Indian insurance agents will need to pass regulatory exams, Insults Insult Similes Appear In Many Categories Throughout, Insurance Accounting & Statistical Association. English 6 203 000+ articles. Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. Español 1 625 000+ artículos. Term life insurance or term assurance is life insurance that provides coverage for some sum of money during a given period of time. insurance agent meaning: a person or company who gives advice about and sells insurance for an insurance company or number…. Русский 1 681 000+ статей. Learn more. Français 2 249 000+ articles. The Indian. Independent Agent: An insurance agent that sells insurance policies provided by several different insurance companies rather than a single insurance company. In this definition, "micro" refers to the small financial transaction that each insurance policy generates. . 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