MLchartDataset catalogue

Agency system

Term · Insurance and risk management · MLC-T-INS-000359

A method of distributing insurance products through independent agents or agencies that represent multiple insurance companies. These agents typically own their book of business and are compensated by commissions from the insurers. This system contrasts with the direct writing system, where insurers sell policies directly to consumers through their own employees.

Table 1. Record
IdentifierMLC-T-INS-000359
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000359",
  "term": "Agency system",
  "field": "Insurance and risk management",
  "definition": "A method of distributing insurance products through independent agents or agencies that represent multiple insurance companies. These agents typically own their book of business and are compensated by commissions from the insurers. This system contrasts with the direct writing system, where insurers sell policies directly to consumers through their own employees.",
  "url": "https://mlchart.com/terminology/insurance/agency-system/"
}

Record 93 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.