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Insurance

Agent

Insurance is a financial product that is sold through two types of agents: independent agents and exclusive agents. Independent agents work for themselves and represent multiple insurance companies. They are paid based on commission. On the other hand, exclusive agents only represent one insurance company and are either salaried or work on commission. These types of agents are also known as captive agents. Insurance companies that use exclusive agents are referred to as direct writers.

Alternative dispute resolution (ADR)

When faced with a dispute, there are alternatives to the traditional route of heading straight to court. These methods, known as alternative dispute resolution (ADR), can pr...

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Beneficiary

A beneficiary, in the realm of finance, refers to an individual who is entitled to receive benefits from a policy in the event of the policyholder's death or upon the policy...

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Express warranty

Contracts often include a warranty, which is a promise that a product or service meets certain standards. This warranty is a legally binding agreement between parties and sp...

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Authority

The IRDA, created under the Insurance Regulatory and Development Authority Act of 1999, serves as the governing body for the insurance industry. Its main responsibility is t...

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