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Insurance Terms: Captive Agent

Insurance Terms: Captive Agent

If you are insured by a agent that only provides one name brand of insurance, theirs, you are with a captive agent.  Farmers, Allstate, State Farm and American Family are examples of captives.

Captive Agent – an individual who sells or services insurance contracts for a specific insurer.

Captive Insurer – an insurance company established by a parent form for the purpose of insuring the parent’s exposures.

Credit: National Association of Insurance Commissioners for the use of definitions above.

Previous Insurance Term: Actual Cash Value


 

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