insurance mga - managing general agent

insurance mga - managing general agent


insurance mga :- A managing general agent (MGA) is a special type of insurance agent/broker. However, unlike traditional agents/brokers, MGAs have underwriting authority.

A specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims.

In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts". (This particular wording is from Kentucky Revised Statutes. Similar wording can be found in the statutes of Oklahoma, Idaho, Arizona, Nevada, Wyoming, Florida, and Alabama.)
insurance mga - managing general agent insurance mga - managing general agent Reviewed by pradumya mukati on May 09, 2018 Rating: 5

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