“Corporate Agent” means a Corporate Agent who holds a licence to act as an insurance agent either for one life insurer or a general insurer. Agent, Corporate Composite : “Composite Corporate Agent” means a Corporate Agent who holds a licence to act as an insurance agent either for one life insurer and a general insurer. The Corporate Agent can be a proprietor/proprietary concern, a partnership firm, a company formed under the Companies Act, 1956, a banking company, a corresponding new bank, a regional rural bank, a Cooperative Society registered under the Cooperative Society act, 1912 or under any law for the Registration of Cooperative Societies, a Panchayat or a local authority or a Non-Governmental Organization or a micro lending finance organization covered under the cooperative societies act, 1912 or a Non-Banking Finance Company registered with the Reserve Bank of India or any othr Institution or organization which on an application to the Authority is specifically approved by the Authority to act an insurance agent. Corporate Insurance Executive or the Chief Executive represents Corporate Agent and should undergo practical training and is responsible for soliciting and procuring business. The Corporate Agent identified himself with insurance company of whom he is a representative and follow the code of conduct. The designated person in the insurance company shall issue and renew the licence. No capital requirement.

“Insurance Agent” means an individual appointed by an insurer for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance either for one life insurer or for a general insurer. Agent, Composite : “Insurance Agent” means an individual appointed by an insurer for the purpose of soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance either for one life insurer and a general insurer. If the applicant resides at a place where the population is 5,000 or more then then minimum qualification is to possess a pass in the 12th standard or equivalent examination conducted by any recognized Board/Institution. If the applicant resides at a place where the population is less than 5,000 then the minimum qualification is 10th or equivalent. Individual Agent who received practical training and examination can solicit and procure insurance business. The designated person in the insurance company shall issue and renew the licence. No capital requirement. Agent, Tied Representative (Tied Channel of Distribution of Insurance) : Comprises of individuals who in addition to representing one life insurer and one non-life insurer can also represent one standalone health insurer. In addition, the same individual agent can also be associated with two specialized insurers viz., Agriculture Insurance Company of India (for selling crop insurance) and Export Credit Guarantee Corporation of India.

The act by an insurer that grants an agent the authority to act as an agent for the insurer. In most states, agents must be licensed and appointed prior to being allowed to sell insurance.

The authority of an insurance agent to act on behalf of the insurer he or she represents. There are several types including express authority (authority to act on specific instructions only), implied authority (actions taken in accordance with prevailing custom), or apparent authority (actions based on appearances created by the agent and acquiesced to by the principal).

Moneys, typically premiums, which belong to an insurer but are held by an agent.

Insurance obtained by the insurance agent to guard against loss caused by an unintentional failure to properly insure (or recommend insurance to) a client.