Captive Agent

Definition

• An insurance agent who works for one insurance company, or who uses a limited selection of insurance companies for finding products for their clients. Some captive agents capable of using another insurance company's products but must offer their primary insurance company the right of first refusal on the client.

Synonyms
bound employee, confined, restricted

Related Terms and Acronyms

• Captive Finance Company — Definition,
  • A finance company related to a specific dealer or manufacturer.
• Direct Writer — Definition,
  • An individual who writes insurance policies directly for an insurer.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Broker — Definition,
  • An agent who sells insurance policies.
• Right of First Refusal — Definition,
  • An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.