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HMO PLANS INSURANCE BROKER

Defining a Broker-Agent (California health insurance)

A broker-agent can be licensed to sell life insurance, disability and health insurance or fire and casualty insurance. In California, the term broker –agent is used to describe two distinct types of licenses. The title broker-agent does not automatically convey both types of licenses upon the holder, unless he or she qualified for and was issued both types of licenses.


A broker-agent acting in a broker-agent capacity is generally selling insurance with companies that have not appointed him/her. In essence, he or she is shopping for or brokering the insurance among many insurance companies fro which he or she will receive a sales commission or broker fee. In this capacity, the broker-agent represents you, the insured, not the insurance company. This license allows the broker agent to charge you a brokers fee for their services, in addition to any commission they might receive from the insurance company. The fe should be reasonable for the services received.


As an informed consumer, you should always obtain copies of the documents relating to your insurance transactions. Ask for a copy of your insurance applications, your binder(temporary evidence of proof of insurance of your actual policy), a receipt fro the premiums and/or fees that you have paid and showing the balance of premiums owed, if any. When paying monies to a broker-agent, always you paid and the balance due, if any. The receipt and application should specify the actual insurance company that is being used. We recommend you do business with licensed companies, unless none are available. Your lender or line holder will require this information and may or may not approve of the insurance company your agent has elected to use.

Brokers fees are not mandatory and can be negotiable and should be agreed upon in writing between you and the broker-agent before any insurance transaction occur.

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