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Glossary
Market and regulation

Insurance agent

Mediator who distributes insurance on behalf of one or several insurers, with whom they maintain an agency contract.

In practice

Represents the company, not the client. It is a legitimate and necessary figure, but it is advisable to know the position of the advisor before asking them to negotiate against the criteria of their represented company.

Related terms

Insurance brokerIndependent mediator who advises the client, negotiates with the market on their behalf and assists them throughout the life of the contract, including the claim.Objective analysisObligation of the broker to advise based on a sufficient number of market contracts and with professional, not commercial, criteria.Directorate General of Insurance and Pension FundsBody of the Ministry of Economy that supervises insurers and mediators, and resolves policyholders' claims.ActuaryProfessional who applies statistical and financial methods to the calculation of premiums, provisions and solvency of an insurer.Market capacityVolume of risk that the group of insurers and reinsurers is willing to assume in a branch and at a given time.CoinsuranceSharing of the same risk among several insurers, each with its own percentage and independent responsibility.
PreviousActuaryNextAggravation of risk

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