A real estate broker who becomes an agent of a seller or buyer is deemed to be a fiduciary. Insurance agents are generally responsible for a full list of duties that they have to carry out. The meaning “direct consequences”has been explained by Pannalal Jankidas v Mohanlal: An agent, having been instructed to insure certain goods, failed to do so.The goods were lost in an explosion at the docks.Even if the agent had taken out a fire insurance policy in the usual form it would not have covered a loss of this kind,as fire due to explosion would have been an expected peril.But the Bombay Government passé an ordinance under which it overtook to pay half loss in cases of uninsured goods.Thus the principal got only half of what he would have got if the goods had been insured. How the terms and conditions of the sale or tenancy to the agent compare to a sale or tenancy to a third party in the market; He has disclosed all the relevant facts to the principal before entering into any agreement with the principal; and. He is an agent who, busy or sells on behalf of his principal. Duties. By statutory definition, an agent represents the insurance carrier; a broker represents the buyer. The Agent is bound to act with reasonable diligence,and to use such skill as he possesses;and to make compensation to his principal in respect of the direct consequences of his neglect,want of skill or misconduct, but not in respect of loss or damage which are indirectly or remotely caused by such neglect,want of skill,or misconduct. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. Current laws that require individuals and employers to obtain health insurance should sustain demand for agents. If the estate agent makes use of this information, which he is appointed to obtain on behalf of the purchaser, and acquires that property himself without disclosing the same to the purchaser and makes a profit by reselling it, the estate agent will, among other things, be in breach of his fiduciary duty not to make secret profit. Auto Insurance Agent Job Description, Duties, and Responsibilities. An auto insurance agent, also known as a car insurance agent, is responsible for selling insurance policies aimed at insuring motor vehicles against varying risks, including but not limited to thefts, accidents, damage, and vandalism. The agent has to perform this duty even if his earnings for the principal flow out of void or illegal transactions. Confident and persuasive messages can aid agents in making cold calls. Where an agent is not authorized to delegate, the act of a “sub-agent” appointed by the agent will not be binding on the principal. Some agents schedule evening or weekend meetings with clients to accommodate their schedules. Common duties listed on an Auto Insurance Agent resume sample are finding the best offer for their clients, identifying potential customers, offering information, adapting policies to client needs, updating records, and assisting with insurance claims. Agents advise clients on the coverage they need and locate insurers willing to provide it. Insurance Agent Licensing . In practice, the duty to act in the best interests of the principal requires the agent to use his due diligence and skill to negotiate terms of a transaction on behalf of his principal with a third party to the greatest advantage of his principal in the circumstances. Failure to investigate an insurer's financial solvency. Section 212 lays down the standard of care and skill required by an agent. Insurance agents must exercise prompt and courteous customer service, and maintain credibility to keep their business. For example, some auto insurance companies will not cover boats or motorcycles, so applicants seeking coverage for those are immediately denied coverage. The principal has to perform his/her own part of the agency in primarily two ways. Close the sale with current prospective customers. Locate insurance companies to provide the coverage requested by the client. Some of the preparation for sales-oriented meetings may occur during the evening, once the office is closed for phone calls or in-person appearances by customers. Right of Indemnity: Principle of indemnity gets operated between principal and agent where principal is implied indemnifier and agent is implied indemnity holder. Required fields are marked *. With experience and consistent and competent customer service comes a heightened reputation within the community or region where the agent offers the insurance products. Sometimes, however, the instructions are ambiguous. He simply acts between the two parties. Job Duties for an Insurance Sales Agent The primary task of an insurance sales agent is selling his or her product to interested parties. In Shepherd v.Cartwright[ii] it was observed: “An infant cannot appoint an agent to act for hum neither by means of a power of attorney,nor by any other means.If he purports to appoint an agent,not only is the appointment itself void,but everything done by the agent on behalf of the infant is also void and incapable of ratification. Insurance agents sell and negotiate life, health, property, or other types of insurance to match the needs of their clients. Insurance Agent Duties & Responsibilities As part of their day's regular duties and tasks, an insurance agent may perform some or all of the following: Generate and follow up on leads, schedule appointments, identify client needs, and market appropriate products. NETWORK. What are the distinguishing features of a fiduciary relationship? Those who handle specialized products and financial services will need licensing and expertise beyond the standard license to sell insurance. “If an agent receives money on his principal’s behalf under an illegal and void contract, the agent must account to the principal for the money so received and cannot set up the illegality of contracts as a justification for withholding payment, which illegality the other contracting party has waived by the paying the amount.”. Establishes productive working relationships with clients. They may work in property, health, or life insurance, ... You need to show your duties, but include resume accomplishments. The agent who so delegates his authority is also in breach of the duty not to delegate and is liable to compensate for any loss which the principal may suffer in consequence of the agent’s failure to exercise his authority in person. This list includes: Calling potential new clients to pitch them on one or more type of coverage from your company. A fiduciary duty exists because agency is a relationship of trust and confidence. Any disobedience, or departure from,the instructions make the agent absolutely liable for the loss. Likewise, if a company director is entrusted with the task of negotiating a contract with a third party on behalf of the company (that is, as the company’s agent), the director cannot subsequently enter into that contract personally with that third party, even if the latter is willing to do so without the company’s consent. A del-credere agent is an agent, who guarantees to his principal that person to whom he sells will pay for that, if he will not pay, he will be liable. I have defended and prosecuted dozens of cases against insurance agents and brokers.   State laws determine the licensing requirements insurance must meet. Keppel v.Wheeler An agent was appointed to sell a house.He received as offer which he promptly communicated to his principal.The latter accepted it provisionally “subject to contract”.Subsequently the agent received a higher offer which he failed to pass on to the principal.This resulted in final acceptance of the first offer in ignorance of the second.The agent was held liable to make good the principal’s loss in terms of the difference in the two prices.[viii]. Trade Custom-A sub-agent may be appointed and the work delegated to him if there is ordinary custom of trade to that effect.Thus architect generally appoints surveyors. For example, an instruction may have terms an agent does not understand. In this case the sub-agent affected a sale on his account.The agent had sued for his commission.The court negatived the claim as the contract of agency did not permit appointment of sub-agent. Hence, an agent has normally no implied authority to employ deputies or sub-agents to carry out his duties. For instance, an agent who wants to sell life and health insurance will need life and health licenses. What consequences flow from the designation of a relationship as a fiduciary one? The following situations are some examples of secret profit: An agent who uses property entrusted to him by the principal to make a profit for himself and without the principal’s consent is in breach of his duty not to make secret profit. Use our Career Test Report to get your career on track and keep it there. The general agent may be the manager of a business or may have a more limited but nevertheless ongoing role—for example, as a purchasing agent or as a life insurance agent authorized to sign up customers for the home office. Sarah is the owner of the Jensen Agency, a local Allstate agency. Insurance Agents are responsible for identifying sales opportunities for insurance plans and overseeing a portfolio of clients. However, if the agent fully discloses such interests to the principal and obtains the principal’s consent, the agent may still act for the principal. The type of license an agent needs depends on the kind of insurance the individual intends to sell. Agents must keep accurate records and accounts of all transactions and disclose these to the principal once the principal makes a reasonable demand for them. The general rule is that an agent may not delegate his authority or duty in whole or in part except with the authority and consent of the principal. This list includes: Calling potential new clients to pitch them on one or more type of coverage from your company. We analyzed several job listings to identify these core Insurance Agent duties and responsibilities. Further “there is nothing in the act which prohibits the guardian of a minor from appointing the agent for him”. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker. 201. According to Section 218 of Indian Contract Act, agent is under the duty to remit sum repay to his principal all sums received on his account. Auto Insurance Agent Job Description, Duties, and Responsibilities. Various case laws has been dealt to explain these matters .Agents owes fiduciary duties to the principal such as loyalty, confidentiality. There may be different kinds of agent such as banker, factor, advocate etc. These skills involve accumulating information on the clients’ activities, life expectancy, property values, and business size. In most, if not all states, an insurance producer has a common law duty to obtain the coverage that the client specifically requests within a reasonable time or to otherwise inform the client that you are not able to do so. Therefore, an agent may not acquire a material benefit from a third party in connection with an agency transaction. Perhaps you’re a hiring manager who needs to hire a new employee and need to write a quality assurance job description. An agent whose reimbursement depends on his continuing to have the authority to act as an agent is said to have an agency coupled with an interest if he has a property interest in the business. Also, he shall strictly follow the directions of his principal. The first and the foremost duty of every agent is to carry out the mandate of this principal.He should perform the work which he has been appointed to do.Any failure in this respect would make the agent absolutely liable for the principal’s loss.Thus it had been held in number of cases that: “The rule of equity is,that if an order is sent by a principal to a factor to make an insurance,and he charges his principal,as if it was made,if he never in fact made that insurance, he is considered as the insurer himself.”, In such cases the agent is held liable to the principal for the amount which would have been recovered if the goods had been insured.Thus,for example,in Pannalal Jankidas v. Mohanlal:[v]. A banker instructed to make payment to particular person at the particular place may appoint a banker who has an office at that place.A banker authorized to let out a house and collect rents may entrust the work to an estate agent. For example, an agent ordinarily cannot deposit the principal’s funds in her own name or in her own bank account. A principal has a right to sue his agent for damages in case of breach of duty by the agent. Selling insurance constitutes one facet of the insurance agent job description. What are the duties of an insurance agent? Insurance Agent Duties and Responsibilities. Finally, an agent who is authorized to make a certain transaction may not act on behalf of the other party to the transaction unless the principal knowingly consents. In Ram All v.Asian Commrel[xii]The High Court observed: “The right to claim a statement of accounts is an unusual form of relief,only granted in certain specific cases and is only to be claimed when the relationship between the parties is such that this is the only relief which will enable the claimant to satisfactorily assert his legal rights”. An agent can-be sued on his personal liabilities and the authority of an agent can be revoked. a.Common law requires an agent to act with due care and skill in performing his duties. DUTIES OF AGENT. Insurance companies may rely less on in-house agents in order to control costs. Usually a principal’s instructions are clear and can be easily followed. Can agent’s duty to account to his principal secret profits he has made in the course of the agency continue even after the agency relationship terminates. Interestingly, the law in California is unsettled as to whether an insurance broker owes its clients a fiduciary duty. As the following ABKCO case illustrates, however, the duty not to use or disclose confidential information continues after the agency ends. Common law requires agents to act in good faith, to exercise reasonable care and diligence, and to carry out the client's instructions. Aspiring insurance agents accumulate experience by working in an insurance office. This duty supplements the duties created by an agency contract. An agent who acquires information or knowledge which he has been employed by the principal to collect or discover, or which he has otherwise acquired for the use of his principal should not make use of the same for his personal gain. Furthermore, an agent ordinarily may not solicit customers for a planned competing business while still employed by the principal. In some circumstances, an agent may obtain a benefit simply through his position as agent of the principal. Insurance Agent sells insurance to new and current clients. Thus, a person can contract with a minor agent but the minor agent will not be responsible to the principal. What Does an Auto Insurance Agent Do? But there are exceptions in the following cases when the agent can delegate: Nature of work: Sometimes the very nature of work makes it necessary for the agent to appoint a sub- agent .For example,an agent appointed to sell an estate may retain the services of an auctioneer and the one authorized to file a suit may engage a lawyer. Agents who fail to meet this standard are prima facie negligent. Positions such as receptionist, office manager, or administrative assistant expose prospective agents to the operation of an insurance office, forms, billing practices, and claims procedures. So agent can make principal answerable for all types of sufferings. To accomplish their primary goal of selling insurance policies, Insurance Agents perform many tasks. Rising nursing home costs will drive younger people to consider long-term care insurance. According to Section 211 an agent that an agent is bound to conduct the business of his principal according to the directions given by the principal and to keep himself within the confines of his authority.In the absence of directions,the agent has to follow the custom which prevails in businesses of the same kind and at the place where the agent conducts such businesses.When the agent acts otherwise,if any loss be sustained,he must make it good to his principal,and,if any profit accrues,he must account for it.Thus for example,in Liley v.Doubleday:[vi]. 2) Calculate premiums and establish payment method. Clients, underwriters, and insurers work with agents on finding policies. A fiduciary duty exists because agency is a relationship of trust and confidence. The agent is, however, entitled to deduce his lawful charges, but subject only to this right, the principal’s money must be remitted to him even if it has been received in pursuance to a void or illegal contract. Job Description for an Administrative Assistant in Insurance. © 2016 - 2019 * Job Descriptions WIKI - All rights reserved. All states require insurance agents to obtain a license to sell insurance. Training of insurance agents normally occurs on-the-job, under the supervision of a licensed agent. Correlative with the duties of an agent to serve a principal loyally and obediently, a principal’s primary duties to his/her agent include: To compensate the agent as agreed; and To indemnify and protect the agent against claims, liabilities, and expenses incurred in discharging the duties assigned by the principal. Such an act by the agent will amount to making secret profit. The agent was held liable to compensate the principal for his lossminus the amount received under the Bombay Explosion Ordinance,1944, under which the Government paid compensation up to fifty per cent in respect of the uninsured merchandise lost in the explosion. Independent agents often start with smaller-scale insurance products, often for individuals or residences. Success as an insurance agent requires the ability to network and make connections. According to O*NET, nearly one in three insurance agents have a high school education, but not beyond it. The relation between a principal and an agent is fiduciary and an agent’s actions bind the principal. Roughly one-fifth of agents log over 40 hours per week. The following situations require more discussion: i.Purchase or rent from principal– the general rule is that an agent cannot purchase or rent property from his principal without full disclosure of all the facts to the principal. Sell life, property, casualty, health, automotive, or other types of insurance. The agent was held liable for the loss. [i] Avtar Singh, Contract & Specific Relief Act 724-727(10th ed.2008), [ii] Shephard v Cartwright (1935)Ch 728,755, [iii] Pollock & Mulla ,Indian contract and Specific relief acts 780-785(8th ed.,2008), [iv] R. K. Bangia, Indian Contract Act  278-280(11th ed., 2004), [v]Pannalal Jankidas vs. Mohanlal  1951 AIR 144, 1950 SCR 979, [vii]R.L.Meena ,Law of Contract 401 (8th ed. Common law requires that an agent should not make any profit or acquire any benefit in the course and in the matter of his agency without the knowledge and consent of his principal. A Critical Analysis Of The Usage Of May Not In…, Triple Test for Grant of Anticipatory Bail’s in India, New Technologies in Arbitration: Ensuring…, Implementation of Work From Home Policy in India in…, Equality of Opportunity in Public Employment. The duties and skills of insurance agents highlight the customer service and relationship-building aspects of this job description. For this consent to be effective, the agent must disclose all relevant facts to the principal before dealing with the principal on his own behalf. Prospective agents will need fundamental knowledge of the insurance business and basic financial concepts. 2. Insurance agents work for insurance providers and try to sell new policies or renewals to customers. Review and update your education, work and volunteer experience, and any skills or certifications that may be applicable to the job. Underwriters review applications for insurance and screen them based on the criteria of the insurance company. Offer annuities, financial products, and bonds for individuals in certain positions, such as fiduciaries and those performing contracting services. In brief, a principal has a duty “to refrain from unreasonably interfering with [an agent’s] work.” Restatement (Second) of Agency, Section 434. A gratuitous agent need not obey his principal’s order to continue to act as an agent. Job Overview: What Does an Insurance Agent Do? The types of services an agent will furnish provides determine the extent of his or her education, training, and licensure. By agency, a principal grants authority to an agent to act on behalf of and under the control of the principal. Sec.184 lays down the concept of who may be an agent. The roles and responsibilities of an Insurance Agent is multiple. To accomplish this … Confidential information is the principal’s information entrusted by the principal to the agent for purposes of the agent carrying out her duties. The principal has to pay or where necessary indemnify the agent for the services rendered or expenses incurred respectively. The special agent is one who has authority to act only in a specifically designated instance or in a specifically designated set of transactions. The duties of agents are: 1. The agent has also to show how the terms of the relevant transaction compare to similar transactions in the market.[x]. In this environment, agents whose insurance agent job description includes imparting personalized knowledge and assistance can find growth opportunities for their businesses or job prospects. For example, an agent may compete with her principal after termination of the agency. The principal has given his informed consent to such a transaction. Learn how your comment data is processed. Agents must earn separate licenses to sell life, health, and property casualty insurance. Owing to the fact that an agency agreement is privy to the principal and the agent and that authority is normally given to the agent personally, on account of his trustworthiness, skill or experience, the agent is under a duty to the principal not to delegate his duties under the agency agreement to another person, but to exercise the authority in person. Becoming licensed normally requires knowledge of insurance laws and regulations, and fundamentals of the insurance industry. Insurance Agents use strongly developed interpersonal skills to increase the number of insurance policies an agency sells. In certain communities, insurance agents meet clients or prospective clients in their homes. However, if the agent fully discloses to each principal the agent’s interests under the two appointments and the fact that he acts for both principals at the same time and obtains the consent of each principal to the dual agency, he may still act for the two principals. An agent in commercial law (also referred to as a manager) is a person who is authorized to act on behalf of another (called the principal or client) to create a legal relationship with a third party. Agent is authorized to create a contract between his principal and third party. Applicants who do not meet the basic requirements are instantly denied insurance. According to the extent of authority there may be general, special, universal agent. Copyright © 2020 Lawctopus. May require an associate's degree with at least 2 years of experience in the field or in a related area. Insurance Agent Job Description. Insurance Agent Job Description. However, in the absence of express instructions from his principal, he shall follow the custom prevailing at the place where he carries out his business, in a similar type of business. Insurance Sales Agent Job Description. The agent contended that as the passing of the ordinance could not have been anticipated,the loss was too remote.But, it was held by a majority, that the loss was the direct result of the agent’s negligence. Also known as Insurance Sales Agents, these professionals are responsible for identifying risk management strategies, handling policy renewals, and tracking claims. Hence, the agent is obliged to return to his principal all documents and property originally given to the agent by the principal and documents prepared by the agent on the instruction and at the expense of the principal. For prospective agents, courses cover business, finance, and economics. The Indian Contract Act of 1872, Sec.183 and 184 deals with the appointment of agent and who may be called as agent. When an agent is appointed to facilitate or negotiate a transaction on behalf of the principal, the agent owes a duty to the principal to act in the principal’s best interests within the authority of the agent. An insurance agent owes a duty to inform the insured of premiums due for a renewal when the agent receives information pertaining to the expiration date that is intended for the customer. With the dawning of President Barack Obama's health care plan in the United States, more jobs are expected to open in the insurance industry. For the reason stated in sub-paragraph (a), an agent has a duty to keep proper accounts of the property received by him in the course of the agency and to render such account to the principal on request. Principal Consent- The principal may expressly allow his agent to appoint a sub-agent.His consent may also be implied from the conduct of the parties.The principal may ratify his agent’s unauthorized delegation. What Are the Duties of Insurance Agents?. As mobile devices allow customers to conduct their insurance affairs more conveniently and instantly, many of the traditional tasks of insurance agents may diminish. There are exceptions to the duty to obey instructions. Insurance agents offer products and services to assist individuals and organizations in managing the risks of events that cause these losses. He appears on behalf of principal in the court. There are certain duties of agents such as execution of instructions, exercise of skill and care, act in good faith etc. It was laid down in John McCain and Co. v. Pow[xiii]that unless so authorized by the principal,an estate agent has no right to appoint a sub-agent and delegate to him his powers which require special skill and care.No implied authority could be pleaded. Before you start applying for insurance agent jobs, get your cover letter and resume in order. Examples include the principal’s business plans, financial condition, contract bids, technological discoveries, manufacturing methods, customer files, and other trade secrets.[ix]. Insurance sales agents typically do the following: Call potential … The Indiana Supreme Court continues to explore the legal duties of insurance agents. A commission agent purchased goods for his principal and stored them in a godown pending their dispatch.The agent was under instruction to insure them.He actually charged the premium for insurance,but failed to insure the goods.The goods were lost in an explosion in the Bombay harbor. May refer clients to independent brokers, work as independent broker, or be employed by an insurance company. In many states, only specially-licensed brokers can place insurance with “surplus lines” insurance companies. For example, an agent appointed to purchase goods for his principal from a supplier obtains secret monetary benefit from the supplier for placing purchase orders with the supplier. According to Section 185 of Indian Contract Act, Generally an agent is remunerated by a way of  commission for services rendered,but no consideration is immediately necessary at the time of appointment.[iii]. An agent who has made secret profit is liable to account to the principal for such profit in addition to any other remedies available to the principal for the agent’s breach of duty. However, an agent may engage in self-dealing transactions if the principal consents. 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