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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Captive Agent


Synonyms:bound employee, confined, restricted
Filed Under: insurance
Tags: agent, insurance
 

Definition of captive agent

captive agent
1. 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.

Related Terms and Acronyms:

  • captive finance company   A finance company related to a specific dealer or manufacturer.
  • direct writer   An individual who writes insurance policies directly for an insurer.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • insurance broker   An agent who sells insurance policies.
  • right of first refusal   An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.

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