Insurance agents and Brokers and Taking a new policy and Reviving and old policy

This video tutorial explores the world of insurance, focusing on the roles of agents and brokers. It explains how agents work for specific companies while brokers are independent, helping clients choose policies. The video guides viewers on selecting the right insurance expert and outlines steps to take a new policy or revive a lapsed one. It emphasizes the importance of understanding insurance policies for financial security and advises on maintaining active policies.

What is the primary difference between an insurance agent and a broker?

• Agents receive fees from clients, while brokers receive salaries from companies.

• Agents work for specific insurance companies, while brokers are independent.

• Agents represent the client, while brokers represent the insurance company.

• Agents work for multiple insurance companies, while brokers work for one.

Which of the following is NOT a step in choosing a new insurance policy?

• Identifying the type of policy that suits your needs

• Researching different policy options

• Balancing premium payments with coverage

• Submitting a claim before purchasing the policy

Why is it important to pay insurance premiums on time?

• To prevent the policy from lapsing

• To avoid additional service charges

• To receive a discount on future policies

• To increase the coverage amount

How can you check if your insurance policy is active or lapsed?

• By visiting the insurance company's website

• By contacting the insurance agent

• By asking a friend who has a similar policy

• By checking the policy document sent by mail

What is the first step in reviving a lapsed insurance policy?

• Undergoing a medical check-up

• Addressing any penalties

• Reviewing the policy for current needs

• Settling any outstanding dues