What Is The Kentucky Definition Of An Insurance Agent?

An "agent" is an individual, firm or corporation appointed by an insurer to solicit applications for insurance or annuity contracts or to negotiate insurance or annuity contracts on its behalf, and if authorized to do so by the insurer, to effectuate and countersign insurance contracts.

Exceptions to the definition of an agent are as follows:

Salaried employees in the office of a general lines agent, which employees devote full time to clerical and administrative services, with incidental taking of insurance applications and receiving premiums in the office of the employer agent if the employee does not receive any commissions on such applications and his compensation is not varied by the volume of applications or premiums taken or received by such employee;
The supervising managing general agent (except as defined in KRS 304.9085) or supervising officer or employee of an insurer who solicits only with duly licensed resident agents of the insurer;
Newsboys and managers of newspaper distribution offices who incidentally take applications of socalled "newspaper accident insurance" and receive premiums in connection therewith;
Employees or other representatives of a group policyholder engaged in enrolling certificate holders and performing other activities in the administration of the group policy.

Other Kentucky Insurance FAQs

Q: What Is Considered A Business Entity?
A: A Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer … More
Q: What Is Considered A Home State?
A: A Home State means the District of Columbia and any state or territory of the United States in which a licensee maintains his or her principal place of residence or … More
Q: What Is A General Lines Agent?
A: A General Lines Agent is an agent who transacts any one or more of the following kinds of insurance: Property insurance; Casualty insurance; Surety insurance; Marine … More
Q: What Is Limited Line Credit Insurance?
A: Limited line credit insurance includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage … More
Q: What Is A Limited Line Credit Insurance Agent?
A: Limited line credit insurance agent means an individual or business entity who sells, solicits, or negotiates one or more forms of limited line credit insurance … More
Q: What Does Negotiate Mean In Insurance?
A: Negotiate means the act of conferring directly with, or offering advice directly to, a purchaser or prospective purchaser of a particular contract of insurance … More
Q: What Does Sell Mean In Insurance?
A: Sell means to exchange a contract of insurance by any means, for money or other valuable consideration, on behalf of an insurer. More
Q: What Does Solicit Mean In Insurance?
A: Solicit means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. More
Q: What Does Terminate Mean In Insurance?
A: Terminate means the cancellation of the relationship between an agent and the insurer or the termination of an agent's authority to transact insurance. More
Q: What Is The Uniform Business Entity Application?
A: Uniform business entity application means the current version of the National Association of Insurance Commissioners Uniform Business Entity Application for resident … More