An independent contractor who for a fee investigates and negotiates settlements
of claims on behalf of insurers through adjuster companies. Public adjusters typically
represent customers and in Alabama must be attorneys.
A business entity engaged in the insurance business.
Occurs whenever a company hires a particular producer to sell insurance.
A fee paid by a company to authorize a producer to act on its behalf in the state.
A group of people combined into or acting as one body.
CANCELLATION OF APPOINTMENT
Occurs when a company or insurer terminates the authority of a producer to act on
CERTIFICATE OF COMPLETION
The certificate received for successful completion of a prelicensing course. This
certificate must be presented to take most of the insurance producer examinations.
A business enterprise, a firm or an insurance company.
An organized, outline body of information intended to convey knowledge to the licensee
(producer and service representative).
The occurrence of a course being taught.
An insurance company.
LETTER OF CERTIFICATION
A letter written or ordered by the Alabama Department of Insurance verifying that
a producer is licensed and in good standing in Alabama. Fee - $5.00 per copy
LETTER OF CLEARANCE
A letter written by the Alabama Department of Insurance canceling all current appointments
and the license of a producer. (Typically the producer is moving out of state) Fee
- $5.00 per copy
An individual who holds a license to sell insurance.
Money required to be paid for the privilege of obtaining a license to sell insurance
in this state.
MANAGING GENERAL AGENT
An individual, firm or business entity working as an independent contractor for
Occurs when a producer is authorized to sell insurance for more than one company
or insured at the same time.
An individual employed by a company, agency, or business entity to sell insurance
for a commission.
Online process to obtain license to sell insurance. Initial term based on renewal requirements.
Biennial online process based on birth month and birth year (odd/even) of producer and fees required to continue a license.
A term used to define any application returned to the sender because of a deficiency.
An individual employed with an insurance company such as a secretary who is actively
involved in selling insurance policies for a salary instead of commissions.
Risks or insureds who cannot get insurance through the licensed or admitted market.
May sell coverage in the surplus line market. Surplus line is also called non-admitted
or non-licensed insurance.
SUPPLEMENTAL RENEWAL INVOICE
After appointment renewals are finalized, this is a bill sent to each insurer for
those producers initially appointed during the renewal period. It collects the fees
for the next year to enable those producers to continue to operate.