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How do insurance commissions work?

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in Insurance by (82.5k points)
How do insurance commissions work?

My doubt stems from progressive insurance locations near me topic

The question was asked in homework.

Other related questions to my question are:

How does commission work on insurance?

How do insurance agents earn commission?

What are the types of commission in insurance?

How do life insurance commissions work?

1 Answer

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Correct answer is: An insurance broker makes money off commissions from selling insurance to individuals or businesses. Most commissions are between 2% and 8% of premiums, depending on state regulations. Brokers sell all insurance types, including health insurance, homeowner insurance, accident insurance, life insurance, and annuities.

The title of my answer can be How Does an Insurance Broker Make Money?

My answer's reference is Investopedia

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