What does Managing General Agent mean? Read on to discover the definition & meaning of the term Managing General Agent - to help you better understand the language used in insurance policies.
Managing General Agent
A specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims.
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