Definition - What does Domicile mean?
A domicile is a place of residence. It can be either a private residence or a business residence.
In the context of insurance, a domicile is where an insurance business or a captive agent is located.
Insuranceopedia explains Domicile
Where an insurance company or insurance agent is domiciled is extremely relevant for business purposes, since there are state-specific laws regulating insurance. So, when a party is domiciled in a certain state, it is obligated to comply with all of the insurance laws and regulations of that state. Insurance professionals will also have to get all of the necessary licenses and credentials to participate in the insurance business in the state in which they are domiciled.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.