Transacting Insurance

Published: | Updated: October 19, 2017

Definition - What does Transacting Insurance mean?

Transacting insurance is a term used to describe the activities and practices related to putting into effect an insurance contract, and it includes such activities as solicitation and offer of services, submission of a proposal, and undertaking preliminary and continuing discussions and negotiations to convince another person to agree and accept the contract offer.

Insuranceopedia explains Transacting Insurance

All other activities that have to do with the negotiations to put an insurance contract into effect, whether undertaken by the insurance company or by any person acting on the company's behalf, including the signing of application, mailing of documents, medical examination to evaluate the level of insurability, application appraisal, delivery of the insurance policy, and collection of premiums are included within the meaning of this term. However, the meaning can vary, depending on state law.

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