Insurance Consultant Law and Legal Definition

Insurance consultant refers to a person who advises or offers to advise in the area of life and health insurance or property and casualty insurance. Insurance consultant offers his/her service for a particular fee. A person can be an insurance consultant only if s/he is licensed as an insurance consultant. Insurance consultant is also known as insurance adviser. Several states statutes have defined the term Insurance Consultant.

The following is an example of a state statute (Nebraska) defining insurance consultant:

R.R.S. Neb. § 44-2607 defines insurance consultant as any person who, for a fee, engages in the business of offering to the public any advice, counsel, opinion, or service with respect to insurable risks, or concerning the benefits, coverages, or provisions under any policy of insurance that could be issued in this state, or involving the advantages or disadvantages of any such policy of insurance, or any formal plan of managing pure risk.