What does 'sell' refer to in the context of insurance?

In the context of insurance, the term 'sell' specifically refers to the process of exchanging a contract for money on behalf of an insurer. This means that when an independent adjuster or insurance agent sells an insurance policy, they facilitate the transaction whereby the client agrees to pay a premium in return for certain coverage provided by the insurer. This transactional aspect is a key component of the insurance industry, as it directly results in the establishment of an insurance contract, which outlines the terms and conditions under which the insurer will provide coverage.

This definition emphasizes the commercial transaction involved, rather than other supportive roles such as providing information or financial advice, which are important but do not encompass the complete meaning of 'sell' in this context. The act of selling involves the formal exchange that solidifies the insurance agreement between the insurer and the insured, thereby fulfilling the primary purpose of an insurance agent or adjuster.