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S1216 - Insurance offices
Industry code: S1216
Premium rate: 0.32
Classification Facts
Class: S - Service Industry
Rate Code: S12 - Offices, Professionals
Subcode: 16
Description
Operational Details
Insurance offices or agencies sell automobile, fire, life, property, marine and other types of insurance to businesses and individuals. They establish insurance coverage and calculate the necessary premiums and establish a method of payment.
Insurance offices also provide information concerning group and individual insurance packages, the range of risk coverage, benefits payable, and other policy features. The insurance office ensures the appropriate forms, medical examinations and other policy requirements are properly completed. They also respond to clients enquiries when claims are filed.
Insurance brokers, who are also part of this industry, seek appropriate insurance products through several insurance companies on behalf of clients.
SIC Codes
000000700 - Insurance office
Previous Codes
NAICS 2007
Code: 52421 - Insurance Agencies and Brokerages