What is the definition of a person who solicits or obtains insurance for compensation on behalf of an insurance company?

The term that defines a person who solicits or obtains insurance for compensation on behalf of an insurance company is an insurance agent. An insurance agent acts as a representative of the insurance company, helping clients find and purchase insurance policies while earning commissions or fees for their services. Their primary role is to sell insurance products, facilitate the application process, and provide customer service to policyholders.

In contrast, an insurance broker represents clients rather than an insurance company, working to find the best policies available across multiple insurance providers. An underwriter is responsible for assessing risks and determining appropriate premiums for insurance policies, thus focusing more on the company's internal operations rather than direct customer dealings. An insurance adjuster investigates and evaluates claims to determine the insurance company's liability, which is a different function in the insurance process. Each of the other roles serves a unique purpose within the insurance industry, but it is the insurance agent who specifically solicits insurance on behalf of the insurer for compensation.