Insurance Agents Receive a Commission on the Policies They Sell. Many States Regulate the Rates That Can Be Charged for Insurance. Would Higher or Lower Rates Increase the Incomes of Agents? Explain, Distinguishing

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No, if the rates are lowered or made high for insurance, that won’t affect the income of insurance agents. If the rates are increased, people will look for less insurance or there would be comparatively less people taking insurance if we take the factor that the insurance rates are not regulated. That means, agents would sell either less insurance policies or equal insurance policies like before but less amount insurance. Since the rates would be higher, they will still make almost the same commission. On the other side if the insurance rates are lowered, people would opt to buy more insurance, and in that case also insurance agents would make almost similar income as before because people are buying comparatively higher insurance but the rates are low. However, if the rates are regulated as in the case in some states, insurance agent will still make almost similar amounts as the insurance rates are regulated and demand is as much as it would be otherwise if the rates are not regulated. The long run and the short run do not refer to a specific period of time such as 3 months or 5 years. The difference between the short run and the long run is the flexibility decision makers have. "The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied. There is no fixed time that can be marked on the calendar to separate the short run from the long run. The short run and long run distinction varies from one industry to another." A company that manufactures the hockey sticks, that industry will need the following to manufacture sticks: • Raw materials such as lumber • Labor • Machinery • A factory Suppose the demand for hockey sticks has greatly increased, prompting our company to produce more

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