In insurance, what does "sell" specifically mean?

The term "sell" in the context of insurance refers to the act of exchanging a contract for money or equivalent. This involves a transaction in which the policyholder pays a premium in exchange for coverage provided by the insurance policy. This definition encompasses the complete nature of selling in the insurance realm, as it signifies the establishment of a legal agreement between the insurer and the insured.

While marketing, giving away insurance contracts, or referring clients may be related activities within the insurance industry, they do not fully encapsulate the essence of "selling." Selling requires the completion of a financial transaction involving a contractual agreement, making it a critical component of how insurance operates as a business. Understanding this distinction is key to grasping the foundational elements of insurance practices, particularly for those involved in the adjustment process or any form of insurance sales.