A light-second is the distance light travels in one second, or 7.5 times the distance around Earthâs equator. A light-year is the distance light travels in one year. How far is that? Multiply the number of seconds in one year by the number of miles or kilometers that light travels in one second, and there you have it: one light-year. Itâs about 5.88 trillion miles (9.5 trillion km).
They both have the same licensing requirements required by the State(s) in which they transact business, but the big difference is who they work for. An insurance agent is an insurance companyâs representative and the agentâs primary alliance is with the insurance carrier (company), not the insurance buyer.
Agency vs Trust. Agency accounts differ from trusts in that title to the assets in the agency does not pass to the trustee, but remains in the name of the owner of the property, who is referred to as the principal.. Acting like an agent is not being an agent if you are also a trustee. There is no beneficiary in an agency but only the principal and an agent. A key difference between a trust and an agency account is that there is no legal transfer of title in an agency account. Agent is a person that acts on behalf of another. In an agency relationship, the agent is hired by the principal (client) to perform specific services.