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All too often, agents and brokers enter into producer agreements with insurers without entirely appreciating the terms to which they are agreeing. All too often, agents and brokers enter into producer agreements with insurers without entirely appreciating the terms to which they are agreeing. (iStock)

Pete Seeger, the legendary American folk singer, offered a great distinction between education and experience. “Education,” he said, “is when you read the fine print; experience is what you get when you don’t.” The point being: it is extraordinarily important for parties to an agreement to review and comprehend its terms, or else difficulties may well ensue. But achieving the requisite level of understanding is frequently easier said than done.

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