Define Insurance Brokers

An insurance broker is someone who advises people on their insurance needs and negotiates insurance contracts on their behalf with insurers in return for a fee or commission.

Define insurance brokers. A broker or insurance broker is a person who is licensed to sell insurance and typically works with multiple insurance companies offering a variety of products to a customer. An insurance broker is a professional who represents consumers in their search for the best insurance policy for their needs. Insurance broker definition is a person whose job is to provide people with insurance. As opposed to an insurance agent who offers the products of only one company an insurance broker is able to compare numerous products of the companies he she works with and thus is often seen as a more consumer.

It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. They work closely with their clients to research coverage terms conditions and price and then recommend the insurance policy that best fits the bill. A person or company whose job is to give people independent advice about what insurance is. The term now has no legal definition following the repeal of the 1977 act.

Insurance broker or insurance agent a person or firm which acts as an intermediary in bringing together clients seeking insurance cover and insurance companies offering suitable policies. A broker is an individual or firm that charges a fee or commission for executing buy and sell orders submitted by an investor. In some cases the agent may simply introduce the two parties to each other and receive a commission from the insurance company. Meaning pronunciation translations and examples.

Or the agent may be employed by a particular insurance company to sell insurance. Insurance broker became a regulated term under the insurance brokers registration act 1977 which was designed to thwart the bogus practices of firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies. An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder.