insurance broker

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Insurance broker

A broker, independent of any insurance company, who represents the interests of the buyer in searching for insurance coverage at the lowest cost and providing the highest benefit to the buyer.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Insurance Broker

A person who sells insurance policies. An insurance broker does not work for an insurance company, but rather represents the buyer of the policy to ensure that he/she receives a fair deal.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

insurance broker


insurance agent

a person or firm which acts as an intermediary in bringing together clients seeking INSURANCE cover and INSURANCE COMPANIES offering suitable policies. In some cases the agent may simply introduce the two parties to each other and receive a commission from the insurance company; or the agent may be employed by a particular insurance company to sell insurance policies on its behalf, partly on salary and partly on commission. Insurance brokers are usually independent intermediaries who are able to negotiate with a number of insurance companies on behalf of clients in order to secure for them the most advantageous cover and terms, as well as handling claims and offering general insurance advice. Most of the larger insurance brokers are members of LLOYDS, a corporation of brokers and insurance companies. Insurance brokers are regulated by the FINANCIAL SERVICES AUTHORITY in accordance with various standards of good practice laid down under the FINANCIAL SERVICES ACT 1986.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The insurance broker must obtain an insurance policy in favour of the Insurance Authority chairman of the board of directors covering the broker's professional liability.
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If your policy doesn't include this coverage, contact your insurance broker to discuss your risk and if appropriate get a proposal to add employee benefits liability insurance to your insurance program.
Lex Daniele, marketing manager at Mealey's, said, "Whether you're a plaintiff or defence attorney, in-house counsel, insurance company executive, broker, or risk manager, Mealey's Litigation Report: Insurance Broker Liability will give you the essentials you need to build winning arguments.
Don't wait for a claim; review it regularly with your insurance broker.
Have an insurance broker prepare a detailed schedule of current coverage including company name, policy number, expiration date, premium and coverages--including deductibles.
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