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.

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.

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. 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.
References in periodicals archive ?
This latest addition to Borderway Insurance Brokers' portfolio follows the acquisition of the farm insurance business of Halifax Bank of Scotland (HBOS) in July 2004 which saw the Carlisle company grow in excess of 20pc.
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He has since then owned the specialty brokerage Jordan Harrison Insurance Brokers, for 24 years, specialising in marine insurance.
Plan Insurance Brokers chose Redhill as the location for their brand-new headquarters as they were attracted by the vibrancy of the area, and the opportunity it offered in terms of recruitment.
'As of end of 2017, commissions of insurance brokers were mainly from the nonlife insurance business in the amount of P6.17 billion, which represents 84.21 percent of the total commissions earned,' he added.
'As of end-2017, commissions of insurance brokers were mainly from the non-life insurance business in the amount of P6.2 billion, which represents 84.2 percent of the total commissions earned,' Funa said.
Speaking at the launch, the bishop of Francistown Right Reverend Frank Nubuasah said he was happy the church's relationship with Kgare Insurance Brokers had borne fruit.
A SUNDERLAND insurance broker is celebrating a successful year after being acquired by a national chain.

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