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 ?
Epic, celebrating the firm's 10th anniversary in 2017, is already one of the 20 largest US retail insurance brokers and, before the addition of Frenkel, ranked #26 among the top commercial insurance broker/consultants in the world.
Bundling allows insurance brokers, like Cornerstone Insurance Brokers, to spread risk more efficiently.
Its combined scale means that Island Insurance Brokers will benefit from access to global financial services professionals, technology and resources, including a strong governance and compliance programme.
Patrick joins H&H Insurance Brokers from Bishop Skinner Insurance Brokers, where he was employed for almost 10 years.
Jonathan Willett, a director at Henderson Insurance Brokers Teesside, said: "We're very pleased to welcome Kimberley to her role on the agricultural team, which is a growing sector of expertise for us.
It is believed that Martin Wheatley made the pledge to the British Insurance Brokers Association (Biba) conference after he took over as head of the newly-formed Financial Conduct Authority (FCA).
Compared to similar jurisdictions the current regulatory regime for insurance brokers in Pakistan is relatively underdeveloped.
She said: "This is a very exciting and challenging position and I am looking forward to helping H&H Insurance Brokers grow their business.
In the last five years, premiums have doubled for most employers, and a lot of insurance brokers are still charging commissions, which are a percentage of the premium.
Pass any contract language regarding insurance, or hold harmless/indemnification language by your insurance broker and attorney.
Tim Rees has been appointed as director of Hodge Insurance Brokers, joining from Willis Insurance brokers, where he held the position of account director.
New market research report "Insurance Brokers & Adjusters in China" elaborated byIBISWorld provides true and unbiased insights into China's insurance brokers and adjusters industry, covering its scope, size, disposition and growth including the key sensitivities and success factors.

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