What Is An Insurance Broker
The term now has no legal definition following the repeal of the 1977 act. A commercial insurance broker is an individual tasked with acting as an intermediary between insurance providers and customers.
Why Choose A Broker P P Insurance Brokers
Insurance brokers are trained professionals in insurance and risk management solutions who help individuals and businesses find insurance policies that best meet the needs of their customers.
What is an insurance broker. 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. The primary responsibility of insurance brokers is to serve as a liaison between you and insurance companies. A typical insurance agent works for one specific company and chooses from within that companys policies for clients.
An insurance broker is an independent insurance agent who works with many insurance companies to find the best available policies for his or her clients. They may focus on a single type of insurance or work with many different types such as home life or health insurance. The agent represents the company not the buyer.
Insurance broker definition an independent agent who represents the buyer rather than the insurance company and tries to find the buyer the best policy by comparison shopping. An insurance agent works for one or more insurance companies with the purpose of selling policies to those who need them. Brokers work on behalf of their clients not for insurance companies and can be relied on to provide professional advice in your best interest.
Knowing the difference between an insurance agent and an insurance broker is the key to understanding how you as an insurance policyholder can make the best use of their services for the purchase of a new insurance policy and for other financial requirements. Insurance agents and brokers are insurance professionals who are intermediaries between insurance companies and customers. The existence of commercial insurance brokers goes a long way in preventing customers from getting lost in the sea of trustworthy and unscrupulous insurance providers.
However theyre very different. A broker will help you identify your individual andor business risks to help you decide the risks you will insure and those you can manage in other ways. Although some brokers sell insurance as a representative for one company others may work independently and coordinate with several companies.
Their function is more on an administrative level. An insurance broker is often confused with an insurance agent. What does an insurance broker do.
They identify insurance policies that fit your specific needs. An insurance broker is a professional adviser who is an expert in insurance and risk management. In the case of insurance agents they only serve as a link between the customers and the insurance companies.
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