UK: 1. The commission and fee income received by an insurance broker. Normally commission is received from the insurer, but brokers may also charge fees to their clients. 2. A US term for an insurance broking company, firm or office. 3. The fee paid to a broker who arranges reinsurance cover for a ceding office.
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The business of a broker. Also, the fee/commission paid to a broker who arranges Insurance.
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UK: the commission received by a broker or other intermediary for placing insurance risks.
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The commission that is payable to a broker for placing an insurance or reinsurance contract with an insurer or a reinsurer. Compare fee for service. Although brokerage is payable by the insured as part of the gross premium the amount of brokerage is agreed by the insurer. The insured may request his broker to state the amount of his brokerage on a given placement. Similar considerations apply to reassureds under reinsurances. Sometimes the term brokerage may be used to refer the business of a broker.
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The sum paid to a broker as a commission. This term can also refer to insurance placed with brokers.