US: A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
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UK: a professional adviser who assists a client to obtain the insurance cover sought; although strictly an agent for the insured, the broker is remunerated by way of commission from the insurer.
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US: An insurance intermediary who/that represents the insured rather than the insurer. Since they are not the legal representatives of insurers, brokers, unlike independent agents, often do not have the right to act on behalf of insurers, such as to bind coverage. While some brokers do have agency contracts with some insurers, they usually remain obligated to represent the interests of insureds rather than insurers. For example, some state insurance codes impose a fiduciary responsibility to act on behalf of their customers or provide full disclosure of all their compensation from all sources.
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At Lloyd’s, brokers act as the agent of the insured or reinsured to arrange insurance or reinsurance with Lloyd’s syndicates. Brokers may be registered Lloyd’s Brokers who are able to enter into terms of business agreements with any Lloyd’s managing agent. Non-Lloyd’s brokers may also enter into terms of business agreements subject to the managing agent assessing that the broker meets certain minimum standards. Only brokers registered as Lloyd’s Brokers may refer to themselves as a Lloyd’s Broker. Many broking firms are also approved by Lloyd’s to act as a coverholder (See Coverholder).**********State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .
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A licensed person or organization paid by you to look for insurance on your behalf.
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An intermediary who negotiates reinsurance contracts between the ceding company and the reinsurer(s). The broker generally represents the ceding company and receives compensation in the form of commission, and/or other fees, for placing the business and performing other necessary services.
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A broker is an intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate for their clients. A property/ casualty insurance broker generally works in commercial rather than personal lines insurance and receives either a commission or a fee for his or her ability to place insurance. Brokers do not have an agency relationship with insurance companies they place coverage with. Life/health insurance brokers work in much the same way as property/casualty brokers except they often work with individual clients. (See Agent).
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A person who acts on behalf of another to obtain insurance. They may also represent the insurer in a limited capacity, for example, to collect premiums.
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MEDICAL,USA,REFERENCE: See: agent .
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MEDICAL,USA: State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .