Who does an insurance broker act for?
An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
What is the role of an insurance broker?
Insurance brokers liaise between clients and insurance companies, finding the client the best deal for insurance cover. Responsibilities of the job vary according to the size and type of employer: smaller companies offer less opportunity for specialisation than larger firms.
Who does an insurance broker represent quizlet?
An agent represents the insurer, while a broker represents the consumer. Both agents and brokers solicit insurance, collect premium and deliver policies; however, an agent is paid a commission by the insurer he or she represents, while a broker is paid a fee by the consumer he or she represents.
What's the difference between an insurance broker and an agent?
Insurance agents and insurance brokers can both help you buy an insurance policy. But insurance agents represent the insurance provider that employs them and help sell policies from that single provider. Insurance brokers represent the consumers who use them and can help them shop for policies from multiple providers.