INSURANCE BROKER Meaning and
Definition
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An insurance broker is a professional who acts as an intermediary between individuals or businesses seeking insurance coverage and insurance companies offering various policies. Their primary role is to assist clients in finding suitable insurance products and providing personalized advice to help meet their specific needs.
Insurance brokers have in-depth knowledge and expertise in the insurance industry, allowing them to assess clients' risks and recommend appropriate coverage options. They work on behalf of the client, not the insurance provider, ensuring that the client's interests are prioritized throughout the insurance-buying process.
Insurance brokers play a crucial role in evaluating insurance policies available in the market and providing clients with comprehensive information about policy coverage, limitations, and exclusions. They help clients compare different insurance products, including their costs and benefits, to make informed decisions based on their requirements and budget.
The responsibilities of insurance brokers often include assessing the client's unique risk profile, identifying the most suitable insurance policies, negotiating terms and conditions with insurance companies, and assisting clients in submitting claims. Additionally, insurance brokers provide ongoing assistance to clients by reviewing their insurance coverage regularly and making necessary adjustments based on changing circumstances.
By leveraging their extensive knowledge and relationships within the insurance industry, insurance brokers aim to provide clients with comprehensive coverage at competitive prices. Their expertise and personalized approach make them a valuable resource for individuals and businesses looking to navigate the complex world of insurance and protect themselves against potential risks.
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• One who secures, at a certain rate per cent, that the value of a ship and cargo shall be paid, if lost at sea.
• An intermediate agent who aets between the insurance offices and those wishing to insure, as upon ships, the cargo, passengers effects, &c.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for INSURANCE BROKER
- unsurance broker
- jnsurance broker
- knsurance broker
- onsurance broker
- 9nsurance broker
- 8nsurance broker
- ibsurance broker
- imsurance broker
- ijsurance broker
- ihsurance broker
- inaurance broker
- inzurance broker
- inxurance broker
- indurance broker
- ineurance broker
- inwurance broker
- insyrance broker
- inshrance broker
- insjrance broker
Etymology of INSURANCE BROKER
The word "insurance broker" has its etymology rooted in the combination of two different terms: "insurance" and "broker".
1. Insurance:
The term "insurance" originated from the Latin word "securus", meaning "certain" or "safe". This Latin term later evolved into the Old French word "ensurer", meaning "to ensure" or "to make safe". The concept of insurance existed in various forms throughout history, but the modern interpretation emerged in the 17th century, referring to a contractual arrangement where one party provides financial protection to another party against specified risks in exchange for payment.
2. Broker:
The term "broker" originated from the Old French word "broceur", meaning "small trader" or "middleman".
Similar spelling words for INSURANCE BROKER
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