Definition of "Insurance broker"

Sheri  Lipsey real estate agent

Written by

Sheri Lipseyelite badge icon

Weichert, Realtors Innovations

Representative of an insured, not of an insurance company. Acts of a broker are not the responsibility of the company, and notice given by an insured to a broker is not the same as notice to the company. The broker searches the insurance marketplace for a company in which to place the insured's business for the most coverage at the best price. The broker is not restricted to placing business with any one company.

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