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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...

Resident patient of a medical installation. Previously, health insurance benefits were limited to in-patient care. Today health insurance policies provide an extensive list of out-patient ...

Accounting rule found under the Generally Accepted Accounting Principles (GAAP) that prohibits the insurance company from restating assumptions that it made for interest earned, expenses ...

Person who has been authorized by the insurance company to pay a loss (s) incurred by the insured. ...

Rider attached to an ordinary life insurance policy that allows the policy owner to deposit excess premium payments into a separate account from which they can be withdrawn to meet premium ...

Small face amount life insurance policy. ...

Fee paid to an insurance salesperson as a percentage of the premium generated by a sold insurance policy. ...

Legislation in a number of states requiring insurers to pay the face amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), ...

Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...

Popular Insurance Questions