Insurance Broker

Definition

• An individual or entity that sells or solicits insurance policies. Also known as an "insurance agent."

Synonyms
insurance agent

Related Terms and Acronyms

• Accommodation Line — Definition,
  • As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
• Broker-Agent — Definition,
  • An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
• Captive Agent — Definition,
  • An insurance agent who uses a limited number of insurance companies, or a single insurance company, when finding products for their clients.
• Commission (comm) — Abbreviation,
  • A fee paid to a salesperson for selling a product to a customer.
  • An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
• Direct Writer — Definition,
  • An individual who writes insurance policies directly for an insurer.
• Finder Fee — Definition,
  • A fee paid by a party to another for services rendered.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Mortgage Broker (MB) — Acronym, Important,
  • One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
• No-Load Life Insurance — Definition,
  • A type of life insurance policy that is sold without a commission for the selling agent.