Insurance Terminology Broker Definition
1 a provision under which an insured who carries less than the stipulated percentage of insurance to value will receive a loss payment that is limited to the same ratio which the amount of insurance bears to the amount required.
Insurance terminology broker definition. A broker is an individual or firm that acts as an intermediary between an investor and a securities exchange. The group insurance contract provides benefits to a group of individuals who have a specific relationship to the policy owner. These individuals work on behalf of the customer and are not restricted to selling policies for a specific company but commissions are paid by the company with which the sale was made. Insurance terms and definitions.
2 a policy provision frequently found in medical insurance by which the insured person and the insurer share the covered losses under a policy in a specified ratio i e 80 percent by the insurer and 20 percent by the insured. This page provides an index of insurance terms and. We ve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Broker an individual who receives commissions from the sale and service of insurance policies.
Re signing addendum an endorsement attaching to a lloyd s policy changing a syndicate s participation. Lifetime maximum the maximum amount an insurance company will provide for all medical care received. In some cases the agent may simply introduce the two parties to each other and receive a commission from the insurance company. Or the agent may be employed by a particular insurance company to sell insurance policies on its behalf partly on salary and partly on commission.
Insurance terminology for brokers insurance terms and definitions group insurance contracts provide coverage to a number of persons under a single contract that is issued to someone other than the persons insured. Basic business insurance terminology. No insurance website could be complete without offering and index of insurance terms and definitions. The usual limits are 1 000 000.
A broker can also refer to the role of a firm when it acts as an agent for a customer. Insurance brokers are usually. Insurance broker an individual who works as an intermediary between a person wanting insurance and one or more insurance companies to guide them in the purchase of insurance. This business insurance jargon buster gives definitions for some of the key commercial insurance terms.
The individual at the underwriting box with principal authority to accept insurance and reinsurance risk on behalf of the members of a syndicate.
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