Our eleventh insurance word of the week is: BROKER
An intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate to their clients. They work on commission and usually sell commercial, not personal, insurance. In life insurance, agents must be licensed as securities brokers/dealers to sell variable annuities, which are similar to stock market-based investments.
An independent agent who represents the buyer, rather than the insurance company, and tries to find the buyer the best policy by comparison shopping.
BIBA – the British Insurance Brokers’ Association
The UK’s leading general insurance organisation. BIBA represent the interests of insurance brokers, intermediaries and customers, and have partner members from the leading companies in the insurance industry.