Definition: Insurance Broker and: In insurance, a broker refers to an individual or organization that represents a client in seeking quotes from multiple insurers for a specific policy or products. The job of a broker typically involves making inquiries about available policies, negotiating prices with insurers for better deals, and working closely with clients to ensure they are satisfied with the coverage offered by their chosen insurer. The term "insurance broker" is a generic term that describes anyone who acts as an intermediary between a customer and insurance companies. In this context, brokers often play a crucial role in the process of securing quotes from different insurers and negotiating favorable terms for customers. They may also serve as advocates for clients, representing them to insurance agents or other professionals regarding their claims and providing advice on various policy options. The term "insurance broker" can be seen as a synonym for the broader term "insurer," which refers to an organization that offers insurance products. The job of a broker is therefore often focused on securing quotes from insurers, negotiating better rates, and assisting clients in understanding different policies and coverage options offered by various companies. In summary, insurance brokers are individuals or organizations who act as intermediaries between customers and insurance companies, ensuring they receive the best possible coverage and terms for their needs. Their primary focus is to help customers secure deals on insurance products and negotiate better rates.
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