an entity which, for the sake of the interests of the insurant, provide intermediary services in signing insurance contracts on behalf of the insurant with the insurer and collect commissions according to law
a person who carries on the business of negotiating or arranging contracts of insurance in or from Guyana as the agent of the policy holder or potential policy holder or advising on matters related to insurance agents
a unit which, for the sake of the interests of the insured, provide intermediary services in signing insurance contracts on behalf of the insured with the insurer and collect commission according to law
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 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.
A representative of the Insured, as opposed to an Insurance Agent, who is a representative of an insurance company. Brokers are not restricted to placing clients' business with any particular company. Notwithstanding that a broker does not represent any insurance company, in most states brokers are fiduciaries', and premium payment by a policyholder to a broker constitutes payment to the insurance company that issued the policy.
One who advises persons on their insurance needs and negotiates insurances on their behalf with insurers, exercising professional care and skill in so doing. See Insurance Brokers (Registration) Act 1977.