Broker

How it is used

Brokers place risks with insurers, negotiate terms and support clients with claims. Large companies use brokers for property, liability and employee benefits. A broker works for the client, while an agent usually represents the insurer.

Example sentences

1. Our broker collected quotes from five insurers and recommended the second one.

2. The broker is negotiating a lower deductible for the factory policy.

Common collocations

• insurance broker
• use a broker
• through a broker
• broker fee
• broker commission

Related terms

• insurance agentA person or business that sells policies on behalf of one or more insurance companies and earns a commission on each sale.
• intermediaryA person or firm, such as an agent or broker, that stands between customers and insurance companies and arranges policies.
• commissionA payment, usually a percentage of the premium, that an insurance company pays to an agent or broker for selling a policy.
• quoteA statement of how much a policy will cost and on what main terms, given to a customer before they decide to buy.

This word in other fields

The same English word can have a different meaning in another field:

• broker · Investing & the Stock Market

More terms: Brokers, Agents & Distribution

• bancassurance