The term insurance broker is defined as a person who,as independent contractor,carries on insurance broking business and includes a reinsurance broker.’
An insurance broker is an ‘agent’ who normally acts behalf of the insured and is normally acts on behalf of the insured and is normally not tied to any one insurer.His job is to advice his clients on the most suitable covers at the most economic cost.Brokers are deemed to be knowledge of covers available ant the rated charged.In addition to advising clients and placing business on their behalf,the brokers are remunerated through payment of brokerage which is usually percentage of the premium.
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