Posts Tagged insurance markets
Rhode Island Insurance Continuing Education
The Legal Relationship between a Broker and an Insurance Agent.
The role of a broker differs from that of an agent. A true broker is in the business of bringing insurance buyers and sellers together. A broker acts in the interest of the insurance applicant in regard to the procuring of insurance and filling out the insurance application. However, a broker acts on behalf of the insurance company when collecting the insurance premiums and delivering the policy.
There are many large brokerage firms, such as Alexander and Alexander, Willis Coroon and Marsh & McLennan, that play an important part in the placement of property and liability insurance. These firms often specialize in placing large, multinational corporate accounts and pride themselves on their knowledge of highly unusual insurance markets.
Tags: brokerage firms, deceptive act, fiduciary responsibilities, financial planners, good faith, insurance agent, insurance application, insurance buyers, insurance consultant, insurance consultants, insurance continuing education, insurance coverages, insurance markets, insurance premiums, insurance principles, legal relationship, property and liability insurance, rhode island insurance, true broker, willis coroonRelated posts