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What is the duty of an insurance broker?

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What is the duty of an insurance broker?

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  1. Understanding the Role of an Insurance Broker ​

  2. Who are insurance brokers?​ • Insurance brokers function as a general insurance agent who can work with various agents and provide diverse insurance policies​ • The role of insurance brokers is to guide their clients and provide the best coverage that fits their needs​ • They also act as financial advisors to their clients ​ • They guide their clients through the insurance claims process as well​

  3. Perks • Insurance brokers function as a general insurance agent who can work with various agents and provide diverse insurance policies​ • The role of insurance brokers is to guide their clients and provide the best coverage that fits their needs​ • They also act as financial advisors to their clients ​ • They guide their clients through the insurance claims process as well​

  4. What is the duty of an insurance broker?​ • To find the best possible insurance product, service and pricing based on the client's needs • They help individual, family, business, or organization’s liability risks​ • Unlike agents who represent the carriers, a broker works towards the best interest of their clients • Brokers must constantly research and remain updated to not miss out valuable deals available in the market ​ ​ ​

  5. Where do brokers operate and how are they different from insurance agents?​

  6. Where do insurance brokers operate?​ • Brokers don't work in one location​ • Part of a firm, so they will always be on the clock • They work from office to office​ • Brokers are able to accept clients all over the country, even internationally​

  7. Insurance brokers vs Insurance agents​ Insurance broker​ Insurance agent An insurance agent represents his carriers, and his duty lies towards them ​ An insurance agent can complete the sales process on behalf of their clients ​ An insurance agent is confined to a single carrier he represents​ Agents can only sell the products and services provided by his carriers • An insurance broker works towards the best interest of their clients ​ • Insurance brokers do not have the authority to close deals ​ • An insurance broker works with multiple carriers and agents ​ • An insurance broker can provide diverse options for their clients ​

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