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What does the broker or the insurer mean?
I am looking to get insured for my business and asked my dad for some advice, he asked "is it the broker or the insurer?" I have no idea what this means?
- AnonymousLv 71 month ago
Nobody knows what that means. That's a gibberish statement. There are brokers (and agents) who sell insurance for insurance companies.
- JJLv 52 months ago
You see advertisements for the insurers (for the most part). Some big ones are GEICO, Progressive, American Family. These are the companies that develop and sell insurance policies.
Brokers (including agents) are the people in your local cities that sell you the policies on behalf of the insurance companies. They receive a commission for their work (anything from 5% to 35%). The brokers/agents will be able to figure out what your individual coverage needs are and help you get the right coverage.Source(s): 25 years + in insurance.
- car253Lv 72 months ago
Broker is an insurance agent that sells you the policy. The insurance company pays any claims.
- StephenWeinsteinLv 72 months ago
An insurer is an insurance company and has to pay claims if the time comes. A broker is essentially a sales person who helps set up or negotiate the deal but doesn't pay claims.
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- Anonymous2 months ago
A broker deals with many insurance companies. As compared to you buying direct from the underwriter.