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What are some of the benefits of using an independent insurance broker when buying insurance?
Wiki User
∙ 10y ago
There are many advantages to using independent insurance brokers. An independent insurance broker is a licensed professional, but they still have very strong business and community ties. An independent broker will also give good prices due to them being able to access insurance coverage from multiple companies. Plus, independent brokers treat you better than a full company because they are able to get closer to their customers.
Wiki User
∙ 10y ago
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What mean Broker of record in real estate?
The Broker Of Record is the Broker covering the listing or buying side in a Real Estate transaction. He/she is registered as the person responsible for the conduct of a brokerage and the agents who work for it.
Difference between broker and jobbers?
The difference between a broker and jobbers is the role that they play in the buying and selling of stocks. A broker is hired by an investor to buy and sell stock for them. A jobber ensures that when the broker wants to buy or sell, that there is someone lined up for the broker to buy or sell from.
Are there any special benefits for small businesses when getting insurance?
Yes there are special benefits for small businesses for insurance. The thing is, you would have to shop around for them. They exist, but you want to treat the insurance as something else you are buying. Like clothes, you can look around for the best offer, see what fits you best, and maybe there will be a special or sale. Just have to find out on your own.
What are some companies that offer buying renter's insurance policies?
There are many companies that offer buying renter's insurance policies. These include Wells Fargo, Esurance, Geico, MetLife, Liberty Mutual and Adrian Flux.
Who is a broker?
A broker is the third person facilitator between a buyer and a seller. An example would be a Real Estate Broker who facilitates the sale or purchase of a property. A broker may also act on behalf of either the buyer or seller. An example would be a Stock Broker who makes the sale or purchase of securities on behalf of his client who is either buying or selling a security.Here is a list of several different types of brokers:Business brokerCommodity brokerConstruction equipment brokerForex BrokerInsurance brokerInvestment brokerMortgage brokerReal estate brokerRigs brokersShip brokerStock brokerYacht charter brokersCapacity brokerOff Business brokerMarriage broker
Where can one find information on buying a term life insurance policy?
One can find information on buying a term life insurance policy by contacting an insurance broker. An insurance broker can be located in the local phone book under the yellow pages.
What are the benefits of buying insurance from a bank?
You can pay them back with out them have you pay a high price for it. Buying insurance from banks is easy and affordable as long as you go to the banks that are popular.
I live in Edmonton Alberta how much would I expect to pay for insurance for a 2002 Crown Victoria ex cop car I am thinking of buying?
Try calling your insurance broker.
Can a licensed insurance agent buy their own health and life insurance?
Yes and one of the benefits of buying insurance from the company you work for may be a reduced premium. == ==
What are the benefits of buying children's life insurance?
The benefits of buying children's life insurance include having peace of mind if the child unexpectedly passes away and the family not being able to cover costs of the child's funeral or having to miss earning opportunities to grieve.
What is work done for the shareholder by the broker such as selling and buying stock?
broker services
What are the benefits of buying telemarketing list through list brokers?
If you purchase telemarketing lists through a lists broker, the benefits are that you can get the exact data that you are looking for and not have to search for the criteria on your own. It saves you time and money in the long run.
How to Get an Insurance Broker License?
An insurance broker engages in selling insurance, but is independent of any particular insurance carrier. An insurance agent, on the other hand, represents only one insurance carrier, selling products for that carrier alone and no others. Through affiliation with just one insurance company, the agent maintains a strict alliance to that company and stands in confidential relationship with the company. In that sense, the insurance agent does not represent the buyer of insurance, but only the seller. Alternatively, the insurance broker works with a number of different carriers so that the broker may secure the most effective coverage for an insurance buyer. Brokers may represent insurance buyers seeking coverage. The functions of agent and broker are similar, but insurance policies each has available for sale and methods of selling differ. An insurance broker may be thought of as an independent insurance agent, and in some cases brokers are referred to in this way. Insurance agents and brokers are both licensed by state agencies in the United States and similar agencies in other countries. In Australia, for instance, licensing is through the Australian Securities and Investments Commission. In American states, licensing procedures and requirements are different for agents and brokers. Requirements also vary some from state to state. Both agents and brokers must pass an examination that is specific to the job they will perform. The agent's examination tests general knowledge and understanding of principals of insurance, including licensing requirements, types of insurance available, specific details of various types of coverage, along with annuities and other insurance-related investments. There are courses and study materials available for the agent's exam, and most applicants complete one or more courses before taking the exam. The insurance broker must pass the same exam as the agent, but must also pass the supplementary broker's exam. Brokers are expected to have a much higher degree of knowledge than agents, and the broker exam is designed to measure that knowledge. The broker is tested on state and federal regulations over insurance and insurance sellers; general insurance concepts, including risk management and methods of risk adjustment; rules of agency; contracts as employed in insurance; premium determination; and specifics of various types of insurance, including life, health, and property and casualty; and concepts of annuities, as offered by insurance carriers. The broker examination requires advanced knowledge of many concepts pertaining to insurance and the selling of insurance. In some states, before someone can become an insurance broker, they must first work as agent for a period of one year or longer. Some states also require a bond from a broker to ensure the broker's fiduciary responsibility regarding premiums. Some states have come to blend the distinction between agent and broker. In some states, there is no longer a separate broker's designation, but instead what is called Producer. The Producer combines the functions of agent and broker. Where the distinction still exists, insurance brokers and insurance agents perform similar and sometimes even identical functions in the insurance field. It is sometimes considered advantageous to a policyholder to deal with a broker rather than an agent because the broker can get quotes and terms from several different carriers, in an attempt to obtain the most effective and cost efficient coverage available. Brokers work on commission just like agents, and the cost of buying insurance through a broker will be the same as through an agent. The important distinction is that an agent works for just one insurance carrier, and does not represent the buyer. A broker works with many different carriers, and can represent the insurance buyer directly.
What does buying on margin mean?
Buying on margin is borrowing money from a broker to purchase stock.
What is the difference between buying on margin and margin call?
Buying on margin, taking a "margin" loan from the broker to help buy part of a stock purchaseMargin call, this happens when the broker demands full payment of your "margin" loan
What is difference between a fee and commission?
A commission is compensation received by a broker or insurance agent paid by the insurance company and is a percentage of the insurance premium, or a percentage of a portion of the insurance premium. A fee, on the other hand, is a fixed dollar amount (not a set percent of the premium) and can be paid either by the party buying the insurance or by the insurance carrier. Often, clients with large premiums, or complex risks negotiate with their broker to provide services, including the placement of insurance for a flat fee. The insurance is than placed "net of" or without commission. Many people feel that this is a more transparent method of broker compensation and eliminates broker bias to higher premiums or carriers which pay a higher commission. In certain circumstances, both a fee and a commission are charged. This usually occurs when the broker is providing services which are not property compensated by the commission in the policy. When a fee is charged in addition to a commission, it should be disclosed who the fee is being paid to, and for what service.
What are the benefits of buying Progressive Auto Insurance?
The benefits are competitive prices, various payment options, and they combine insurances such as life, car, and home to give you a better all-in-one price.
