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Insurance Broker Toronto



Jun 30, 2022, 3:38 PM

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Insurance Broker Toronto
Insurance intermediaries are freelance employees of insurance companies who help the insurer increase coverage. Although the word "employees" is not quite applicable here – if agents more or less fall under this definition, brokers do not fall under it at all, because a broker is an independent legal entity. The essence of the assistance provided by intermediaries to insurers is as follows: an intermediary (here all types of insurance intermediaries are meant) finds a client interested in insurance, explains to him the terms of the "insurer–policyholder" contract, answers any questions that arise and draws up an insurance contract. The company also pays the intermediary money – a certain percentage of the transaction.
Insurance Broker Toronto
A broker is a legal entity that is completely independent and primarily cares about the client. These insurance intermediaries in the insurance market of the Russian Federation appeared relatively recently, but have already gained great popularity. An insurance broker has different offers in his "portfolio" – for car insurance, for real estate insurance, and so on. In addition, for each type of insurance, the broker will almost always have both expensive policies from well-known companies and cheap ones from little-known ones. Such diversity is necessary in order to please any customer – both the one who primarily thinks about security, and the one who primarily thinks about price.
In addition, brokers assess insurance risks and, if necessary, act as insurance commissioners and regulators of conflicts between the client and the insurer. In some cases, brokers pay part of the insurance indemnity to the client upon the occurrence of an insured event.
Insurance agents.
Insurance agents represent the interests of the insurance company. They are an external network of specialists selling policies. They have no salary, all the profit comes from sales. An agent can cooperate with either one company (then he usually sells all its products) or several (then, as a rule, he focuses on one product).


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