explain the functions of insurance brokers
Answers
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Explanation:
The primary function of insurance brokers is to obtain agreement and understanding between insured and insurers in order to effect (or ‘place’) appropriate insurance cover pursuant to the instructions of its client.
This primary function is carried out as an agent of the insured but brokers also carry out various other tasks. Whether the broker is agent of the insured or insurer depends on the nature of the task. Brokers may also assume responsibility to underwriters under delegated authority arrangements, such as administering a binding authority or lineslip. In doing so, however, the broker will be acting as an agent of the insurer. For guidance as to the distinction between an insurance agent and an insurance broker, see Practice.