Insurance broker


 

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Insurance broker

A person specialising in insurance matters and who gives advice on the subject as well as arranging cover. Remuneration would normally be by way of commission from the insurer.

Insurance broker

A broker, independent of any insurance company, who represents the interests of the buyer in searching for insurance coverage at the lowest cost and providing the highest benefit to the buyer.



Insurance broker

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Insurance premium tax

A tax imposed on certain insurance premiums where the risk is located in the UK.


Insurance policy

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A contract detailing an insurance policy and outlining what risks are insured, what insurance premiums are to be paid by the policyholder, what deductibles prevail, and all the details associated with a policy.


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Insurance which covers against liability which the insured may incur to another person. Every driver in the UK has to be covered for third party motor insurance. If the you damage someone else's car, or injure someone, your third party insurance will pay for any damages you have to pay to the third party, but you will only be able to claim for damage to your own car if you have 'comprehensive' insurance.


Whole life insurance

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In the US, a life insurance policy, with level premiums, which provides a stated benefit on the death of the life insured and a savings element which accumulates a cash value. The dividends or interest are allowed to build up tax-deferred. The insured is able to redeem the cash value or borrow against it in what is known as a policy loan. Any part of a loan which is unpaid at the death of the insured is deducted from the face value.


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Homeowners insurance policy

An insurance policy protecting a homeowner against damage or loss to property.


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