Insurance broker

Insurance broker
Insurance In*sur"ance, n. [From {Insure}.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. {Assurance}, n., 6. [1913 Webster]

Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc. [1913 Webster]

2. The premium paid for insuring property or life. [1913 Webster]

3. The sum for which life or property is insured. [1913 Webster]

4. A guaranty, security, or pledge; assurance. [Obs.] [1913 Webster]

The most acceptable insurance of the divine protection. --Mickle. [1913 Webster]

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [PJC]

{Accident insurance}, insurance against pecuniary loss by reason of accident to the person.

{Endowment insurance} or {Endowment assurance}, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called {whole life insurance}.

{Fire insurance}. See under {Fire}.

{Insurance broker}, a broker or agent who effects insurance.

{Insurance company}, a company or corporation whose business it is to insure against loss, damage, or death.

{Insurance policy}, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.

{Life insurance}. See under {Life}. [1913 Webster]

The Collaborative International Dictionary of English. 2000.

Look at other dictionaries:

  • Insurance broker — Broker Bro ker (br[=o] k[ e]r), n. [OE. brocour, from a word akin to broken, bruken, to use, enjoy, possess, digest, fr. AS. br[=u]can to use, enjoy; cf. Fries. broker, F. brocanteur. See {Brook}, v. t.] 1. One who transacts business for another; …   The Collaborative International Dictionary of English

  • insurance broker — A company that arranges and negotiates insurance on behalf of clients. Practical Law Dictionary. Glossary of UK, US and international legal terms. 2010 …   Law dictionary

  • Insurance broker — An insurance broker (agent) sources (brokes) contracts of insurance on behalf of their customers.Insurance brokerage in the UKThe term Insurance Broker became a regulated term under the Insurance Brokers (Registration) Act 1977 [ [http://www.biba …   Wikipedia

  • 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. Bloomberg Financial Dictionary * * * insurance broker …   Financial and business terms

  • insurance broker — One who acts as a middleman between the insured and the insurer, and who solicits insurance from the public under no employment from any special company, but having secured an order, either places the insurance with a company selected by the… …   Ballentine's law dictionary

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  • insurance broker — noun an agent who sells insurance • Syn: ↑insurance agent, ↑general agent, ↑underwriter • Derivationally related forms: ↑underwrite (for: ↑underwriter) • …   Useful english dictionary

  • insurance broker — in surance .broker also in surance .agent n someone who arranges and sells insurance as their job …   Dictionary of contemporary English

  • insurance broker — A person who offers advice on all insurance matters and arranges cover, on behalf of the client, with an insurer Insurance brokers act as intermediaries and their income comes from commission paid to them by insurers, usually in the form of an… …   Big dictionary of business and management

  • insurance broker — also insurance agent noun (C) someone who arranges and sells insurance as their job …   Longman dictionary of contemporary English

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