Study 7 - Definitions Flashcards

(4 cards)

1
Q

broker 

A

A licensed independent person or firm who acts on behalf of an insured in placing business with insurance companies.

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2
Q

wholesale broker 

A

A broker who acts as an intermediary between a retail agent or broker and an insurer, often possessing specialized expertise in a particular line of coverage.

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3
Q

bordereau 

A

An itemized list or summary of insurance or reinsurance premium or loss transactions.

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4
Q

agent 

A

A person licensed and authorized or employed to act on behalf of another.

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