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Insurance brokers don’t work for the insurance company like agents do. When you file a claim, you do it directly with the insurance company, which handles the claims process from start to finish.
An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company. Agents generally cannot offer as broad a range of selection compared to an insurance broker.
How Does a Brokerage Account Work? A brokerage account is a financial account designed to allow investors to buy and sell investments. Think of it as a bank account you can open at a brokerage.
In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".
Gross Dealer Concession or GDC is the revenue to a brokerage firm when commissioned securities and insurance salespeople sell a product, whether it is an investment like stocks, bonds, or mutual funds, or insurance like life insurance or long term care insurance.
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A brokerage account is a type of financial account that allows you to trade investments. With a brokerage account, you can buy and sell assets such as stocks, bonds, mutual funds, CDs and ETFs.