General insurance The Duties of a Broker

[Mataracy]

In insurance there are some duties that Insurance Brokers must perform and some of these are:

Duty to respect the confidence of the principal:
A broker being a professional and an agent is under a legal duty to respect the confidence of his client; and must not disclose, abuse or misuse any confidential information received about the client's affairs without his consent.

Duty to pay over premiums to the insurer:
Insurance premiums paid to the broker by a client must v remitted to the insurer without delay.

Duty not to give negligent advice:
The broker is expected to exercise due care and skill in advising his client on all insurance and related matters in respect of which he claims expertise. Therefore in advising his client as to who to insure with, the broker must take due care.

Duty as to the choice of insurer:
The broker, being an insurance expert is expected to be famliar with the insurance market.
He is expected to know everything about the market including the best insurance companies and the the specialists in different types if risks.

What are the duties of a brokers that you know?

 

[Wisdom01]

Yeah broker must be honest too in carrying out it's duties and also put the insurer through in any areas he or she is finding difficult to understand ,since many have stopped working with many insurance broker due to poor communication and many other factors ,these are the qualities I think the should follow

 

[Good luck]

All the mentioned or listed duties of brokers are very essential and vital information that makes one a good insurance or a good customers to the company.one must learn to follow the rules and regulations guiding or that are abide in such an insurance company.y you must also be very intelligent and also have skills in partnering with an insurance broker.

 

[Nite]

Nicely elaborated. An insurance broker is regarded as a specialist in insurance and risk management. They act on behalf of their clients while also providing advice in the interests of their clients. A broker helps you to identify your individual risk and lets you decide what to insure, and how those risks can be managed in different ways.

 

[Lens1000]

Before buying an insurance policy it's very important to seek advice from the broker. The broker will guide you on the does and don't of the insurance policy. It is also important to know the coverage of the policy you want to buy. I have seen insurance institutions promoting policies with false information just to lure people. I have fall victim of one. This is the reason why it's important to consult a broker.

 

[btaliat]

Though one can go into insurance without mentors but the best of it is to go into it with the guidance of a good mentor. The essence and the importance of these brokers cannot even be emphasized. They are there to advice and even put the insured through when there is some technical situations.

 

[Mandy96]

In my opinion. I think the most important duty of a broker is the duty to negligent advice whereby the broker is expected to give the client a very good advice that the client will not regret wether now or later because the decision of the client with the insurance company will become a contract

 

[Jamoflondon]

I think this is very important to analyze because a lot of people do mix this up not being able to differentiate the main difference between a broker and an agent but if I must confess I think there is so much similarities between the two but I think you need to understand that a broker takes the responsibility of the clients decisions