The complexity of insurance contracts
Tuesday, May 6, 2008 | | |Insurance policies can be complex and some policyholders May not include all the rights and guarantees included in a policy. Accordingly, people buy May policies adverse conditions. In response to these questions, many countries have adopted detailed regulations and rules governing all aspects of insurance business, including minimum standards for policies and how they will be advertised in May and sold.
Many institutional buyers insurance buy insurance through an insurance broker. The brokers represent the buyer (not the insurance company), General Counsel and the buyer on guarantees, limits. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best price and coverage possible.
Insurance May also be purchased by an agent. Contrary to a broker who represents the police, an agent represents the insurance company from which the policyholder buys. An agent may represent more than one company.
Many institutional buyers insurance buy insurance through an insurance broker. The brokers represent the buyer (not the insurance company), General Counsel and the buyer on guarantees, limits. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best price and coverage possible.
Insurance May also be purchased by an agent. Contrary to a broker who represents the police, an agent represents the insurance company from which the policyholder buys. An agent may represent more than one company.
To better understand the insurance contact it is suggested that a broker or an insurance adviser helps. But as people are moving towards internet, more and more people are buying insurance policy online rather than an agent. Online way do has its own benefit but shopping through an agent is yet another a nice experience.
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