Be an informed consumer and check with the Department of
insurance if you have questions about the insurance company
your broker-agent ahs recommended or appropriateness of the
transaction.
Make certain that you have in writing, exactly what coverages
you have purchased, the name of the insurance company, the
amount pf the deductibles(if any), policy exclusion, total
premiums due, and when your coverage will take effect copies
of any premium finance arrangements that have been put in
place on your behalf. You don’t want to experience an insurance
claim at a time when you have no coverage in effect.
Glossary
Agent – A licensed individual or organization
authorized to sell insurance by or an behalf or insurer.
Binder – A binder is a temporary or preliminary
agreement which provides coverage, generally valid for no
more than 90 days until a policy can be written or delivered.
Broker – A licensed individual or organization
who transacts insurance on your behalf and who may charge
a broker fee for their services and as such, the broker would
not be appointed by the insurance company.
Broker Fee Agreement – A written agreement
that outlines the amount of a broker fee and specifically
what services will be rendered by a licensed broker-agent
for that fee.
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