ZIMSEC O Level Commerce Notes: Insurance: Functions of insurance brokers
Functions of insurance brokers.
- They bring into contact the public seeking insurance cover and insurance companies.
- Are agents of insurance companies.
- Gather information on insurance companies or types of policies that these offer.
- Give expert advice to prospective policyholders.
- Advise on how losses can be avoided.
- Obtain several quotations from different insurance companies.
- Choose the best policy for their clients.
- Obtain the best terms for their clients.
- Assist clients with the completion of proposal forms.
- Effect a policy for a client.
- Charge commission on contracts made.
- Assist clients in claiming compensation.
- Arrange re-insurance for clients.
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