What is "insurance broker"

Insurance \In*sur"ance\, n. [From Insure.]

1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6.

   Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy.
   --Johnson's Cyc.

2. The premium paid for insuring property or life.

3. The sum for which life or property is insured.

4. A guaranty, security, or pledge; assurance. [Obs.]

   The most acceptable insurance of the divine protection.
   --Mickle.

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury.

   Accident insurance, insurance against pecuniary loss by reason of accident to the person.

   Endowment insurance or Endowment assurance, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called whole life insurance.

   Fire insurance. See under Fire.

   Insurance broker, a broker or agent who effects insurance.

   Insurance company, a company or corporation whose business it is to insure against loss, damage, or death.

   Insurance policy, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.

   Life insurance. See under Life.

Broker \Bro"ker\ (br[=o]"k[~e]r), n. [OE. brocour, from a word akin to broken, bruken, to use, enjoy, possess, digest, fr. AS. br[=u]can to use, enjoy; cf. Fries. broker, F. brocanteur. See Brook, v. t.]

1. One who transacts business for another; an agent.

2. (Law) An agent employed to effect bargains and contracts, as a middleman or negotiator, between other persons, for a compensation commonly called brokerage. He takes no possession, as broker, of the subject matter of the negotiation. He generally contracts in the names of those who employ him, and not in his own.
   --Story.

3. A dealer in money, notes, bills of exchange, etc.

4. A dealer in secondhand goods. [Eng.]

5. A pimp or procurer. [Obs.]
   --Shak.

   Bill broker, one who buys and sells notes and bills of exchange.

   Curbstone broker or Street broker, an operator in stocks (not a member of the Stock Exchange) who executes orders by running from office to office, or by transactions on the street. [U.S.]

   Exchange broker, one who buys and sells uncurrent money, and deals in exchanges relating to money.

   Insurance broker, one who is agent in procuring insurance on vessels, or against fire.

   Pawn broker. See Pawnbroker.

   Real estate broker, one who buys and sells lands, and negotiates loans, etc., upon mortgage.

   Ship broker, one who acts as agent in buying and selling ships, procuring freight, etc.

   Stock broker. See Stockbroker.

n. an agent who sells insurance [syn: insurance agent, general agent, underwriter]

An insurance broker (also insurance agent) sells, solicits, or negotiates insurance for compensation. The largest insurance brokers in the world, by revenue, are Marsh & McLennan, Aon Corporation, and Arthur J. Gallagher & Co and Willis Group.