Many times, it has come across through the heart of many as regards insurance Intermediaries and many questions has run through their hearts and most of the frequently asked questions are;
- What exactly does the term insurance Intermediaries means and how can we relate it to an insurance firm?
- What is exactly their duties to be carried out during an insurance company or policy?
- Do they have any right as regards bridging a contract?
- Can they (Insurance Intermediaries) also facilitate Claims?
- What is the probability of meeting up with an impersonated Intermediary?
- Can there be a support system through this insurance Intermediaries?
- When do you as a proposed insured then to catch up with these insurance Intermediaries?
- Does Insurance Intermediaries represents a particular insurance firm?
Insurance Intermediaries are said to be those individuals that serve as a bridge between the proposed insurers who happen to be the customers and the insurance firms. Another name that we could also ascribe to this individuals are the insurance agents, cooperate banks and brokers as well insurance marketing firms. Insurance Intermediaries can also include the survey or be called the third party Administrators. However the Intermediaries are not involved in the procurement of businesses. It can also be aid that the third party agents also creates and provides services such as health insurance for some insurance firms. It has however been advised that when dealing with an insurance Intermediaries, it is important that the proposed insured should be careful and make the necessary inquiries as regards the Intermediaries else such customer may be duped for his or her premium. Mr Henry Dennis made an advised that for every Intermediaries in insurance firm, there ought to be a means of Identification for there to be a reduced rate of impersonation. However, despite Intermediaries can also be referred to as an insurance broker, cooperate agent or Insurance agent; it is worthy to note that they differ in their Functions but are under a particular umbrella known as the Insurance Intermediaries. It is important that at this point, we know their different functions.
Insurance Agent:
When we talk about the term agent, they are referred to as the people whom by law are licensed by the respective authority to solicit and procure insurance businesses including the business as it relates to continuance, renewal, revival as well as maintenance of the policies of the business. In insurance term agents can also be referred to as Intermediaries.
Cooperate Agent:
A cooperate agent can be referred to as Intermediaries other than individuals, they can be a firm, registered company etc. though under these kind of insurance Intermediaries, there is someone known as the Officer than stands to represent in the marketing firm.
Insurance Broker:
This particular individual is licensed by IRDAI; his duties are to arrange insurance contracts with some insurance companies on the behalf of their respective clients.
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