Wholesale & Retail Brokers Flashcards
1
Q
Who is a Wholesale Broker acting on behalf of?
A
a retail or producing broker
2
Q
Who does a Wholesale Broker have contact with?
A
has direct contact with the insurer. They can also have contact with the client if they are the only broker in the chain.
3
Q
A broker arranging contracts of insurance directly on behalf of the insured or policyholder is a?
A
retail broker
4
Q
What is the role of a Retail broker when accessing a different market to the one in which they operate (such as Lloyd’s or in a different country)?
A
the producing broker or sub-broker
