Insurance brokers converse with various insurance industries, intending to market these insurance companies for a commission in turn. In a simpler language, they act as agents of their clients. For instance, I may have a house and looking for insurance cover to curb a certain risk. If I do not have the time to visit insurance companies, I will contact an insurance broker to help me find a suitable insurance company. The broker will ask me the cost of the house, all installations in it, and the possessions stored inside. The broker will then use the information to get a suitable insurance company. If i buy that insurance cover, the broker will get a commission from the insurance company for marketing their service. Some of the things one will learn as a trainee are:
Proper conduct and code of ethics
As an insurance broker, you will be working with various clients and several insurance industries. Ethics and code of conduct are key to a good reputation. In the insurance broker license training, you will get to know they know how to deal with your clients, the rules to follow, what to do and what to avoid, and the manner to address them.
The several clauses of an insurance policy
Insurance covers are subjects to certain clauses. Insurance broker license training will equip you with knowledge on these clauses. As a broker, some of the clauses concern you, for instance, utmost good faith. Utmost good faith states that the information you obtain from your client and give to the insurance company should be true. You have to obtain accuracy from the client before forwarding it to the Insurance company.
The different insurance covers that exist
As a member of the insurance broker license training, you will learn the various insurance policies that exist in the insurance industry. An example is property insurance, where your property is insured based on several insurance clauses. You will also get to know that there’s a “life insurance cover,” but since one can ensure life, it is called a life assurance cover. In such a cover, if the cover owner dies within a specified period, the next of kin will benefit.
Insurance broker work can be addressed as self-employment where these brokers are accountable for their actions. As you opt to use a broker, know that they do not handle claims, but they can offer advisory services regarding claims to you as their client.