broker
An insurance intermediary who/that represents the insured rather than the
insurer. Since they are not the legal representatives of insurers, brokers,
unlike independent agents, often do not have the right to act on behalf of insurers,
such as to bind coverage. While some brokers do have agency contracts with some
insurers, they usually remain obligated to represent the interests of insureds
rather than insurers. For example, some state insurance codes impose a fiduciary
responsibility to act on behalf of their customers or provide full disclosure
of all their compensation from all sources. See also
agent.