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Author Question: What is the difference between an insurance broker and an insurance company? What will be an ... (Read 65 times)

Sportsfan2111

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on: Jul 26, 2018
What is the difference between an insurance broker and an insurance company?
 
  What will be an ideal response?

Question 2

How does a construction company transfer some of its risk by purchasing insurance policies?
 
  What will be an ideal response?


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jsm54321

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Reply #1 on: Jul 26, 2018
Answer to Question 1

An insurance broker is an agent who advises a construction company on the development of a comprehensive insurance program and procures needed insurance policies. An insurance company issues insurance policies and establishes premium rates.

Answer to Question 2

The construction company executes a contract with an insurance company by purchasing an insurance policy. The policy is a two-party contract under which the insurance company promises, for a fee, to assume financial liability for specific losses or liabilities of the construction company for a specified period of time.


Sportsfan2111

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Reply 2 on: Jul 26, 2018
YES! Correct, THANKS for helping me on my review

meow1234

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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