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Insurance Jargon

fteebee is an independent Rating Service that allows the consumer to rate his or her Insurer and/or Financial Advisor

A broker, agent, intermediary, or any other person or entity authorised to provide advice and sell insurance products.

An insurance agent works for one (sometimes more than one) insurance company, and only sells products offered by that company.  An agent is therefore not really independent (which does not necessarily mean that the products he sells are not good).

The person who receives the benefits from the policy.  A policy may have more than one beneficiary.

A broker is an independent advisor, and can sell the products of any insurer that s/he has a contract with.

A broker, agent, intermediary, or any other person who is authorised to provide advice and sell insurance products.

A term used in Life Assurance and Pension Insurance where the payment of a benefit is linked to the survival, death, or well-being of a named person (the Life Assured) in the insurance contract.  Also called Insured Person or Life Insured.  A policy may have more than one Life Assured.

The person (or legal entity) who takes out the policy and enters into a formal contract with the Insurer. A policy may have more than one policyholder.

The person (or legal entity) who pays the premium, typically the policyholder.  A policy may have more than one premium payer.

A tied agent sells the products of a limited number of insurance companies, and is therefore not completely independent (which does not necessarily mean that the products he sells are not good).

fteebee is an independent organisation set up to fight for a clean and fair insurance industry. Our aim is to help you, the consumer, choose the best Insurer and/or Financial Advisor, and assist you in buying the right product at the right price.