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9 Cards in this Set
- Front
- Back
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Who are all intermediaries regulated by? |
FCA |
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What is an independent intermediary? |
Capable of offering advice on the basis of a fair market. Called an insurance brooker |
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What are the activities of independent intermediaries? |
Risk management Claim notification Recovery of uninsured losses Mid term charges Negotiating renewal |
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Who must brokers be register to? |
Lloyd's brokers |
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For a brooker to be registered to Lloyd's what must they satisfy? |
Expertise Integrity Financial standing |
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What is an appointed representative? |
Company/Person under terms of a contract will state what the person can do |
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Can an appointed rep represent more than one person? |
Yes as long as they have a contract for each principal and a multiple principal arrangement in place |
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Give examples of some non-insurance reps? |
Motor garages, freight forwarders... People who are capable of introducing business |
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What is an introducer appointed rep? |
Limited to introduction and distributing, NON-REAL TIME FINANCIAL PROMOTIONS
Brochures and proposal. They will act as a marketing channel but the insurer takes the risk and liability |
