Definition:Broken links
Definition:Distribution channel Definition:Intermediary Definition:Insurance broker Definition:Insurance agent Definition:Independent agent Definition:Captive agent (exclusive agent) Definition:General agent (GA) Definition:Managing general agent (MGA) Definition:Managing general underwriter (MGU) Definition:Delegated underwriting authority (DUA) Definition:Binding authority Definition:Binder Definition:Coverholder Definition:Program administrator Definition:Program business Definition:Wholesale broker Definition:Retail broker Definition:Surplus lines broker Definition:Reinsurance broker Definition:Lloyd's broker Definition:Placing broker Definition:Producing broker Definition:Broker of record Definition:Broker of record letter (BOR) Definition:Sub-agent Definition:Appointed representative (AR) Definition:Introducer appointed representative (IAR) Definition:Tied agent Definition:Multi-tied agent Definition:Bancassurance Definition:Affinity group marketing Definition:Affinity partner Definition:White-label distribution Definition:Embedded insurance Definition:Insurtech Definition:Digital distribution Definition:Direct-to-consumer distribution (D2C) Definition:Direct writer Definition:Aggregator (comparison site) Definition:Insurance marketplace Definition:Lead generation Definition:Referral arrangement Definition:Distribution agreement Definition:Agency agreement Definition:Brokerage agreement Definition:Terms of business agreement (TOBA) Definition:Commission Definition:Brokerage commission Definition:Override commission (overrider) Definition:Contingent commission Definition:Profit commission Definition:Sliding-scale commission Definition:Commission disclosure Definition:Net rate Definition:Gross rate Definition:Fee-based compensation Definition:Broker remuneration Definition:Acquisition cost Definition:Commission ratio Definition:Expense ratio Definition:Combined ratio Definition:Cost of acquisition Definition:Bordereaux Definition:Premium bordereaux Definition:Claims bordereaux Definition:Binding authority agreement (BAA) Definition:Lineslip Definition:Consortium Definition:Facility Definition:Open market placement Definition:Subscription market Definition:Lead underwriter (lead insurer) Definition:Following underwriter Definition:Slip Definition:Market reform contract (MRC) Definition:Placing slip Definition:Firm order terms (FOT) Definition:Indication Definition:Quote Definition:Quotation Definition:Invitation to tender Definition:Request for proposal (RFP) Definition:Request for quotation (RFQ) Definition:Statement of fact Definition:Proposal form Definition:Submission Definition:Risk presentation Definition:Fact find Definition:Demands and needs statement Definition:Suitability assessment Definition:Insurance product information document (IPID) Definition:Key information document (KID) Definition:Pre-contractual disclosure Definition:Duty of disclosure Definition:Material fact Definition:Utmost good faith (uberrima fides) Definition:Duty of fair presentation Definition:Best advice Definition:Advised sale Definition:Non-advised sale (execution only) Definition:Product oversight and governance (POG) Definition:Target market Definition:Product approval process Definition:Product distribution arrangement Definition:Conduct of business Definition:Treating customers fairly (TCF) Definition:Customer outcome Definition:Vulnerable customer Definition:Complaints handling procedure Definition:Insurance distribution directive (IDD) Definition:Continuing professional development (CPD) Definition:Fit and proper requirements Definition:Licensing requirement Definition:Appointment (of agent or intermediary) Definition:Register of intermediaries Definition:Cross-border distribution Definition:Freedom of services (FOS) Definition:Freedom of establishment (FOE) Definition:Passporting Definition:Third-country branch Definition:E&O insurance (professional indemnity insurance) Definition:Errors and omissions insurance (E&O) Definition:Professional indemnity insurance (PI) Definition:Fiduciary duty Definition:Duty of care Definition:Conflict of interest Definition:Client money Definition:Premium trust fund Definition:Insurer security (carrier financial strength) Definition:Admitted carrier (authorised insurer) Definition:Non-admitted carrier (non-authorised insurer) Definition:Surplus lines market Definition:Excess and surplus lines (E&S) Definition:London market Definition:Lloyd's of London Definition:Syndicate Definition:Managing agent (Lloyd's) Definition:Lloyd's coverholder Definition:Delegated authority Definition:Third-party administrator (TPA) Definition:Claims administrator Definition:Loss adjuster (loss adjustor) Definition:Premium collection Definition:Premium financing Definition:Installment billing Definition:Policy administration Definition:Policy issuance Definition:Mid-term adjustment (MTA) Definition:Endorsement Definition:Renewal Definition:Renewal retention rate Definition:Lapse Definition:Cancellation Definition:Book of business Definition:Portfolio transfer Definition:Novation Definition:Run-off Definition:Gross written premium (GWP) Definition:Net written premium (NWP) Definition:Ceding commission Definition:Fronting arrangement Definition:Fronting insurer Definition:Capacity Definition:Risk appetite Definition:Underwriting guideline Definition:Underwriting authority Definition:Binding limit Definition:Referral (to underwriter) Definition:Peer-to-peer insurance (P2P) Definition:Parametric insurance distribution Definition:Microinsurance Definition:Group insurance scheme Definition:Voluntary benefit Definition:Worksite marketing Definition:Cross-selling Definition:Up-selling Definition:Multi-channel distribution Definition:Omnichannel distribution Definition:Point-of-sale insurance Definition:Ancillary insurance intermediary Definition:Travel distribution (ancillary insurance) Definition:Motor dealer distribution Definition:Retrocession broker Definition:Wholesale market Definition:Market access Definition:Distribution footprint Definition:Pipeline (sales pipeline) Definition:Hit ratio (quote-to-bind ratio) Definition:Conversion rate Definition:Loss ratio (L/R) Definition:Persistency rate Definition:Customer lifetime value (CLV) Definition:Net promoter score (NPS) Definition:Application programming interface (API) integration Definition:Straight-through processing (STP) Definition:Electronic placement Definition:Placing platform