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Glossary
Market and regulation

Objective analysis

Obligation of the broker to advise based on a sufficient number of market contracts and with professional, not commercial, criteria.

In practice

This is what legally distinguishes a broker from an agent: the former is accountable to the client, the latter represents their company. The difference is noticeable on the day a claim rejection needs to be discussed.

Related terms

Insurance brokerIndependent mediator who advises the client, negotiates with the market on their behalf and assists them throughout the life of the contract, including the claim.Insurance agentMediator who distributes insurance on behalf of one or several insurers, with whom they maintain an agency contract.Directorate General of Insurance and Pension FundsBody of the Ministry of Economy that supervises insurers and mediators, and resolves policyholders' claims.ActuaryProfessional who applies statistical and financial methods to the calculation of premiums, provisions and solvency of an insurer.Market capacityVolume of risk that the group of insurers and reinsurers is willing to assume in a branch and at a given time.CoinsuranceSharing of the same risk among several insurers, each with its own percentage and independent responsibility.
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