Hello there, Please find the below picture for the questions to answer. The word

Question

Hello there,
Please find the below picture for the questions to answer. The word limit is 500words so please devide on to the number of questions, you may for example use more words in one questions than the other which is fine. As long as it 500 words in total to answer all the questions. Not 500 words for each question.
AaBbCcD AaBbccDr AaBU Heading 2 Title Subtitle Sut Area 6- The role of the insurance broker What is an insurance/reinsurance broker? What are some of the key roles of an insurance broker? How can an insurance broker assist with insuring that both the insured and insurers have an equal amount of information? Are there any principles of insurance you could tie into this? Why equal information beneficial for both the insured and insurer? I 1. 2. 3. 4. 5.

Explanation / Answer

Reinsurance is insurance that is purchased by an insurance company (the "ceding company" or "cedent" or "cedant" under the arrangement) from one or more insurance companies (the "reinsurer") directly or through a broker as a means of risk management, sometimes in practice including tax mitigation and other reasons described below. The ceding company and the reinsurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay a share of the claims incurred by the ceding company. The reinsurer is paid a "reinsurance premium" by the ceding company, which issues insurance policies to its own policyholders.

The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies that sell reinsurance refer to the business as 'assumed reinsurance'.

Insurance brokers are professional advisers who work on behalf of their clients. They help clients identify their exposures and risks by understanding their business, to determine what needs insuring and what can be managed in other ways. Insurance brokers may specialise in specific types of insurance or industries. Similar to a mortgage broker not being the actual lender, insurance brokers are not the insurer, but liaise with the insurers on behalf of their client.

There are seven principles of insurance :-

Equal information beneficial for both because it helps in avoiding future conflicts between them anh in better serving to the customer needs and satisfaction.

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