Which term refers to a person or corporation that solicits or negotiates insurance for an insured in exchange for a commission?

The term that refers to a person or corporation that solicits or negotiates insurance for an insured in exchange for a commission is a broker. Brokers act as intermediaries between consumers and insurance companies, working on behalf of their clients to find the best coverage options that suit their needs. They are typically compensated through commissions from the insurance policies they place.

Brokers have the responsibility of providing clients with advice and support in their insurance purchasing decisions while ensuring they understand the various products available. Unlike agents, who usually represent a specific insurance company and may have a contractual obligation to that insurer, brokers can work with multiple companies, giving them a broader view of the insurance market. This ability allows them to compare policies and premiums to find the best solutions for their clients, enhancing their role as advocates and advisors in the insurance process.

In contrast, consultants often provide expert advice on various insurance-related matters but may not necessarily facilitate the procurement of insurance policies. Adjusters deal with claims and assess damages after a loss occurs rather than in the solicitation of insurance. Agents typically represent an insurance company and act on its behalf, making them different from brokers who prioritize the interests of the insured.