What is the difference between insurers, brokers, MIPs and agents?

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    Keymaster

    Insurance agents generally represent insurance companies and assist insurers in selling their products. Insurance brokers on the other represent insurance buyers. As representatives from the buyer’s side, insurance brokers are independent professionals and take responsibility for their negligent acts. Medical insurance providers act as brokers for medical insurance business only. MIPs may also manage funds on behalf of their clients.

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