Insurance Broker Fee (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Exclusion Clause Exclusion Clause

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Extended Warranty Extended Warranty

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Definition

The commission paid to a broker for helping you find the right policy. It is usually included in the overall cost of your insurance.

What to consider

Review cancellation terms before signing up.
Understand the fee structure and amounts.
Consider alternatives if cancellation fees are high.

Real world scenarios

After deciding to switch insurers, Mark was charged a policy cancellation fee for ending his contract early.
An individual incurred a cancellation fee when terminating a short-term policy before its expiry.
A business faced a cancellation fee when opting out of a service contract before the renewal date.

Related terms

Insurance & Financial Protection

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