Definition of Brokerage:
Brokerage business, in the insurance context, refers to companies that connect insurance companies and potential customers to help individuals and businesses find a good value insurance policy for their specific needs. Insurance brokers are usually the people who represent them in this work.
You can define Brokerage as,
The commission was received by the broker for keeping the insurance risk from the insurer. In practice, the insurer pays the broker a gross premium. It also means store or agency office.
Brokerage means: The commission is paid to a broker for entering into an insurance or insurance contract with the insurance company. Compare service costs. Although the insured pays an intermediary fee as part of the aggregate premium, the insurer agrees to the medium amount. The insured can ask their broker to show the value of the broker for a particular investment. Similar considerations apply to insurance. Sometimes the term broker can be used to refer to a brokerage firm.
Meanings of Brokerage
Companies or departments that act as intermediaries.