An intermediary is a third party that offers intermediation services between two trading parties. The intermediary acts as a conduit for goods or services offered by a supplier to a consumer. Typically the intermediary offer some added value to the transaction that may not be possible by direct trading.
Common usage includes the financial services industry where financial advisers offer intermediation services in the supply of financial products such as mortgage, insurance and investment products. Financial services is a term used to refer to the services provided by the finance industry. ... This article refers to advisers in the UK. Also refer Financial Planner and Financial Planning. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ... Invest redirects here. ...
In barter, an intermediary is a person or group who stores valuables in trade until they are needed, parties to the barter or others have space available to take delivery of them and store them, or until other conditions are met. In a larger sense, an intermediary can be a person or organization who or which facilitates a contract between two other parties. Barter is a type of trade that do not use any medium of exchange, in which goods or services are exchanged for other goods and/or services. ...
The Internet is creating a transparent awareness on the threats and opportunities available to automate intermediaries in many industries - see Disintermediation. In economics, disintermediation is the removal of intermediaries in a supply chain: cutting out the middleman. Instead of going through traditional distribution channels, which had some type of intermediate (such as a distributor, wholesaler, broker, or agent), companies may now deal with every customer directly, for example via the Internet. ...
Essentially, the reinsurance intermediary is a go-between, whose function it is to bring together the reinsured and reinsurer to secure a contract of reinsurance on terms agreeable to both parties.
While the reinsurance intermediary's brokerage fee is meant to compensate the reinsurance intermediary for its ongoing administrative obligations until all claims are settled, its financial incentive to continue with these tasks diminishes when the prospect of future business is eliminated by a dispute or runoff.
While the reinsurance intermediary is not typically a party to the reinsurance contract, its cooperation may be requested by the reinsured or subpoenaed by the arbitration panel.
Moreover, intermediary is more consumer-friendly than dual agency as it allows the intermediary-broker’s appointed associates to provide opinions and advice to their respective principals.
Although the intermediary provision in the listing agreements is comprehensive and explanatory of intermediary status, brokers and their agents should be well-versed in its provisions to offer additional explanation or clarification to the seller client, if necessary.
Once written notification of intermediary relationship is made, including appointment of the broker’s associates to act for the seller and buyer, the required procedures or prerequisites of intermediary are fulfilled.
Feeds |
Contact