A broker is an agent who bargains and/or conducts negotiations for and on behalf of his or her principal as an intermediary between the principal and third persons in the acquisition of contractual rights. Such a broker normally receives a commission or brokerage fee for his or her services. While a broker's primary contractual duty is to procure prospects and negotiate with them on behalf of his or her principal, it is not uncommon for the broker to assume an advisory relationship to clients who are not knowledgeable in the types of contracts involved in the negotiations.
Idaho Exclusive Agreement Between Employer and Broker to Secure Group Insurance is a legally binding document that establishes a partnership between an employer and an insurance broker, specifically in the context of obtaining group insurance coverage. This agreement ensures that the employer engages the services of a reputable broker exclusively for securing insurance plans for their employees. In Idaho, there are primarily two types of Exclusive Agreements between employers and brokers for securing group insurance: 1. Health Insurance Exclusive Agreement: This type of agreement focuses specifically on health insurance coverage for employees. It outlines the terms and conditions of the relationship between the employer and the broker, such as the scope of services, commission rates, and the duration of the contract. The agreement ensures that the employer relies solely on the broker for all aspects of health insurance planning and procurement. 2. Employee Benefits Exclusive Agreement: This type of agreement encompasses a broader range of employee benefits beyond health insurance. It includes benefits such as dental and vision coverage, life insurance, disability insurance, retirement plans, and other customizable employee benefits. The agreement solidifies the broker as the exclusive intermediary to manage and secure these benefits on behalf of the employer and its workforce. Keywords: Idaho, exclusive agreement, employer, broker, secure, group insurance, health insurance, employee benefits, partnership, coverage, services, commission rates, contract, procurement, dental coverage, vision coverage, life insurance, disability insurance, retirement plans, customizable employee benefits.
