What is the main function of an insurance broker?

The primary role of an insurance broker is to act on behalf of clients to find and place insurance business with the appropriate insurers. Brokers analyze their client's insurance needs, advise them on suitable coverage options, and negotiate terms and premiums with insurers. This process involves understanding the specifics of the client's requirements and acquiring the best available policy to ensure adequate protection.

Brokers have a duty to their clients to provide objective advice and to find the best options available in the market, which often involves presenting the client's risk profile to multiple insurers. This places them in a crucial position in the insurance process, often serving as intermediaries that facilitate the purchasing of insurance and ensuring that clients receive the coverage that best meets their needs.

In contrast, the other choices pertain to responsibilities that are generally associated with insurers rather than brokers. For instance, deciding on the terms for accepting a risk, validating claims, and assessing risks typically fall under the purview of insurers or underwriters. The broker's role focuses primarily on placement and client representation, which fundamentally aligns with the chosen answer.