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: an agent who negotiates contracts of sale (as of real estate or securities) or other agreements (as insurance contracts or mortgages) between the parties for a fee or commission compare dealer, finder NOTE: An insurance broker differs from an insurance agent in that a broker is usually considered an agent of the insured, even though he or she may receive a commission from an insurance company. A broker may sell the products of a number of insurers, and an insurer has no liability for a broker's wrongful actions (as misrepresentation or fraud). A securities broker often acts also as a dealer and so is often referred to as a broker-dealer.
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.