Brokerage Department

  

They do the dirty work. The brokerage department is the team within an insurance company that brokers deals for super specialized or otherwise hard-to-insure clients.

When Evel Knievel needed insurance, he could get basic motorcycle coverage from his insurance company, but needed to work with the brokerage department for add-on coverage related to all of his death-defying stunts.

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Finance: What is a Floor Broker v. Floor...13 Views

00:00

Finance allah shmoop What is ah floor broker versus a

00:06

floor trader All right Well here's a floor fixer and

00:11

here's a floor broker but okay Shocking a floor broker

00:16

Brokers stocks on the floor of a stock exchange Right

00:22

Well here's the new york stock exchange here's its floor

00:25

These guys down here they're floor brokers That is they're

00:28

trading stocks and other securities on behalf of their clients

00:32

Basically this is the scene from trading places with eddie

00:36

murphy Great old film Old rich white guys in a

00:39

building up here Call down to their guys on the

00:41

floor who execute their bidding All right well it's a

00:44

bunch of brokers all trading their clients stocks right here

00:47

and here And here and here and here all over

00:49

the world within among each other So that money is

00:52

well pushed around thoroughly like that Cato's in grandma's hash

00:55

browns recipe Note that a floor broker is different from

00:58

a floor trader Who although he or she works on

01:02

the floor of an exchange also makes trades as a

01:05

principal for his or her own account So yeah that's

01:08

floor broker No jackhammer required Thank you very much Go

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