The Insurance Company or Insurer:

Formulates or designs insurance products which are publicized to the public or the prospective insurance market. This will be done through various avenues; like brochures, pamphlets, advertisement through newspapers, radio, television, and insurance agents.

The Insurance Agent or Agents:

They represent the insurance company or Insurers as contracted representatives to approach the insuring public and to obtain insurance applications. They form direct and personal representation of the Insurer or insurance company. They work under the Marketing department/division of the insurer. Agents form the main avenue through which insurance companies present their products to the market.

The Insurance Broker or Brokers:

They are independent businesses whose role is to advise and secure insurance service for their customers. They do not work under any insurer. They are agents of the Insured and therefore their responsibility is to their customers.

The Beneficiary:

Usually refers to one who receives the guarantee. In some contracts it is the Insured while in others it is next of kin or a named individual or organization.