bancassurance

Definition

The sale of insurance and other similar products through a bank. This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan, the consumer could purchase the insurance directly from the bank. Some critics feel that bancassurance gives the bank too much control. Bancassurance is not legal in all countries, but it is legal in the United States.

Use bancassurance in a sentence

More prevalent in Europe, bancassurance is a profitable partnership for both the bank and the insurance company because it gives the insurance company a customer base to sell the product to while the bank takes a portion of the insurance company's profit.

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BAM bancassurer