Which of the following best defines a retail client?

A retail client is best defined as an individual or entity seeking to acquire general insurance. This definition encompasses the typical profile of a retail client, which generally includes consumers seeking insurance products for personal use or for their small business needs. Retail clients are distinct from wholesale clients, who are usually larger entities or businesses that operate at a different level in the market.

In the context of the insurance industry, retail clients typically interact directly with insurance providers or brokers to purchase policies that meet their individual or small business needs. They do not require the same level of tailored services or intricate insurance arrangements that larger businesses or institutional clients might need.

The other options refer to situations or criteria that do not align with the definition of a retail client. Businesses with over 20 employees may often be considered as commercial or wholesale clients, while entities with a net worth exceeding a million may indicate high-net-worth individuals or institutional clients instead of a retail client setup. Likewise, a business dealing with wholesale products does not imply a retail client but rather signifies a different operational structure that focuses on distribution rather than end-user sales.