What Does Resident Agent Mean?
A resident agent (or statutory agent) is a licensed insurance broker who works in the state where they reside. Resident agents are licensed to sell insurance in the state in which they live and nowhere else.
Resident Agent
Advertisement
Insuranceopedia Explains Resident Agent
Insurance laws in the U.S. are based on state regulation. So, most insurance professionals, including brokers, are only licensed in their state.
A resident agent is, in a general sense, the company representative for the state.
Related Question
What is an independent insurance agent?Advertisement
Synonyms
Statutory Agent
Share this Term
Related Reading
- What Is an Insurance Broker?
- 5 Questions to Ask Before Choosing an Insurance Agent
- Buying Versus Leasing a Car: Which Is Better?
- From the Experts: Top Tips for Saving Money on Your Insurance
- CLUE Yourself In: How Your Claims History Informs Your Insurance Future
- Hazard Insurance: Is Your Home Protected?
