What Does Agent Of Record Mean?
An agent of record is a company or individual who has the legal authority to represent the insured in maintaining, servicing, and purchasing an insurance policy.
Insuranceopedia Explains Agent Of Record
Often, people or companies hire agents of record so that they do not have to do the work themselves of dealing with their insurance policies. This helps the policyholders save time. Because agents of record have the legal authority to act on behalf of the client, insurance companies can deal directly with them. However, insurance companies usually will not deal with other people who are not authorized agents of record for the initial insured party. An insured may change an agent of record through official means, which often requires submitting a formal document authorizing the release of information and discussion about their insurance policies with the newly designated agent of record.