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LSDefine
Simple English definitions for legal terms
record agent
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A quick definition of record agent:
A record agent is someone who is authorized by an insurance company to sell its insurance policies. They are also known as insurance agents or producers. A general agent has the power to make insurance contracts on behalf of an insurer, while a special agent's powers are usually limited to soliciting applications for insurance, taking initial premiums, and delivering policies when issued.
A more thorough explanation:
A record agent is a type of insurance agent who is authorized by an insurance company to sell its insurance policies. They are also known as insurance agents or producers.
- General Agent: An agent with the general power of making insurance contracts on behalf of an insurer.
- Special Agent: An agent whose powers are usually confined to soliciting applications for insurance, taking initial premiums, and delivering policies when issued.
For example, a general agent may have the authority to negotiate and sign insurance contracts on behalf of the insurance company, while a special agent may only be able to sell policies and collect premiums.
Overall, a record agent is an important intermediary between insurance companies and customers, helping individuals and businesses find the right insurance coverage to meet their needs.