Legal Definitions - record agent

A record agent is another term for an insurance agent. This professional acts as a representative for one or more insurance companies, authorized to sell and manage insurance policies on their behalf. A key aspect of their role involves maintaining accurate and comprehensive records of client policies, premium payments, policy changes, and other essential transaction details. They serve as an intermediary, helping individuals and businesses understand their insurance options, apply for coverage, and ensure their policy information is correctly documented and up-to-date with the insurer.

• Example 1: Auto Insurance Purchase

  Sarah wants to buy a new auto insurance policy for her car. She contacts a local insurance professional, Mark, who works for "SafeDrive Insurance Co." Mark explains different coverage options, helps her complete the application, and processes her first premium payment.

  Explanation: Mark is acting as a record agent. He not only facilitates the sale of the policy but also creates and maintains the official records of Sarah's policy details, coverage limits, vehicle information, and payment history within SafeDrive Insurance Co.'s system. This meticulous documentation is crucial for both Sarah and the insurance company.

• Example 2: Business Liability Policy Renewal

  "Bright Ideas Marketing," a small consulting firm, needs to renew its general liability insurance policy. Their existing agent, Lisa, from "Business Shield Insurance," contacts them to review their current coverage, discuss any changes in their business operations, and process the renewal paperwork and premium.

  Explanation: Lisa functions as a record agent for Bright Ideas Marketing. She is responsible for ensuring that the firm's updated business information, renewed policy terms, and premium payments are accurately recorded and transmitted to Business Shield Insurance. Her diligent record-keeping ensures continuous coverage and proper documentation of the policy's history.

• Example 3: Life Insurance Policy Update

  John, who purchased a life insurance policy five years ago, recently got married and wants to update his beneficiary information to include his spouse. He reaches out to his original insurance agent, Maria, at "FutureSecure Life." Maria guides him through the necessary forms and ensures the change is officially registered with the insurance company.

  Explanation: Maria is serving as a record agent by facilitating the update to John's life insurance policy. Her role involves accurately recording the change in beneficiary information, submitting the updated records to FutureSecure Life, and ensuring that the official policy documents reflect John's new wishes. This demonstrates the agent's ongoing responsibility for maintaining precise client records beyond the initial sale.