Insurance individual (agent or broker) recognized by the insurer as the one to whom the commission is to be paid.
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The Agent of Record is that agent who is authorized to represent an insured with a designated insurance company. Normally, only the agent of record is able to obtain information about the insured from an insurance company. If an insured wishes to remain with the same insurance company but also wishes to change agents, the insured furnishes the company with an “agent of record letter” notifying the company of the new agent relationship.For example, suppose John has his business insurance with Company A and is very satisfied. However, John does not think his agent is providing the service he deserves. John finds another agent he believes will provide better service and sends an agent of record letter to Company A. Company A may then give information about John’s account to his new agent.
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US: The individual or company authorized to represent an insured in the purchase, servicing, and maintenance of insurance coverage with a designated insurer. Most insurance companies will not disclose any information or discuss an insured’s account with any agent other than the agent of record. An insured wishing to change insurance agents must submit a revised agent of record letter to the insurer authorizing them to release the insured’s information and to discuss the insured’s coverage with the new agent.