Posted in Finance, Accounting and Economics Terms, Total Reads: 365
Definition: Broker Of Record
Broker of Record is an agent to manage the policies on behalf of the policy holder. He/she represents the policy holder and caters to the insurance requirements of the policy holder. He may represent an individual or can also manage the insurance policies of the employee of the company.
He/she would receive insurance notices and quotes and recommend new policies to the policy holder. He/she is generally hired on commission basis and gets remuneration commensurate to the policies executed in the month. He acts a liaison between the insurance company and the policy holder. He holds a broker of record letter to legally establish his relationship to the policy holder.