What term designates the legal representative of an insurance company?

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Multiple Choice

What term designates the legal representative of an insurance company?

In the insurance world, the company is represented by a licensed professional who acts on its behalf. This person is called the agent. An agent is authorized to solicit, issue, and service policies and to collect premiums, and the insurer is legally bound by the agent’s actions within the scope of that authority. The insured is the person whose risk is covered by the policy, the broker represents the insured and shops for coverage with various insurers, and the policyowner is the person who owns the policy and has related rights. So, the term that designates the legal representative of an insurance company is agent.

In the insurance world, the company is represented by a licensed professional who acts on its behalf. This person is called the agent. An agent is authorized to solicit, issue, and service policies and to collect premiums, and the insurer is legally bound by the agent’s actions within the scope of that authority. The insured is the person whose risk is covered by the policy, the broker represents the insured and shops for coverage with various insurers, and the policyowner is the person who owns the policy and has related rights. So, the term that designates the legal representative of an insurance company is agent.

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