Who's ultimately responsible for determining the role a licensee is expected to play in any transaction?

1 answer:

6 0

The broker of record is ultimately responsible for determining the role a licensee is expected to play in any transaction.

When an insurance company pays an agent a monthly commission to manage and represent a policyholder's insurance policy, that agent is known as a broker of record. Two parts of this position include liaison work for the policyholder and communication.

A broker of record in the context of insurance is an agent chosen by the policyholder to represent and administer the policy. All correspondence to the policyholder may be copied by the broker of record, who may also accept quotations, policies, and notices on the policyholder's behalf. One of the most potent and frequently misused legal documents in the insurance sector is the Broker of Record (BOR) letter. Unfortunately, a lot of unethical brokers get uninsured people to sign this.

To know more about Broker of Record refer to: brainly.com/question/24278535

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