Broker Of Record

AAA

DEFINITION of 'Broker Of Record'

In insurance, a broker of record is an agent designated by the policy holder to represent and manage the policyholder's insurance policy. The broker of record may receive copies of all communications to the policy holder and may receive all quotes, policies and notices on behalf of the policy holder. They may also obtain and evaluate insurance quotes and policies and recommend changes to existing policies.

INVESTOPEDIA EXPLAINS 'Broker Of Record'

A broker of record can serve an individual or may assist a company, for example with handling the health insurance policies of its employees. In return, the broker of record may earn a monthly commission from the health insurance company. A broker of record letter is used to legally establish the relationship between the broker, policyholder and insurance company. Such a letter can be used to designate a broker of record for the first time or to replace an existing broker of record with a new one.

RELATED TERMS
  1. Outside Broker

    1. A real estate salesperson and deal facilitator who works for ...
  2. Agent

    1. An individual or firm that places securities transactions ...
  3. Commission

    A service charge assessed by a broker or investment advisor in ...
  4. Broker

    1. An individual or firm that charges a fee or commission for ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Agency Broker

    A broker that acts as an agent to its clients. When acting as ...
Related Articles
  1. 15 Insurance Policies You Don't Need
    Insurance

    15 Insurance Policies You Don't Need

  2. Buying Private Health Insurance
    Insurance

    Buying Private Health Insurance

  3. Using Logic To Examine Risk
    Active Trading Fundamentals

    Using Logic To Examine Risk

  4. Rental Property: Getting Rich Means ...
    Investing Basics

    Rental Property: Getting Rich Means ...

comments powered by Disqus
Hot Definitions
  1. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  2. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  3. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  4. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  5. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  6. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
Trading Center