What is a BOR for insurance?

In insurance, a broker of record is an agent designated by the policyholder to represent and manage a policyholder’s insurance policy. A broker of record may receive copies of all communications to the policyholder and may receive all quotes, policies, and notices on behalf of the policyholder.

What is Record Service agent?

ICON’s AOR services enable companies to contract, pay, and manage their sub-vendors under one central contract. The result is an enterprise-wide process with consolidated billing and minimal administration, delivering significant cost savings and process efficiencies.

What type of agent is a life insurance agent?

Life insurance agents are licensed professionals who sell life insurance. They will work for an insurance company and sell policies “carried” by that insurance company, or can work more independently and are able to sell life insurance from a range of companies.

Why do I need an agent of record?

Often, people or companies hire agents of record so that they do not have to do the work themselves of dealing with their insurance policies. This helps the policyholders save time. Because agents of record have the legal authority to act on behalf of the client, insurance companies can deal directly with them.

What do you need to know about agent of record?

An agent of record is a company or individual who has the legal authority to represent the insured in maintaining, servicing, and purchasing an insurance policy. Often, people or companies hire agents of record so that they do not have to do the work themselves of dealing with their insurance policies.

What is a broker of record (Bor) letter?

A broker of record letter, also known as a “BOR” letter, or agent of record letter, is a letter that tells an insurance carrier that you have chosen a particular insurance broker to manage your insurance policies and handle your business insurance situation. 1

What is a broker of record insurance?

Broker Of Record. In insurance, a broker of record is an agent designated by the policyholder to represent and manage a policyholder’s insurance policy. A broker of record may receive copies of all communications to the policyholder and may receive all quotes, policies, and notices on behalf of the policyholder.

What is a broker of record change?

Broker Change of Record is used to indicate that the submission has been lost to or acquired by another brokerage or MGA.