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A registrar agent is designated by an insured to represent them in insurance coverage. They have legal authority to act on behalf of the insured, handle policy issues, and collect commissions. The contract authorizes the insurance company to release information to the AOR, and changing agents requires a signed document. The powers of a registered agent may vary depending on regional laws, and standardized forms may be required to change agents.
A registrar agent (AOR) is the person or company designated by an insured to represent them in terms of insurance coverage. This individual enters into a contract with an insurance agent which gives him permission to act on behalf of the policyholder. The transaction usually occurs in the context of the agent selling an insurance policy to the person. The registrar agent has the legal authority to act on behalf of the insured and it is common practice for insurance companies to communicate only with this person.
Typical powers a registered agent might have include buying and maintaining insurance coverage for the policyholder. An AOR is also responsible for handling any issues or questions about the policy. Perhaps even more important from the agent’s point of view, this individual has the right to collect commissions from the sale and handling of the insurance policy to the policyholder.
Essentially, the contract between the policyholder and the registrar agent authorizes the insurance company to release information about the policyholder’s insurance policies to the AOR. If a contractor wishes to change his agent, he must sign a document appointing a new one. Once the policyholder has signed such a document, the new agent will have the legal authority to act on behalf of the policyholder with respect to any insurance policy. The new contract gives the individual permission to access all information about the person’s insurance policies and to manage the policies from then on. This contract also automatically revokes the previous individual’s statutory powers to act on behalf of the insured.
The powers of a registered agent to act on behalf of a policyholder may vary according to the insurance laws of a particular locality. Therefore, it may be able to take certain actions on behalf of an insured in one location that an agent cannot take in another. Furthermore, the requirements that an insured person must possess in order to change agent also depend on regional laws. Many places have standardized forms that policyholders must use to change their enrollment agents; these are often referred to as letter-of-registration agents. Whether the law requires the use of a certain form, again, will vary from place to place.
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