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An agent of record (AOR) is an individual or legal entity with a duly executed contractual agreement with an insurance policy owner in line with the prevailing legal norms and regulations of the region in which the contract was entered. The agent of record has a legal right to receive commissions from the respective insurance policy.
Originally named Agent Company Operations Research and Development (ACORD), the organization's initial goal was to standardize the many proprietary forms being used by carriers for new business and claims submission. [2] In the late 1970s, ACORD began developing electronic standards to complement its form standards.
A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible. Insurance may also be purchased through an agent. A tied agent, working exclusively with one insurer, represents the insurance company from whom the policyholder buys (while a free agent sells ...
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