What Is Binding Agreement In Insurance

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But what if the agent represents more than one company? Which one is related? As a general rule, courts are looking for a method to assign responsibility according to the usual method of distribution of the business by the agent. Or if this cannot be determined, the relevant losses can be shared equally between companies. However, most officers keep records of their communications with policyholders, including the person who is expected to provide coverage. Michael Hoffmann is a senior research analyst specializing in insurance. Previously, he was The Technology Editor at The Economist Intelligence Unit and previously held ETF and equity analyst positions focused on new technologies such as artificial intelligence, cybersecurity, and cloud computing. .