Who is responsible for representing several insurance companies and owning the records of sold policies?

The independent agent is responsible for representing several insurance companies and maintaining the records of sold policies. This type of agent operates on a more flexible basis compared to exclusive agents, who only represent one insurance company. Because independent agents work with multiple insurers, they can offer clients a wider variety of policy options to choose from, catering to different needs and preferences.

Independent agents not only have the responsibility of selling policies but also manage the administrative tasks associated with those policies, including record-keeping. This enables them to provide ongoing support to clients, such as assisting with claims or policy changes, which enhances the client-agent relationship.

In contrast, exclusive agents typically work for one insurer and thus do not have the capability to offer the same range of options as independent agents. Direct response agents primarily engage in selling insurance directly to consumers through channels like mail or online, without a personal sales agent involved. Principal agents may refer to those who have a similar role to exclusive agents or may not be as clearly defined in the context of insurance distribution.