What does Resident Agent mean? Read on to discover the definition & meaning of the term Resident Agent - to help you better understand the language used in insurance policies.
A resident agent (or statutory agent) is a licensed insurance broker who works in the state where they reside. Resident agents are licensed to sell insurance in the state in which they live and nowhere else.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Resident Agent. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: