A person licensed as a broker/agent is responsible for what?

A person licensed as a broker/agent is responsible for acting as an insurance agent after filing a notice of appointment. This means that once the licensee has been appointed by an insurance company, they can legally represent that insurer in selling insurance policies and providing related services to clients. This role includes advising clients on coverage options, explaining policy details, and assisting with the application process.

The responsibility of filing a notice of appointment underscores the requirement for regulatory compliance in the insurance industry. It ensures that agents operate under the authority given to them by specific insurers, thus maintaining a formal and accountable relationship between the insurer, the broker/agent, and the policyholders.

In contrast, other options pertain to activities that are not typically within the remit of a licensed broker/agent. For instance, deciding if an application should be approved or rejected is a decision made by the insurance underwriters, not brokers or agents. Financing the purchase of real estate typically involves mortgage lenders or banks rather than insurance brokers. Lastly, acting with the authority of a managing general agent refers to a different position within the insurance hierarchy that encompasses broader responsibilities than those of a regular broker or agent.