An agency contract determines the rights and duties of both the agent and the insurer.

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An agency contract is a legally binding agreement that outlines the relationship between an insurance agent and the insurance company they represent. The contract specifies the roles and responsibilities of both parties, including the duties of the agent, the compensation structure, and the terms of termination. Thus, it determines the rights and duties of both the agent and the insurer.

An Agency Contract Determines the Rights and Duties of Both