What is the term for the legal document that contains the terms of the contract between the agent and the company?

The correct answer refers to a "contract of agency," which is the legal document establishing the relationship between the agent and the insurance company. This document outlines the rights and responsibilities of both parties, detailing what the agent is authorized to do on behalf of the insurer. The contract is essential in defining the scope of authority the agent has, which can include tasks such as selling policies, collecting premiums, and providing customer service.

In contrast, the other options do not accurately describe this specific type of legal document within the insurance context. An agency document is more of a generic term that may not capture the specific legal obligations. A partnership agreement typically relates to a business partnership and not to an agency relationship. An agency declaration might refer to a statement or notice but does not hold the same legal weight or specificity as a contract of agency. This distinction highlights the importance of understanding the unique terminology within agency relationships in insurance.