When delivering a policy which of the following is an agent's responsibility?

Access to this page has been denied because we believe you are using automation tools to navigate the website. What is the agent's responsibility in terms of the request? If the initial premium is not paid with the application, the agent must collect the premium at the time of delivery of the policy. A legal representative of an insurance company; producer classification generally includes agents and brokers; agents are the agents of the insurer. The insurer will provide its agents with product-specific training and training materials that explain all the material characteristics of its annuity products;.

This document explains how a buyer should choose the amount and type of insurance to purchase, and how a buyer can save money by comparing the costs of similar policies. This does not require the analysis or consideration of any product outside the agent's authority and license or other possible alternative products or strategies available on the market at the time of recommendation. Nothing in this subdivision prevents an insurer from complying with this subdivision by applying sampling procedures, or confirming consumer profile information or other information required under this section after the issuance or delivery of the annuity;. The recommendation of an insurer or agent subject to subdivision 1 of this subsection shall be reasonable in all circumstances actually known to the insurer or agent at the time of the recommendation.

A consumer refuses to provide the relevant consumer profile information requested by the insurer or agent and the annuity transaction is not recommended;. The agent must also explain any other options and provisions available to the policy owner that may be active at this time. The insurer shall establish and maintain reasonable procedures to assess, before or after the issuance or delivery of an annuity, whether an agent has provided the consumer with the information required to provide under this section;. An agent who contracts with an insurer pursuant to subdivision 4 of this subsection, when requested by the insurer pursuant to subdivision 5 of this subsection, shall immediately provide a certification as described in subdivision 5 or give a clear statement that he or she cannot meet the criteria of certification.

The agent will identify and avoid or reasonably manage and disclose significant conflicts of interest, including significant conflicts of interest related to an ownership interest. The requirements under subdivision 1a of this subsection apply to the particular annuity as a whole and to the underlying sub-accounts to which funds are allocated at the time of purchase or exchange of an annuity, and to similar agent add-ons and enhancements, if any. An insurer may hire a third party, including an agent, to establish and maintain a supervisory system as required by subdivision 2 of this subsection with respect to agents under contract or employed by the third party. Life settlement transactions are the result of existing life insurance policies; STOLI are initiated for the purpose of obtaining a policy that benefits a person who has no insurable interest in the insured's life at the time of policy creation.

A description of the scope and terms of the consumer relationship and the agent's role in the transaction;.

Angelia Brazille
Angelia Brazille

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