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If the initial premium is not paid with the application, then the applicant is required to sign a statement of continued good health when the policy is delivered. Explain the general features, benefits, and conditions of the type of insurance being considered. It covers injuries and damages that occur due to professional services a producer rendered or failed to render. 1939),Corporate officers and directors are not permitted to use their position of trust and confidence to further their private interest.". Fee-based advisors may have fees like fee-only financial advisors, but they also may earn money from commissions or referral fees, like commission-only advisors. If the existing insurer requests them, the replacing insurer must provide copies of the policy cost comparison and proposals used in the transaction. Except in the case of direct response companies, insurers typically send newly issued policies to the producer for delivery to the customer. If the applicant proves to be uninsurable (or insurable only as substandard) as of the date of application (or medical exam), then no coverage takes effect and the insurer would refund the premium payment. Certain relationships impose fiduciary duties. In insurance, an offer is usually made when. Insurance Professional Standards: Suitability, Best Interest, And *Fair Credit Reporting Act The FCRA does not directly relate to money laundering. Please try again later. A fiduciary relationship can exist between friends or family members. A persons fiduciary duties are bundled into three, sometimes four, different specific duties. *a minor child of the insured The purpose for the Buyer's Guide, which must be given to every insurance prospect, is to In forming an insurance contract, when does acceptance usually occur? CH#1: General Insurance Q&A Flashcards | Quizlet A conditional receipt provides for conditional coverage that begins on the date of application or on the date of a medical exam, if required, whichever is later. The receipt is made on the condition that underwriting determines the insured is insurable. An example of a risk that a company may be willing to retain could be damage to an outdoor metal roof over a shed. Past performance is not indicative of future results. A related alternative to the binding receipt is the temporary insurance receipt. The trustee, for example, cannot use the trusts assets for themselves, or theyll be subject to legal action. Among the various issues addressed in the act is money laundering. This gives the existing insurer an opportunity to conserve (preserve) the policy. Here are the key fiduciary duties owed to a corporation and its stockholders. If the applicant accepts the insurer's alternate policy, coverage becomes effective as of the date the applicant accepts the policy and submits the premium for it. It may be as high as, but never more than, the amount of coverage being applied for. Not all of the activities that an agent normally performs are expressly stated in the agent's contract. EmployeeHourlyRateAbe$10.25\begin{aligned}
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a producer does not have a fiduciary responsibility to