Producer Responsibilities

Question 1

Advertising

Answer 1

producers are governed under the rules and regulations, referred to as Unfair Trade Practices, with regard to what they can and cannot use or say when soliciting insurance.

Question 2

Do Not Call Registry

Answer 2

Companies, telemarketers, and sellers must update their list at least once every 31 days and drop from their call lists the phone numbers of consumers who have registered. Telephone solicitation calls to your home before 8 a.m. or after 9 p.m. are prohibited.

Question 3

Sales Presentation – Producers are required to provide all prospective buyers the following:

Answer 3

Buyer’s Guide
Policy Summary

Question 4

when does the buyers guide and policy summary be provided?

Answer 4

The NAIC instructs insurers to provide prospective purchasers a copy of the Buyer’s Guide and Policy Summary before accepting a premium payment or deposit, or no later than policy delivery IF the policy has a free look period of at least 10 days.

Question 5

when does the buyers guide and policy summary be provided?

Answer 5

The NAIC instructs insurers to provide prospective purchasers a copy of the Buyer’s Guide and Policy Summary before accepting a premium payment or deposit, or no later than policy delivery IF the policy has a free look period of at least 10 days.

Question 6

Replacement

Answer 6

Any transaction in which a new life policy or annuity is to be purchased, and the producer knows, or should know, that an existing contract will be:
Lapsed, forfeited, surrendered, or terminated
Reduced in value
Amended with a reduction in benefit or term
Reissued with a reduced cash value
Subjected to borrowing

Question 7

Replacing Insurer

Answer 7

The insurer responsible for issuing the new policy