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Ethics and professional practice (others (premium structure can be seen in…
Ethics and professional practice
1 during application and Cliam
accept
misrepresentation
age &sex
contestable(after 2 yrs), accept even if find there is pre-condition
deny
misrepresentation
contestable(within 2 yrs)
APS (cancer/concussion)
pre-condition
dangerous hobby
suspect client lie
1st explain lying may lead deny
2nd agent comment
2 assign policy
18+
minor age(under 18)
no tax
hold by trust
all beneficiaries share DB
what occurs if original beneficiary die after assign policy?
1 new policyholder has to rename beneficiary
since original life insured and beneficiary are suspended. if the new policyholder die, then his
Estate
is beneficiary. (LIKE NEW POLICY)
collateral policy
(creditor/lender has ownership of policy)
3 Agent system
Managing general agent(MGA)/ independent representation / independent agent
sell products from many companies
Career Agent(captive agent )
sell for one company
4 Responsibility
If Agent lie, Client is primary responsibility
If client lie, primary responsibility is Insurer
5 Assuris
6 beneficary
Niece
is not covered by
creditor protection
(only for parent/ spouse/child/grandchild/
irrevocable
)
meet statutory def of beneficiary=(has creditor protect)
yes if client(insured+ life insured)=> wife(beneficiary)
no if client(insured+beneficiary)=> wife(life insured)
others
premium structure can be seen in Face page
E&O cover (undersold/ oversold/ lose application) not for unapproved activities like trading
CAR accident (impaired driving) not affect DI claim unless there is exclusion.
accept 300% rating, refuse exclusion
first premium= consideration
initial= signture
sign in application means act as insurer
if client is in hospital before deliver policy, then see him and inform change to insurance
If client can not afford policy, then cancel(
Rescission
) policy and buy other affordable product
regular visit is for risk not changing
7 institutions
Assuris (bankcrupt/insolvency)
Canadian life and health insurance association(generate codes and ethics)
office of superintendent of financial institution(monitor insurer)
provincial insurance regulators(for agent licence)
8 TIA
agent is not allow to exclusion/ extend/ issuing policy if any risk disclose
9 rights
agent
inspection report/
NON-medical evidence
help complete application/ witnessing client signature/ give advice
underwriter
APS/MIB
cliam examer
10 receive notes from insurance
(sth change in your account)
csv=>GB=>restatement=> contestable
11 another agent approach you client
a position on the board(disclose conflict of interest)
replacement (in force policy is replaced by new policy)
12 trustee and trust
trustee all do any investment but liable consequence later