Life Insurance Distribution Channels Research Papers

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The marketer in the distribution network is in direct interface with the prospect and the customer.This is done to attract the client in the purchase of insurance contract by offering cash.Competition among agents/brokers is so cut-throat, some agents indulge in such unethical practices.Not enough attention has been paid to the combined effects and potential unintended consequences of these proposals, such as an information overload for consumers, incoherent disclosures and duplicative requirements.Notes: In % of premiums For SK, agents are included with brokers For DE, SE and UK, figures refer to new business For GR, the is no distinction between intermediaries For SI, data is from SZZ members only.State and federal regulators require sellers of variable annuities to register with the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).Agency writers, whose products are sold by independent agents or brokers representing several companies—and direct writers, which sell their own products through captive agents by mail, telephone, or via the Internet and other means—each account for about half of the property/casualty (P/C) market. Best organizes insurance into two main distribution channels: agency writers and direct writers.No director of a company or a partner of a firm or the chief executive or a corporate insurance executive or a specified person shall hold similar position with another corporate agent of any other insurance company.obtain written mandate from client to represent the client to the insurer/ reinsurer; and confirm cover to the insurer after effecting re-insurance, and submit relevant reinsurance acceptance and placement slips;(j) explain when and how the premium is payable and how such premium is to be collected, where another party is financing all or part of the premium, full details shall be given to the client including any obligations that the client may owe to that party; and(b) avoid influencing the prospective client and make it clear that all the answers or statements given are the latter's -own responsibility.Ask the client to carefully check details of information given in the documents and request the client to make true, fair and complete disclosure where it believes that the client has not done so and in case further disclosure is not forthcoming it should consider declining to act further;(e) provide the client with prompt written confirmation that insurance has been effected.Where documentation is withheld, the client must still receive full details of the insurance contract;(h) subject to the payment of any monies owed to it, make available to any new insurance broker instructed by the client all documentation to which the client is entitled and which is necessary for the new insurance broker to act on behalf of the client.(c) if requested by a client, disclose the amount of remuneration or other remuneration it receives as a result of effecting insurance for that client.This will include any payment received as a result of securing on behalf of the client any service additional to the arrangement of the contract of insurance; and(d) advise its clients, prior to effecting the insurance, of their intention to make any deductions from the amount of claim collected for a client, where this is a recognised practice for the type of insurance concerned.nsurance broker shall display in every office where it is carrying on business and to which the public have access a notice to the effect that a copy of the code of conduct is available upon request and that if a member of the public wishes to make a complaint or requires the assistance of the Authority in resolving a dispute, he may write to the Authority.


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