Which of the following is one way an agent can have his or her insurance licenses suspended or revoked?

What are the disqualification of the insurance agent?

[(7) Any person who acts as an insurance agent without holding a licence issued under this section to act as such shall be punishable with fine which may extend to ⁴⁶⁶ [five hundred rupees], and any insurer or any person acting on behalf of an insurer, who appoints as an insurance agent any person not licensed to act ...

Who can cancel the licence of an agent if agent violates code of conduct?

--- The designated person may cancel a licence or a certificate of a corporate agent or a specified person, if such a corporate agent or the corporate insurance executive or the specified person suffers, at any time during the currency of the licence, from any of the disqualifications mentioned in sub-section (4) of ...

What is claim agent?

Definition of claim agent

1 : one who investigates and adjusts claims for shortage, damage, loss, or overcharge on shipments of goods. 2 : one who acts as agent in transactions with holders of property on which pipelines are to be laid or oil or gas wells drilled and who investigates and adjusts their claims.

Do insurance agents deal with claims?

Although the insurance company manages the claim, independent agents often are the point of contact for insureds and play a crucial role in the claims process.

What is a claims settling agent?

As a claims settlement agent, we verify the existence and extent of the insurer's liability to a loss or damage suffered by a claimant. ... Ultimately, we negotiate an appropriate settlement based on applicable laws and best insurance practices and recommend to the insurer to pay such claim.

Which of the following are authorities that an agent can hold?

Which of the following are the authorities that an agent can hold? The powers and authorities that an agent holds are express and implied. Apparent authority is the appearance of, or the assumption of, authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.

What does twisting mean in insurance?

Twisting — the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies.

Which of the following would be considered twisting?

A) Twisting. Twisting is a misrepresentation made by an insurance agent to induce a policyholder to lapse a policy in order to switch insurance companies. Agents may be found guilty of defamation if they make a false statement that is intended to? A) malign another insurance company.

Which of the following activities would not result in the suspension of an agent's license?

Which of the following activities will NOT result in the suspension of an agent's license? Working for a foreign insurer. (Working for a foreign insurance company does not result in the revocation or suspension of an agent's license.)

Who does an agent represent during the solicitation of insurance?

An agent is a person who represents a principal, who can be another person or a company, and act in the principal's behalf. An insurance agent represents the insurance company and an insurance broker represents the insurance applicant — both must be licensed by the state in which they conduct business.

Which of the following situations are not subject to Florida life insurance laws?

Which of the following situations are NOT subject to Florida life insurance laws? Florida life insurance laws apply to all of these situations EXCEPT "Insurance companies' day-to-day operations". The correct answer is "they are insured by an authorized insurer".

What is an insurance agent code?

AGENT CODE means the numeric code attributed to each Approved Location of an Agent, in accordance with Resolution 822.

Are insurance agents liable?

When it comes to insurance agents, an insurance policyholder may hold the insurance company responsible, along with an individual agent. That is primarily because agents represent insurance companies, and both an agent and a principal are liable for an agent's negligence.

Are insurance agents fiduciary?

A fiduciary duty between an insurance agent and a customer is a relationship based on trust and good faith and requires that the agent acts in the best interest of the customer. A standard of care is established between these two parties that must be maintained, regardless of personal interests.

How do you terminate an agent code?

To do so, all they need to do is surrender their agency license with the existing insurer. The insurance company will issue a cessation certificate within 15 days from the date of surrender of agency license.

How do I cancel my IRDA agent code?

For canceling IRDA license you have to contact the particular insurance company. Meet the Branch Manager who got you the license. Just give a written application to them that you want to cancel your IRDA license. Get the letter signed and stamped by the concerned authority .

How do I remove agent code from policy?

You will need to give a letter explaining why you are unhappy with the agent and ask for a transfer directly. The branch will not be keen to make the change if they get any business from the agent. However, even if you do make the change, it may not help you in any way because your premium will remain unchanged.

Which of the following is known as guidelines for insurance agent work?

I. Short title and commencement. 1) These guidelines shall be called “Guidelines on Appointment of Insurance Agents, 2015.

What types of risk can be insured?

Which one of the following does not belong to the main products of life insurance?

2 . Which one of the following does not belong to the main products of life insurance? Explanation: Whole life, Endowment, Term, Investment-linked, Life annuity plan, Medical and health are the main products of life insurance.