Question

Any producer who provides a client with a kickback of commissions has engaged in:_______

Answer 1

Any producer who provides a client with a kickback of commissions has engaged in "rebating."

The provision of a service of value that isn't stipulated in the policy. Rebating is against the law.

What is rebating?

The exercise of trying to return a broker's commission, or even a portion of it, to a insured in order to induce an insurance sale is known as rebate.

Typically, the insurance agent pays for the rebate.

Some key features regarding the rebating are-

• Rebating is also referred to as "induction." Incentives, on the other hand, can refer to indirect aspects of payments and benefits given by broker or agent.
• Many provinces as well as states consider rebates to be illegal.
• While the laws governing rebating vary greatly, the overriding objective is to safeguard customers from unfair sales practices by insurance companies & licensed agents.
• A broker who rebates and actually encourages a client to buy life insurance jeopardizes their insurance license.

To know more about rebating, here

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