UNFAIR TRADE PRACTICES

SLIDING act of-

*Representing to the applicant that a specific ancillary coverage or product is required by law in conjuction with the purch of insurance *Representing such ancillary coverage or product is included in policy without an additional charge when such charge is required *Charging for an ancillary coverage or product without the informed consent of the applicant

FREE INSURANCE PROHIBITED

Cannot advertise or provide free insurance

BOYCOTT, COERCION, AND INTIMIDATION

Entering into an agreement to commit any action or intimidation resulting in unreasonable restraint of the insurance business (Bank requires insurance with the loan)

MISREPRESENTATION

Knowingly making misleading statements (willful deception) regarding: *Benefits, dividends, misleading statements of financial conditions, mislead the insured, financial condition of any individual, Misrepresentation in Insurance Applications to obtain fees/commissions or other benefits from insurers. *False advertising- lying on insurance application

DEFAMATION

Making false oral or written statements calculated to injure a person, company or their products. Misrepresenting facts of another company in advertising

TWISTING

Making misrepresentation to induce a person to drop their policy to take another from a different company

ADVERTISING GIFTS

Permitted as long as they are not more than $25 in value

UNLAWFUL REBATES

Permitting or offering to pay or give something of value for exchange for purchasing a policy.

UNFAIR DISCRIMINATION

Permitting unfair rate charges or compensation of dividends or other benefits to individuals within the same actuarially supportable class

CHURNING

Policy values in an existing life or annuity (cash, loan values, dividends) used to purchase another policy with the same insurer for the purpose of earning an additional premium or commission

FALSE STATEMENTS

knowingly making false entry of material facts