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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Market Conduct Regulation

Regulation of market conduct is another important regulatory issue. Market conduct refers to the marketing practices of insurers and agents that involve interaction with insureds, claimants, or consumers. These practices include the sales of insurance policies, advertising of insurance products, underwriting and rating, collection of premiums, policy renewals and ­termination, policy changes, claims settlement, and similar activities.

Regulators are concerned that certain industry practices or actions may have adverse and unfair financial effects on policyholders, beneficiaries, claimants, and insurance consumers. Examples include the sale of unsuitable insurance products; misrepresentation of coverage; excessive sales ...

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