Imagine this scenario. Joe the Producer is discussing a life insurance policy with a small business owner, and things are looking good. Joe’s fact-finder has identified the client’s need, and he has found the best coverage for the business owner’s particular situation.
Then the prospect throws Joe a curveball: He’ll buy the policy, but only if Joe kicks back a portion of his commission on the sale. This, of course, is also known as rebating, which is illegal in every state except California and under certain conditions in Florida.
Joe’s not in California or Florida and knows very well what the prospect is asking him to do is illegal and could cost him his license. How does Joe proceed from here in an ethical manner?
After being momentarily taken aback by this request, Joe tells the prospect, “That’s illegal. I could lose my license.” After all, perhaps the prospect didn’t know it was illegal and was simply trying to bargain for a better deal on this policy. Surely many consumers are in the dark about the rules in insurance transactions. READ MORE
Others who read this also were interested in:
No comments:
Post a Comment