Producer group influence on product development

Article Abstract:

Producer groups can influence the development of insurance products and the compensation structures in the insurance industry. Producer groups tend to target niche markets and so require unique product features and riders. Insurance companies demand financing from the groups before they will develop a proprietary product. Producer groups absorb the development costs of nonproprietary products and are compensated by commissions. Producer groups are working toward levelized commissions, increased renewal commissions and added management fees, among other issues.

Interpretation and construction, Product development, Insurance policies

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To disclose or not to disclose: that is the question

Article Abstract:

The most effective way for the insurance industry to address the litigation risks involved in false or misleading sales presentations is to encourage agents to disclose information to clients. Compliance programs alone will lead to agents simply trying to meet guidelines imposed on them. The better approach is to encourage disclosure in all instances based on ethical principles. Disclosure of information respects the client's right to determine whether the information will influence their decision-making.

Laws, regulations and rules, Ethical aspects, Insurance agents

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Facts and misconceptions surrounding the Medical Information Bureau

Article Abstract:

Erroneous information regarding the Medical Information Bureau (MIB) has been the source of criticism and congressional scrutiny. The MIB is available to member insurance companies as a source of insurance fraud information. The information which results from member companies' imputing of medical codes is systematically safeguarded. Legislatures and the public should be educated regarding the actual purposes and operations of the MIB.

Evaluation, Investigations, Insurance fraud, Medical Information Bureau

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