Definition of "Insurance marketplace standards association principle 6"
Rule that provides four requirements for monitoring the independent agent distribution system:
- The insurance company must be involved in the training of the independent agent.
- The insurance company must monitor the sales practices employed by the independent agent in selling its product.
- The insurance company must have a written contract with the independent agent that describes the responsibilities of the agent aswell as the limitations on the agent's authority.
- The insurance company must perform DUE DILIGENCE on the independent agent.
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