Insurance Marketplace Standards Association Principle


Definition of "Insurance marketplace standards association principle 6"

Rule that provides four requirements for monitoring the independent agent distribution system:

  1. The insurance company must be involved in the training of the independent agent.
  2. The insurance company must monitor the sales practices employed by the independent agent in selling its product.
  3. 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.
  4. The insurance company must perform DUE DILIGENCE on the independent agent.



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