Which of the following is an example of a producer being involved in an unfair trade practice of?
|
journal article Show
Stanford Law Review Vol. 41, No. 5 (May, 1989) , pp. 1153-1200 (48 pages) Published By: Stanford Law Review https://doi.org/10.2307/1228753 https://www.jstor.org/stable/1228753 Read and download Log in through your school or library Alternate access options For independent researchers Read Online Read 100 articles/month free Subscribe to JPASS Unlimited reading + 10 downloads Read Online (Free) relies on page scans, which are not currently available to screen readers. To access this article, please contact JSTOR User Support. We'll provide a PDF copy for your screen reader.With a personal account, you can read up to 100 articles each month for free. Get StartedAlready have an account? Log in Monthly Plan
Yearly Plan
Journal Information Founded in 1948, the Stanford Law Review is a general-interest academic legal journal. Each year the Law Review publishes one volume, which appears in six separate issues between November and May. Each issue contains material written by student members of the Law Review, other Stanford law students, and outside contributors, such as law professors, judges, and practicing lawyers. Approximately 2,600 libraries, attorneys, judges, law firms, government agencies, and others subscribe to the Law Review. The Law Review also hosts lectures and an annual live symposium at Stanford Law School. Publisher Information The Stanford Law Review is operated entirely by Stanford Law School students and is fully independent of faculty and administration review or supervision. The principal missions of the Law Review are to contribute to legal scholarship by addressing important legal and social issues, and to educate and foster intellectual discourse at Stanford Law School. In addition to producing a publication, the Law Review also hosts lectures and an annual live symposium. Rights & Usage This item is part of a JSTOR Collection. Alaska statutes prohibit certain actions on the part of producers, insurers, and representatives of insurers. The following are some of the most common unfair trade practices. RebatingA producer who offers something of value to an applicant in exchange for their business or agrees to accept a reduced commission in exchange for an application may be guilty of rebating. Unfair DiscriminationTreating similar applicants or policyholders differently is unfair discrimination. For example, unfair discrimination does not exist if an insurer refuses to issue policies to all drivers with a conviction for driving while intoxicated. However, unfair discrimination does exist if an insurer issues policies to some drivers with a conviction for driving while intoxicated, but declines to issue policies to other drivers who also have a conviction for driving while intoxicated. AntityingThe sale of insurance may not be tied to another transaction. For example, your lender may not make the granting of your loan contingent upon your purchase of insurance from a particular agent or company. If you believe you have encountered any of these practices, or are uncomfortable with any transaction with a producer or insurer, contact the Division of Insurance for assistance. See AS 21.36. What Is an Unfair Trade Practice?Unfair trade practices refer to the use of various deceptive, fraudulent, or unethical methods to obtain business. Unfair business practices include misrepresentation, false advertising or representation of a good or service, tied selling, false free prize or gift offers, deceptive pricing, and noncompliance with manufacturing standards. Such acts are considered unlawful by statute through the Consumer Protection Law, which opens up recourse for consumers by way of compensatory or punitive damages. An unfair trade practice is sometimes referred to as “deceptive trade practices” or “unfair business practices.” Key Takeaways
Understanding Unfair Trade PracticesUnfair trade practices are commonly seen in the purchase of goods and services by consumers, tenancy, insurance claims and settlements, and debt collection. Most states’ unfair trade practices statutes were originally enacted between the 1960s and 1970s. Since then, many states have adopted these laws to prevent unfair trade practices. Consumers who have been victimized should examine the unfair trade practice statute in their state to determine whether they have a cause of action. Unfair trade practices are commonly seen in the purchase of goods and services by consumers, tenancy, insurance claims and settlements, and debt collection. In the United States, unfair trade practices are addressed in Section 5(a) of the Federal Trade Commission Act, which prohibits “unfair or deceptive acts or practices in or affecting commerce.” It applies to all individuals engaged in commerce, including banks, and sets the legal standard for unfair trade practices, which may be deemed unfair, deceptive, or both. Below are lists of unfair and deceptive practices as per the rule: Unfair PracticesAn act is unfair when it meets the following criteria:
Deceptive PracticesAn act or practice is deceptive when it meets the following criteria:
Examples of Unfair Trade Practices in InsuranceUnfair trade practices can happen in any industry but are significant enough to prompt the National Association of Insurance Commissioners (NAIC) to issue guidance related to the sale of insurance products. The NAIC defines unfair trade practices in the following ways:
The NAIC considers a deceptive trade practice to be any of the above acts coupled with the conditions below:
Which of the following terms describes making false statements about the financial condition of any insurer?Defamation is making statement which are false as to the financial condition of any insurer and which are calculated to injury any person engaged in the business of insurance.
Which of the following best describes a rebate quizlet?Which of the following best describes a rebate? A producer returning part of her commission to her client, as an inducement to buy.
Which term describes an individual who is domiciled and licensed as a resident producer in a state other than Michigan?A nonresident producer is a producer who is domiciled and licensed as a resident producer in another state.
When a producer was reviewing a potential customers coverage written by another company the producer made several remarks?The company can still be liable for its policies in any court of this state. When a producer was reviewing a potential customers coverage written by another company, the producer made several remarks that were maliciously critical of that other insurer.
|
