Any producer who provides a client with a kickback of commissions has engaged in:_______

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25-08-2022
Social Studies

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Any producer who provides a client with a kickback of commissions has engaged in:_______

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tutorconsortium203 tutorconsortium203 · Answer 1 · 2022-09-03T22:30:37-04:00

Any producer who provides a client with a kickback of commissions has engaged in "rebating."

The provision of a service of value that isn't stipulated in the policy. Rebating is against the law.

What is rebating?

The exercise of trying to return a broker's commission, or even a portion of it, to a insured in order to induce an insurance sale is known as rebate.

Typically, the insurance agent pays for the rebate.

Some key features regarding the rebating are-

Rebating is also referred to as "induction." Incentives, on the other hand, can refer to indirect aspects of payments and benefits given by broker or agent.
Many provinces as well as states consider rebates to be illegal.
While the laws governing rebating vary greatly, the overriding objective is to safeguard customers from unfair sales practices by insurance companies & licensed agents.
A broker who rebates and actually encourages a client to buy life insurance jeopardizes their insurance license.

To know more about rebating, here

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