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People also ask
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Who is responsible for annuity suitability?
The insurer, agent or broker determines the suitability of the annuity by following the NAIC's suitability rules and guidelines.
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How to do a customer questionnaire?
8 tips for creating customer surveys that get responses Define your customer survey goal. ... Write clear, unbiased customer survey questions. ... Send customer service surveys in relevant channels. ... Keep surveys short. ... Offer incentives. ... Include a variety of customer survey questions. ... Give your customers options. ... Always follow up.
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When selling an annuity if a customer refuses to provide suitability information, the agent?
If a customer refuses to provide suitability information when selling an annuity, the agent must prioritize regulatory compliance and ethical standards, which may entail declining the sale and documenting the refusal to ensure transparency and accountability in ance with industry regulations and best practices, ...
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What are the four main obligations to a consumer during the sale of an annuity?
The Model Regulation requires that you not put your financial interests or the insurance carrier's financial interests ahead of the consumer's interests. It includes four obligations that must be met in order for you to act in the best interest of a client: care, disclosure, conflict of interest, and documentation.
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When an agent is determining the suitability of an annuity for a client?
In determining the suitability of an annuity for a client, an agent considers factors such as the client's financial goals, risk tolerance and the annuity's surrender charges. However, the agent's commission is not a primary consideration as it has no direct impact on the client.
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When selling an annuity, if a customer refuses to provide suitability information?
If a customer refuses to provide suitability information when selling an annuity, the agent should decline the sale.
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