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Managing Conflicts of Interest
Priority of the Clients Interest
- An agent or broker must not knowingly prejudice the interests of a client or consumer for personal gain.
- An agent or broker must not take advantage of a client's or an insured's inexperience, ill health or lack of sophistication.
- An agent or broker must be both candid and honest when advising the client or consumer.
- An agent or broker must act with integrity, competence and the utmost good faith.
Disclosure of Conflict or Potential Conflict of Interest
- Methods of compensation - Commission Schedule
- Automobile 5-10 %
- Property 12.5-22.5%
- Liability 12.5-22.5%
- We do not offer any contingent profit commission or bonuses other than those offered in our commission schedule.
Product Suitability
- An agent or broker should conduct fact finding appropriate to the circumstances and
assessment of the client's insurance needs.
- Needs assessment should be flexible - the assessment should reflect factors including
the underlying risk, the client's objective and complexity of the product being sold.
- An agent or broker's product recommendation should meet the client's needs.
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