Code Of Conduct For An Insurance Agent

Insurance is among the fastest growing trade in India. Insurance is sold by a large number of insurance agents. These insurance agents play a very important role. They are answerable for the reputation of the business they are dealing with; in fact they have some kind of obligations towards their customers.

The insurance regulatory board of India or IRDA has written down the code of conduct for the insurance agents. Here are some of the codes of conducts listed below:

An insurance agent should discuss all the facts while selling any insurance policy. He should be clear to the customer.

An insurance agent can’t expand the advantages of any policy to the client.

He should be responsible enough to discuss the nature of the policy properly to the client as this will help them to take a wise decision.

He cannot even hide any facts from the business on the behalf of the client in order to sell the policy. He should be fair to the customer and the company when the policy is being sold.

Insurance is taken to have protection for future. It also requires long term devotion on the behalf of the client. An insurance agent cannot sell a policy by saying that insurance is very short term agreement. He is responsible to tell the customer that insurance is a kind of long term procedure. Even in the case of ULIP plan, an insurance agent should say that it’s a long term contract though it is a kind of investment along with insurance benefits.

Between an insurance company and the customer, an insurance agent is the only mediator or you can say a contact point. So he should be fair as well as ethical at the time of selling the policy which is beneficial for them also.

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