State insurance regulations explicitly forbid specific behaviors to maintain a fair marketplace. Which of the following activities are classified as unfair trade practices? (Select all that apply)
- Requiring a loan applicant to purchase property insurance exclusively through the lending institution to secure a mortgage.Cevap
- BRefusing to issue a life insurance policy because the applicant has a documented history of severe, uninsurable medical conditions.
- Circulating a malicious flyer that falsely criticizes the financial solvency of a rival insurance company.Cevap
- DOffering an applicant a lower premium rate based strictly on their statistically verified status as a non-smoker.
Cevap
The activities classified as unfair trade practices are requiring a borrower to buy insurance exclusively through the lender (coercion) and distributing false information about a competitor's solvency (defamation).
Coercion (restricting a client's freedom to choose their insurer) and defamation (spreading malicious, false information to harm a competitor's reputation) are textbook examples of statutory unfair trade practices.
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Unfair Trade Practices