Which body is responsible for formulating the Code of Conduct for insurance agents? Local government Individual insurance companies National Insurance Broker Association Insurance Regulatory Authority

What is the consequence for an insurance agent who violates the professional code of conduct?A warning letterA small fineRevocation or suspension of their licenseMandatory community service

What is the primary duty of an insurance agent according to the professional standards?Maximize their own profitsSell as many policies as possibleRepresent the insurance company effectivelyAct in the best interest of the policyholders

How does the licensing of insurance agents contribute to the overall stability of the insurance sector?It leads to increased competition and lower pricesIt ensures that agents are knowledgeable, ethical, and competentIt allows agents to bypass the Code of ConductIt reduces the variety of insurance products in the market

When a bank becomes the corporate agent of an Insurance company, it is referred to as a __

How does the Protection of Policyholders Interest act contribute to the insurance sector?By increasing competition among agentsBy ensuring transparency and fairness towards policyholdersBy reducing the premium amountsBy minimizing the responsibilities of insurance agents