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

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

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

What is the primary purpose of policy servicing in the insurance industry?Assessing the risk of the insuredMarketing and selling insurance productsEnsuring customer satisfaction and policy continuitySettling claims for policyholders

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