Personal Finance & Money Asked by Mathguy0914 on July 10, 2021
Getting ready to sit for my examinations and these questions popped into my head. Curious about the nuances of illegal inducement in these circumstances. I know there are issues with gifts greater than $100.
Can an insurance producer sell and collect premiums for a group insurance policy held by a church if he himself pays tithes to the church?
Can a CFP or other financial professional do business with a church if they regularly tithe or even give above through offerings as many wealthier members do?
The main thing that you need to worry about with insurance producers/agents is a practice called rebating - i.e. if you get a commission from selling an insurance policy it is illegal to share any part of the commission with the person receiving insurance coverage. This extends to any type of consideration (i.e. expensive pens, watches, prepaid vacations, etc...) and you typically see this scenario when someone has a $1m premium (and ~$100k to $150k in commission to the producer); a nice watch or other lavish gift doesn't seem that absurd in that case...
Answered by Ben on July 10, 2021
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