Don't Be Duped Into An Illinois Life Insurance Fraud

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In a recent news release, several accounts of Illinois life insurance agents violating the code of ethics, or committing a felony, were published by the state of Illinois Department of Insurance. The concise bulletin emphasized the importance for citizens to familiarize themselves with the ethical practices and legalities involved in securing Illinois life insurance quotes and coverage. Apply these seven tactics to comparison shop life plans.

Skip the bamboozlement. Note that licensed life insurance agents are not an arm of state representatives or appointed public officials. Four consumers alleged that a Collinsville, Illinois life insurance agent solicited life plans under the guise that the insurance broker was a representative of the state. The 2003, case ended last month, resulting in a stipulation and consent order of $4000.

Skip the rebates. In another finding, an Illinois life insurance agent with more than two decades of experience supposedly offered his clients rebates to entice them to purchase life plans. Using rebates is generally a suspect tactic. (Report any Illinois life insurance agents, who employ this type of sales gimmick to the Illinois Department of Insurance).

Maintains privacy. During the life insurance process, Illinois life insurance agents are required to maintain the privacy of their clients.

Work with licensed insurance agencies and agents (only). Throughout the country, life insurance agents have to maintain a current license from the states, where they broker life policies. This is applicable to agencies, too. Avoid any insurance agent, working with an agency that is not registered with the state. Life plans underwritten by an insurer, who is not licensed with the state, are not legally binding life plans or legitimate policies. (The Illinois Department of Insurance manages a database of all licensed brokers, agencies, complaints, as well as revoked licenses).

Discloses all health information. Three situations influence life insurance quotes and premiums. Cigarette smokers, heart disease and a history of cancer are three living matters, impacting life plan rates and premiums. Whether an applicant neglects to disclose a medical information or an agent encourages the consumer to leave the information blank, omitting medical information carries several repercussions: a cancelled life plan and even a conviction for committing insurance fraud.

Affiliation with major life plans. Secure the expert advice of a life insurance agent, who has affiliations with at least three to five major life insurance agencies. This allows for an analysis of a several policies from providers, featuring top-rated life plans.

Articulates succinct information. The law stipulates that all insurance agents to provide a comprehensive summary regarding a consumers available Illinois life insurance options. Additionally, an ethical Illinois life insurance agent will never pressurize anyone into buying a life plan.


About the Author:
Michael Novelli is the president of IllinoisLifeandHealth.com providing, expert advice and hassle-free Illinois life insurance quotes. Compare affordable life insurance quotes, today.



Article Originally Published On: http://www.articlesnatch.com


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