Under an E&O policy, the insured producer is covered for the cost of damages, real or alleged. For example, the agent should explain any terms of the policy that were imposed during the underwriting process. Producers' Fiduciary Responsibilities for Trust Accounts Under theduty of good faith, a corporation's directors and officers must advance interests of the corporation andfulfill their duties without violating the law. All the following are federal laws or related rulings that have a direct impact on anti-money laundering requirements EXCEPT the: Whether the directors were informed of all material information depends on the quality of the information, the advice available, and whether the directors had sufficient opportunity to acquire knowledge concerning the problem before action.. -the proposed insured's medical history What are the different types of fiduciary duties? *Cross out and initial the incorrect entry, and enter the correct information next to it. For example, attorneys have a fiduciary duty to their clients, a principal to an agent, a guardian to the ward, a priest to the parishioner, and a doctor to the patient. Real estate agents are also generally considered fiduciaries, meaning they owe their clients full disclosure of any conflicts of interest or concerns that affect the value of the property. Money laundering has become a serious national security concern. This authority is express authority. But more commonly, youll deal with a fiduciary when working with certain types of professionals, such as lawyers and financial advisors. Only fiduciary financial advisorshave to place your best interest over theirs, though. Here are the key fiduciary duties owed to a corporation and its stockholders. Bank Secrecy Act They must disclose any conflicts of interest and must focus on your best interests. 2. thoroughness Collecting premiums and paying them to the insurance company, An individual's waiting period for pre-existing conditions is reduced when he or she has, No existing producer's license will be revoked until, The producer has been afforded a right to a hearing on the charges, Lapsed individual life insurance may be reinstated at any time within, The license required for an insurer to conduct business in the state, The Commissioner of Insurance is empowered to, A Medicare Supplement policy must NOT contain benefits which, The Commissioner of Insurance along with the Department of Insurance are responsible for, administering Washington's insurance laws.
a producer does not have a fiduciary responsibility to