Ethics for Financial Services Professionals FINAL EXAM (SC 6000140927)

In which step of the sales process should a life insurance agent normally use a sales track and a data-gathering form?

Using force to solve disagreements is likely to cause all of the following EXCEPT:

What offers optimum rather than minimum standards of conduct?

Minimum conduct requirements, rather than optimum standards of conduct, are provided by a system of ethics.

What is not a result of increased professional status for the insurance agent?

Which of the following is a characteristic of an agent’s express authority?

What gives the federal government the power to control the insurance industry when the issues involved are deemed “national”?

All of the following are common requirements found in state insurance laws EXCEPT:

For the law of agency to require that an insurer be bound by the actions of its agent, what must the agent’s actions be?

Since it is not usually stated in an agency contract but is intended to be granted, an agent’s authority to make telephone calls to arrange sales appointments is an example of what type of authority?

Which of the following defenses against liability considers the way that people have previously done business?

Which of the following is characteristic of the defense against claims known as “waiver”?

The term caveat emptor encapsulated the judicial approach to product liability during the first half of the twentieth century; what does this term mean?

What regulatory body is specifically charged with regulating matters relating to the ethical conduct of insurance agents?

What is another term for the judicial concept of “let the buyer beware”?

What is generally considered the overriding ethical issue with respect to an insurance practitioner’s sales tools?

Since the presentation step is principally product-related, what is the main ethical concern in this step of the sales process?

In which step of the sales process would a life insurance agent normally use testimonial letters as a way to motivate a prospect to continue the sales process?

Creating trust and rapport is the main function of which step of the sales process?

Under what circumstances may a life insurance agent claim affiliation with a government agency as a way to suggest governmental approval?

When may an agent ethically refer to a life insurance policy as a “private pension”?

What is the objective of the fact-finding interview step of the sales process?

What is the overriding ethical issue with respect to product selection?

What is the term for an insurer’s subsequent confirmation or approval of an agent’s unauthorized actions?

What constitutes a balanced comparison between financial products?