An insurance sales practice in which an insurance agent offers a prospect an inducement, such as a cash payment, to purchase an insurance policy from that agent. The practice of rebating is prohibited in most states. TO TOP
The practice, illegal in most jurisdictions, by which an insurer or agent returns a portion of the premium or provides other consideration to induce the purchase of insurance.
An insurance sales practice that is prohibited in most of the United States and Canada. In rebating, the agent offers the prospect a special inducement to purchase a policy. The rebate is usually made in the form of a share of the agent's commission.----------[ Back
The granting of any form of inducement, favor, kickback or advantage to the purchaser of a policy, which is not available under the standard terms of the policy. Rebating is a penal offense in some states, whereby both the agent and the person accepting the rebate can be punished.
Giving a premium reduction or another financial advantage not stated in the policy as an inducement to purchase the policy. The offer of sharing commissions with the applicant is an inducement that is not part of the insurance policy and, therefore, is considered rebating. Rebates include not only cash but also personal services and items of value. Rebating is considered a violation of the Unfair Trade Practices Acts in most states.
The giving of any valuable consideration (cash, commissions, sports tickets, etc.) to a prospective owner as an inducement to buy life insurance. Rebating by an insurance agent is illegal in most states.
Returning part of the commission or giving anything else of value to the insured as an inducement to buy the policy. It is illegal and cause for license revocation in most states. In some states, it is an offense by both the agent and the person receiving the rebate.
A practice-illegal in virtually all states-of giving a premium reduction or some other financial advantage to an individual as an inducement to purchase the policy.
Giving or offering some benefit other than those specified in the policy to induce a customer to buy insurance. Rebating is illegal in most states.
The granting of any form of inducement, favor, or advantage to the purchaser of a policy not available to all under the standard policy terms. Rebating in some states is a penal offense for which both the agent and the person accepting the rebate can be punished by fine or imprisonment, and with the agent also subject to revocation of license.
A practice, usually prohibited under state law, in which a sales agent in insurance returns part of the commission to the purchaser.
Rebating involves the giving or promising of a valuable consideration intended to be an inducement to the buyer to purchase an insurance policy. The inducement may be cash or any other item of value. Generally, any gift greater than a nominal one could be considered a valuable consideration and a violation of rebating rules.
Reducing the premium as, for example, where the agent gives the insured all or part of the agency commission. This form of rebating is forbidden by law in some countries.
The practice (illegal in most states) of giving an insurance applicant something of value as an inducement to purchase or renew an insurance policy.
when a portion of the agent's commission is returned to the insured as an inducement to purchase insurance through that agent. It is forbidden in most states, including Florida, with certain exceptions. (See F.S. 626.572 and 626.9541(1)(h))
Giving any valuable consideration, usually all or part of the commission, to the prospect or Insured as an inducement to buy or renew. Rebating is illegal.