The recommended product or service must be appropriate for the needs of the consumer as determined by a needs-based assessment done by the advisor and/or as identified by the client.
You must conduct a comprehensive needs analysis process before you can make a product recommendation. You must "Know Your Client". Based on the facts and information obtained from the client, advisors should identify the client's need. The extent of the assessment will vary according to product and circumstance. As an advisor of insurance products, it is your responsibility to identify all the issues and make appropriate recommendations to address them.
The product recommendation and professional advice should address the client's need given the circumstances at the time of the sale.
Group Life And Health Renewals
The advisor must ensure that the renewal is presented to the group policyholder in a timely basis prior to the effective date of the rate change and obtain agreement from the group Policyholder on the new rates.
