Following is a review of annuity sales practices that are prohibited in most if not all states. (Note: Specifics of these laws may vary among the states.)
Misrepresenting True Content
- When contacting the senior at home, before saying anything other than a greeting, the agent must explain that the purpose of the contact is to talk about insurance, or to gather information for a follow-up visit to sell insurance, if that is the case, and provide all of the following information:
- The names and titles of everyone arriving at the senior's home.
- The insurer's name, if known.
- Everyone working in the senior market must give the senior a business card or other written identification stating the person's name, business address, telephone number, and any insurance license number.
- Everyone at a meeting with a senior must end all discussions if asked to leave by the senior.
- No one may sell an annuity or life insurance policy at a senior's home by misrepresenting the purpose.
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