Competing Duties Of A Life Insurance Agent: The Potential For A Conflict Of Interest In The Sale Of Life Insurance Policies And Annuities

June 21, 2023 by Pietragallo Gordon Alfano Bosick & Raspanti, LLP

The legal and regulatory scheme is set up in favor of life insurance companies to the detriment of the agents and customers. The imbalance of duties imposed upon a life insurance agent in the sale of life insurance policies and annuities to a client presents a potential conflict of interest. Life insurance agents owe a fiduciary duty to the life insurance company as a result of their appointment as an agent. State laws provide for a fiduciary duty by agents to their principals. In this case, the life insurance companies are the principals of their agents.

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Originally Posted at JD Supra on June 16, 2023 by Pietragallo Gordon Alfano Bosick & Raspanti, LLP.