From the President. Welcome! Thank you for joining the Transamerica Long Term Care Team and including our product in your portfolio. We are very proud of the products that we offer and strive to provide the highest level of service for you and your valued clients. I can assure you that we want to be responsive to the needs of both you and your clients’ needs. Long Term Care insurance (LTCi) provides some of the most valuable insurance protection available. You understand the potentially dire consequences of a long term care event. We need to work to ensure our mutual customers understand those issues and how our products can help protect them. We also need to ensure that we only sell to those customers when our product is truly suitable and make that sale in an ethical and compliant way. To better assist you, we are providing this booklet, the Long Term Care Professional Conduct Principles and Policies, which contains guidelines to help you in understanding the Company’s compliance procedures. By following these guidelines, you can feel confident that your clients are being treated fairly and ethically. You should use these guidelines to establish your own business practices and standards. Please read and follow them carefully. I thank you, again, for selecting our Company and wish you much success in your career. Let’s sell and service a lot of LTCi together! ▇▇▇ ▇▇▇▇▇▇▇▇ President, Transamerica Long Term Care In keeping with the Company’s goal of making compliance a priority, this Principles of Ethical Market Conduct and Code of Ethics will guide us in our sales and operations. Our participation in this endeavor will affect all employees and producers. The following Principles of Ethical Market Conduct have been developed and approved by Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company. Each life insurance company subscribing to these principles commits itself in all matters affect- ing the sale of our products. These principles include: • Conducting business according to high standards of honesty and fairness and treating our customers as we would expect to be treated. • Providing competent and customer-focused sales and service. • Competing fairly. • Providing advertising and sales material that is clear, honest and fair. • Handling customer complaints and disputes fairly and promptly. • Maintaining a system of supervision and monitoring reasonably designed to dem- onstrate the Company’s commitment to and compliance with these principles. Our companies fully support and subscribe to the above principles. From the National Association of Insurance and Financial Advisors (NAIFA) Preamble: Those engaged in offering insurance and other related financial services occupy the unique position of liaison between the purchasers and the suppliers of insurance and closely related financial products. Inherent in this role is the combination of professional duty to the client and to the company as well. Ethical balance is required to avoid any conflict between these two obligations. Therefore, I believe it to be my responsibility: • To hold my profession in high esteem and strive to enhance its prestige. • To fulfill the needs of my clients to the best of my ability. • To maintain my clients’ confidences. • To render exemplary service to my clients and their beneficiaries. • To adhere to professional standards of conduct in helping my clients to protect insurable obligations and attain their financial security objectives. • To present accurately and honestly all facts essential to my clients’ decisions. • To perfect my skills and increase my knowledge through continuing education. • To conduct my business in such a way that my example might help raise the professional standards of those in my profession. • To keep informed with respect to applicable laws and regulations and to observe them in the practice of my profession. • To cooperate with others whose services are constructively related to meeting the needs of my clients. We seek to practice the principles expressed in the Long Term Care Professional Conduct Principles and Policies - day in and day out, year in and year out. That means having a shared sense of obligation when it comes to maintaining our clients’ trust and operating with personal and professional integrity. This is why we sometimes describe the Company/Representative relationship as a partnership - both parties working toward the common good of the client, working toward our mutual success, and, together, living up to our principles. Our reputation for quality service to clients and producers, both before and after the sale, is top priority. This is essential to the development of long-term relationships among our companies and our marketing representatives. The marketing of LTCi should be based on the needs of the client for such products. In order to determine what those needs are, a fact-finding process is necessary during which the interests of the client are foremost. Truthfulness and accurate descriptions of products and services are required. In keeping with insurance regulations in most states, an insurance produer/agent must begin the initial interview by stating that he/she is acting in the capacity of an agent and providing the name of the company he/she represents. Providing clients with products which fit their needs not only increases the likelihood that they will buy in the first place, but also the likelihood that the products will remain in force – something of benefit to the client, the agent and the Company. The persistency of business is so important to all three parties that particular effort should be made to keep clients satisfied through regular contact, prompt service and personalized attention. In some instances, a potential client may want to replace an existing product with a new one rather than merely add to what is already in place. It is unusual that replacement of a policy or contract is preferable to retaining what is owned already. However, if after careful and complete examination and full disclosure of all pertinent information, a replacement is clearly indicated, it must be done in accordance with the replacement regulations in effect in the state. To serve our clients well, it is expected that agents will be informed, competent and professional. They will know the significant details with respect to company products and how the products can be applied to satisfying clients’ needs. Agents will be familiar with state and federal laws and regulations pertaining to the sale of insurance products and the conduct required in the selling process. In particular, they will know the laws and regulations of the state in which they conduct business. This booklet is meant to be used as a tool to help keep you on the road to success and avoid some pitfalls along the way. The most effective way to develop lasting relationships with your customers is to understand what their financial objectives and insurance needs are, and then suggest what insurance products can help them address those objectives and needs. We choose to be a leader in LTCi by ensuring our representatives have the resources available to them to help their customers to the best of their ability. Both you and our customers deserve it. About Compliance Compliance may be broadly defined as conducting your insurance business within the laws and regulations of the state(s) where you do business. This may sound easy enough to do, but in reality, there are more laws and regulations on the books and enacted during each legislative session than a small business person can keep track of without help. The Long Term Care Professional Conduct Principles and Policies may not provide all the answers to your questions about being in compliance, but it gives you a basic understanding of what compliance means and offers some ideas to help you identify potentially dangerous areas. Compliance, in a narrow sense, means using scripts, visuals, recruiting materials, and other advertising pieces that comply with the laws and regulations of your state and the insurance industry. We have an LTC Compliance Department that reviews the advertising you use in order to determine if these materials comply with current laws and regulations. Using “compliance- approved” materials does many things for you, but most of all, it keeps you on the “right road.” Sales materials that have been approved by our LTC Compliance Department should accurately reflect you, the Company you represent, and the products you are selling. If you decide to deviate from these approved materials – such as creating your own version – you need to contact us. Here is a list of things you may use in your business that must be approved by our LTC Compliance Department before use:
Appears in 2 contracts
Sources: Producer Appointment Checklist, Long Term Care Producer Contract
From the President. Welcome! Thank you for joining the Transamerica Long Term Care Team and including our product in your portfolio. We are very proud of the products that we offer and strive to provide the highest level of service for you and your valued clientscustomers. I can assure you that we want to be responsive to the needs of both you and your clientscustomers’ needs. Long Term Care insurance (LTCi) provides some of the most valuable insurance protection available. You understand the potentially dire consequences of a long term care event. We need to work to ensure our mutual customers understand those issues and how our products can help protect them. We also need to ensure that we only sell to those customers when our product is truly suitable and make that sale in an ethical and compliant way. To better assist you, we are providing this booklet, the Long Term Care Professional Conduct Principles and Policies, which contains guidelines to help you in understanding the Company’s compliance procedures. By following these guidelines, you can feel confident that your clients customers are being treated fairly and ethically. You should use these guidelines to establish your own business practices and standards. Please read and follow them carefully. I thank you, again, for selecting our Company and wish you much success in your career. Let’s sell and service a lot of LTCi together! ▇▇▇ ▇▇▇▇▇▇▇▇ President, Transamerica Long Term Care In keeping with the Company’s goal of making compliance a priority, this Principles of Ethical Market Conduct and Code of Ethics will guide us in our sales and operations. Our participation in this endeavor will affect all employees and producers. The following Principles of Ethical Market Conduct have been developed and approved by Transamerica Trans- america Life Insurance Company and Transamerica Financial Life Insurance Company. Each life insurance company subscribing to these principles commits itself in all matters affect- ing affecting the sale of our products. These principles include: • Conducting business according to high standards of honesty and fairness and treating our customers as we would expect to be treated. • Providing competent and customer-focused sales and service. • Competing fairly. • Providing advertising and sales material that is clear, honest and fair. • Handling customer complaints and disputes fairly and promptly. • Maintaining a system of supervision and monitoring reasonably designed to dem- onstrate the Company’s commitment to and compliance with these principles. Our companies fully support and subscribe to the above principles. From the National Association of Insurance and Financial Advisors (NAIFA) Preamble: Those engaged in offering insurance and other related financial services occupy the unique position of liaison between the purchasers and the suppliers of insurance and closely related financial products. Inherent in this role is the combination of professional duty to the client customers and to the company as well. Ethical balance is required to avoid any conflict between these two obligations. Therefore, I believe it to be my responsibility: • To hold my profession in high esteem and strive to enhance its prestige. • To fulfill the needs of my clients customers to the best of my ability. • To maintain my clientscustomers’ confidences. • To render exemplary service to my clients customers and their beneficiaries. • To adhere to professional standards of conduct in helping my clients customers to protect insurable obligations and attain their financial security objectives. • To present accurately and honestly all facts essential to my clientscustomers’ decisions. • To perfect my skills and increase my knowledge through continuing education. • To conduct my business in such a way that my example might help raise the professional standards of those in my profession. • To keep informed with respect to applicable laws and regulations and to observe them in the practice of my profession. • To cooperate with others whose services are constructively related to meeting the needs of my clientscustomers. We seek to practice the principles expressed in the Long Term Care Professional Conduct Principles and Policies - day in and day out, year in and year out. That means having a shared sense of obligation when it comes to maintaining our clientscustomers’ trust and operating with personal and professional integrity. This is why we sometimes describe the Company/Representative relationship as a partnership - both parties working toward the common good of the clientcustomer, working toward our mutual success, and, together, living up to our principles. Our reputation for quality service to clients customers and producers, both before and after the sale, is top priority. This is essential to the development of long-term relationships among our companies and our marketing representatives. The marketing of LTCi should be based on the needs of the client customer for such products. In order to determine what those needs are, a fact-finding process is necessary during which the interests of the client customer are foremost. Truthfulness and accurate descriptions of products and services are required. In keeping with insurance regulations in most states, an insurance produer/agent must begin the initial interview by stating that he/she is acting in the capacity of an agent and providing the name of the company he/she represents. Providing clients customers with products which fit their needs not only increases the likelihood that they will buy in the first place, but also the likelihood that the products will remain in force – something of benefit to the clientcustomer, the agent and the Company. The persistency of business is so important to all three parties that particular effort should be made to keep clients customers satisfied through regular contact, prompt service and personalized attention. In some instances, a potential client customer may want to replace an existing product with a new one rather than merely add to what is already in place. It is unusual that replacement of a policy or contract is preferable to retaining what is owned already. However, if after careful and complete examination and full disclosure of all pertinent information, a replacement is clearly indicated, it must be done in accordance with the replacement regulations in effect in the state. To serve our clients customers well, it is expected that agents will be informed, competent and professional. They will know the significant details with respect to company products and how the products can be applied to satisfying clientscustomers’ needs. Agents will Insurance producers should be familiar with state and federal laws and regulations pertaining to the sale of insurance products and the conduct required in the selling process. In particular, they will know the laws and regulations of process for the state in which they conduct business. This booklet is meant to be used as a tool to help keep you on the road to success and avoid some pitfalls along the way. The most effective way to develop lasting relationships with your customers is to understand what their financial objectives and insurance needs are, and then suggest what insurance products can help them address those objectives and needs. We choose to be a leader in LTCi by ensuring our representatives have the resources available to them to help their customers to the best of their ability. Both you and our the customers deserve it. About Compliance Compliance may be broadly defined as conducting your insurance business within the laws and regulations of the state(s) where you do business. This may sound easy enough to do, but in reality, there are more laws and regulations on the books and enacted during each legislative session than a small business person can keep track of without help. The Long Term Care Professional Conduct Principles and Policies may not provide all the answers to your questions about being in compliance, but it gives you a basic understanding of what compliance means and offers some ideas to help you identify potentially dangerous areas. Compliance, in a narrow sense, means using scripts, visuals, recruiting materials, and other advertising pieces that comply with the laws and regulations of your state and the insurance industry. We have an LTC Compliance Department that reviews the advertising you use in order to determine if these materials comply with current laws and regulations. Using “compliance- approved” materials does many things for you, but most of all, it keeps you on the “right road.” Sales materials that have been approved by our LTC Compliance Department should accurately reflect you, the Company you represent, and the products you are selling. If you decide to deviate from these approved materials – such as creating your own version – you need to contact us. Here is a list of things you may use in your business that must be approved by our LTC Compliance Department before use:
Appears in 1 contract
Sources: Producer Appointment Checklist