Twisting is a tactic involving deceptive practices that is becoming increasingly more common in the insurance industry. It occurs when an insurance agent makes false representations and omits important information to encourage customers to purchase inappropriate insurance products. This technique can have serious consequences for policyholders who may be unaware they are paying for coverage they do not need or that does not meet their needs.
Table Of Content:
- Twisting | Insurance Glossary Definition | IRMI.com
- What is Twisting? - Definition from Insuranceopedia
- What Is Insurance Twisting? - Insurance Pro AZ
- Insurance 101: Churning And Twisting | AgentSync
- What Is Insurance Twisting?
- What Is Twisting In Insurance? How does it work?
- Florida Statutes 626.9521
- Insurance Twisting, Churning, and Sliding: How to Not Let Cunning ...
- 33-18-204. Twisting prohibited, MCA
- CFO Press Release 3/21/2003 Agent Charged with Churning ...
1. Twisting | Insurance Glossary Definition | IRMI.com
https://www.irmi.com/term/insurance-definitions/twisting
Twisting — the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is ...
2. What is Twisting? - Definition from Insuranceopedia
https://www.insuranceopedia.com/definition/4662/twisting
Apr 20, 2021 ... Twisting occurs when an insurance agent convinces a life insurance policyholder to replace his or her existing life insurance policy by ...
3. What Is Insurance Twisting? - Insurance Pro AZ
https://www.insuranceproaz.com/what-is-insurance-twisting/
Insurance twisting is when an agent convinces a policyholder to drop their existing policy and take out a new policy that isn't in their best interests.
4. Insurance 101: Churning And Twisting | AgentSync
https://agentsync.io/blog/insurance-101/churning-and-twisting
Nov 3, 2021 ... Churning in insurance is when a producer replaces a client's coverage with one from the same carrier that has similar or worse benefits.
5. What Is Insurance Twisting?
https://finance.zacks.com/insurance-twisting-9380.html
Insurance laws differentiate between churning and twisting of life insurance policies. If a customer is enticed into replacing an existing policy with a policy ...
6. What Is Twisting In Insurance? How does it work?
https://policyadvice.net/insurance/guides/what-is-twisting-in-insurance/
Mar 19, 2022 ... As we just mentioned, insurance twisting is a type of replacement insurance that agents use to convince policyholders to forgo any existing ...
7. Florida Statutes 626.9521
http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0626/Sections/0626.9521.html
Chapter 626. INSURANCE FIELD REPRESENTATIVES AND OPERATIONS ... 626.9541(1)(l), the offense known as “twisting,” or violates s.
8. Insurance Twisting, Churning, and Sliding: How to Not Let Cunning ...
https://american-reia.com/insurance-news/insurance-twisting-churning-and-sliding-how-to-not-let-cunning-agents-twist-you-around/
Sep 29, 2021 ... Insurance twisting is when an insurance agent intentionally convinces you to switch to an allegedly better insurance policy, ...
9. 33-18-204. Twisting prohibited, MCA
https://leg.mt.gov/bills/mca/title_0330/chapter_0180/part_0020/section_0040/0330-0180-0020-0040.html
Montana Code Annotated 2021. TITLE 33. INSURANCE AND INSURANCE COMPANIES. CHAPTER 18. UNFAIR TRADE PRACTICES. Part 2. Insurer's Relations With Insured and ...
10. CFO Press Release 3/21/2003 Agent Charged with Churning ...
https://www.myfloridacfo.com/sitePages/newsroom/pressRelease.aspx?id=1485
Mar 21, 2003 ... Agent Charged with Churning, Twisting and Exploiting an Elderly Person ... CORAL SPRINGS – A South Florida insurance agent is facing ...
What is twisting in the insurance industry?
Twisting is a deceptive practice used by some insurance agents where false information is provided or important facts are omitted in order to sell an inappropriate product.
How can twisting affect policyholders?
Policyholders who are unaware of this practice may end up purchasing coverage that does not meet their needs or needlessly overpaying for a product.
How can I protect myself from being a victim of twisting?
You should always research any product you consider purchasing and make sure to ask questions if anything seems unclear or confusing. Additionally, it’s important to verify your agent’s credentials before entering into any agreement with them.
Conclusion:
The consequences of twisting can be far-reaching, leaving policyholders feeling taken advantage of and financially drained. To protect yourself, make sure you understand exactly what type of coverage you are buying and verify all information provided by your agent prior to signing any paperwork.