Annuity Case Chills Insurance Agents

[Mark Rosenthal]

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Annuity Case Chills Insurance Agents

[xrac]

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Prosecutor Admits Not Proving Agent Knew Client Had Dementia

[bsd058]

This sets a pretty interesting precedent. What should a broker do to ensure protection from such situations?

One suggestion from the article would be to perform a standardized test with each client to ensure competence. I'm not sure if brokers are qualified to pick what tests would show competence. Any suggestions?

Possibly getting the annuitant (for high commission cases) to see a doctor to establish competence? Would this be required of every client if they were to make us do this?

Seems like the judge put the onus on the broker to prove that the client was competent, and a broker is not qualified for such a matter. I think the appeal would be interesting. I don't think this conviction was fair based on the information in the articles; but I wasn't at the trial.