Unfair methods of competition or unfair or deceptive acts or practices defined

What this document is

Vt. Stat. tit. 8, s. 4724 - Unfair methods of competition or unfair or deceptive acts or practices defined is a state statute published by Vermont General Assembly (legislature.vermont.gov). It is one of the Vermont documents that insurance license exam questions are written from, including vermont life & health, vermont property & casualty, vermont personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Vt. Stat. tit. 8, § 4724 (3) (Defamation)

  “any oral or written statement or any pamphlet, circular, article or literature that is false, or maliciously critical of or derogatory to the financial condition of any person and which is calculated to injure such person.”

• Vt. Stat. tit. 8, § 4724 (1)(F) (Misrepresentation inducing surrender/twisting)

  “is a misrepresentation for the purpose of inducing or tending to induce the lapse, forfeiture, exchange, conversion, or surrender of any insurance policy;”

• Vt. Stat. tit. 8, § 4724 (7)(A) (Unfair discrimination in rates)

  “Making or permitting any unfair discrimination between insureds of the same class and equal risk in the rates charged for any contract of insurance, or in the dividends or other benefits payable thereon, or in any other of the terms and conditions of such contracts.”

• Vt. Stat. tit. 8, § 4724(7)(C)(i) (Unfair discrimination; arbitrary underwriting action)

  “(C)(i) Inquiring or investigating, directly or indirectly, as to an applicant’s, an insured’s, or a beneficiary’s sexual orientation, or gender identity in an application for insurance coverage or in an investigation conducted by an insurer, reinsurer, or insurance support organization in...”

• Vt. Stat. tit. 8, § 4724(5)(C) (False financial statements and entries)

  “(C) Knowingly concealing, withholding or destroying, mutilating, altering, or by any means falsifying any documentary material in the possession, custody, or control of any person after that person: (i) has received a complaint to which that documentary material is directly relevant; or (ii) knows...”

• Vt. Stat. tit. 8, § 4724(7)(E) (Unfair discrimination; married couples and parties to a civil union)

  “(E) Making or permitting unfair discrimination between married couples and parties to a civil union as defined under 15 V.S.A. § 1201, with regard to the offering of insurance benefits to a couple, a spouse, a party to a civil union, or their family. The Commissioner shall adopt rules necessary to...”

• Vt. Stat. tit. 8, § 4724(7)(D) (Unfair discrimination; medical information and genetic testing)

  “(D) Making or permitting any unfair discrimination against any individual by conditioning insurance rates, the provision or renewal of insurance coverage, or other conditions of insurance based on medical information, including the results of genetic testing, where there is not a relationship...”

• Vt. Stat. tit. 8, § 4724(21)(A) (Automobile glass services; failing to inform the insured)

  “(21) Automobile glass services. In the case of claims for damage to automobile glass under a policy of insurance covering, in whole or in part, motor vehicles: (A) Failing to inform an insured, at the time a claim is made, of the right of the insured to choose freely any company or location for...”

• Vt. Stat. tit. 8, § 4724(23)(A) (Affordable housing; unfair discrimination)

  “(A) An insurer that issues or delivers in this State a policy of insurance covering loss of or damage to real property containing units for residential purposes or legal liability of an owner or renter of such real property shall not cancel, refuse to issue, refuse to renew, or increase the premium...”

• Vt. Stat. tit. 8, § 4724(8)(B) (Rebates; fictitious grouping)

  “(B) Making available through any rating plan or form, property, casualty, or surety insurance to any firm, corporation, or association of individuals, any preferred rate or premium based upon any fictitious grouping of such firm, corporation, or individuals. The grouping of risks by way of...”

• Vt. Stat. tit. 8, § 4724(9) (Unfair claim settlement practices; business practice threshold)

  “(9) Unfair claim settlement practices. Committing or performing with such frequency as to indicate a business practice any of the following: (A) misrepresenting pertinent facts or insurance policy provisions relating to coverage at issue; (B) failing to acknowledge and act reasonably promptly upon...”

• Vt. Stat. tit. 8, § 4724(10) (Failure to maintain complaint handling procedures)

  “(10) Failure to maintain complaint handling procedures. Failure of any person to maintain a complete record of all of the complaints that it has received since the date of its last examination under section 3563 or 3564 of this title. This record shall indicate the total number of complaints, their...”

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More Vermont sources

• Vt. Stat. Ann. tit. 8, ch. 103: Life insurance policy provisionsState statute
• Vt. Stat. tit. 8, s. 4723 - Unfair methods of competition or unfair or deceptive acts or practices prohibitedState statute
• Vt. Stat. tit. 8, s. 4800 - License requirementsState statute
• Vt. Stat. tit. 8, s. 4804 - License denial, nonrenewal, or termination causesState statute
• Vermont Statutes Title 8 Chapter 107 - Health Insurance (Secs. 4011-4093)State statute
• Vermont Producer's Examination for Casualty Insurance (Series 14-42) - Exam Content OutlineCandidate handbook or exam outline
• Vermont Producer's Examination for Life, Accident, Health and HMO - Exam Content Outline (Series 14-29)Candidate handbook or exam outline
• Vermont Producer's Examination for Personal Lines Insurance (Series 14-39) - Exam Content OutlineCandidate handbook or exam outline