Prohibited practices in insurance include acts that do what?

Prohibited practices in insurance are actions that violate established procedures and codes. This is crucial because the insurance industry is governed by strict regulations designed to protect both consumers and the integrity of the market. Adhering to these procedures ensures that all transactions are conducted fairly and transparently, which fosters trust between insurers and policyholders. When individuals or companies step outside these established norms, it can lead to unethical behavior, fraud, and a breakdown in consumer confidence, ultimately harming the industry as a whole. Thus, recognizing and avoiding actions that contravene these established guidelines is fundamental to maintaining ethical standards in insurance practices.