Answered

The NAIC Suitability Model was created as a result of:

A. The need to establish standards for the sale of insurance products.
B. Regulatory requirements to protect consumers.
C. Efforts to enhance the accountability of insurance agents.
D. Industry initiatives to improve market conduct practices.



Answer :

GinnyAnswer

Final answer:

The NAIC Suitability Model was developed to promote fair insurance models, particularly in the context of protecting vulnerable groups from climate change risks.


Explanation:

NAIC Suitability Model was created as a result of the need for fair insurance models, like the solidaristic flood insurance regime advocated in the UK. The concept of fairness in insurance models is crucial, especially in cases like flood insurance, to protect vulnerable groups from climate change risks.


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