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Banc assurance

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Banc assurance
The sale of insurance and other similar products through a bank.
    
The usage of the word picked up as banks and insurance companies merged and banks sought to provide insurance, especially in markets that have been liberalized recently. It is a controversial idea, and many feel it gives banks too great a control over the financial Indus . This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan, the consumer could purchase the insurance directly from the bank. Some critics feel that banc assurance gives the bank too much control. Banc assurance is not legal in all countries, but it is legal in the United States.
    
Banc assurance primarily banks on the relationship the customer has developed over a period of time with the bank. And pushing Risk products through banks is a cost-effective affair for an insurance company compared to the Agent route, while, for banks, considering the falling Interest rates, fee based income coming in at a minimum cost is more than welcome.
Posted by  Cityscape Abu Dhabi
 
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