What can result from a conviction related to fraudulent practices in insurance?

A conviction related to fraudulent practices in insurance can lead to license suspension or revocation as a significant consequence. The insurance industry is highly regulated, and maintaining ethical standards is crucial for protecting consumers and ensuring the integrity of the market. When an individual is convicted of fraudulent practices, it demonstrates a serious breach of trust and legal compliance, prompting regulatory authorities to impose strict penalties.

This regulatory response serves multiple purposes, such as deterring fraudulent behavior, protecting consumers from harmful practices, and upholding the overall credibility of the insurance profession. License suspension or revocation effectively prevents the violator from operating in the industry, which is necessary to maintain public confidence in insurance agents and companies.

The other options do not align with the consequences of such convictions; increasing commission rates or enhancing client trust would be contrary to the intent of punitive measures, and broadening insurance offerings would not be a logical outcome of fraudulent activities.