What is an unfair trade practice in Ohio insurance law?

Misrepresenting policy terms to consumers qualifies as an unfair trade practice under Ohio insurance law because it involves providing false or misleading information that can significantly affect a consumer's understanding of what they are purchasing. Insurance policies can be complex, and clarity is crucial for consumers to make informed decisions. When an insurer or agent distorts or alters the true meaning of the policy terms, it undermines the principle of fair dealing that is essential in the insurance industry. This practice not only harms consumers but also erodes trust in the insurance system as a whole.

On the other hand, offering discounts for referrals, providing free consultations, and running advertisements on social media can be legitimate marketing practices, provided they comply with the regulations set forth by state laws. These practices are generally permissible as they aim to promote services and attract customers without misleading them regarding the terms of the insurance products being offered.