What term describes giving something of value not specified in the insurance contract?

The term that describes giving something of value not specified in the insurance contract is rebating. This practice involves offering incentives or benefits to clients that are outside the terms of the contract. Rebates are often viewed as a form of inducement that can create ethical and legal concerns within the insurance industry because they can lead to unfair competition or misrepresentation. Regulatory agencies closely monitor rebating practices to ensure that all parties engage in fair practices and maintain the integrity of the insurance market.

While other options like commission, gift giving, and incentivizing can relate to value exchanges in different contexts, they do not specifically refer to the practice of providing undisclosed benefits to influence the purchase of insurance. Commission refers to the fee paid to agents or brokers for their services, gift giving typically implies a gesture of goodwill rather than a transactional incentive, and incentivizing is a broader term that might apply in various scenarios but does not capture the specific regulatory concerns surrounding rebating in insurance.