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Up until 20 years ago courts did not treat insurance agents as professionals and as a result agents...
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My E&O classes include discussion on claims frequency by line of business. When I bring up the issue of Life insurance, many folks have trouble identifying...
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Tens of millions of Americans don’t have wills, in spite of the abundance of online will makers today. Tens of millions of Americans don’t have life insurance. The scary thing is, these groups overlap to a large degree. There are millions of people out there who neither have wills nor life insurance policies, whose families will struggle in the event of their death.
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Proper records management is one of the most crucial elements of disaster planning. The ability of an organization...
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An agency valuation I completed recently came in considerably lower than the agency owners expected. The reason? Their balance sheet was very poor and they were materially out of trust: Meaning that their ratio of Accounts Receivable + Cash to Accounts Payable was less than 1. The agency principals were quite upset that I would decrease their value for this reason. They retorted, “We always pay our companies on time, our companies have never been hurt by this, our customers have never been hurt by this, and our CPA has never found fault with this practice. You're the only one who thinks it matters!”
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The National Association of Insurance Commissioners (NAIC) spent almost five years developing the Model Illustration Regulations currently in use - in one form or another - in most states. The regulations were developed to help the consumer have a better understanding of how Life insurance policies worked, as well as to better differentiate between guaranteed and non-guaranteed elements of a Life insurance policy.