https://completemarkets.com/Article/article-post/511/Avoid-E-O-Problems/
Avoid E&O Problems!
Agents need to review their procedures for ...t did not buy:
No 00/00/00 RTY
(Agent's initials)
CONCLUSION
Pr...
https://completemarkets.com/Article/article-post/807/The-Hold-Harmless-Or-Indemnification-Clause/
...s Or Indemnification Clause
P/C agents often have reviewed contracts and le... recognizing the concerns of the other and with cooperative rather than advers...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1601/PRIMER-ON-INSURER-AGENCY-RELATIONSHIPS/
... . One employee's widow completed the claim papers and, in error, indicated that her husband had been a part-time employee. The error was not detected by the employer's personnel staff, who forwarded the form to the carrier. The carrier's claim examiner contacted the employer-not the agent. He wanted payroll records and other data to support everyone's statements that the late employee was in fact full-time, since part-time employees were not covered by the plan. The employer's president wrote a firm, succinct letter to the carrier: A.B. was employed here ... death claim The carrier, a large, well-rated multi-line company licensed in 49 states, had covered one group for six years without a claim. Coverage was for Life only, since Group Medical was placed elsewhere. One employee's widow completed the claim papers and, in error, indicated that her husband had been a part-time employee. The error was not detected by the employer's personnel staff, who forwarded the form to the carrier. The carrier's claim examiner contacted the employer-not the agent. He wanted payroll records and other data to support ... time or even worse, when there's a problem with a claim? You're a multi-line company; you wouldn't pull that with your P/C agents, so how can you do it to anyone else? This is the kind of stuff that balloons into Errors & Omissions (E &O ) claims, lost accounts, and all kinds of bad news. Is there any reason that all my accounts cannot be flagged to tell your staff to copy me on all correspondence? Claims officer: Well, that's not our system. ...
https://completemarkets.com/Article/article-post/1849/REACHING-OUT-TO-SELL-SOMEONE/
...he telephone, think again. It lets agents prospect for business from Rapid Cit...urnal, lives in Knoxville with her husband. She gathered all the information f...
https://completemarkets.com/Article/article-post/989/Agents-Responsibility-For-Company-Insolvency/
Agent's Responsibility For Company Insolven...be of major and immediate concern for agents during the next several years.
...
https://completemarkets.com/Article/article-post/985/ERRORS-AND-OMISSIONS-CONSIDERATIONS/
...rance agencies today. Thousands of agents don’t carry any E&O insurance ...dures that will treat customers fairly and respect their intelligence and decision-making capabilities. Keep them informed of good news and bad in a timely manner. And meet their needs with courtesy and professionalism. A satisfied insure...
https://completemarkets.com/Article/article-post/1601/PRIMER-ON-INSURER-AGENCY-RELATIONSHIPS/
...ner contacted the employer-not the agent. He wanted payroll records and other ... increase, or any other adverse news. Agent must be at least as informed as in...
https://completemarkets.com/Article/article-post/2156/E-O-LEGAL-ACTIONS-THE-AGENCY-NEMESIS/
...eview actions filed against fellow agents. As principals, we are familiar wit...nt is that it should exist. Innovation and creativity have no place in the she...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/952/SELECTING-INSURANCE-COMPANIES/
... and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Selecting Insurance Companies 4/30/2013 10:35:26 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. SELECTING INSURANCE COMPANIES Agents' Responsibility for Company Insolvency by Carol Hammes Beware these warning signs of carrier financial instability. Financial stability is one of the most important criteria for selecting and retaining an insurance company partner. The insolvency of a major carrier can prove disastrous, disrupting your agency, ... generally the impact of poor management practices. Cash-flow underwriting and increases in short-term earnings intoxicated inexperienced management teams, who failed to recognize the dangers lurking in the quick fix. In the past, courts generally didn't regard insurance agents as professionals, thus absolving them of any errors & omissions exposures when a carrier became insolvent. With "professional" status came specific standards of conduct. Since 1975 the courts have required agents to have adequate knowledge of their companies and of coverages. If due diligence would have revealed financial difficulties before an agent ... the insurance, the court might hold an agent liable for placing a risk with an insolvent carrier. Until 1987 the primary question in these cases was whether the agent had used reasonable diligence to determine the financial condition of the insurance company — a criterion which implicitly acknowledged that the agent was not a guarantor of the underwriting company. However, the Higginbotham v. Greer appellate court decision in that year expanded the legal duties of insurance agents. The court warned that agents might be held responsible for damages if "at that time or ...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/2406/Does-Your-Agency-Have-What-It-Takes-To-Partner-With-A-Bank/
... Management Resources & Links Categories Popular Recent All Back Does Your Agency Have What It Takes To Partner With A Bank?5/24/2013 12:00:00 AM by CompleteMarkets Editor , Roger Thomas This content has not been rated yet. Are you an agent wanting to sell to, or partner with, a bank? Are you a banker wanting to launch your bank into the bancassurance' arena? Where do you start? If you are an agent, you need to know if your agency is one which will ... . This differs from reputation and goodwill. Quality refers more to management's ability to effectively and successfully operate and manage an insurance agency. Does the agency have a good track record with its companies? Does it pay its bills and companies on time? Has it incurred errors and omissions claims due to sloppy procedures? Does it have good loss ratios? Has it earned any special privileges from its carriers? Do employees and management perform as a team, with minimal problems? Is an productive, ongoing training program in place? Does ... agency set and achieve goals? If you are a banker, answers to these and many more questions may be difficult to obtain, but with some well placed inquires, you may be able to find more answers than you would think possible. 5. Hidden agency liabilities. Are there unreported embezzlements? Has the agency paid any E&O claims out of its pocket? Are there potential E&O claims or lawsuits waiting to explode? Does the agency carry an adequate E&O policy limit? Are there family or ...