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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...

... enough accounts to justify that move. She tested well for personality and potential, but she is fairly new in the Life business. S he is closing about one out of four presentations, which sounds fine for a relative beginner, since the closing average for all agents is about one out of three. But since she deals with many Mortgage policies and writes reducing Term policies at fairly low premiums, the bottom-line dollars are low. We need to create more cash flow. What can you suggest? P/C Agency Principal ... then another agent should be brought in to address those coverages. The new agent can earn a finder's fee or split commission and, equally important, your client will not be left with big gaps in coverage. Even if the client doesn't buy those policies, your errors and omissions exposure will be reduced by the agency's offering them. Keep good records on all the agent's sales activities so that you can work with firm facts instead of vague impressions. Review, in nontechnical terms, the strengths and weaknesses of your agent with the ... and with at least one other experienced Life person. Look for an improved closing ratio, a clear understanding of why each lost sale was lost, and a flow of leads for related products to be handled by a competent person. That should build the cash flow. Your agent should also be raising her level of competence. Various insurers offer training materials and courses, as do general agents, managing general agents, insurance schools and colleges, and Life agents' associations. In today's market conditions, no Life agent should be ...

... enough accounts to justify that move. She tested well for personality and potential, but she is fairly new in the Life business. S he is closing about one out of four presentations, which sounds fine for a relative beginner, since the closing average for all agents is about one out of three. But since she deals with many Mortgage policies and writes reducing Term policies at fairly low premiums, the bottom-line dollars are low. We need to create more cash flow. What can you suggest? P/C Agency Principal ... then another agent should be brought in to address those coverages. The new agent can earn a finder's fee or split commission and, equally important, your client will not be left with big gaps in coverage. Even if the client doesn't buy those policies, your errors and omissions exposure will be reduced by the agency's offering them. Keep good records on all the agent's sales activities so that you can work with firm facts instead of vague impressions. Review, in nontechnical terms, the strengths and weaknesses of your agent with the ... and with at least one other experienced Life person. Look for an improved closing ratio, a clear understanding of why each lost sale was lost, and a flow of leads for related products to be handled by a competent person. That should build the cash flow. Your agent should also be raising her level of competence. Various insurers offer training materials and courses, as do general agents, managing general agents, insurance schools and colleges, and Life agents' associations. In today's market conditions, no Life agent should be ...

... . 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. ...

...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...

...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...

...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...

Agent's Responsibility For Company Insolven...be of major and immediate concern for agents during the next several years. ...

... since the closing average for all agents is about one out of three. But since... materials and courses, as do general agents, managing general agents, insurance schools and colleges, and Life agents' associations. In today's market conditions, no Life agent should be standing still in education, production, ...

...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...