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... x No Thanks Loading.. Profile Checksheet Of Agency Heading Toward Bankruptcy 4/30/2013 by CompleteMarkets Editor , Chris Burand This content has not been rated yet. How healthy is your agency? This checksheet and financial analysis criteria can give you the answer. Use these 10 items to check the financial health of your agency: Trust ratio under 1.1 x More than 15% of accounts receivable more than 90 days old Commission growth greater than 5% Producer compensation greater than 30% on renewal Debt service greater than profit Made acquisitions equal to 25% or more of total current revenue at price above 1.5x in last three years Property/Casualty commission per producer less than $250,000 Revenue per employee less than $90,000 Expense budget not prepared or monitored monthly Salary caps and compensation planning for staff not set at start of each year If you checked three or more of these items, you're in the danger zone! Here's an analysis of the basic criteria you can use for agency financial analysis: BALANCE SHEET ANALYSIS TRUST RATIO Cash plus accounts receivable/premiums payable should ___ be greater than 1.1x. If less than 1.0x, you're spending carrier premium. RECEIVABLES RATIO Accounts receivable/premiums payable. The lower the ___ better. Should be .65 or less; if above 1.0, you're advancing funds. CURRENT RATIO Current assets/current liabilities. Should be greater ___ than 1.1 x. If less than 1.0x, must retain profits. NUMBER OF DAYS WORKING CAPITAL Current assets minus current liabilities equals net ___ working capital. Total agency expense divided by 365 ...

... law, the borrower must use the proceeds to repair the property or the lender will be entitled to apply them to the loan. The fact that the property is being repaired does not excuse the owner/borrower from meeting mortgage payments. Thus the owner may have to default on the loan, giving the lender an excuse to take the insurance proceeds if no payment can be made. This is not always undesirable. As a result of the insurance payments, the owner may be able to pay off the loan and demolish the building-which could be more desirable than the owner's pre-quake condition, since the owner might then have some insurance money and own the land free and clear of debt. When the value of the property before the earthquake was less than the loan, the borrower may find that bankruptcy provides an excellent opportunity to restructure the debt and regain some equity. The rules of bankruptcy are complicated. However, a bankrupt borrower can, under the right circumstances, force the lender to reduce the loan to the value of the property and then pay interest on the loan at the reduced amount. When the property is rebuilt, the owner may have some equity because it will now be worth more than the reduced loan. Moreover, the property can be designated as cash flow as a result of lower debt. For many people bankruptcy is not acceptable. On filing bankruptcy, all of an individual's assets become subject to control of the court. However, a partnership or real estate investment company with a limited number of properties in its asset and operational base may greatly benefit by filing ...

... Required) Please consider the following: 1. Would you recommend this company? 2. What about this company do you like/dislike? 3. Why did you choose this rating? Submit This Anonymously Submit Cancel Contact Us contact_phone Click to call Unfollow First name: Last name: Email: Are you sure you want to deactivate your CompleteMarkets Company Profile Deactivate Cancel Loading.. About Us Services Jobs PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All bankruptcy termination Articles tagged with bankruptcy termination Back Cobra Extends Health Benefits This content has not been rated yet. CompleteMarkets Editor 4/30/2013 10:38:56 PM COBRA EXTENDS HEALTH BENEFITS The Consolidated Omnibus Budget Reconciliation Act is better known as COBRA. Its acronym sounds venomous, but COBRA is the antidote for people who have just.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... for local service providers or the Federal Communications Commission for long-distance and cellular providers at (888) CALL-FCC or go to http://www.fcc.gov/complaints . Employment. If you believe that someone is using your SSN to apply for a job, call the Social Security Administration's Fraud Hotline at (800) 269-0271. Also call the SSA at (800) 772-1213 to verify the accuracy of the earnings reported on your SSN and to request a copy of your Social Security Statement. Follow up your calls in writing. Driver's license. If you suspect that an identity thief is using your name or SSN to get a driver's license or a non-driver's ID card, contact the Department of Motor Vehicles. If your state uses your SSN as a driver's license number, ask to substitute another number. Bankruptcy. If you believe that someone has filed bankruptcy using your name, write to the U.S. Trustee in the Region where the bankruptcy was filed. For a listing of the U.S. Trustee Program's Regions, go to www.usdoj.gov/ust . You should also file a complaint with the U.S. Attorney or the FBI in the city where the bankruptcy was filed. Original article by Chris Wright Edited by CompleteMarkets editorial team. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result ...

... for local service providers or the Federal Communications Commission for long-distance and cellular providers at (888) CALL-FCC or go to http://www.fcc.gov/complaints . Employment. If you believe that someone is using your SSN to apply for a job, call the Social Security Administration's Fraud Hotline at (800) 269-0271. Also call the SSA at (800) 772-1213 to verify the accuracy of the earnings reported on your SSN and to request a copy of your Social Security Statement. Follow up your calls in writing. Driver's license. If you suspect that an identity thief is using your name or SSN to get a driver's license or a non-driver's ID card, contact the Department of Motor Vehicles. If your state uses your SSN as a driver's license number, ask to substitute another number. Bankruptcy. If you believe that someone has filed bankruptcy using your name, write to the U.S. Trustee in the Region where the bankruptcy was filed. For a listing of the U.S. Trustee Program's Regions, go to www.usdoj.gov/ust . You should also file a complaint with the U.S. Attorney or the FBI in the city where the bankruptcy was filed. Original article by Chris Wright Edited by CompleteMarkets editorial team. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result ...

... own your home, have your own business, and drive a new car. Though you are not rich, you are comfortable. It will be a shame to lose it all if someone sustains injuries by your car or at your home or place of business. You have insurance you say; you have standard auto liability insurance. The limits are $100,000 for a single person and a total of $300,000 for multiple people. Suppose you are responsible for any accident involving a shuttle taking ten people to the airport. Three hundred thousand dollars allows on average $10,000 per person. That is hardly enough to cover the emergency room fees let alone any surgery, rehabilitation, lost wages and other medical expenses. If there is a fatality, you may consider bankruptcy. Your business has a small storefront on a busy street. A middle-aged executive comes into your place of business following a rainstorm. Your floor is wet and slippery, and the executive slips and falls. He strikes his head, loses consciousness, and goes into a coma. Your general business liability insurance has the same limit as your auto insurance - $100,000. It may cover part of the hospital bill, but the official says he is permanently disabled and sues you for future wages for $1 million. Since your business is a sole proprietorship, bankruptcy beckons. Your son invites a friend over for a swim in your pool. He dives into the shallow end strikes his head and suffers traumatic brain injury. Sadly, the damage is permanent- with standard liability ...

... . All Articles by CompleteMarkets Editor Comments (0 ) Financial-Statement Analysis This content has not been rated yet. CompleteMarkets Editor , John Jaques 4/30/2013 10:41:34 PM FINANCIAL-STATEMENT ANALYSIS by John Jaques This article provides an overview for evaluating the financial strengths and weaknesses of an independent insurance agency. The material provid.. All Articles by CompleteMarkets Editor Comments (0 ) Ownership, Perpetuation, And Management This content has not been rated yet. CompleteMarkets Editor , John Jaques 4/30/2013 10:41:34 PM OWNERSHIP, PERPETUATION, AND MANAGEMENT by John Jaques The succession of ownership and management for your organization for the mid and long term is as important to your firm as .. All Articles by CompleteMarkets Editor Comments (0 ) Profile Checksheet Of Agency Heading Toward Bankruptcy This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM PROFILE CHECKSHEET OFAGENCY HEADING TOWARD BANKRUPTCY by Chris Burand How healthy is your agency? This checksheet and financial analysis criteria can give you the answer. Use thes.. All Articles by CompleteMarkets Editor Comments (0 ) Salvaging Your Investment After The Earthquake This content has not been rated yet. CompleteMarkets Editor , John Barclay 4/30/2013 12:00:00 AM SALVAGING YOUR INVESTMENT AFTER THE EARTHQUAKE by John Barclay, Esq. The Northridge earthquake has resulted in billions of dollars of property damage. Insurance, private assistance, and public assis.. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All contingents Articles tagged with contingents Back Agency Productivity Levels This content has not been rated yet. CompleteMarkets Editor , Carol Hammes 4/30/2013 10:36:15 PM AGENCY PRODUCTIVITY LEVELS by Carol Hammes Every business needs to evaluate itself against others to gauge its level of success and to identify areas in which it can improve. This docume.. All Articles by CompleteMarkets Editor Comments (0 ) Profile Checksheet Of Agency Heading Toward Bankruptcy This content has not been rated yet. CompleteMarkets Editor , Chris Burand 4/30/2013 12:00:00 AM PROFILE CHECKSHEET OFAGENCY HEADING TOWARD BANKRUPTCY by Chris Burand How healthy is your agency? This checksheet and financial analysis criteria can give you the answer. Use thes.. All Articles by CompleteMarkets Editor Comments (0 ) Update On Agency Valuation This content has not been rated yet. CompleteMarkets Editor , Carol Hammes 4/30/2013 12:00:00 AM UPDATE ON AGENCY VALUATION By Carol Hammes We have lost count of the number of telephone calls that we have received recently asking us what the going rate is for the sale of an insurance agency. .. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks ...

... nondiscriminatory, which usually means you must offer the same package to basically all your employees. Many other rules also apply, such as how much can be contributed. A Non-Qualified plan is much simpler, with far fewer rules to follow. But to be non-qualified it MUST be discriminatory. You must limit it to a group of management or highly compensated employees. UNFUNDED To avoid a number of unpleasant issues, such as immediate taxation to the employee and possible inadvertent classification as a qualified' plan, the plan must be technically unfunded. Unfunded' does not mean that the company cannot set aside money to pay for the future obligation. But it does mean that if the company chooses to do so, any money set aside must remain available to the general creditors of the company in the event of bankruptcy. A Rabbi Trust' is sometimes used to restrict further the way set-aside money can be used. Basically, a Rabbi Trust ensures that the set-aside money can only be used to pay for the deferred compensation obligation, unless, of course, the company goes bankrupt. In the event of bankruptcy, the money in the Rabbi Trust becomes available to the general creditors of the company. Remember, the company does not get a tax deduction for deferred compensation until the money is actually paid to the producer. Any money set aside must be done with after-tax dollars. CONSTRUCTIVE RECEIPT, ' ECONOMIC BENEFIT' The producer must not receive Constructive Receipt' or Economic Benefit. Constructive Receipt means that there must be some chance that the money might not get paid. This is usually met by specifying certain ...

...t six years. In fact, personal bankruptcies reached a record high of 1.35 mill...