https://completemarkets.com/Article/article-post/989/Agents-Responsibility-For-Company-Insolvency/
... or decreased attention paid to collection of accounts current
Increase i...e of major and immediate concern for agents during the next several years.
...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/952/SELECTING-INSURANCE-COMPANIES/
... surplus ratio above 2:1 and rising Dramatic year-to-year changes in written premiums Consistently under-reserving on claims and/or a slowdown in claim payments Overall deterioration in service, especially when accompanied with a slowdown in processing return premium endorsements and audits Sudden increased attention paid to prompt collection of current accounts Frequent changes in reinsurance carriers Increase in accounting differences because the company is charging for policies that they haven't yet issued Extensive changes in the agency force (a large number of either appointments or terminations) . Sudden withdrawal from a territory or line of ... 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 ...
https://completemarkets.com/Article/article-post/2359/The-Business-Development-Plan-Part-1-Of-4/
... the territory and the number of agents and direct writers serving that marke...average premium plus anticipated rate and coverage increases equal new averag...
https://completemarkets.com/Article/article-post/2212/LIFE-HEALTH-E-O-AVOIDANCE/
...ld do business only with insured agents or subproducers. Why?” It̵...bility insurance provides — and the security of E&O will help you p...
https://completemarkets.com/Article/article-post/2142/Is-Your-Web-Site-A-Potential-E-O-Headache/
...about a valuable jewelry or art collection through an unsecured environment. I...ick fixes. It takes strategic thinking and ongoing effort.”
Conclusion
Where i...
https://completemarkets.com/Article/article-post/2091/THINK-OF-E-O-WHEN-YOURE-SEARCHING-FOR-MARKETS/
...rmination, premium billing, and collection. The carrier reviewed the matter a...the underwriting, marketing, services, and claims divisions of the Utica E&O ...
https://completemarkets.com/Article/article-post/2365/Getting-A-Company-Appointment-Part-2/
...ou have production quotas for new agents? Do you have minimum production requi...be good for the customer, the company, and your agency.
https://completemarkets.com/Article/article-post/2128/THINK-OF-E-O-WHEN-YOURE-SEARCHING-FOR-MARKETS/
...rmination, premium billing, and collection. The carrier reviewed the matter and accepted coverage on the basis that it...in the Auto insurance company's review and acceptance of coverage. So when yo...
https://completemarkets.com/Article/article-post/2217/WHAT-IS-YOUR-AGENCY-WORTH-A-MAGIC-FORMULA-PLUS-10-WAYS-TO-MAXIMIZE-VALUE/
...la is a useful starting point for agents hoping to track their progress. Of course, agents who need to establish a workable sell...s adapted from SAFECO's AGENT magazine and reproduced by permission. Blaine Pr...
https://completemarkets.com/Article/article-post/2265/THE-NEXT-GENERATION-OF-INSURANCE-AGENCIES/
...ew of the many challenges facing agents every day. We need to learn how to ex...ow them to share in the firm's success and profits. Today, you need wisdom, n...