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... 2. account development - house and/or own accounts ... B. Supply prospects - leads, house accounts ...

... 2. account development - house and/or own accounts ... B. Supply prospects - leads, house accounts ...

... Articles by Craig Lebrau Comments (0 ) It's a Small World: Doing Business Abroad This content has not been rated yet. CompleteMarkets Editor , Neville Harriman 2/20/2018 12:00:00 AM The international insurance market offers a variety of benefits to independent agents and brokers. It provides a perfect tool for solidifying your Commercial Lines accounts and insulating them from inroads being made by alphabet house brokers. International insurance operations also offer an entree to new product lines and markets that will expand your facilities abroad. For example, U.S. agents can introduce their expertise in such lines as Auto, Medical, Surety, and Workers' Compensation to third-world countries that are privatizing these coverages. Canadian brokers can expand their expertise in out-of-country private Medical insurance and, potentially, Workers' Compensation. ... is in place to sell insurance via the Net, consumers aren't giving up the one night a year when they sit in their living rooms and listen to their agent pontificate about the advantages of "Plan A" versus "Plan B." This dynamic might be changing. Insurers have cleared a huge hurdle for online sales — the need for a customer signature — either by using credit cards to bind coverage until the policy can be issued or by legalizing electronic signatures. Despite this advance, a very low percentage of insurance transactions are being handled online. All Articles by CompleteMarkets Editor Comments (0 ) x No Thanks Loading.. Loading.. x No Thanks Loading.. ...

... low-cost) alternatives to traditional, expensive paid software have been gaining acceptance for a number of years. The options for and sophistication of free or low-cost software continues to grow. Google Apps, Zoho.com, and Evernote.com are just a few of the applications that might replace traditional (expensive) software. One new small agency is using Google sites (free customer Web sites) to build client portals that house client policy documents along with other account information. There might be excellent business reasons to purchase and use software, but the new small agency is willing to look at alternatives. Mobility Mobile technologies extend the capabilities of certain applications. The number of applications available on several mobile platforms is astounding. Collectively, new small agencies embrace the use of smartphones and productivity-enhancing apps. One example is an agency ... about starting an agency. You have to have a product to sell, and the product an agency sells originates with an insurance company. In the past, it's been difficult to obtain an appointment with an insurance carrier. Today, it's become far easier for anyone to access insurance company products through a variety of platforms, groups, and associations. Several Web sites now allow agents to quote, bind, and issue policies online. Various types of market aggregators provide access to insurance company contracts as well as marketing and management help. Cloud computing I first started talking about accessing computer resources and data through an Internet connection over 10 years ago. Back then, it was called an Application Service Provider, or ASP. Most agents were very skeptical, especially about the concept of having their data ...

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... attorney for assistance in drafting the legal language necessary to implement a formal contract. Factors to Consider Agreement I. Producer Duties A. Production activity 1. which licenses to obtain and maintain 2. types of business to solicit 3. meet established production goals B. Service and support activity expected 1. type and extent of activity - placing business handling claims, making collections 2. account development - house and/or own accounts C. Work hours and related subjects - vacations, sick leave, holidays, leaves of absence, jury duty, military duty D. Obligation to devote all working time to business of agency - other business activities only with permission E. Provide insurance - types required (E & 0, Fidelity, Auto) limits, evidence of coverage, who pays F. ... with agency rules regarding: 1. confidentiality of client data 2. use of agency property 3. collecting and remitting premiums 4. attending agency meetings 5. educational requirements - what, when, how, who pays G. Limits of authority 1. dealing with customers and companies - binding, advancing premiums, underwriting, extending agency credit 2. incurring agency expense 3. hiring or firing support personnel II. Compensation A. Basic compensation 1. salary 2. commission - on new and renewal business 3. commission with a draw B. Participation in other agency income - bonus and contingent commissions, consulting fees, prizes and contests, discretionary bonuses C. When compensation is earned and paid III. Ownership of expirations or dollars of value A. Exclusively by agency? B. Exclusively by ...

... exchange for deferred compensation rights, which makes payments deductible but makes legal protection of the expirations by the agency more difficult. The following distinctions are frequently made in determining what commission percentage is to be paid to the producer: Accounts the producer brings on arriving at the agency, versus those produced afterward. The producer sometimes gets a higher percentage for the former. Accounts the producer produces himself, and house accounts' that the producer is given to service. The latter almost always pays a lower percentage. Original versus renewal commissions. Some agencies pay different percentages and some do not. Commercial lines versus personal lines (particularly if the latter are directly billed by the company and require little servicing) . Personal lines frequently have differing arrangements from commercial lines, sometimes only paying a one time commission. ... the offset. 2.2.8 Alternate dispute resolution. The parties to contracts, such as those between producer and production agency, buyer and seller, or among partners and shareholders, may provide for alternate dispute resolution. Mediation and arbitration are the most common types of alternate dispute resolution. They can greatly reduce the cost of resolving disputes. Mediation is non-binding, and it has little downside. Arbitration may be binding to the extent the parties make it so, and it may involve surrendering significant legal rights. Arbitration and mediation are discussed in greater detail in the chapter on litigation, at paragraph 4.5. 2.3 Buy-sell or other agreements to cover if the owner dies prematurely, becomes disabled, or leaves. Owners of insurance production agencies should decide how they intend to dispose of their agency interest on retirement or ...

... Risk Retention Act Of 1986 4/30/2013 10:40:04 PM by CompleteMarkets Editor This content has not been rated yet. LIABILITY RISK RETENTION ACT OF 1986 The following is the text of the Products Liability Risk Retention Act of 1981 as amended by the Risk Retention Amendments of 1986, creating the Liability Risk Retention Act of 1986. The amendments were passed by the Senate and The House of Representatives on October 6 and October 9, respectively. The legislation was signed into law by President Reagan on October 27, 1986. Short Title: SEC. 1. This Act may be cited as the Liability Risk Retention Act of 1986. Definitions: SEC 2. (a ) As used in this Act - (1 ) Insurance means primary insurance, excess insurance, reinsurance, surplus ... Injunctive Orders Issued by United States District Courts: SEC. 7. Any district court of the United States may issue an order enjoining a risk retention group from soliciting or selling insurance, or operating, in any State (or in all States) or in any territory or possession of the United States upon finding of such court that such group is in hazardous financial condition. Such order shall be binding on such group, its officers, agents and employees, and on any other person acting in active concert with any such officer, agent, or employee, if such other person has actual notice of such order. Oversight of Implementations: Report to Congress (a ) IN GENERAL. - (1 ) Not later than Sept. 1, 1987, and not later than Sept. 1 ...