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... that seem to be coming from more than one agent. For example, five agents report that XYZ Company is becoming very slow in paying claims, is even slower than before in getting policies issued, is losing a large percentage of underwriters, and is issuing incorrect accounts currents. These could all be signs of financial difficulties or they could simply be the results of the installation of a new computer system. Formalizing the grass roots grapevine helps qualify the rumors. It would be nice if agents could sit back and wait for the NAIC, Dingell, and others to come up with tougher solvency rules and more effective regulation (state or federal-the operative word here is effective) . But that is a luxury that cannot be afforded. Last year Standard & Poor's gave 133 insurance companies below-average ratings in ... yet. Up until 20 years ago courts did not treat insurance agents as professionals and as a result agents were usually not held responsible for errors and omissions in situations involving the insolvency of carriers. With professional' status came the requirement that an agent must live up to professional standards of conduct. Court cases after 1957 have made it clear that an agent who holds himself out as being qualified to procure insurance is required to have adequate knowledge of the different companies and types of coverages available. An agent can be liable to the insured for placing a risk with an insolvent carrier if the use of proper diligence would have revealed the fact before the insurance was procured. Until 1987 the primary question was whether the agent had used reasonable diligence in ascertaining the solvent status of the carrier. It was ...

... make sure your first steps are wise and each investment worthy. Late client payments Even brands that do everything by the book when it comes to budget allocation can suffer at the hand of clients who either have issues with their own suppliers and vendors, or they simply fail to pay their invoices. In these instances, it can help keep your business afloat and growing if you implement a direct debit system to automate your recurring billing and manage the collection of any failed payments. When you automate such an unpleasant and potentially time-consuming process, you can focus on other ways to nurture your business. Among other issues, failed payments can play havoc on your cash flow, as well as your relationships with your own vendors when you cannot pay them in time. For the sake of your peace of ... while, it makes sense to re-invest your profits until you can safely say you're out of that initial, most sensitive phase. However, companies sometimes face lawsuits, complaints, drops in interest, and external catastrophes such as earthquakes that cannot always be foreseen. This is why every business needs an emergency fund , to help you out of such unfortunate circumstances and back on your feet. Whether you procure insurance for everything you own and do, or you combine insurance with an actual savings account specifically for those situations, you cannot go wrong with saving for a rainy day. Truth be told, financial troubles always find their way into the market, and your business will likely encounter a fair share of them as you grow. These tips, however, should serve you well as you strive ...

... make sure your first steps are wise and each investment worthy. Late client payments Even brands that do everything by the book when it comes to budget allocation can suffer at the hand of clients who either have issues with their own suppliers and vendors, or they simply fail to pay their invoices. In these instances, it can help keep your business afloat and growing if you implement a direct debit system to automate your recurring billing and manage the collection of any failed payments. When you automate such an unpleasant and potentially time-consuming process, you can focus on other ways to nurture your business. Among other issues, failed payments can play havoc on your cash flow, as well as your relationships with your own vendors when you cannot pay them in time. For the sake of your peace of ... while, it makes sense to re-invest your profits until you can safely say you're out of that initial, most sensitive phase. However, companies sometimes face lawsuits, complaints, drops in interest, and external catastrophes such as earthquakes that cannot always be foreseen. This is why every business needs an emergency fund , to help you out of such unfortunate circumstances and back on your feet. Whether you procure insurance for everything you own and do, or you combine insurance with an actual savings account specifically for those situations, you cannot go wrong with saving for a rainy day. Truth be told, financial troubles always find their way into the market, and your business will likely encounter a fair share of them as you grow. These tips, however, should serve you well as you strive ...

... make sure your first steps are wise and each investment worthy. Late client payments Even brands that do everything by the book when it comes to budget allocation can suffer at the hand of clients who either have issues with their own suppliers and vendors, or they simply fail to pay their invoices. In these instances, it can help keep your business afloat and growing if you implement a direct debit system to automate your recurring billing and manage the collection of any failed payments. When you automate such an unpleasant and potentially time-consuming process, you can focus on other ways to nurture your business. Among other issues, failed payments can play havoc on your cash flow, as well as your relationships with your own vendors when you cannot pay them in time. For the sake of your peace of ... while, it makes sense to re-invest your profits until you can safely say you're out of that initial, most sensitive phase. However, companies sometimes face lawsuits, complaints, drops in interest, and external catastrophes such as earthquakes that cannot always be foreseen. This is why every business needs an emergency fund , to help you out of such unfortunate circumstances and back on your feet. Whether you procure insurance for everything you own and do, or you combine insurance with an actual savings account specifically for those situations, you cannot go wrong with saving for a rainy day. Truth be told, financial troubles always find their way into the market, and your business will likely encounter a fair share of them as you grow. These tips, however, should serve you well as you strive ...

... make sure your first steps are wise and each investment worthy. Late client payments Even brands that do everything by the book when it comes to budget allocation can suffer at the hand of clients who either have issues with their own suppliers and vendors, or they simply fail to pay their invoices. In these instances, it can help keep your business afloat and growing if you implement a direct debit system to automate your recurring billing and manage the collection of any failed payments. When you automate such an unpleasant and potentially time-consuming process, you can focus on other ways to nurture your business. Among other issues, failed payments can play havoc on your cash flow, as well as your relationships with your own vendors when you cannot pay them in time. For the sake of your peace of ... while, it makes sense to re-invest your profits until you can safely say you're out of that initial, most sensitive phase. However, companies sometimes face lawsuits, complaints, drops in interest, and external catastrophes such as earthquakes that cannot always be foreseen. This is why every business needs an emergency fund , to help you out of such unfortunate circumstances and back on your feet. Whether you procure insurance for everything you own and do, or you combine insurance with an actual savings account specifically for those situations, you cannot go wrong with saving for a rainy day. Truth be told, financial troubles always find their way into the market, and your business will likely encounter a fair share of them as you grow. These tips, however, should serve you well as you strive ...

... : Professional Conduct, E&O , And You 4/30/2013 10:44:36 PM by CompleteMarkets Editor , Roy Phillips This content has not been rated yet. DOING YOUR DUTY: PROFESSIONAL CONDUCT, E&O , AND YOU by Roy Phillips and Rick Oldenettel Every agent, and every agency, has specific legal duties to its insureds and insurers. The U.S. judicial system has always shown the flexibility of a contortionist. In the 1960s and 1970s, it appeared to tolerate litigation. However, since the 1980s, the system has made a turn to the right. Because some state legislatures are frustrated by federal court interpretations contradicting the wishes of their constituents, they have been working to reverse the direction of the judicial system. Meanwhile, Congress sits on the sidelines ... non-renewal. Many of these requirements are stated in mandatory endorsements to various policy forms used in each state. Agents also have a duty to investigate the solvency of an insurance company with which they place a client. One legal decision held that, in the event of an insurer's insolvency, an agent is not liable for an insured's unpaid claim as long as the insurer was solvent when the policy was procured. However, the agent could still be held liable if, at a later time, when the insured could still be protected, the agent learned — or by exercising of reasonable diligence should have learned — of facts that would put a reasonable agent on notice that the insurer presented an unreasonable risk. Many jurisdictions have statutes that impose a higher degree of care on the placement of an insured's ...

...u can learn about quality-control systems, standardized procedures, and loss-c...

... s ) for coverage. 2) Invoice if applicable. If, following these guidelines, you've only prepared premium estimates and collected a deposit premium, now it's time to actually invoice the premiums due, while preparing a summarized statement for your client to pay. 3) Receive payment from the client. Submit the information to the bookkeeper or enter it directly into the client's database and the agency's accounting system. If the policy is issued incorrectly, submit a correction request FYI: Advise the producer that the policies are in the agency and being readied for delivery. 4) Update activity log. Note in the client's database that policies have been received. Note: Hold the actual renewal delivery until all policies have been received. 5) Update renewal control. Indicate in the control column for policies ... status. 17) Review with sales. It's time now to advise the producer that you've received premium estimates and are ready to prepare a formal renewal proposal. 18) Prepare renewal proposal. Using standard forms or pre-formatted documents, print and bind a formal proposal of coverage types, amounts, and estimated premiums for presentation to the client. A deposit premium statement should be included so the producer can procure the client's commitment. 19) Present. Now the producer (along with the CSR when appropriate) meets with the client to explain the proposed renewal coverages and premium estimates. This is also the time to confirm that the client will, in fact, renew the protection plan with your agency. 20) Develop the account. The presentation provides an excellent opportunity to upgrade the client's coverage plan ...

... Thanks Loading.. Doing Your Duty: Professional Conduct, E&O , And You 4/30/2013 by CompleteMarkets Editor , Roy Phillips This content has not been rated yet. DOING YOUR DUTY: PROFESSIONAL CONDUCT, E&O , AND YOU by Roy Phillips and Rick Oldenettel Every agent, and every agency, has specific legal duties to its insureds and insurers. The U.S. judicial system has always shown the flexibility of a contortionist. In the 1960s and 1970s, it appeared to tolerate litigation. However, since the 1980s, the system has made a turn to the right. Because some state legislatures are frustrated by federal court interpretations contradicting the wishes of their constituents, they have been working to reverse the direction of the judicial system. Meanwhile, Congress sits on the sidelines ... non-renewal. Many of these requirements are stated in mandatory endorsements to various policy forms used in each state. Agents also have a duty to investigate the solvency of an insurance company with which they place a client. One legal decision held that, in the event of an insurer's insolvency, an agent is not liable for an insured's unpaid claim as long as the insurer was solvent when the policy was procured. However, the agent could still be held liable if, at a later time, when the insured could still be protected, the agent learned — or by exercising of reasonable diligence should have learned — of facts that would put a reasonable agent on notice that the insurer presented an unreasonable risk. Many jurisdictions have statutes that impose a higher degree of care on the placement of an insured's ...

... that seem to be coming from more than one agent. For example, five agents report that XYZ Company is becoming very slow in paying claims, is even slower than before in getting policies issued, is losing a large percentage of underwriters, and is issuing incorrect accounts currents. These could all be signs of financial difficulties or they could simply be the results of the installation of a new computer system. Formalizing the grass roots grapevine helps qualify the rumors. It would be nice if agents could sit back and wait for the NAIC, Dingell, and others to come up with tougher solvency rules and more effective regulation (state or federal-the operative word here is effective) . But that is a luxury that cannot be afforded. Last year Standard & Poor's gave 133 insurance companies below-average ratings in ... yet. Up until 20 years ago courts did not treat insurance agents as professionals and as a result agents were usually not held responsible for errors and omissions in situations involving the insolvency of carriers. With professional' status came the requirement that an agent must live up to professional standards of conduct. Court cases after 1957 have made it clear that an agent who holds himself out as being qualified to procure insurance is required to have adequate knowledge of the different companies and types of coverages available. An agent can be liable to the insured for placing a risk with an insolvent carrier if the use of proper diligence would have revealed the fact before the insurance was procured. Until 1987 the primary question was whether the agent had used reasonable diligence in ascertaining the solvent status of the carrier. It was ...