Search found 25 matches

by ForumReader1
Tue Aug 07, 2012 11:29 am
Forum: Opinions
Topic: Agent no legal duty to inform on cancellations?
Replies: 37
Views: 213936

Re: Agent no legal duty to inform on cancellations?

I agree with Ins-atty's 8/7 post. Exercise common sense. My practice is to never call anyone about a late payment. My best customer (a large commercial account) premium finances their policies every year and in 15 years I'd never received a late payment notice. One day when I did, I knew something h...
by ForumReader1
Mon Aug 06, 2012 1:33 pm
Forum: Opinions
Topic: Agent no legal duty to inform on cancellations?
Replies: 37
Views: 213936

Re: Agent no legal duty to inform on cancellations?

Policyholders ARE notified about lapsing policies. The insurer notifies them - often more than once. It is not the responsibility of an agent to give them ANOTHER notification via a phone call or any other method. Does anyone call from the electric company every month you don't pay your bill, remind...
by ForumReader1
Tue Jan 03, 2012 11:44 am
Forum: Opinions
Topic: Acord Forms: Difference between 90 and 290
Replies: 2
Views: 2923

Re: Acord Forms: Difference between 90 and 290

I'm not a personal lines person, but I think ACORD 90 is a standalone app, and ACORD290 is designed to be combined with ACORD88 to make a complete app. Think of personal packages where the auto is just one of the sections on the policy.
by ForumReader1
Thu Dec 29, 2011 11:47 am
Forum: Opinions
Topic: Adding Addtional Insureds
Replies: 6
Views: 6548

Re: Adding Addtional Insureds

An additional insured, a bank, or any other additional interest is not your policyholder nor do they have a right under the contract (insurance policy) to make changes. Those instructions can come only from the policyholder. Contact your customer as soon as possible using your standard contact metho...
by ForumReader1
Thu Dec 29, 2011 11:43 am
Forum: Opinions
Topic: My CPCU journey - almost finished.....
Replies: 14
Views: 106111

Re: My CPCU journey - almost finished.....

I earned my CPCU in 1995 under the old 10 part system. Back then all the exams were a 3 hour essay format and were offered only twice per year. January and June were exam months. I truly believe all I learned helped me tremendously in my career, and that the CPCU designation carries weight. I enjoye...
by ForumReader1
Tue Feb 09, 2010 12:28 pm
Forum: Opinions
Topic: Insurance Broker pays off insured's loan?
Replies: 3
Views: 1966

Re: Insurance Broker pays off insured's loan?

Mary, are you the policyholder (insured)? I agree it sounds like rebating, which is illegal. You may want to contact the consumer division of your state's Department of Insurance for guidance.
by ForumReader1
Wed Jan 06, 2010 7:16 am
Forum: Hard-to-Place Accounts
Topic: Workers Comp Deposit
Replies: 6
Views: 3647

Re: Workers Comp Deposit

If they can't fund a deposit, how likely is it they'll keep up with a monthly premium? I'd be cautious with this one unless you have prior experience with them and know they are a good pay.
by ForumReader1
Thu Nov 05, 2009 12:35 pm
Forum: Opinions
Topic: A new type of Agency Management System
Replies: 7
Views: 3281

Re: A new type of Agency Management System

It's great to have a workflow-friendly system but you cannot ignore the agency management side. You still have a business to run. General ledger, financial statements, P&L, receivables, payables, etc all have to be a part
by ForumReader1
Mon Oct 19, 2009 10:16 am
Forum: Opinions
Topic: Can an agent charge a broker fee in New Mexico?
Replies: 3
Views: 2255

Re: Can an agent charge a broker fee in New Mexico?

And be specific as to what you want to charge the fee for -- i.e. - in lieu of commissions, in addition to commissions & premium, for other services provided besides insurance placements, etc.
by ForumReader1
Thu Sep 10, 2009 11:31 am
Forum: Opinions
Topic: Starting An Insurance Company
Replies: 8
Views: 8723

Re: Starting An Insurance Company

Anyone coming to this forum to ask that question doesn't begin to have enough knowledge about how the industry works to think about starting up an insurance company. You'll need more than money. Start with checking the state codes regarding insurance carriers for the state in which you want to be do...
by ForumReader1
Wed Aug 12, 2009 11:14 am
Forum: Opinions
Topic: Why Would an Agency Retain Trust Account Service?
Replies: 16
Views: 11086

Re: Why Would an Agency Retain Trust Account Service?

TA means Trust Account. You know - like the state laws that require that premiums be held in trust and not intermingled with agency operating funds? Your company payables cannot exceed the money held in trust or you are "out of trust." Apparently this is a firm that assists in that process.
by ForumReader1
Thu Jul 16, 2009 1:21 pm
Forum: Opinions
Topic: CPCU 510 woes
Replies: 19
Views: 38448

Re: CPCU 510 woes

I don't think 2 weeks is enough time to absorb the content of a CPCU text. I'd also suggest reversing your actions. Start by reading the Educ Objectives to see what's going to be important. Then read the text, paying special attention when you hit an Educ Ob. I always highlighted them. Then review t...
by ForumReader1
Wed Jul 01, 2009 10:34 am
Forum: Opinions
Topic: Pricing an agency to buy
Replies: 9
Views: 21730

Re: Pricing an agency to buy

Base it upon the expected revenue stream. If it's going downhill, it's probably worth less than one year's commissions.
by ForumReader1
Thu Jun 11, 2009 11:24 am
Forum: Opinions
Topic: Liberty National Life Insurance Company
Replies: 2
Views: 2963

Re: Liberty National Life Insurance Company

Go to this website and read an article/posting about it:

http://www.ripoffreport.com/reports/0/3 ... 388413.htm

Read the posting from Rebrab titled "Goodbye Liberty National"
by ForumReader1
Mon May 18, 2009 11:31 am
Forum: Opinions
Topic: CPCU - Advice
Replies: 29
Views: 159621

Re: CPCU - Advice

In the first sentence of my posting above, I meant to say the CPCU designation now has 8 parts. Sorry!