I am currenlty working for an insurance company that specializes in insurance for commercial accounts. I'm the receptionist so I really don't do much. I would like to take on more responsibility but here you do not get respect without a liscense. My boss will pay for my classes but I don't know the first thing about insurance. From what I hear we deal with general liability, fiduciary liability, d&o, life, commercial auto, and workers comp. Also we have a dental department. Before I go into my classes I would like to know the basics is there a place online that can help me, or a book I can pick up somewhere? Thanks for the help guys.
Answer: Get your license right away. Go take the classes that your boss is going to pay for. They are pretty easy. Being that your company handles both P&C and Life, tell them that you want to get both licenses. This will make you more valuable. I think I did my studying through Dearborn, but there are several good companies to use.
Who Does An Insurance "agent" Represent?
Question by sonjon | Posted in Insurance
I am in real estate. Within that field, the word "agent" has very definite implications which serve as the very basis for the type of relationship which is held between a given licensee & a client. At the core of the relationship is the understanding of exactly WHO the licensee is advocating for within the context of a transaction...an "agent" is their fiduciary. There's a working legal definition of the term, and written disclosure is a required element of forming an agency agreement.
By comparison, I have noticed that the word "agent" is used very loosely within the insurance industry (I'm in WI). I've actually asked licensed insurance "agents"
Answer:
Most insurance companies do not sell insurance directly to the public since they do not have the want or capacity to service the clients directly
So usually the agent representing the company builds the relationship with the client.
They are paid a commision on the premium written, and that is how they are paid.
At least in my state, when it comes down to claims, the company is the last word, although agents are representatives of the company we have no authority to deny or accept claims as covered without a specialized representative from the carrier. The agent is ultimately responsible for the selling and the services of the policy, the
it has to do with life insurance, stocks and bonds
Answer: In the handling of money and when one acts as a corporate or individual trustee, there is a fiduciary responsibility owed to the principal party. It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being. The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest." The good faith has been interpreted to impose an obligation to act reasonably in order to avoid negligent handling of the beneficiary's interests as well the duty not to favor
Can A Registered Investment Adviser (RIA) In Good Faith Receive Compensation On Insurance Sales & Loaded Funds
Question by regankc | Posted in Investing
How might an RIA, who must act with fiduciary obligation, rationalize compensation for insurance or annuity sales (those products sold as investment vehicles such a VUL policy), when there is compensation for making the sale. Even if the product is objectively in the best interest of the client, doesn't the commission structure, which has the appearance of impropriety, create a conflict of interest for the RIA?
Also, if the RIA is recommending funds that carry 12B-1 fees, doesn't this create a similar conflict of interest, even if the fund is the best of the lot (hypothetically)?
Perhaps the ultimate question is whether an Register Adviser must limit their compensation
Answer: There are RIAs that do receive fees, compensation, commissions, but all incomes must be disclosed to the investor.
However, all your points are well taken, and some of the items are very difficult to defend
Addressing only RIAs and not CFPs which presents a whole other questionable areas.
I have known many RIAs and I have found that the better ones do not sell you insurance and/or mutual funds, they make their money managing your account with general securities or commodity investments.
The better RIAs are preoccupied working on research for better investments for the clients than selling funds or insurance.
Question by Chicky | Posted in Insurance & Registration
In 2005, as part of our divorce agreement, my ex and I decided to keep the same auto insurance but under separate policies. We had been with this company for years. My policy was on auto pay meaning that the payments were taken directly from my account. He walked in to pay his.
About 6 months after the divorce, I was pulled over for a routine traffic stop and was told I was driving an uninsured vehicle. Without insurance, my registration was also invalid. Both tickets totaled 1K. My car was taken into impound. I checked and found the officer was correct. On good terms with my ex, I told him what happened. He said for the past 6 months, each time he went in to make a payment, the
Answer: You can sue anyone for any reason. Winning is a different story. You do have a case, but keep in mind that they have far better attorney's than you could ever afford. On another note, you should have followed up and gotten something in writing stating that they paid the tickets. At the end of the day, your name is on the tickets.
Overview of Fiduciary Insurance by Gary Sutherland, CEO of North American Professional Liability Insurance Agency, LLC - NAPLIA
Fiduciary rules should be uniform, investors contend ...
by InvestmentNews
/Infogroup found that among 1,319 investors it surveyed, 91% said that they think that a broker and investment adviser should follow the same investor protection rules, and 96% said that they favor applying those uniform rules to insurance agents... More than 90% of investors want fiduciary rules to apply to brokers and insurance agents, according to a survey released Wednesday....
The Insured Retirement Institute, The Financial Services Roundtable, the National Association of Insurance and Financial Advisors and the Financial Services Institute Inc. were among the groups that received the letter from the Labor Department,
Susan Waters, CEO of the National Association of Insurance and Financial Advisors (NAIFA), told DOL in a Feb. 17 letter that because of the nature of NAIFA's membership, "it is not feasible for us to obtain any of the data enumerted in your December 15
Five Star Healthcare, a division of Crump Insurance Services, has added an insurance facility to provide coverage for managed care service providers. The product consists of a single-policy solution providing multiple coverage options.
AP Top News at 2:43 pm EST AP Top News at 2:38 pm EST AP Top News at 2:35 pm EST The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian), recently bolstered the ranks
Annuities are mainly sold by insurance agents and others who rely on commissions. If you want unbiased, fiduciary advice from a financial professional, seek a “fee-only” adviser who is a certified financial planner.
The Insured Retirement Institute, The Financial Services Roundtable, the National Association of Insurance and Financial Advisors and the Financial Services Institute Inc. were among the groups that received the letter from the Labor Department,
Susan Waters, CEO of the National Association of Insurance and Financial Advisors (NAIFA), told DOL in a Feb. 17 letter that because of the nature of NAIFA's membership, "it is not feasible for us to obtain any of the data enumerted in your December 15
Annuities are mainly sold by insurance agents and others who rely on commissions. If you want unbiased, fiduciary advice from a financial professional, seek a “fee-only” adviser who is a certified financial planner.