Insurance Binders

Insurance binders are typically temporary insurance that is put into place while awaiting the actual issuance of an insurance policy. Insurance binders can become very messy legally from the carrier standpoint, the agent standpoint and/or the clients standpoint. Insurance binders are usually written documents but they can also take the form of verbal commitments. This article today is going to focus on some of the pitfalls of insurance binders from a client's viewpoint.

Insurance Binders

First of all there are many policies whereby a binder is not allowed verbally or in writing. Some of the typical policies that do not allow binders are Worker's Compensation policies, professional liability policies, medical insurance, and life insurance policies. In almost all cases the retail insurance broker is not permitted to issue an oral or written binder to the client on these types of policies. If you as the client have received an oral or written binder you need to make sure that it is backed up in writing from the carrier.

Another red flag for the client to be aware of is that typically legitimate binders from the retail broker normally cannot be for limits greater than $1 million. Receiving a binder for $10 million in general liability limits from your retail broker is in almost all cases not a valid binder without carrier approval.

Finally, most states do not allow brokers to do binders for longer than 90 days. So if you receive a binder that is longer than 90 days from a retail broker, unless it is a binder directly from the carrier it is probably not a valid binder.

Another idea that should be considered is that even if you have a valid oral insurance binder on a policy that is permissible you still should insist on the insurance binder being a formal document in writing. That will help you as the client in many ways.

One way it will help you is that you will immediately be able to see if there is any errors or omissions that have been made on your coverage request.
If everything is in order, then you will have the peace of mind knowing that you have in writing what you have asked for.
Also, and probably the most important is if you at experience a claim during this temporary period, you will be on much firmer legal ground by having a written document so that you will be able to hold the agent or carrier for the commitments that have been made to you.
To recap the management tip of the day, as a client if you receive a binder for insurance orally or verbally on one of the policies we listed above, or the limits are greater than $1 million, or the length of the binder is greater than 90 days, then you need to investigate further to make sure you have a valid binder. Taking the time during the initial insurance binding process can help in providing the upfront protection that you are seeking so that the policy that is being issued is issued according to your specifications.


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Car Insurance Online Guide

Online shopping has many advantages but are there any benefits to purchasing car insurance online? Many folks who shop for online car insurance quotes have realized that the convenience of receiving insurance information on their computer can save time and money. Here are some of the benefits of online car insurance quotes:

Car Insurance Online Guide

Cheap Car Insurance:

To receive multiple real-time online car insurance quotes allows you to save money instantly. If you were to shop around for quotes on the phone, you would typically spend a lot of time talking to agents. Agents usually will not let you off the phone or out of their office until you have caved in and purchased insurance from them. By choosing to purchase your car insurance online, you are taking advantage of being in control to decide which insurance quotes are the best fit for you. There is no pressure to purchase right away and you can always come back to the quotes you have received and make a decision.

Immediate Results:

Purchasing insurance online allows you to receive instant comparisons between quotes. Many insurance companies are able to give you instant quotes online. There are also many websites that provide fast insurance quote services that allow users to compare online insurance quotes from multiple companies. Receiving instant results saves a lot of time and saves you the hassle of calling multiple agents and companies for pricing information.

Being Educated:

Being able to receive instant and cheap insurance quotes is important, but shopping online for your insurance also gives you another advantage; a way to educate yourself. You will be able to find out a lot of information about insurance policies and coverage levels. You can also look up insurance company rating information to find out about customer service and financial strength.


Even though there are many benefits to buying insurance online, there is an important factor that is missing; a live agent. Sometimes purchasing insurance in person or over the phone can be a more personalized experience, especially if an agent knows you and what your needs are. Even though many online insurance companies have contact information, they will generally not take the time to explore your personal finances to offer you a tailored policy that can fit your budget and needs. A real live agent can be an invaluable asset while purchasing car insurance.

There are many useful tips and advice on car insurance online, make sure to shop several different insurance providers to determine the best fit for you.

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Notes on a Few Important Insurance Types

Life is full of uncertainty. We can never expect what life has in store for us. Anything can happen to us or to our properties at any point of time in life. But, insurance helps us lead a very secure life. You would have heard stories of people suffering from complex illnesses like asthma. Diseases like asthma are known to keep troubling people perennially. Tablets and syrups are no longer effective with asthma. Advanced devices like inhaler and nebulizer are required to keep asthma under control. Inhalers must be used regularly which means that you will have to keep buying them regularly.

Notes on a Few Important Insurance Types

Not just asthma, there are many other diseases which can reduce one's bank balance quickly. The unfortunate thing is that no human being can escape from health issues. Even if you are quite healthy in your youth or middle age, falling ill is inevitable at an old age. Hence, one definitely needs financial protection in the form of health insurance to take care of all the medical expenses when needed.

There is another type of insurance that is extremely important and has become mandatory under law. It is nothing but the auto insurance. You may be a proud owner of a costly car. But, if you do not insure it, then your car is not safe. If you don't have insurance for your car, you cannot drive around in your car knowing that you will have to pay a hefty fine when the cops stop your car and ask for the documents and find that the insurance is missing. Even if you have bought insurance for your car, you should not let it expire. You need to understand that insurance has been made compulsory only for the safety of your car. If there is any damage to your car or if your car is stolen, you will have to shed a lot of money since repairing a car or buying a new car is expensive. Car insurance can come to your rescue in those times.

Just like car insurance, home insurance is also very important. Even though these two insurance types are not as critical as health insurance, it is still important to get them. Building a house is the most expensive of all expenses. Even if you get a loan from a bank, it can still drain a lot of your money. Most people are not aware of the homeowners insurance. Even if they are aware, they are ignorant. But, getting a homeowner's insurance is one of the smartest choices you can make when you are building a house.

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Education for an Insurance License

States have different rules and regulations when it comes to insurance CE for an insurance license. Agents must abide by these each and every year. Some states require classroom courses while others allow students to complete their continuing education online. Insurance agents can contact their state authority to get the specific details. The insurance and financial industries are highly regulated for a good reason. Agents and professionals are dealing with their clients well being and their families well being on a day to day basis. They sell them insurance policies that could really benefit the individual and their loved ones when something tragic happens. The main types of insurance are life, health and property and casualty. Each agent must pass an exam before being awarded a license. If an agent sells all three lines of insurance they must pass all three exams to obtain all of the licenses. If this is the case, they must complete the required continuing education for each license each and every year.

Education for an Insurance License

Every agent must complete education for their insurance license. However, each state and license has a different requirement. You want to check with your state or an approved provider to confirm your insurance license continuing education requirements.

CE is very beneficial to agents and their clients. Agents can learn about new and upcoming products to offer their clients. This is a win/win for both the agent and the consumer. If the agent is not up to date on current products or market trends they may provide the wrong information to their clients causing much more pain and agony then necessary. They also can stay current with new laws and regulations. Without insurance CE agents and producers may be breaking the law and not even know it.

When researching continuing education schools always make sure they are listed as a provider with the state. Then make sure their prices are equivalent to their competitors. Also, if you are close to your compliance deadline make sure the company reports to the state within 1-2 business days. This will ensure you can keep your license active and avoid state fines. When an agent is late on complete their insurance license continuing education requirements they may lose their license if they do not contact their state in time. All in all, insurance continuing education is very important and needed in such a demanding and professional field.

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Types of Insurance Jobs

Are you looking for a new insurance job? If so, then you can land one of several different types of positions. Here are some of the types of jobs that you can choose from:

1. Actuary

Basically, an actuary has two objectives. One is to determine how much an insurance company should charge its clients for insurance. Actuaries also help to determine if issuing a policy to someone would be prudent. However, while actuaries have basic objectives, they achieve those objectives through various types of tasks. That includes setting the policies of businesses, evaluating insurance policies, reviewing insurance applications, and so on. Actuaries should have a strong background in both math and the humanities. Also, they typically must pass a board exam before they can become actuaries.

Types of Insurance Jobs

2. Auditor

The primary objective of an Insurance Auditor is to judge whether claims that insurance companies receive are indeed valid. This involves examining statements that both parties make in the processing of claims. It also involves conversing with experts in the business, to determine the validity of claims that customers make. An Auditor must also determine if items have been damaged or lost, in order to provide monetary compensation whenever it is necessary. It's important to note that the tasks of Insurance Auditors in different industries can vary quite considerably. While those in the automotive business are the most renowned, several types exist.

3. Claims Examiner

The job of a Claims Examiner is to process applications from those requesting to receive financial compensation from insurance companies. Ultimately, the examiner decides whether a claim should be granted or denied. One of the key tasks of a Claims Examiner is to weed out various types of fraud, including:

  • Bankruptcy fraud
  • Consumer fraud
  • Healthcare fraud
  • Insurance fraud
  • Tax fraud

Claims Examiners have a crucial role in insurance companies, as they ultimately can save insurance companies (and their ethical customers) a small fortune.

4. Financial Manager

The responsibilities of a Financial Manager are varied. A person's ultimate objectives are to protect current investments, and to maximize future income. He or she must oversee and supervise various financial documents that are related to an insurance company. Financial Managers must also supervise an insurance company's cash flow, by supervising various types of financial documents. That includes income statements and balance sheets. Finally, a Financial Manager in an insurance company should have a comprehensive understanding about various legal issues, such as legal regulations.

5. Insurance Appraiser

This type of insurance position involves ensuring that the holder of an insurance policy receives fair monetary compensation after experiencing some type of loss. An Insurance Appraise accomplishes that goal by calculating: A) an insured item's value, B) the amount of damage to an item, or both amounts. To achieve these goals, an Insurance Appraiser must have enough knowledge about the appraised item, and how much it would cost to fix or replace it.

These above positions are some of the most common types in the insurance business. Whether you're looking for your first or tenth insurance job, knowing which ones are available will help you to choose the best one for your career.


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Get The Best Car Insurance Rates

Sports cars offer the great features and great benefits that many car buyers always love to have for them. They are sleek in design, beautiful and also prestigious. Most of the people having large chunks of money love to have one sports car for them. However, it may also sometimes be a problem when obtaining the best car insurance rate for them.

Get The Best Car Insurance Rates

It is established fact that the insurance rates for sports cars have much higher premiums than any other ordinary car. It can be a problem when applying for car insurance since the fees rates and premiums are very large. Here are some great tips that can help you in getting the best insurance rates for your cars:

1. The car owner should have a very good credit rating and have maintained that rating for a number of years. Insurance companies offer better quotes for those people who have very good credit scores.

2. Car owners can enjoy best insurance rates if they put safety features and gadgets in their cars. The owner can purchase safety airbags, install anti-lock brakes, and stability/traction controls. These safety features will allow obtaining discounts on their car insurance policies from the insurance company.

3. Owners should drive carefully and follow all the traffic rules. They should also maintain very good driving records as the insurance rates are very low for safe drivers.

4. Car owners should always make it sure that they provide correct, complete and accurate information about them when getting quotes for car insurance. This will help the car owners to enjoy the best insurance rates for them and their dream car.

5. Car owners should always keep themselves informed about the discounts and rates. As some companies offer discounts during the special events or when promoting their company brand. Owners should do research before buying car insurance because different insurance companies offer different insurance rates.

6. Car owners should not stop after making final choice of insurance quote for their sports car. Always keep an eye on the company's policies and information on the regular basis and make sure that owners are still enjoying the same quotes, benefits and terms that were initially offered.

Sports cars are for enjoyment and prestige. Even if these luxury sports cars have higher premiums, compared to other average cars, the owners will still be able to enjoy the best insurance quotes available to them.


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Affects The Costs Of Health Insurance Premiums

If you are in the market to purchase a health insurance policy, you may be baffled at the array of prices of similar policies. There are a number of factors that determine the premiums on your health insurance policy. Each health insurance company will have their own actuarial team that determines the prices and classes of risks for each applicant. The applicants risk is a large part in what determines their risk class, but there are other aspects which causes fluctuation in premium prices.

Affects The Costs Of Health Insurance Premiums

One of the major factors that can raise health insurance premiums is the use of tobacco. Tobacco has been known to cause a number of health ailments that includes cancer. This factor can significantly increase the cost of health insurance. Knowing that cancer and smoking will decrease the average lifespan of a person, insurance premiums will rise. In some cases, health insurers will provide an incentive to help the insured quit smoking and cover smoking cessation products including nicotine gum, the patch, etc.

To qualify for health insurance, the applicant must be in reasonable health as well. This includes a proper height, weight and body mass index. People seeking coverage with a high body mass index, will have elevated premiums compared to those with an average BMI. Some insurance companies will not insure an obese person as it is not considered an insurable risk. Applicants looking to have the lower end of the premiums should be in the best health possible prior to applying for coverage.

An applicants age can have an ample impact on the price of coverage. The majority of younger people have minor issues with health issues. These may include common colds, a flu, ear infections, small accidents, etc. As a person ages, the likelihood of that person going to the doctor, needing critical care or becoming diagnosed with a chronic disease increases. The cost of major health issues becomes riskier for the company to insure. This is a direct result of increasing premiums as the person ages.

Pre-existing conditions for applicants will also raise the premiums on health insurance costs. Pre-existing conditions require more visits to a practitioner and greater risks for the insurance company to cover related claims to the pre-existing condition. Some insurance companies will only cover certain aspects of the pre-existing condition or won't cover anything at all.

Another factor that may increase an applicant for health insurance premiums would be their gender. Unlike life insurance, women usually pay higher premiums than men for coverage. The reasoning behind this is due to the fact that women go to the doctor more often, need an OB/GYN specialist, take more prescription drugs, have maternity costs and are subjected to certain chronic diseases. The average cost to deliver a baby range anywhere between $10k-$15K of which doesn't include the prenatal and postnatal medical care.

Other risks that the insurance companies factor in when determining premiums for the applicant are their lifestyle choices. These can range from a number of different topics including their profession, marital status, where they live and more. Insurance companies will take in all factors when determining a reasonable cost for insurance. For obvious reasons, a race car driver will be a much higher risk than an accountant. Insurance companies also are aware that married couples will live longer than single people. Other factors including the area code in which the applicant lives will be represented in the premiums. People that live in the same areas, tend to have similar eating, exercise and living habits.

Insurance premiums can be expensive, but insurance companies must manage risk properly and set a proper premium on applicants. Higher risk applicants will have higher premiums. Some variable that an applicant can control is eliminate tobacco use, exercise regularly and eat right for a healthy body mass index and have a safe occupation. Other factors including pre-existing conditions, family health history, gender, etc. the proposed insured won't have control over. If an applicant was to choose higher deductibles, then the premiums would decline. However health insurance can be costly, but if the right coverage isn't in place, a person could be exposed to a substantial risk.


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General Liability Insurance Certificate

Are you familiar to general liability insurance certificate? Well, if you are not then don't worry, you are not alone for there are so many professionals as well as business owners out there which are also not familiar with this thing. However, just because you are not familiar with this thing, does not mean that you have to neglect this and go on with your business. In this article are important things about general insurance certificate that you should know so that you will get familiar of this thing.

General Liability Insurance Certificate

General liability insurance certificate is a document containing all the important details of your general liability insurance coverage. Among these important details is the policy number for your coverage. There are so many cases in which you may require this number, particularly if you will file a claim. Having it ready on your certificate is therefore a really smart idea. Another thing included in your certificate is the main information about your coverage. It is very necessary for your part to recall always the type of insurance policy that you possess as well as the limitations of your policy. In fact this is the most asked to see by your customers or clients, and thus it would be a good idea for you to have these information of your policy accessible. And lastly, your general liability insurance certificate is also going to include the information about when your policy is effective and when it will expire. If you don't know when your insurance plans start and when they end, you might end up in a bad situation in some point.

One of the best advantages of having a general liability insurance certificate is that you can have so much detail compressed into one. Sometimes it can be hard for you to remember all of the information regarding your insurance and you will want something that you can get a quick reference to and not have to find a bundle of files. If you have access to general liability insurance certificates, then you will not have to pressure yourself any more regarding searching this information. It will be quick and easily available.

When you are considering having a general liability insurance certificate as evidence of your policy, then you may want to consider an access to yours online. Many insurance carriers will let their clients to have an access to their general liability insurance certificates just by enrolling to their accounts online. Work with an insurance company that will give you the best choices for having access to certificates.

Most of the time, companies or clients will not work with you or get your service unless they are sure that you are covered with the best insurance plan possible. And so if you want to allure best customers, consider getting insurance certificate today as a proof that you have a good business insurance coverage, so that you can move on with your business.


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The Value of a Great Insurance Agent

For many people, finding a good insurance agent is just as cumbersome as finding good insurance: if you try to handle it yourself, you struggle in an effort to find a diamond in the rough and you end up with buyer's remorse. But there are no agents for finding insurance agents: finding the right one is up to you. Whether you've recently moved, recently bought a car, or simply need someone fresh, if you're reading this it means that you'll have to acquire some insurance in the near future. And you need to know that you're working with someone you can trust.

The Value of a Great Insurance Agent

So what's someone who doesn't have a lot of experience in buying insurance going to do? Well, there's the typical, easy route of looking up insurance agents on Google and placing a phone call to the person who ends up at he top of the list. But Internet rankings aren't enough to guarantee you both the best price and the best quality of coverage: if you want to find an insurance who can really help you out, ten it's time to put a little effort into it.

But you won't by shooting darts in the dark. In this guide, we'll tell you all about finding insurance agents - what to look for in an in-person meeting, how to find ones with less traditional means, etc. - and you're going to find the best quotes whether you're looking for health insurance, car insurance, life insurance, or something else.

Of course, while you can't do this sitting on your butt, we hope you'll take the time to check out this buyer's guide to insurance agents. The best way to read it is to keep a pen and paper handy so that you can write down the key points you hear and anything else that strikes you as something you'll want to keep in mind. Keep reading and in no time you'll be ready to find a few insurance agents that are looking to provide you with a deal - not just add to their bottom line.

What makes a good insurance agent?

Being an insurance salesman doesn't always have a great connotation. It can be like a career in law: even though you might have a noble profession, you can find yourself to be the butt of a lot of jokes. But insurance salesman don't have to resemble used car salesman: many are looking out for their customers and use their people skills to find deals that benefit both parties. This is what you want to find.

If you want to find it, of course, you'll have to know how to recognize it. So here are a few tips for finding an insurance agent that is actually looking out for you.

The aforementioned "good deal" test. Come to your insurance agent well-prepared and ask them what they can do for you considering the deals you were able to find on your own. A good, creative insurance agent looks at this as a challenge rather than an insult and will be willing to work with you to find something from their insurance provider that works for you. You'd be surprised how many insurance agents will actually pass this test - after all, insurance salesman are looking to make a sale. It doesn't really matter to them what kind of insurance you get as long as you make a purchase. Some insurance salesman might be a little pushier and try to get you to commit to more than you wanted, but don't be surprised to see that many insurance salesman know that a small sale is better than no sale at all.

Word-of-mouth reviews. Google reviews are too up-and-down to take too seriously; instead, worry about the word-of-mouth reviews that you can find from people you know. Ask around the community you live in. Ask people you know. Find the best insurance agent through the best marketing method known out there: word-of-mouth marketing. Try to get a review or two rather than simply rely on one person's views - then act upon what you keep hearing from other people. If you find a really good insurance agent with this method, you'll find that it's almost impossible for them not to deliver the goods.

Find quotes first. Sometimes, an insurance salesman won't exactly wow you, but they'll be the ones to make your signup to an insurance policy as smooth as possible. When you find the good quotes first, this is all you really need from an insurance agent. That's the kind of forward-thinking you'll want in your quest to find the right policy for you, but remember: an insurance agent still can help you out. Don't assume that you'll have to get with their program before you sign anything. Make sure they get with your program. Tell them what you need and what it would take for you to consider leaving another quote behind and signing up with their policy.

Pay attention to how the insurance agent interacts with you. When an insurance agent seems too eager to sign you up without asking the types of questions that would need to be answered to find your ideal policy, then you know that your insurance agent is in too big of a hurry to make the sale. This isn't necessarily the worst thing in the world, and many good insurance agents can make this mistake, but you'll have to be the one to correct it. Don't let an insurance agent talk you into a policy simply because they act like they expect you to sign. A good insurance agent will be able to close the deal without being pushy; they'll be action-oriented while taking your individual considerations to heart. Pay close attention to how an insurance agent deals with you and you'll get an idea of how they'll treat you down the line, too.
Obviously that's a lot of information to absorb. But if you remember the key points about being able to find a good insurance agent you should have no problem sticking to a few of the strategies listed above. Remember that action is just as important as knowledge: unless you act on these tips, you can't really be sure they'll work or not!

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Car Insurance for Rental Cars

Renting a vehicle can be an expensive and complicated experience. There is plenty of paperwork, and few individuals make an effort to read it completely. After all, it is written in doublespeak, and most auto rentals take place at an airport terminal, where customers are impatient and in a big hurry to go somewhere else. Most individuals merely sign the paperwork and accept whatever the agreement says. This can often result in an pricey rental experience.

Car Insurance for Rental Cars

Rental car firms usually offer you insurance along with the rental fees. This insurance safeguards you in case you get into an accident in the rental vehicle. For many customers, this additional insurance may be a duplication of coverage which they have already.

In addition to the types of auto insurance coverage offered by rental car companies could be any of here items:

Liability insurance - This covers destruction that you may cause to another vehicle in case you have an accident. This would cover repairing a damaged vehicle or supply money to buy a new vehicle should it be a total loss. In all likelihood, your personal auto insurance policy provides you with liability insurance if you rent an automobile.

Personal accident insurance - This handles the medical costs of motorists or passengers in a different car if you're in an accident. This could pay for medical fees, surgery costs, or any incidental medical expenditures.

Collision damage waiver (CDW) - In case you are involved in an automobile accident when driving a rental car, you'll be held responsible for harm to the rental car. Buying CDW will eliminate that financial burden, but at a price - many rental agencies demand around $20 daily for it. A few major credit cards offer coverage for this if you are using their credit card to fund the cost of the rental. You ought to seek advice from your bank card company about this prior to picking up your rental vehicle.

Some rental agencies will offer extra insurance coverage for the loss of personal items from your vehicle as a result of theft. This would cover the loss of suitcases, skis, golf clubs, or other things you might be traveling with on your trip.

It is an awful idea to rent a vehicle without any sort of additional insurance protection. If you do not own a car or have your own personal auto insurance coverage, you'll want to purchase some insurance coverage at the time you rent your vehicle. At the bare minimum, you should buy the collision damage waiver, or else you could be held responsible for the total cost of a new vehicle in case of an wreck. Then again, a lot of auto insurance plans extend the coverage for their clients to rental cars, therefore rendering the purchase of extra insurance unnecessary.

The smart action to take is to contact your insurance agent as well as your charge card company before you pick up your rented vehicle. Ask them what, if any, protection you might have from existing procedures. You might find out that your current insurance coverage protects you from everything. In that case, you can simply pick up your rented vehicle and enjoy your trip. The cash you save on your car coverage can be enjoyed elsewhere.


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Types Of Commercial Insurance Brokers

To the average man or woman on the street, the world in which commercial insurance brokers live and operate will be little more than a mystery. The field of insurance in general is still barely understood by laymen and women, and with commercial insurance being one of its most specialised branches, this effect is felt several-fold.

Types Of Commercial Insurance Brokers

Few people seeking to take out this type of insurance will be aware, for instance, that there are several types of commercial insurance brokers on the market, each with its own specific ways to operate, strengths and limitations. At best, most of these men and women will be aware of the existence of the main, larger insurance companies, with the countless smaller operators being known to only a minuscule portion of the overall demographic, mostly through research or word of mouth. Yet, on occasion, these alternative types of commercial insurance brokers may actually be more suited for what an individual or business is after than the more 'mainstream' alternatives; it is with that in mind that the present article seeks to introduce prospective clients to the different types of commercial insurance companies available, so that they may assess which will best suit their specific situation.

Insurer-Owned Brokers

Insurer-owned companies are perhaps the most widespread and prolific sub-section of the commercial insurance market, and many of the most popular and best-known commercial insurance brokers fall under this category. As the name indicates, these outfits are owned by large insurance companies, who typically dictate their standards and practices. In certain countries, this model was considered the industry standard for commercial brokers for decades; it has, however, recently begun to lose ground, as the effectiveness of these types of outfits began to dwindle. Nowadays, many experts make a case for the model being outdated, and it is predicted that insurer-owned commercial insurance brokers will continue to lose market space in years to come.

Broker Networks

Broker networks comprise several small commercial insurance brokers, all of which share resources, assets and market opportunities between them. In its ideal form, this is considered to be a beneficial model for companies that choose to join one of these networks, with many of them advertising better commissions for individual brokers and service conditions for the companies as a whole; however, adhesion to this type of network remains uneven between countries.

Consolidated Brokers

Consolidated commercial insurance brokers result from one company assimilating, buying out or otherwise consolidating any number of smaller ones, in similar fashion to a corporate merger. At one point, these types of companies were the most common type of commercial insurance brokers in certain markets, with consolidations happening as frequently as once a week. The practice has significantly lost steam since then, however, mainly due to the fact that the exact benefits to be reaped from consolidation processes are not always clear. This has caused many brokers to sour on the practice, and much like insurer-owner brokers, it is thought that this type of brokerage firm may lose even more ground in years to come.

Independent Brokers

The fourth and final type of brokerage firm are independent brokers, that is, brokers which are not associated with either of the three types described earlier in this article. These tend to be smaller, often family or owner-run companies, with smaller and more personalised client bases, and frequently focused on more specialised or less explored areas of the field. Customers resorting to an independent broker can expect a more personalised service, with a higher rate of face-to-face interactions and more time devoted to each case. This type of company is less prevalent in the modern landscape than any of the previously listed ones, but there are still a few independent commercial insurance brokers left, and they tend to attract a small yet loyal customer base.

These are, in broad strokes, the main types of commercial insurance brokers available to customers. It is, therefore, up to each individual to work out which business configuration would be most suitable to their specific needs, in order to avoid disappointment down the road.


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What Is An Insurance Auto Auction?

An insurance auto auction sells vehicles, motorcycles, trucks, and even boats that might have been damaged either through collision, flooding, fire, theft, or other accident. Vehicles that have been repossessed due to payment default by the owners are also sold at insurance auto auctions. These auctions acquire their stock directly from insurance companies- usually in very large numbers- so buyers often have plenty of vehicle from which to choose.

What Is An Insurance Auto Auction?

All kinds of buyers are likely to be found at auctions, ranging from exporters to dealers and even small businesses that renovate and resell vehicles. But that doesn't mean that the average car buyer is excluded! On the contrary, you can qualify for these auctions by registering with an authorized online broker. You do not need a special credentials to participate in an insurance auto auction, although you may want to apply for vehicle wholesaler license if you plan to buy more than a few vehicles at auction.

Taking part in insurance auto auctions is likely to save buyers a lot of money since they can get the cars at greatly reduced prices. It is true that most vehicles sold through this method are salvaged, however, you may still be able to buy vehicles in good condition at reduced prices. It is worth noting that vehicles end up in auctions because they are written off by insurance policy providers, whether damaged or not. Vehicles recovered from theft are also likely to be found at indemnity vehicle auctions. Because of this, you can find vehicles with clean titles and in good working condition.

Insurance companies choose to sell vehicles at auction for the sheer speed of getting these distressed assets off of their balance sheets. There is no better way to get their property in front of lots of potential buyers than running an auction. And the insurance company knows that they are highly likely to reduce their incurred losses by selling the vehicles right away, even if it means reducing the prices through auctions.

Because of the stiff competition for insurance customers, the insurance auto auction houses that conduct these events usually provide additional services like transportation of the cars from the salvation yards to the venue locations. Most of them also provide storage of the vehicles. For the buyer, this easy access to potential purchases makes examining the cars in person a simpler proposition. So bring your mechanic and consider buying your next car at auction!

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Life Insurance Medical Questions

Anybody that has made a life insurance application in the past will be well aware of the barrage of life insurance medical questions they face from the insurer. Many may ask whether this is all really necessary? Well of course, the insurer that you are asking to cover you will always want to know as much about the risk that they are potentially taking on as possible.

Life Insurance Medical Questions

Another common grumble from applicants is that they have previous applications with the same company so why can't their information be used from that, instead of them facing the inconvenience of completing yet another application? When you make a life insurance application you are disclosing every detail as stringently as possible and in all honesty at that time. This information has to be as current as possible and it is imperative for the insurer that this is the case. If this means that a whole new application has to be completed 6 months after the client previously applied or took out a policy then so be it. Absolutely anything could have changed in the client's medical circumstances in this time.

It is the insurance company's responsibility to ask all of the right questions and the applicant's responsibility to provide all the right answers. However, the insurer will dig as deep as they have to and will not accept an application until they are satisfied that all of the life insurance medical questions have been answered conclusively. If the applicant is any less that completely honest they will face any claim that may need to be made whilst the policy is in force being declined as the insurer will be able to prove non-disclosure.

It is the case with all insurers that the life insurance medical questions will be the biggest part of the application and require the most detail from the applicant. A huge variation of conditions and disorders are covered on both the applicant and for some illnesses the applicant's immediate family.

As an applicant you can be expected to provide the name of the condition or disorder that you have previously suffered from or are currently suffering from, the date symptoms began, when they were last suffered, any medication that has been needed and if the condition requires and future treatment. The insurer and their underwriters really do not leave any stone unturned.

It may also be that following the application that the insurer's underwriters are not satisfied with the information provided with the life insurance medical questions so they will issue, questionnaires, request a medical examination or wish for the applicant to elaborate on a specific answer that they have provided.

This can be to the irritation of an applicant who may not have the time to keep sending paperwork backwards and forwards as they want their cover to be in place as soon as possible. However as efficient as an insurer's administration and underwriting departments may be if sufficient information to offer insurance is not provided in the first place there is nothing they can do other than to go back to the applicant as quickly as they can.

However the positive thing for both parties in current times is that insurers are encouraging more and more life insurance applications to be made on-line and over the telephone. The customer services representative dealing with the application can ensure that every preliminary detail required is taken from the client and on-line the system in place will not let an application progress until details have been entered for any medical question where there is the need for elaboration.

Some insurers have even implemented a tele-underwriting strategy where the client will be called back following an application they have made, for instance on-line, and if the underwriters can make a decision on the information provided over the telephone then the application can be completed there and the insurer able to offer terms almost instantly. This is without a doubt a better way of doing things for all concerned and before long it is likely that the paper life insurance application form and the many pages of life insurance medical questions will be a thing of the past.


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How to Research Insurance Companies

Before you subscribe an insurance you need to understand how insurance companies work. To help understand that we have provided a detailed explanation of Insurance Companies Business Model based on internet research and talking with some friends that are experts and work on the insurance professional field. Let's breakdown the model in components:

Underwriting and investing
Underwriting and investing

How to Research Insurance Companies

On raw terms we can say that the Insurance Companies business model is to bring together more value in premium and investment income than the value that is expended in losses and at the same time to present a reasonable price which the clients will accept.

The earnings can be described by the following formula:

Earnings = earned premium + investment income - incurred loss - underwriting expenses.

Insurance Companies gain their wealth with these two methods:

Underwriting, is the process that Insurance companies use to select the risk to be insured and chooses the value of the premiums to be charged for accepting those risks.
Investing the values received on premiums.
There is a complex side aspect on the Insurance Companies business model that is the actuarial science of price setting, based on statistics and probability to estimate the value of future claims within a given risk. Following the price setting, the insurance company will consent or refuse the risks using the underwriting process.

Taking a look at the frequency and severity of the insured liabilities and estimated payment average is what ratemaking at a simple level is. What companies do is check all those historical data concerning losses they had and update it on today's values and then comparing it to the premiums earned for a rate adequacy assessment. Companies use also expense load and loss ratios. Simply putting this we can say that the comparison of losses with loss relativities is how rating different risks characteristics are done. For example a policy with the double losses should charge a premium with the double value. Of course there is space for more complexes calculations with multivariable analysis and parametric calculation, always taking data history as it inputs to be used on the probability of future losses assessment.

The companies underwriting profit is the amount of premium value collected when the policy ends minus the amount of paid value on claims. Also we have the underwriting performance A.K.A. the combined ratio. This is measured by dividing the losses and expenses values by the premium values. If it is over 100% we call it underwriting loss and if it is below the 100% then we call it the underwriting profit. Don't forget as part of the Companies business model there is the investment part which means that the companies can have profit even with the existence of underwriting losses.

The Float is how insurance companies earn their investment profits. It is amount of value collected in premium within a given time and that has not paid out in claims. The investment of the float starts when the insurance companies receive the payments from the premiums and end when the claims are paid out. As it is this time frame is the duration from which the interest is earned.

The insurance companies from the United States that operate on casualty and property insurance had an underwriting loss of $142 Billion in the five years ending on the year of 2003, and for the same period had an overall profit of $68 Billion consequence of the float. Many professionals from the industry think that is possible to always achieve profit from the float not having necessarily a underwriting profit. Of course there are many thinking streams on this matter.

Finally one important think you should consider when subscribing a new insurance is that in economically depressed times the markets have bear trends and the insurance companies run away from float investments and causes a need to reassess the values of the premiums which means higher prices. So this is not a good time to subscribe or renew your insurances.

The changing on profit and nonprofit times is called underwriting cycles.


The actual "product" paid for in insurance companies industry are the claims and loss handling as we can call it the materialized utility of insurance companies. The Insurance Companies representatives or negotiators can help the clients fill the claims or they can be filled directly by the companies.

The massive amount of claims are employed by the claim adjusters and supported by the records management staff and data entry clerks within the Companies claims department. The classification of the clams are made on severity criteria basis and allocated to the claim adjusters. The claim adjusters have variable settlement authority according to each ones experience and knowledge. After the allocation, follows the investigation with collaboration of the customer to define if it is covered by the contract. The investigation outputs de value and the payment approval to the client.

Sometimes a public adjuster can be hired by the client to negotiate an agreement with the insurance companies on his behalf. On more complex policies where the claims are hard to manage the client may and normally uses the a separate policy add on for the cover of the cost of the public adjuster, called the loss recovery insurance.

When managing claims handling functions, the companies tries to steady the requirements for customer contentment, expenses of administrative and over payment leakages. Insurance bad faith usually comes from this equilibrium act that causes fraudulent insurance practices which are a major risk that are manage and overcome by the companies. The dispute between the clients and insurance companies often leads to litigation. The claims handling practices and the validity of claims are the escalating issues.


Insurance Companies use negotiators and representatives to initiate the market and underwrite their clients. These negotiators are bond to a sole company or they are freelancers, which mean that they can rules and terms from many other insurance companies. It is proven the accomplishment of Insurance Companies goals is due to dedicated and tailored made services supplied by the representatives.

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Amica Insurance and USAA Insurance

Two car insurance companies that can give you good rates on auto policies are Amica Insurance and USAA Insurance. Both are sold by insurance brokers who also sell other products but you can also get car quotes directly from them online.

Both Amica and USAA are considered to be second rate insurance companies that will give you good coverage for less, but not the personalized service that you would get if you went with a larger or more popular insurance provider. That may sound as a minus point for these companies but really, during these tough times, it's exactly what most people need!

 Amica Insurance and USAA Insurance

How Does Amica Insurance and USAA Insurance Measure Up to Your Needs?

Amica will give you good quotes for your car but will often quote you on the state minimum instead of the average coverage, which is $100,000. If you have an accident and only carry the state minimum insurance, you may be under-insured. In such a case, if judgment is for more money, you may end up having to pay more money in a lawsuit. So when you get a quote from Amica, make sure that you understand the extent of the coverage you are getting.

Very often, when you get a quote from Amica Insurance, you can also get a quote from the USAA company. Both of these companies are considered to be good companies to go with if you are looking for discount insurance. Both will give you quotes online and even over the phone. You can pay for both of them by credit or debit card.

Amica will charge you a service fee to pay for your insurance premium by credit card. And although both USAA and Amica will allow you to pay for your insurance premiums on a monthly basis, Amica charges a slightly higher service fee for this service (this amounts to an extra $2). Amica does not charge you to pay for the insurance premium right online by credit or debit card.

In general, Amica will give you standard insurance with a $1,000 deductible. The premium that you pay depends upon your age as well as your accident and ticket history (assuming you're the driver of course). And speaking of age, Amica is a company that can offer better rates for younger drivers. If you have teenaged drivers in your home and are looking for a good insurance company that will not charge a lot of money for premiums, you may want to consider Amica right off the bat.

On the other hand, if you have tickets or accidents on your record, you may want to use Amica anyway as they are more lenient when it comes to those with poor driving records.

Amica Car Insurance and USAA Car Insurance both offer discounted car policies to all drivers without the fuss of having to deal with an agent. But again, offering "discounted insurance" does not mean you get "discounted coverage" too. Compare policies and you'll soon find out that you actually get MORE by dealing with Amica and USAA.During these tough times, you need to find the auto insurance that truly fits your needs.


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Free Insurance Quotes For Cars

Free insurance quotes for cars can help guide you through the process of selecting the type of coverage needed for your car or vehicle. They can put you in touch with different insurance companies that are offering you their best rates. And remember, it's all free.

Free Insurance Quotes For Cars

You can get a lower rate insurance policy secured within a short period of time. If you are patient enough to fill out simple form where in you can receive different quotes on all types of car insurance policies for free and this happen mostly online. Easy and convenient to access and you own your time and day you want to have your free insurance quotes for cars.

There are some insurance companies who give free quotes for cars that are different from other auto insurance, they give you the term, the premium rates and what coverage or policy they have on that kind of car insurance rates.

Other free insurance quotes for cars offered 24 hours quotes at any time and any day where in you are available and that happens mostly through the internet. Other free quotes give plus to some coverage and services are included at no extra charge but to certain injury coverage.

So it is important to read carefully the policy and conditions they have when they offer you free insurance quotes for cars. Remember, words are deceitful and one should be wise enough to know regarding car insurance quotes. One thing more, your budget is also important when you purchase car insurance.

Some sites in the internet says, FREE Quotes but one should sign up first before you can have a free quotes for car insurance. Well, not all websites in the internet have good reputation insurance companies so one must be careful because even in the internet, there are still frauds.

In filling out free insurance quotes to find the lower rates, there are also other ways where you can achieve lower or cheaper premium rates by raising your deductible within your desired budget and also having a good clean history driving records.

It is not only with free quotes where you can achieve lower rates premium but through your history records in driving, payment, and other records they want to ask from you. As long as you have a good clean history driving records, up to date in payment that is one where they base their discounts.

It is easy to receive and easy to register online. By providing basic information, you can receive several online free insurance quotes. You can see the policy through the website of car insurance where you give your basic information and you can make any adjustment to your policy you like.

As soon as you can receive several free insurance quotes for cars, start comparing and make decision on which insurance company offers you the best deal of car insurance but be sure also that the company have a good record with good reputation, reliable and have serve people for a long period of time.

Steps on how to have free insurance quotes for car online:

Browse and search insurance companies that offer free insurance quotes for cars then choose which companies you want to have the free quotes.
Most free car insurance quotes, require basic information to generate an accurate car insurance quote. Once you have provided the necessary information they need, then you can step to their signing process.
In their free quotes for car insurance, that includes the monthly policy term with the rate but that can be adjusted based on the amount of the coverage you would like to purchase.
Online free quotes for cars hand you the coverage term, rates or price and option to decide which one that is best for you to purchase.


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Insurance Of Car

When it comes time to insure a car you have many things to think about. The type of insurance you will need, deductible amounts and potential deductions are just a few things that will play into the decision making process. If you find you are in need of car insurance here are a few tips for getting started and achieving the best coverage possible.

Insurance Of Car

The Car 
The first thing to consider is your car, if you are in the market for a new car and insurance costs are a concern you will want to avoid some of the high risk vehicles on the market today. Each year insurance companies put out a comprehensive list of what they consider high risk recently on the list was:

• Cadillac Escalade
• GMC Yukon
• Dodge Charger
• Chevy Camaro
• Ferrari

These are some of the most stolen vehicles in the United States today and therefore come with a higher insurance price tag. Of course, if you are planning to purchase a vehicle such as this out right, without financing, you will only be required to carry state minimums, which will be cheaper.

If you already own a vehicle on the most stolen list there are still a few things you can do to lower your insurance cost. Installing anti-theft devices is a great start to shaving costs and if you will avoid a lot of extra aftermarket parts and chrome, the cost will stay reasonable. Talk to your insurance agent about approved devices before you spend the extra money on alarms and such from the dealer.

Classic Cars 
A unique car insurance need is the classic car, some of these older vehicles are worth ten times or more what they sold for originally which can lead to some interesting insurance issues. Most owners of classic cars are pretty diligent to take excellent care of their vehicles, but covering it with insurance may bring up things you have never considered.

• Proof of Valuation - You may know that your classic car is worth $25,000 but your insurance company is likely to ask for credible proof. Make sure you and your insurance company is on the same page when it comes to the value of your classic car, or you could lose big time in case of a claim.

• Storage - Where and how you protect your classic car will have an impact on your classic car insurance. The more secure and protected your vehicle, the cheaper your car policy will be.

• Insurance Company - For average insurance you can generally shop your insurance around at several companies, however when you are talking about classic cars you may be better served to choose a company that specializes in this type of insurance.

The Insurance 
Other than the type of vehicle you will be covering is the issue of what type of insurance you will need. If you have financed this car, you will more than likely need to carry full coverage insurance. You should talk over the required deductible with your finance company; generally, it will be in the $500-$1000 range. Additional decisions you will have to make:

• Coverage Amounts - There is a basic level of coverage that most insurance companies offer, what is known as 25/50/20. This is $25,000 in single person medical coverage with a $50,000 limit per claim and a $20,000 property damage limit.

• Underinsured/Uninsured - in nearly all insurance quotes there will be a provision for underinsured or uninsured motorists. This is almost always never required by your finance company and opting out can save you a lot of money on your insurance bill. This is of course a personal decision; you may want to keep it as an optional part of your coverage.

When it comes to how to insure a car there are several things you should keep in mind. Before you begin checking around for insurance quotes, it is a good idea to make a checklist of the above issues that pertain to your situation. Whether you are insuring a new, old or classic car you want to get the best price possible, and knowing your options is the easiest way to do so.


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How To Outwit Your Insurance Provider When It Comes To Insurance Car Quotes

If you are one of those people who believe everything that you are told (some refer to it as being you are in all probability being taken for a ride with regards to your motor insurance! Quite a few folks don't realize that it's not smart to accept the first car insurance quotation that you are offered - you are able to (and you should!) shop around, contrast prices and negotiate with the insurance companies!

It is quite significant to always be a single step ahead of the insurance firms. Compare and contrast as many insurance car quotes as possible - more than 5 is often an excellent idea. When you discover a car insurance quote that you are reasonably satisfied with, your actual negotiation can begin.

How To Outwit Your Insurance Provider When It Comes To Insurance Car Quotes

Many insurance businesses claim that they will match or beat any other written car insurance quote that you provide them with. This is not merely a rumour, put them to the test!

Insurance car quotes and policies are obtainable in all shapes and sizes. Again it is a great idea to be prepared before you even approach an insurance company. You'll have to select between third party insurance, third party with theft and fire insurance and fully comprehensive insurance, just to mention a few. Third party insurance is the most basic and most affordable option, while fully comprehensive insurance offers more cover at an elevated cost. But then again, not all comprehensive policies are comprehensive! Some car insurance policies will include roadside assistance or the use of a rental car, while others won't.

Decide beforehand what you expect from your insurance policy and how much (more or less) you are willing to spend. In case you arrive at an insurance company with a confused facial expression, they will know that you are possibly a little clueless and make the most of their gullible client.

You don't have to remain with the exact same insurance company year in and year out. As soon as it is almost time to renew your insurance policy, you must also do a bit of shopping around. Compare and contrast a couple of insurance car quotes from other companies too! If you have an insurance broker it can make life so much simpler for you - discuss your requirements with the broker and leave it up to him (or her!) to find you the greatest current policy for your needs and requirements. Once again, you can inform the insurance business that you are terminating your policies and moving to a company with much better rates, services or value added choices - they may possibly just come back with a counter offer and convince you to stay.

Keep in mind that the insurance industry is a quite competitive industry. There are many insurance firms, agents and brokers all competing for the same buyers' attention. If you are not satisfied with the first option(s) you are presented with, simply continue shopping. It doesn't make sense paying your monthly insurance premiums on time each month if you are not completely satisfied with your insurance policy and the services offered by your insurance company. You're the client, ensure that you don't settle for second best!

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