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Home » Archives for James

E&O Claims Scenario: Dangers of Interpreting Retirement Plan Benefits

Posted October 28, 2020 by James Leave a Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims. Facts A client had served ten (10) years in the U.S. military before an honorable discharge.  Subsequently, he went to work as a federal employee for over twenty (20+) years.  The client came to agent seeking advice on retirement … [Read more...]

Filed Under: E&O Claim Scenarios Tagged With: E&O Claims

E&O Claims Scenario: The Dangers of Assuming an Unowned Duty

Posted April 22, 2020 by James 9 Comments

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims. Facts An agent sold a life insurance policy to a client, with whom the agent regularly conducted other business activities. The client elected to make quarterly premium payments. The beneficiary of the life policy was a trust setup on … [Read more...]

Filed Under: E & O Insurance, E&O Claim Scenarios

E&O Claims Scenario: Know Your Client

Posted April 15, 2020 by James Leave a Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims. Facts An agent sold a fixed annuity, specifically a Single Premium Immediate Annuity (“SPIA”), for Three Hundred Thousand Dollars ($300,000) to a 69-year old woman who died unexpectedly after receiving only two distributions totaling … [Read more...]

Filed Under: E & O Insurance, E&O Claim Scenarios

Explaining the Basics of Annuity Contracts

Posted February 20, 2020 by James Leave a Comment

The first annuities date to 300 BC and took the form of annual payments to Roman soldiers for their service to the empire. As investment vehicles, they’ve gotten quite a bit more complicated since then. Helping your clients understand the basics of annuity contracts puts them in the best position to make informed decisions about what is right for their financial needs. Here’s a quick review. Types of Annuity Contracts Annuity contracts fall under two types and three primary categories: … [Read more...]

Filed Under: Life & Health

Target Vast Middle Market to Grow Life Insurance Business

Posted February 13, 2020 by James Leave a Comment

Life insurance agents who focus on high net worth clients are ignoring a huge, underinsured and underserved demographic in middle-market consumers. A recent LIMRA study found only 46 percent of middle-market consumers own individual life insurance and more than 25 percent of them possess no life insurance coverage at all, individual or group. The study identified 56 million middle-market households in the U.S., defined as consumers ages 25-64 with annual household incomes of $35,000 to … [Read more...]

Filed Under: Life & Health

3 Costly Startup Mistakes to Easily Avoid

Posted February 8, 2020 by James Leave a Comment

The product is in beta testing. You and your partners are working well together. You are graduating from a coworking space to a private office. You even formalized your idea into a company, whether a corporation, LLC or partnership. What have you missed? Plenty, if your business planning didn’t include insurance. When the energy is high and the code is flowing, the I-word is the last thing new entrepreneurs want to think about. But running a startup without basic insurance coverage is … [Read more...]

Filed Under: E & O Insurance

E&O Claims Scenario: Single Premium Immediate Annuity Sale – What Would You Have Done Differently?

Posted November 4, 2019 by James Leave a Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims. Facts An agent sold a fixed annuity, specifically a Single Premium Immediate Annuity (“SPIA”), for Three Hundred Thousand Dollars ($300,000) to a 69-year old woman who died unexpectedly after receiving only two distributions totaling … [Read more...]

Filed Under: E & O Insurance, E&O Claim Scenarios

E&O Claims Scenario: Mixing Qualified Money and Variable Annuities

Posted April 10, 2019 by James Leave a Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims.   FACTS: The Client comes to Agent with an IRA valued at $250,000.  The investments in the IRA are relatively conservative, well-known mutual funds.  This IRA represented just a small amount of the Client’s overall net worth.  … [Read more...]

Filed Under: E & O Insurance, E&O Claim Scenarios

When Should You Report a Potential E&O Claim?

Posted November 16, 2018 by James 1 Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims.   FACTS: An insurance agent sold a $100,000 universal life insurance policy to her client in 2010.  The client alleges that the agent promised that the premium would stay level for the life of the contract and that the cash … [Read more...]

Filed Under: E & O Insurance

E&O Claim Scenario: Disability Insurance – Are You Certain What You Are Selling?

Posted March 12, 2018 by James Leave a Comment

Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professionals can improve the service that their clients receive by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims.   FACTS: An agent sold the Claimant (a dentist) an individual disability policy and a business overhead expense (BOE) policy for her practice through ABC Insurance Company. Based on the agent’s prior experience with … [Read more...]

Filed Under: E & O Insurance, E&O Claim Scenarios, Life & Health

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