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...]
E&O Claims Scenario: The Dangers of Assuming an Unowned Duty
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...]
E&O Claims Scenario: Know Your Client
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...]
Explaining the Basics of Annuity Contracts
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...]
Target Vast Middle Market to Grow Life Insurance Business
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...]
3 Costly Startup Mistakes to Easily Avoid
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...]
E&O Claims Scenario: Single Premium Immediate Annuity Sale – What Would You Have Done Differently?
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...]
E&O Claims Scenario: Mixing Qualified Money and Variable Annuities
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...]
When Should You Report a Potential E&O Claim?
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...]
E&O Claim Scenario: Disability Insurance – Are You Certain What You Are Selling?
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...]
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