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...]
How Can One Product Be Suitable for All Prospects?
It’s an uncommon to find the finances of most advisers in order, much less a role model that their clients can follow. Often financial advisers and insurance agents don’t address the indebtedness of their clients, not because they are not paid to manage it (although that’s true), but that they don’t manage their own financial liabilities. Personal inconsistencies among the professional ranks of advisers and agents are scandalous. Their public persona of their own stewardship of money is … [Read more...]
What’s Good for the Goose Is Good for the Gander
If logic and rational thinking ruled our lives like a Vulcan, we’d have a greater motivation in preparing for retirement. But were not Vulcans, we’re saddled with human emotions and feelings that often are our undoing. We find ourselves unraveling under the weight of accumulated choices over a lifetime of irrational thinking. And suddenly, without warning, discover ourselves facing retirement wholly unprepared. But the perplexing complication that contradicts all is that we hold ourselves out in … [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...]
Four Reasons Why E&O Claims Are on the Rise
Taking a look at what’s behind the rise in E & O claims against insurance agents helps them better prevent a suit and defend themselves in the event of one. Some estimates say that as many as one in seven insurance professionals could be named in an E&O claim during their career, while others say the probability is higher. These increased numbers in claims indicate changes in insurance industry operation and the general culture that are driving factors. 1) Rapidly changing … [Read more...]
E&O Claims Scenarios: Improper Completion of Life Application
The Claim of Material Misrepresentation on a Life Insurance Application 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 agent assisted his client with the completion of an application for a $500,000 life insurance policy. The application was completed and submitted … [Read more...]
E&O Claims Scenario: The Claim of Failure to Advise of Coverage Options
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 agent sold the client a disability income policy, which provided benefits of $5,000 per month until age 65. The client became disabled when he was 55 years old, and the insurer commenced payments under the policy. However, … [Read more...]
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