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...]
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...]
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...]
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...]
E&O Claims Scenario: Did the Agent Misrepresent a Long Term Care Policy?
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 his client a long-term care policy, after representing that it would provide comprehensive protection in the event that he was confined to a nursing home. The client, who was 75 years old, became ill and needed … [Read more...]
E&O Claims Scenario: The Claim of the Missing Application
Sharpen Your Skills With Our E&O Claim Scenarios We believe that insurance professional can improve the service that the client receives by sharpening their professional skills by looking over case studies and scenarios that have led to E&O claims. Facts The agent took an application for a $100,000 term policy insuring the life of the client. The application was completed, but the client was not provided with a conditional receipt or binder. The agent gave the application to his … [Read more...]
