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The 4 Levels of an Insurance Career Path

You may see many newspaper ads tying to hypnotize a prospective agent stating how easy it is to make $100,000. Moreover, they emphasize it can be done in the first year. Please give me a nickel for the 1,500,000 licensed life and health insurance agents that cannot achieve that. ($75,000 if you are calculating). Before $100,000 of income can be reached, most agents must achieve at least the third if not fourth level.

LEVEL ONE This is the insurance trainee, just starting out and continuing the first 12 months. This level is actually more about survival than it is about earnings. Many insurance trainee agents deplete savings accounts, ask relatives for loan assistance, and even take out a second mortgage on their house. Either they should have never applied for the position or the insurance agency has provided inadequate assistance to ease the agent’s burden. In the majority of cases, it is the later. Only 20{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of agents struggle by, only to encounter another enduring battle.

LEVEL TWO This is the insurance rookie, who will be facing three more years of uphill challenges. Again, survival appears in the picture, along with enough income to keep from going under. The life preserver is based on both the agent’s attitude and selling skills. Selling skills start with finding the right people to focus your attention on. People that fit into your comfort zone and have a need for an insurance product you are familiar enough selling. This leads to giving a sufficient quantity of appointments. However, company provided scripts are a hard way to go when doing a presentation.. Of the appointments made, can the still inexperienced agent produce enough sales for a decent income? Only 8{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of the starting agents now remain.

LEVEL THREE These are the insurance innovators with over 4 years experience and under 8. Why are they innovators? To survive the have broken just about all the career company rules of the plan to success. First, they have tossed out the insurance company presentation book, sometimes in favor of a plain yellow legal pad. The company presentation speech has been discarded in favor of a friendly conversation. The insurance innovator uses a lead acquisition system that quickly brings out the highest qualified prospects. This agent has stopped becoming an insurance seller. He now helps guide the prospect to a tailored plan that turns the prospect into a buyer. In addition, the insurance innovator has a valuable base of built up clients for additional sales.

As insurance is now officially a career, few of these agents drop out. Many start to specialize in selling fewer products. A lot now are semi-independent and some even have their own firms. For others they make take a new direction, with a different company or firm that seems much more promising. Incomes are often comparable or higher than the national average.

LEVEL FOUR The true insurance professionals. Numerous pros are fully independent. They have often signed contracts with six or more independent life …

Car Accidents Involving Drivers With the Same Insurance

You are driving down the road when another driver runs a stop sign, hitting into the side of your vehicle. You check to see if the people in the other car okay, then call the police. While exchanging information with the other driver, you find out that they have the same car insurance carrier as you do, leading you to wonder: How do I file a claim if the other driver has the same insurer? Is the process any different than normal? If so, how?

Read below to find out the answers to these questions and advice on how to make sure you get fairly compensated.

How Insurance Companies Handle Accidents When Both Drivers are Customers

In an ideal situation, an insurance company would handle accidents between two of its’ customers the same way they should handle any other car accident: impartially and responsibly. However, this is not a perfect world, and insurance companies have been caught failing to provide adequate compensation to customers in the sake of their bottom line profit.

When a car accident occurs and both drivers have the same insurer, the insurance company must handle it carefully in order to avoid running into a “conflict of interest.” To do so, most insurance companies will issue each driver their own adjustor. The idea is that both adjustors will evaluate the claim and liability of the accident independently, and present their findings to each other once they have determined fault.

If both adjustors agree that one of the drivers is at fault, then the adjustor overseeing the at-fault driver will process the claim further and provide compensation to the other driver based on their insurance policy.

However, if there is a complication about liability, and both adjustors do not agree about who was at fault, then they will act as if they work for two separate companies to handle the claim. Two adjustors from the same company will never take legal action to determine fault, but rather come to an agreement amongst themselves.

Oftentimes insurance companies waive a customer’s deductible if they are involved in an accident with another customer in order to avoid the hassle of dealing with liability disagreements and a customer accusing them of acting in “bad faith” by making a decision that is not in either driver’s best interests.

When insurance company only issues one adjustor to handle both drivers’ claims, there is a high risk of a conflict of interest. If this happens to you, contact a car accident attorney immediately to make sure you receive fair compensation.

Advantages of Having the Same Insurance

As unfortunate as getting into an accident is in the first place, there are a few advantages when the other driver has the same insurer as you.

For one, speaking to a representative at your own insurance company is always much easier and less of a hassle than contacting an adjustor from another insurer. Since you are a paying customer, adjustors will tend to provide quicker service than if …

Life Insurance for Federal Employees: Pros and Cons of FEGLI

Many U.S. Federal employees assume that Federal Employee Group Life Insurance (FEGLI) is the best plan available to them because they are automatically enrolled in the basic plan as soon as they become employed. Many even choose to add one of the additional three coverage options (Options A, B or C). But how do federal employees really know that they’re getting the most affordable plan and the best coverage available? Have they fully weighed the pros and cons of the plans? Are they aware of alternatives?

To help federal employees better understand FEGLI’s costs and benefits, we’ve come up with a list of FEGLI pros and cons. We hope that this list will help federal employees decide whether or not FEGLI is the best plan for their family.

Pros of FEGLI

  • Convenience – You’re automatically enrolled in basic coverage, regardless of your age or health. You don’t have to take any medical exams, and you’re guaranteed coverage as long as you are employed with the government and pay the premiums. The premiums are also automatically deducted from your paycheck, so you don’t have to worry about making payments.
  • Ability to choose coverage amount – The basic plan covers your salary rounded up to the nearest thousand plus $2,000, but you can choose to add more coverage. Option A adds $10,000 to your coverage, and Option B allows you to choose even more.
  • Family coverage – Option C allows you to cover your spouse and your children in addition to yourself. Some other plans required you to have separate policies for each person.

Cons of FEGLI

  • Cost – The additional coverage Options A, B and C are an additional cost to the basic plan and these premiums increase as you get older. The premiums for the coverage on your spouse and children are based on your age, not the age of your family members, so these costs also increase as you age. You’ll also have to pay an extra premium if you’d like to add Accidental Death and Dismemberment Insurance.
  • Coverage may be temporary – You will only be eligible while you work for the federal government or if you retire from the government position. If you choose to leave your job or are terminated, you lose your FELGI coverage.
  • Lack of options – Although FEGLI does offer a few options, it does not offer choices like Whole Life Insurance, Single Premium Whole Life or Universal Life Insurance. These policies offer features and benefits that are not included in FEGLI’s plans.
  • Difficult to increase coverage – You can decrease your coverage amount at any time, but you can only increase during open enrollment periods, by taking a physical exam, or with a “Qualifying Life Event”. The last open enrollment was almost 10 years ago in September 2004, so it’s unwise to wait for these open seasons to increase your coverage.

LA Insurance – Franchise Review

Insurance is a must these days. It has become a necessity. People with insurance sleep better because they know that they and their beneficiaries are covered should something happen. Almost everyone in the United States carry insurance which underscores its importance.

L.A. Insurance Agency is one of the most popular insurance companies in the country today. It is also one of the largest independent insurance agencies in Michigan, Colorado, Nevada, California, Georgia, Florida and many more. The company was founded by Anthony Yousif who started out as an insurance agent. The company headquarters in Michigan.

The company has grown so much that today they have more than 150 locations in the United States. Their primary offering is insurance for a variety of vehicles like motorcycles, cars and boats. They offer insurance for bodily injury liability, property damage liability, uninsured and underinsured motorist coverage and physical damage and recently started offering medical insurance to their clients.

The granting of franchises is the focus of the LA Insurance Agency® Franchise LLC. Individuals interested in being a franchisee will undergo an extensive background check. There is an investigative consumer report and an investigation in accordance with the anti-terrorism legislation of the United States. Among the things which will be examined is creditworthiness. Applicants might also be required to take a standardized Math and English exam. After the form has been filled out and submitted, a representative from the company will contact the interested party by phone or by email.

Aside from extensive credit checks, there are also financial requirements which must be complied with before becoming a franchisee of L.A. Insurance. Failure to comply with the minimum financial requirements will result in the rejection of an application.

While they do not publish the totals, there is the startup cost, franchise fee, minimum liquid assets and operational costs. The company takes care of the advertising, however, it is the franchisee’s responsibility to entice customers to but the insurance he or she is selling.

Once the application has been approved, there will be trainings to undergo. Staff and personnel will be taught how to use the software, as well as how to effectively sell insurance to increase customer base. The company is very hands-on with their franchisees.

When looking to start any business it is important, particularly considering today’s market, that you look for specific ways to cut minimize or reduce overhead and risk. Any business is going to have risk, but it is important to have a full understanding of the amount of investment, startup cost and “ROI” (Return on Investment).

Most people are not aware that 80{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of ALL franchise endeavors fail in the first two to five years leaving large debts looming for years thereafter.

One way and in my opinion the best way to cut overhead, startup and investment cost is to take advantage of the new age of entrepreneurship and start a business from the comfort of your home. Opportunities have emerged in the online market that are creating millionaires …

Modern Financial Management Theories & Small Businesses

The following are some examples of modern financial management theories formulated on principles considered as ‘a set of fundamental tenets that form the basis for financial theory and decision-making in finance’ (Emery et al.1991). An attempt would be made to relate the principles behind these concepts to small businesses’ financial management.

Agency Theory

Agency theory deals with the people who own a business enterprise and all others who have interests in it, for example managers, banks, creditors, family members, and employees. The agency theory postulates that the day to day running of a business enterprise is carried out by managers as agents who have been engaged by the owners of the business as principals who are also known as shareholders. The theory is on the notion of the principle of ‘two-sided transactions’ which holds that any financial transactions involve two parties, both acting in their own best interests, but with different expectations.

Problems usually identified with agency theory may include:

i. Information asymmetry- a situation in which agents have information on the financial circumstances and prospects of the enterprise that is not known to principals (Emery et al.1991). For example ‘The Business Roundtable’ emphasised that in planning communications with shareholders and investors, companies should consider never misleading or misinforming stockholders about the corporation’s operations or financial condition. In spite of this principle, there was lack of transparency from Enron’s management leading to its collapse;

ii. Moral hazard-a situation in which agents deliberately take advantage of information asymmetry to redistribute wealth to themselves in an unseen manner which is ultimately to the detriment of principals. A case in point is the failure of the Board of directors of Enron’s compensation committee to ask any question about the award of salaries, perks, annuities, life insurance and rewards to the executive members at a critical point in the life of Enron; with one executive on record to have received a share of ownership of a corporate jet as a reward and also a loan of $77m to the CEO even though the Sarbanes-Oxley Act in the US bans loans by companies to their executives; and

iii. Adverse selection-this concerns a situation in which agents misrepresent the skills or abilities they bring to an enterprise. As a result of that the principal’s wealth is not maximised (Emery et al.1991).

In response to the inherent risk posed by agents’ quest to make the most of their interests to the disadvantage of principals (i.e. all stakeholders), each stakeholder tries to increase the reward expected in return for participation in the enterprise. Creditors may increase the interest rates they get from the enterprise. Other responses are monitoring and bonding to improve principal’s access to reliable information and devising means to find a common ground for agents and principals respectively.

Emanating from the risks faced in agency theory, researchers on small business financial management contend that in many small enterprises the agency relationship between owners and managers may be absent because the owners are also managers; and that …

The Case Against Medicare Supplement Insurance

There are some people who believe that Medicare Supplement Insurance may be a waste of money. Here is why some people believe that to be true.

Original Medicare is a government-run health insurance program for people aged 65 and older and for people who receive social security disability benefits for at least 24 months.

Original Medicare, it has been argued, is the best insurance plan in the united states and among the best in the world. The premiums for Medicare Part A (hospitalization) are most likely paid for you (by the taxes you paid) and the Part B premium is only $110 per month for people newly getting Medicare in 2010.

Your share of costs for Original Medicare are also relatively low. If you go in the hospital for example, each stay in the hospital is only $1,100 total for up to 60 days. If you go to the doctor or have tests done (such as an MRI), you normally only pay 20{4917788a0bd7aa7369c2a945027b4fe6c9853cda4150a24fe1255b18ce3083dc} of the Medicare Approved amount (an amount much lower than the “regular” or “customary” amount charged by most health care providers).

In addition to low costs, you have tremendous freedom in your access to health care. You can travel anywhere in the country and find a doctor or hospital that will accept Medicare.

So the question is, if Medicare alone is such a great plan, then why in the world would anyone buy Medicare Supplement Insurance? A Medicare Supplement Plan is an insurance plan sold by a private insurance company. The purpose of these plans is to “fill in the gaps” left by Medicare. This is why these plans are often referred to as “Medigap Plans.”

Following are three reasons why “The Case Against Medicare Supplement Insurance” should be thrown out of court.

1. Guaranteed Insurability

When you first qualify for Medicare (such as when you turn 65), you are “guaranteed issue” of a Medicare Supplement Policy. In most situations, and in most states, you could be in the advanced stages of some dread disease and a Medicare Supplement company must sell you insurance at the preferred rate.

Also, once you do qualify for a Medicare Supplement Plan, you can never lose your coverage, as long as you pay your premiums.

2. Protection Against the “Big Stuff”

If you have to pay a few dollar here or there for an xray, or a co-pay at your doctor, that is probably no big deal. But if you get into trouble, meaning if you get really sick, the original Medicare protection may not be as robust as you thought. $1,100 per stay at the hospital can add up very quickly, as can your share of expensive diagnostic exams.

The fact is, most of us don’t buy insurance for the little things, such as a ding on the car. But we do want insurance for when the “just in case” happens, such as a major car accident.

3. Affordability

Medicare Supplement Plans are very affordable for most people. As …

6 Creative Ways to Market Yourself As an Insurance Agent

Marketing yourself as a qualified insurance agent is one of the most important components to achieving success. For an agent, success is often measured by the number of clients who make a decision to buy the products and the services that you are offering to them. Proper marketing will help you increase your customer base, but you have to be creative about it in order to stand out from the rest of the agents whom you are competing against. Here are six clever and creative ways that you can make that happen.

Develop a client appreciation program.

When your clients feel like you appreciate their business, they will spread the word to their friends and family. Find a way to show your regular clients your appreciation (Thank You card periodically, free upgrade of service, etc.) and you’ll see your success grow.

Use direct mail.

Sending out postcards and letters to your current clients and potential leads will help expose your products and services to a wide audience. Don’t send out boring form letters, though. Be creative so you can get their attention.

Create a newsletter.

Newsletters are great ways to keep your clients up to date on the latest developments in the insurance industry. There may be new products on the market or important news that they will find interesting. Add a personal touch by adding something about your family or a special greeting. Send out the newsletter monthly or every other month, but be consistent about it either way.

Develop a website.

If you want to compete in today’s business world, it’s essential to have a website for your clients and potential leads to visit. However, it shouldn’t just be any website. You should hire a professional web designer to develop the website so it looks great. It’s also ideal to have a section of your site which explains the products and services that you offer as well as a link that customers can click on to get in contact with you.

Be responsive.

The quicker you respond to a client’s questions or a lead’s phone call, the more successful you will become. By responding quickly, you will show them that you appreciate their business rather than making them feel like a bother.

Publish articles online.

One way to market yourself as an insurance agent is by publishing relevant articles online. You can create a blog, post to ezines or other websites so you can get your name out there. When potential clients and existing customers do a Google search for your name, they will find all of the articles you have posted and they will be more likely to trust the information that you give them.

These are just a few of the ways you can market yourself as an insurance sales representative and increase your success as a result. Find a few agents in other areas who are successful and ask them for their secrets. If they don’t live in your area, they will be more likely …

How to Start a Traffic School in California

The first thing you want to do is go to the California DMV website, dmv.ca.gov I will add links for you so you can find the information easily as the DMV website can be a little difficult to navigate through. (AB2499 is New CA legislation for traffic schools that was put in place 9.1.2012) It covers all the rules and regulations as well as the qualifications needed for the owner operator and instructor.

After you go through the information you will want to print out the traffic school owner checklist, it will prove to be very helpful in checking off each thing you need to complete.

Opening up a Traffic Violator school can be a long and tedious endeavor; There are many requirements that need to be in place before the DMV approves you.

I will list a few of the steps involved in opening up your school:

1) The first thing the DMV requires is to submit a traffic school lesson plan along with an $ 800.00 fee for your original review of an online course, $ 800.00 for a home study course review or $ 475.00 for a classroom course to be submitted with your OL764 form . You will have to wait up to 120 days for the DMV to do a background check on you as well waiting for your approval or rejection of your course. If you would prefer you can purchase a pre approved lesson plan which is probably easier than writing your own which is a 6 month to a year project. Plus you will get your approval letter from the DMV in about a week and only have to pay a $ 25.00 fee to use a pre approved course.

2) The DMV must approve your traffic school name before you can move forward with the rest of your application, you will need to fill out the OL 612 form, but before you waste time purchasing your school name for an online traffic school you can Call the DMV and check to see if the name you wish to use is available at the time of your call (916) 229-3126. If your name is similar to another name being used, your domain name will be redirected. If the name is available then you can send the form up to DMV by overnight mail, they will send you back an approval for your chosen name by US mail.Once you get your application approved, your school name will be placed on the DMV website , Which is free marketing for you.

Some additional DMV requirements are: being fingerprinted by live scan, securing a bond, pay the required fees, submit an insurance certificate, purchase a DMV approved lesson plan, or write your own, rent an office space in which to run your business out of And hold your traffic violator classes if you wish to teach a classroom course. FYI … The DMV makes no distinction between a classroom traffic school or an online traffic …

Health Insurance Costs and Modern Medicine

It seems that the more insurance one has the higher go the fees. Doctors now earn substantially more than they did proportionally few years ago. While they know that their patients can recover most of the cost for their service they rarely get an argument from them. In Australia we have the Medicare system that covers everything for those without private health.

The previous Prime Minister, Tony Abbot, put this extra burden on people that they must have health insurance. Only the pensioners above 75 years are now covered by bulk billing. That is they are not charged and the government pays for them. Prior to the Abbot changes everyone had this type of benefit but the cost was unsustainable.

Because of that rise in fees the government is now looking for ways to cut it back even further. The increase in population from overseas migrants is putting an extra burden on the system. Some of these people will go to two or three doctors in the same day thinking they will get better quicker. Some are also getting extra drugs and selling them overseas.

Modern medicine is expensive and now the vets are also on a par with the medical profession as far as fees go. The debate that they do much the same amount of study is a logical claim but when one has no insurance against their bills it is rather tough for many to afford it. Pet ownership is suffering as a result.

We can’t go backwards to old systems because it becomes too complicated. Once people earn more it is hard to take it away again. This is yet another dilemma the government is dealing with as there appears to be no way they can force a decrease in the cost of the medical bills covered by their program. The cost of private insurance is also rising beyond what most and now afford.…

How to Prepare a Personal Injury Settlement Brochure

Thoroughness is the key when preparing a settlement brochure or demand package to attempt settlement of an injury case.

Here are 32 tips gleaned from over 20 years experience that comprise a checklist or template to make sure your booklet is as complete as possible.

(Note: in this checklist the “settlement brochure” is sometimes called the “demand.”)

1. Order PIP/MedPay payments ledger from your insurance company (the company of the car you were in at the time of the accident.)

2. Receive the PIP/MedPay payments ledger.

3. Check the ledger for any other doctors, clinics, prescriptions etc. that you had overlooked.

4. Make a complete list of all of your doctors, hospitals etc.

5. Request impairment rating or final narrative report letter from one of your treating doctors.

6. Obtain all Medical Bills.

7. Obtain all Medical Reports and records.

8. Mail or fax to your employer a LOST WAGES REQUEST LETTER. This asks your employer’s human resources department for:

1) your hourly wage at time of accident, and

2) how many hours were missed because of the accident.

9. Once you have received lost wages information from employer, calculate lost wages.

10. Check dates of service on ALL medical bills, prescriptions, reports, records, etc. Make sure bills are current and include all services to date.

11. Arrange medical bills in chronological order, keeping all of one doctor’s/clinic’s bills together, then list each doctor/clinic, and total expenses from that clinic, on MEDICAL SPECIALS SUMMARY in same order. Note: in injury cases, medical bills are known as “medical specials.”

12. Check for prescriptions. Add to MEDICAL SPECIALS SUMMARY.

13. Have any of the doctors predicted a specific need for future treatment? If so, add amounts to bottom of MEDICAL SPECIALS SUMMARY. (Place a copy of future medicals documentation in future medicals section of demand.)

14. Read medical records and reports to identify any problem areas. (In reading, if another doctor/clinic is mentioned check on it to see if there are more medical bills.

15. Organize medical records and reports in reverse chronological order.

16. If this is an uninsured/underinsured motorist case, gather information that is evidence of existence of an uninsured or underinsured motorist.

17. Obtain liability or jury verdict research. Note: if there is an issue as to liability it is helpful to enclose legal research that supports your position. This may be obtained from a law library.

18. Draft DEMAND LETTER. This is the cover letter for your brochure that summarizes all of the information.

19. Type DEMAND LETTER, MEDICAL SPECIALS SUMMARY, FUTURE MEDICALS SUMMARY, and LOST WAGES SUMMARIES.

20. Proofread DEMAND LETTER, MEDICAL SPECIALS SUMMARY, FUTURE MEDICALS SUMMARY, and LOST WAGES SUMMARY. Check date of accident on accident report against the date in letter.

21. Check verdict amounts in comparable verdicts with what is typed in demand letter.

22. Check spelling on medical terms, and on doctors’, clients’ and adjusters’ names.

23. Check to see that all dollar amounts and numbers are correct numbers.

24. Check all dollar …