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Category Archives: Insurance

Core Agency Values

To begin, Values are what drives effort and effort is what produces results, good or bad. Effort in the wrong places seldom produces the right results. So there are really two things here that are important-Effort and Direction. While both are important, Effort comes first-you gotta have some before you can direct it. Today we are only talking about Effort, Direction is for another day.

An example of how values drive Effort is often and most visibly played out in sales. A lot of sales activity (Effort) often produces more sales but possibly not the right sales (Direction). Now here is the exciting part-You can really, control your effort by choosing the right Values and matching the talent of new hire to those Values. The key here is to understand that people work to satisfy their values, not yours and don’t try to put into someone something that is not already there. All that boils down to looking for and hiring people who have values that match the agency needs.

So now it is beginning to get clear. Why do we want to know your agency values? Answer; so you can hire people with values similar to those of our agency. Now what are some agency Values of importance?

1. Theoretical Values- those who value knowledge and continuous learning or intellectual growth.
2. Traditional Values- those who value the tradition inherent in social structure, rules, regulations and principals.
3. Utilitarian Values- those who value achievement, results, and rewards for their investments of time, resources and energy.
4. Individualistic Values- those who value personal recognition, freedom and control over their future and the future of others.
5. Social Values- those who act to enhance the well-being of others.
6. Aesthetic Values- those who pursue a balance in their lives, who are creative, self-expressive and have a love for beauty and nature.

Taking Out Life Insurance

  1. That you buy your insurance from a company that has a good reputation. A broker is important in this and should be a reputable one as well. If you use a company, you should know what you want otherwise you would need a broker to explain all the details to you. You could find out who is reputable by calling the registry board in your country or area. All the providers as well as brokers have to be registered.
  1. It is important that you do know exactly what you are in need of. You cannot venture into taking out too much. The broker’s job (or the company) is there to help you with calculating the costs of your insurance. They would look at what you currently have in place and would then calculate what you need is.
  1. In discussing your needs, especially for the life cover, you should make sure that you do not omit any necessary information. It will adversely affect the payout at the end, if it is discovered that you were a smoker and that you had been suffering with ill health that resulted in your death.
  1. Ensure that you provide the policy with a beneficiary. If the policy does not have a beneficiary, the policy will not be paid out directly to your family, it will be paid into the estate. It could take months for the estate to be wrapped up. It does not have to be one beneficiary only. If you do not have any family members, you could nominate any charity of your liking.
  1. The most important aspect is that you should do, is to know exactly what is in the content of the policy. This you can only know if you read it carefully, and that would include the fine print. If anything is unclear, you should contact the provider or the broker who assisted you. By reading the document, you are clear that all you asked for are included, that you are paying the right premium and whether there is a waiting period.

Legal Action in Financial Plan

Personally legal problems happen to people when they get a traffic ticket, when they buy a good or service that was represented as one thing but delivered as something completely different and when they too sign a contract that is worded in a way to give them little room to fight back if a deal falls apart.

Of course too, there is the fact that anyone could get sued for any reason.

Financial planning is the process of accumulating, distributing and transferring wealth. However, many financial planning practitioners fail to address the legal needs of their client in order to protect their wealth in the first place.

For those financial planners who are working with the top insurance of the population, there is a good chance that these clients have their own personal attorney’s that they work with. These attorneys can charge anywhere between $150-1000 an hour depending their specialty and location.

What I have seen is that many of the very wealthiest or those who have substantial businesses will always council with their lawyers on any important legal matter. They understand that the largest companies in the world have massive legal departments who look at every angle to give their firm an edge. In order to compete and protect themselves, understanding legal consequences of any important business decision is a must.

However, these fee’s can deter many of wealthiest of individuals from counseling with them before they make any important decision. More than likely, they have not had a big enough problem to justify spending money to get advise. Like everything in life, people tend to need to experience their own mistakes in order to justify additional costs. So instead, many will make a decisions and “wing it” hoping nothing bad will happen.

People who haven’t acquired wealth yet and are in the middle class. Forget it! Most of them are struggling to make ends meet meaning that they will never spend money to consult an attorney to keep themselves out of trouble. Some have friends or family members who are attorneys that they can occasionally ask for help but usually this only happens after they find themselves in big trouble.

All about Flood Insurance Fallacies

Having flood insurance is the only way to be somewhat safe when it comes to your home protecting your home from water damage. Across the United States, only about insurance of the homes that are at risk for flooding are covered by some type of flood insurance. Most major private coverage providers do not want to insure people against flooding because of adverse selection. This means that the number of people who are making claims against flooding damage is greater than the number of people who want to protect their homes from the possibility of flood damage, so private insurers see this as something that will not bring them any profit.

However, in certain flood prone areas, the government requires that flood insurance be purchased in order to secure mortgage loans from federally accredited agencies. This coverage does not go into effect until thirty days after the policy has been purchased, unless the person lives in a floodplain. This purchase of flood coverage, provided by the government, went into effect in 1968 under the National Flood Insurance Program. Many people have criticized this program because it helps people rebuild in areas that are vulnerable to flooding, without any of their premiums ever going up. Homes and areas that were flooded over twenty times are still able to be covered without the threat of rising premiums.

Flooding is defined as inundation of an area of two or more acres, or two or more properties that are usually dry land. Flooding can be brought on by hurricanes, earthquakes, tornados, levee breaches, and other natural disasters. Unfortunately, if flooding occurs due to an earthquake, the damage from flooding is not covered by the earthquake insurance. Flood damage is not covered under any other type of policy a homeowner could hold.

Purchase Cheap Travel Insurance

Ascertaining the Suitability Of Your Policy

The vast majority of providers will include comprehensive medical cover with even their cheapest policies. They will offer protection against the costs of medical transportation and treatment, in most instances. However, the insurers will expect you to declare any pre-existing medical conditions prior to departure. If you fail to take this step then you may discover that your single trip travel insurance policy is invalidated. You should also remember the insurers who specialise in budget deals may only be prepared to cover short breaks, as mentioned above. They might also not pay out in the event of injuries that occur as a consequence of participation in extreme activities. We’ll say it again: read the fine print.

Taking Account of Policy Exclusions

It may not surprise you to hear that many single trip travel insurance policies are generally very basic – and it is for this very reason they are so cost efficient. There may be a number of exclusions and stipulations. For instance, you may discover that your package doesn’t include cover against injuries that may happen while you’re working abroad; for many, this won’t be an issue, but if you do plan on working, you must be covered. The insurers may also be unwilling to cover those travellers who are injured while using specific types of transportation in foreign countries. If you want to be assured of complete peace of mind it is always advisable to check for policy exclusions prior to your holiday. It may even be worth paying a little extra for a comprehensive single trip travel insurance package.

Saving Money on Insurance Premiums

Liability Coverage on Older Vehicles

For anyone who has older vehicles, carrying only liability insurance is one way to reduce premiums. This is especially helpful for those who have older vehicles in addition to their vehicles used for primary transportation. Removing the collision and comprehensive pay can be a good way to reduce spending, particularly if the value of the vehicle is low. It could be that the cost of insuring the vehicle is higher than the replacement value.

One main consideration with this idea is whether or not there are payments due on the car. For anyone who is still financing, the agency may not allow a drop in coverage until it is paid in full. Also, if there is no way to replace the vehicle in the event of a crash, full coverage may be needed until funds are in place to do so.

Inquire About Safe Driver Discounts

Many agencies will offer discounts to those who have a clean driving record. These discounts are typically provided to those who have no tickets or accidents on their driving record in a specified timeframe. In addition, drivers should not have made any claims for comprehensive repairs, such as broken windshields.

Ask About Discounts for Good Grades

For those with children of driving age, a good report card can prove to be beneficial with regard to insurance costs. Discounts are often provided to kids who maintain a certain grade point average. The amount of the discount will vary from agency to agency. Also, the insurance agent will likely ask for proof of grade point average from time to time, so be prepared to provide that information on a regular basis.

Keep Motor Trade Insurance Cost Down

It’s essential when taking out any motor trade insurance, that you check to see if there are any vehicles eliminated from the list of vehicles safe to drive. Driving a customer’s high performance vehicle when you don’t have adequate cover to do so, can cause serious financial problems should you be involved in an accident.

Where is your building located? This is another very important consideration. In many cases being located in a city or town can increase the premium. This also depends on area, areas are listed according to crime rate and other statistics, things you have no control over. Where you can make a difference is to put security measures in place, such as alarm systems, strong roller doors and even bars on the windows, reducing the risk of a break in and reducing your risk to the insurer.

If you have been in the industry for some time and are currently shopping around to find a better price, then take advantage of the no claims bonus you have been building up over the years. Many insurers will take a no claims bonus into consideration, this is their way of knowing you are not a major risk and these bonuses will often have a significant impact on your annual premium.

One of the most risky parts of owning a business within the industry is driving customer’s vehicles. As you know you need to have valid cover in place to drive a vehicle on the road. When it comes to private cover, you are only covered to drive a specific vehicle, but when you’re driving numerous vehicles on a daily basis, you will need road risks cover.

The good news with this cover is you can add all your staff, the bad news is that the staffs driving records and age will impact how much your premium will increase. Keep your drivers to a minimum, ensure they are over twenty five and have a clean driving license to keep your motor trade insurance cost down.

Another great way to keep your motor trade insurance cost down is to discuss voluntary excess with your broker. Many companies will allow you to choose this option; it lowers your annual premium, but increases your excess should you ever need to claim. This is advantageous if you need to have adequate cover in place, but haven’t claimed for some time.

Info of Auto Insurance Renewal

· Annual Policy: an auto insurance policy that is valid for one year.

· Semi-annual Policy: some policies are valid for only 6-moths period. For policyholders, 6-months provide the chance to improve DMV records and reduce the premium for the next renewal date.

Auto insurance companies have the obligation to notice policyholder about renewal information. They can send it via mail or email within 45 – 30 days in advance of renewal date. Unless policyholders want to make changes to the current policy, renewal process should be quick and easy. Nonetheless, it is best for policyholders to do their due diligence and check for errors or unexpected surcharge. Before the renewal takes place, please make time to:

· Review the policy: the best time to verify discounts or make changes to coverage is on renewal date. It becomes more important when policyholders have practiced safety guidelines from the insurer as a requirement for discount eligibility. Auto insurers often reward good customers with lower premium as well. In many cases, it takes an insurance agent to see potential changes in the policy.

· Make payment: whether policyholders want to continue or cancel the policy, the best time to notify the insurer is on renewal date (or several weeks before). Some carriers do not allow for grace period on renewals, so they can cancel the policies because there is no payment confirmation. Even when policyholders want to switch to new carrier, it is important to notify the current insurer to avoid fines.

Premium Surcharge

An increase in premium rate is not uncommon. It happens for two main reasons. First, the insurance company increases the base rate. In this case, all policyholders should get premium surcharge. Even good drivers with clean records should pay more under this circumstance. Another reason is that the policyholder has higher risk than before in the previous period. Traffic tickets and bad credit score can lead to premium surcharge. Auto insurance claims for an at-fault accident almost always increase the premium as well.

Changes before Renewal

Insurers allow policyholders to make changes in the policies between renewals; this regulation applies only for auto/car insurance policy. Other vehicles such as RV, boat, and motorcycles may not have this option. Changes in policy for examples coverage omission or vehicle removal from the list can offset the premium surcharge from bad DMV records. In worst scenario where policyholders have records of involvement in accidents that cause severe injuries or deaths, the rate can go very high beyond affordability. To compensate for expensive premium, policyholders can choose to purchase only state’s minimum coverage requirements.

Truck Insurance Coverage

First off, physical damage coverage is used to protect your truck and your trailer in the event of an accident. The premium that you would pay for this protection primarily depends on the value of your equipment. This cost, in fact, is usually a percentage of the total value of your equipment. Federal and state law does not require physical damage coverage for you to legally be on the road, but if your equipment is financed, then your lien holder most likely will require it. If you do purchase this coverage, it is smart to only acquire enough protection to cover the value of your equipment. Purchasing less coverage could leave you with significant out-of-pocket expenses, and purchasing too much is the same as throwing your money away since truck insurance companies will only pay you the amount that your truck is valued at in the case of an accident.

The next term to be aware of is primary auto liability coverage. This type of truck insurance is required by federal and state regulations. Primary auto liability coverage protects you in the event that a third party is injured in an accident that you and your vehicle are involved in. Along with primary auto liability is general liability protection. This coverage protects you against the cost of any property damage or bodily injury that might occur which does not involve your rig. Some examples of incidents that are covered by general liability protection are slips and falls at a place of business, property damage or injury caused by faulty advertising, and contractual exposure that you might assume as an owner operator or even as a driver for a company.

Other important types of liability coverage that you may consider are non-trucking liability, non-owned trailer liability, and trailer interchange liability. Non-trucking liability, also called deadhead coverage, pays for an accident that occurs while the driver or the rig is not under dispatch or in the process of making a delivery. Non-owned trailer liability protects the trailer that you are pulling if another party owns it. This type of coverage is essential for owner-operators that carry the trailers of various companies at any given time. $20,000.00 is a standard protection amount for this type of coverage. Trailer interchange liability, on the other hand, is used when there is an interchange agreement being observed between two parties. An example of this would be a partnership with a steamship line.

Lower Auto Insurance

Revise coverage on old vehicles

For the older car that is free of finance, it may be worth revising the insurance coverage for collision only. This is the type of protection that is required if damage is coursed to a third-party vehicle. In many cases, this simple step can help to make a useful saving on the cost of insurance.

Use a single insurance company

Try to use a single insurance company for multiple policies, such as auto, home, travel, etc. A benefit of this is the ability to gain a multi-line discount, which is usually in the region of insurance of the total annual premium.

Careful driving

There are plenty of insurance policies that offer incentives for a lower premium. One of these incentives is a proven record of careful driving, which can include staying out of accidents and avoid speeding. This has the potential to give a further discount on the annual premium of about insurance. Also, by avoiding any traffic violations over a period of 3 years; it is possible to get a further deduction of costs.

Increase the deductible

A further simple step to control the costs is to increase the deductible amount. This is the first amount paid by the policy holder at the time of making a claim. By increasing the deductible from $250 to $500, there is the potential to make a substantial difference. The deductible can even be increased to an amount like $1,000, which should go a long way to control the insurance premium. But, it is sensible to only raise the deductible to an amount that is affordable, and easily payable in the event of needing to make an insurance claim.