Insurance Companies

I am finding very difficult to sell policies because people fear investing in private Insurance companies especially in ULIPs. When ever I go for call people say that some one know to him had invested in some plan( ULIPS) and now he is left with amount half of what he had invested. Now this so called recession and pressure of Bosses, please guide me to sell policies and to convince people in ULIPs

I have a totally different view on the insurance industry.

Insurance industry people have sold ULIPs to people showing them dreams in daytime. They promised to double the money in 3 years flat. Sales people never ever told the buyer about the charges of the policy & many ignorant investors bought in faith. This trick worked in the bull market as if someone checked the portfolio, he found little loss (though no one could see that the investment is recovered in ULIP). But condition is different now. If the charges of the policy eat the investment by say 40% in first year & then further 50 percent due to drop in NAV , person is left with 30% of investment & he is shocked as he was never told of about 40% initial charge.(He too is party to it as he did not bother to check the charge when buying).

Also there were people who were sold ULIP as a 3 year product(Double in 3 year!!!!!) & they are checking the portfolio for the first time to withdraw the policy & they are realizing that they are even not able to recover half of the investment & this damage is mostly due to the initial charges imposed by the insurance companies. This is moment of truth for that person & he will tell the same story to each & everyone he is in touch & ULIPs get more bad publicity.

I have a very strong view that one should not mix investment & insurance. Insurance is very essencial part of financial planning & one should buy sufficient term insurance. Investment on the other hand should be done by PPF(true tax free return) & Mutual funds(which are very cheap product).

I can never advice anyone to purchase ULIP except if someone is not a disciplined investor & if buying a relatively low cost ULIP for a longer term of more then 15 years.

Now what should insurance industry do? They should sell term insurance & should help to strengthen the social security in true sense. I know that people are brainwashed by LIC for years that insurance product should have a return component. Policy decision to market term insurance can not be teken at your level but you can make a start.

I’ve been waiting for this truck to be put up for sale FOREVER. I know IAAI has to receive the title from the insurance company before the can put the truck up for sale but its been like 3 months. Trucks that are completely wrecked that are put up after this truck sell first, but this truck has no damage so i dont know why its taking forever. I know it takes insurance companys forever to do paperwork but 3 months!? if you know the average time for vehicles on IAAI or any other salvage auto auctions it would be great. Til then, the wait continues

There can be many reasons for the delay. If the payoff on the truck is more than the insurance settlement, the owner of the vehicle would have to come up with the difference before the lien holder would release the title.

There may be a lawsuit involved. There may be other issues with the vehicle, such as it having been stolen and the VIN altered, and there may be a delay in getting that straightened out. Without knowing the history of the vehicle, there is no way to be sure.

What happens is the insurance companies have the vehicles towed to IAAI (or another company) to avoid paying storage at tow companies. The insurance companies have a special deal, where the sale company does not charge them for storage. Sometimes the insurance company ends up selling the vehicle back to the owner, if it is a total loss. In that case, the car will never hit the auction block.

There is also the possibility that an employee at IAAI wants to buy the vehicle, and it may be slipped into a sale at the last minute, to try to keep the bidding down. Some locations of IAAI are worse about things like that than others.

Some people have alot of objections:e.g. I have an insurance.Idon.t want no more.

ask ur boss

I went to an interview today for an insurance company and practically was offered the job on the spot, but how do i know he wasnt just selling me the job also?

I am currentley an insurance agent. It has its ups and downs, believe the other people there will be alot of stress but the money can be good if you work hard at it. Also listen to the veterans and follow the system. It will not be easy so don’t think you are going to get an easy ride. If you work hard and you are a people person 60K plus first year is easy.

WITHIN THE FIRST YEAR OF ENACTMENT

*Insurance companies will be barred from dropping people from coverage when they get sick. Lifetime coverage limits will be eliminated and annual limits are to be restricted.

*Insurers will be barred from excluding children for coverage because of pre-existing conditions.

*Young adults will be able to stay on their parents’ health plans until the age of 26. Many health plans currently drop dependents from coverage when they turn 19 or finish college.

*Uninsured adults with a pre-existing conditions will be able to obtain health coverage through a new program that will expire once new insurance exchanges begin operating in 2014.

*A temporary reinsurance program is created to help companies maintain health coverage for early retirees between the ages of 55 and 64. This also expires in 2014.

*Medicare drug beneficiaries who fall into the "doughnut hole" coverage gap will get a $250 rebate. The bill eventually closes that gap which currently begins after $2,700 is spent on drugs. Coverage starts again after $6,154 is spent.

*A tax credit becomes available for some small businesses to help provide coverage for workers.

*A 10 percent tax on indoor tanning services that use ultraviolet lamps goes into effect on July 1.

WHAT HAPPENS IN 2011

*Medicare provides 10 percent bonus payments to primary care physicians and general surgeons.

*Medicare beneficiaries will be able to get a free annual wellness visit and personalized prevention plan service. New health plans will be required to cover preventive services with little or no cost to patients.

*A new program under the Medicaid plan for the poor goes into effect in October that allows states to offer home and community based care for the disabled that might otherwise require institutional care.

*Payments to insurers offering Medicare Advantage services are frozen at 2010 levels. These payments are to be gradually reduced to bring them more in line with traditional Medicare.

*Employers are required to disclose the value of health benefits on employees’ W-2 tax forms.

*An annual fee is imposed on pharmaceutical companies according to market share. The fee does not apply to companies with sales of $5 million or less.

WHAT HAPPENS IN 2012

*Physician payment reforms are implemented in Medicare to enhance primary care services and encourage doctors to form "accountable care organizations" to improve quality and efficiency of care.

*An incentive program is established in Medicare for acute care hospitals to improve quality outcomes.

*The Centers for Medicare and Medicaid Services, which oversees the government programs, begin tracking hospital readmission rates and puts in place financial incentives to reduce preventable readmissions.

WHAT HAPPENS IN 2013

*A national pilot program is established for Medicare on payment bundling to encourage doctors, hospitals and other care providers to better coordinate patient care.

*The threshold for claiming medical expenses on itemized tax returns is raised to 10 percent from 7.5 percent of income. The threshold remains at 7.5 percent for the elderly through 2016.

*The Medicare payroll tax is raised to 2.35 percent from 1.45 percent for individuals earning more than $200,000 and married couples with incomes over $250,000. The tax is imposed on some investment income for that income group.

*A 2.9 percent excise tax in imposed on the sale of medical devices. Anything generally purchased at the retail level by the public is excluded from the tax.

WHAT HAPPENS IN 2014

*State health insurance exchanges for small businesses and individuals open.

*Most people will be required to obtain health insurance coverage or pay a fine if they don’t. Healthcare tax credits become available to help people with incomes up to 400 percent of poverty purchase coverage on the exchange.

*Health plans no longer can exclude people from coverage due to pre-existing conditions.

*Employers with 50 or more workers who do not offer coverage face a fine of $2,000 for each employee if any worker receives subsidized insurance on the exchange. The first 30 employees aren’t counted for the fine.

*Health insurance companies begin paying a fee based on their market share.

WHAT HAPPENS IN 2015

*Medicare creates a physician payment program aimed at rewarding quality of care rather than volume of services.

WHAT HAPPENS IN 2018

*An excise tax on high cost employer-provided plans is imposed. The first $27,500 of a family plan and $10,200 for individual coverage is exempt from the tax. Higher levels are set for plans covering retirees and people in high risk professions.

http://www.xe.com/news/2010/03/22/1026877.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art6

From what I can tell, democrats are putting all their cards on if everybody purchases insurance, the premiums will go down. With all the demands on healt

None of the above.

If so, tell me what your experience was like and what state you worked in. Thanks!

I can’t imagine it’s much different from any OTHER agency sales job.

This seems to be a new trend. It seems that insurance companies are canceling Homeowner’s policies of their customers who are selling their homes! Once the client has to move out to their new home the insurance company cancels the policy on the home that’s still for sale. This is being done even if the customer has been a client for over 30 years and is using that company for the new home! Sellers are having a rough enough time with the real estate market these days!
What can be done about this? Also suppose the seller decides not to sell but keep the home as a vacation spot? Are second homes being uninsured also?

It is not a new trend and second homes are fine. The problem is when the house becomes vacant (or not enough furniture in it to be able to stay there). That is when the homeowners policy is cancelled (or nonrenewed) because the house no longer qualifies for a homeowners policy. Also, I don’t have any company that will insure a house on the market. Rewritten policies have new business guidelines because it is a new policy. That has ALWAYS been an underwiriting issue for us (for the 18 years I have been in the business). Nothing has changed there. The only market I have then is Surplus Lines (some states have a homeowner fair plan). I tell my insureds, do NOT let the house go vacant, be sure to keep enough furniture, dishes, linens, etc to be able to stay there & stay there at least once per month. It is better for the house too, especially in the winter. This way it is considered a secondary home & can stay on a homeowners policy. It is easier to sell a house that is nicely furnished than one that is vacant anyway. Any realtor will tell you that. Also, some of my insureds are deciding to rent the house & then it is also usually OK (as long as there are no other issues the company does not wirte), we just change the policy to a dwelling fire or landlords policy – again, new business guidelines but much easier than a vacant home that is up for sale.
**unless you are in FL then it is COMPLETELY different….

I got a felony for transporting (pot) 15 years ago. Now I have a chance to work for an Insurance Company but they asked if I had any Felonys and I answered yes. this will change my ability to get my license

Different states handle there felony convictions differently

In the state of Florida the only time passive right a felon can regain is the right to Vote.

Go figure …………..with a bunch of hypocritical politicians making the laws.

All other rights such as being able to receive a contractors license or gun ownership has to receive a full pardon in a court of law.

You can motion the courts for a hearing yourself , however don’t expect to get what you want with out breaking bread with a good’ol boy in the form of a lawyer.

You wont be receiving a jury on this hearing it will be an Administrative ( judge ) Hearing.

And judges were all lawyers at one time and all lawyers went to a college .

It’s never what you know that matters to a judge , it’s who you know

Another thing to consider is how to play the business game

But you will have to find people you can trust to take on responsibilities.

They will hold the licenses while you preform the work.

You become an employee of your own company this way, thus your liability is removed and placed on the entity of the business itself.

You cannot be sued , only the company can.

However you can close that business name showing a loss and start a new business showing a gain from the assets sold and re-bought .

Evil but true……….Money

I just bought a 2008 used car. I bought GAP insurance (pays the difference between what the car is worth and the amount of the loan if the car is totaled) for $600. I have 30 days to cancel the insurance for a full refund (to my finance company). Do insurance companies use Kelly Blue Book retail value, private sale or trade-in value to determine the value they will pay for a totaled car? If they use retail or private sale, I can cancel and be okay if I get totaled, but if it is trade in, I will be $3000 in the hole with no car.
I already have comprehensive and collision coverage and am just wondering if the GAP was worth keeping. Since I can apparently get a prorated refund if I pay the car off early (which I plan to do), I will go ahead and keep the GAP for now.

As a claim adjuster my advice is to keep the GAP coverage. I see too many claims where people don’t have GAP coverage and they take a financial bath on a total loss car. I have seen people have to transfer the loan balance owed on a total loss car to the loan for their replacement car. That puts them in even worse shape.

Most companies don’t go strictly off of book prices as the local market values can change in a hurry (like for owners of Toyota cars on the recall list). Most companies will try to locate similar cars sold through services like CCC or by looking at ads on line to get a value for your area.

Based on the misery I have seen these folks go through I would strongly suggest you keep the GAP coverage.

Does car insurance pay sales taxes and destination charge if your brand new car gets damaged?

If your brand new car gets damage totally. what does the insurance company pay for?

How long after buying brand new car does the insurance consider it not new any more?

no, they will value it at what they are selling for at the auction. Hope you had GAP insurance, other wise you will be responsible for the difference