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Department of Labor Fiduciary Ruling

Dept of Labor Fiduciary RulingThere is much talk in the insurance industry regarding the possible upcoming Department of Labor Fiduciary Ruling and the impact this will have on insurance agents and advisors. Whether the new administration approves or does not approve the proposed ruling, many companies have indicated they will still be implementing best interest contracts.

The basis of the ruling really comes down to how an insurance agent or advisor is compensated by the insurance company so that the insurance agent or advisor is working in the best interest of the client and not swayed by the compensation offered by different products available. Much information regarding the ruling can be found here.

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Part 6 of a 6 Part Series: Why Didn’t This Agent Offer an Inflation Rider?

E&O Claims in Bucks CountyWhen selling insurance, you need to have more in mind than just finding the sweet-spot where you think your prospective client is comfortable with the premium.

Selling a disability policy can be compared to buying a car.  Would your client want a compact car at claim time, or would they prefer to have a luxury model? Although many E&O claims in Bucks County can stem from buyer’s remorse, it’s important that you have documentation that you took the time to offer the best options available through the insurer that you are representing and explained the differences in benefits.

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Part 5 of a 6 Part Series: Long Term Care Insurance – Know What You Sell

Tell Me More: Errors and Omissions InsuranceBefore you sell Long Term Care Insurance, it is extremely important that you take the time to educate yourself not only on the various policies offered among competitors but also in understanding the very limited circumstances under which Medicare may cover some care in a skilled nursing facility.

One out of two people over the age of 65 will need some form of long term care, whether it is homecare, assisted living, nursing home care or a combination of the various levels of care.

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Part 4 of a 6 Part Series – When You’ve Really Done Nothing Wrong, E&O Steps Up

E&O insurerOne of the most important aspects of having Errors & Omissions Insurance is the defense that it provides to you as an insured.  There are many claims made against insurance agents that are groundless; however, without having an E&O coverage policy, you, as the agent/defendant, would be left to secure your own attorney in order to be defended.  Your E&O Insurer has a network of attorneys that are experienced in handling matters that arise from your profession.

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Part 3 of a 6 Part Series – Be certain to fully explain benefits and pitfalls of a policy!

errors and omissions coverageMeeting with a prospect that has already expressed an interest in needing life insurance is an exciting time for an insurance agent.  Once the prospect is aware of the need and has you as the agent they wish to use for securing insurance, it is extremely likely that the application will be completed and a sale will be made.  As a well-versed agent you are also likely to receive referrals from this client and should not hesitate to ask for them when delivering the policy.

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Part 2 of a 6 Part Series – How Documenting Files Can Save the Day!

documenting files for Errors & OmissionsAs an insurance agent, you face the fear of having an errors and omissions claim being made against you on a daily basis. Though, many agents will insist that they do everything by the book and have no possibility of an errors and omissions claim being made against them, the chances of being named in a lawsuit are still very much a reality. You should always conduct your business practices as a true professional and document all interactions with your clients and prospective clients.

A big part of knowing what mistakes to avoid when handling your clients insurance needs is to review errors and omissions claims that have been made against other insurance agents. We will be presenting a 6 part blog series on claims scenarios and provide some helpful information on how to avoid or mitigate such claims being made against you.

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Part 1 of 6: How a Conditional Receipt Could Have Saved the Day!

errors and omissions checklist: conditional receiptAs an insurance agent, you face the fear of having an errors and omissions claim being made against you on a daily basis.

Though, many agents will insist that they do everything by the book and have no possibility of an errors and omissions claim being made against them, the chances of being named in a lawsuit are still very much a reality. You should always conduct your business practices as a true professional and document all interactions with your clients and prospective clients.

A big part of knowing what mistakes to avoid when handling your clients insurance needs is to review errors and omissions claims that have been made against other insurance agents.

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Back to School – 10 Tips for Insurance Agents

insurance agent educationAugust means it is back to school time. And, going back to school is not just for kids!

Here are some good tips to keep in your professional backpack:

  1. Seek to continue your insurance education so that you can be at the top of your game. The insurance and legal systems are forever changing as well as the products and services provided by the insurance companies represented. It is important that as an insurance professional, you make every effort to know the current industry trends. This also serves as a good risk management procedure with respect to reducing potential Errors and Omissions claims.

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Stay Cool, Calm & Collected: E&O Claim Info

E&O claim infoWhat to do if you have a claim

  • Promptly report any claim or error of concern and provide the necessary details, including name of the claimant and description of the claim or incident. Your E&O carrier can decide if the matter qualifies as a claim or only as an incident.
  • Do not alter records involving the claim or incident
  • Do not allow the inspection, copying or removal of your records without consulting your E&O carrier
  • Do not provide recorded or written statements concerning an error or claim involving your agency unless the E&O carrier has granted permission to do so

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