What Life Carriers Do Not Require E&O?

[nylife11023]

I have my E&O but a friend leaving the Navy and on a limited budget (and no assets to be sued for!) wants to start out in this business and says he was told that he can write Banner, TransAmerica, and Genworth life without having to buy an E&O policy.

Is this correct? Are there other carriers that don't require E&O?

 

[BNTRS]

So let me get this straight. If he messes up and hurts someone he wants to be sued and file bankruptcy because he has no assets to cover the judgement and the client is left high and dry?

All because he's unwilling or unable to part with around $500 total, which could be paid over a year.

If that's the case, he's not ready to join the industry.

 

[Mattschmidt]

You need to tell your friend to stay out of this industry...Guys like him give us all a bad name

 

[blue_wynd]

^ Third. Tell him to stay in the Navy and do the 20.

 

[Norwayguy]

So let me get this straight. If he messes up and hurts someone he wants to be sued and file bankruptcy because he has no assets to cover the judgement and the client is left high and dry?

All because he's unwilling or unable to part with around $500 total, which could be paid over a year.

If that's the case, he's not ready to join the industry.

Worse he doesn't believe in the need for the type of product he is going to sell.

 

[WinoBlues]

I have my E&O but a friend leaving the Navy and on a limited budget (and no assets to be sued for!) wants to start out in this business and says he was told that he can write Banner, TransAmerica, and Genworth life without having to buy an E&O policy.

Is this correct? Are there other carriers that don't require E&O?

Have this soon to be Vet email me. I'll answer his questions and give him what ever advise I can.

Lee

 

[scagnt83]

God help this industry. It should be a law to require E&O insurance. No telling what advice that guy would be giving out....

 

[blue_wynd]

What makes him want to do insurance?

 

[scagnt83]

on a limited budget (and no assets to be sued for!) wants to start out in this business

E&O is just as much about the consumer as it is the agent. What happens when this guy who is brand new (and wants do do this by himself), gives bad advice and causes a client financial harm???

 

[WinoBlues]

I believe someone new to the business asking about E&O is different that someone that has been in the business for a while.

27 years ago a buddy was asking me if I would be interested in looking into insurance sales. I was in construction. I knew nothing about the insurance industry. I was under John Hancock's E&O, I assume, then no E&O for a year ,did not even know what it was, then under an agency's E&O, then a year or so without. As I grew as an independent I learned.

So I did not always have E&O but believe I am probably one of the better agents. (In my own mind). Would I go without now? Never. But starting out most people do not know what they do not know.

Lee