Insurance Agent Forum

[sunkist219]

Hey Guys,

I'm trying to do a blog post on some of the most common-asked questions regarding all the different types of insurance. What questions do you find you get asked day after day at work? These can be dumb questions or complicated ones. I am looking to see if there are specific questions that get asked a lot so that I can address them.

Thanks!

[Charpress]

Right now people are asking about company solvency.

So, I have to explain how reserves work and I have to explain about state guarantees on insurance and annuity policies.

As for a particular company, I have to go through whatever the company has on the plus side with ratings and size. You have to be careful here, however, since anyone with a bit of knowledge can throw AIG back in your face about ratings and size.

[somarco]

Will your policy cover my (fill in the blank)

Cancer, pregnancy, IVF treatment, tummy tuck, reversing tubal ligation, reversing vasectomy, Viagra, insulin . . .

[sunkist219]

Originally Posted by Charpress

Right now people are asking about company solvency.

Can you explain what company solvency is? Sorry if I sound like an idiot asking that - I'm trying to research this for the agent who's website I'm in charge of. Thanks

[Charpress]

Umm... I think AIG sums it up. Here is arguably the biggest and financially strongest insurance company in the country going broke and having to be bailed out by the government.

People are asking for the first time in my experience not just "How does your company stand in strength compared to the others?" Now they are asking about safety of their money in any insurance company.

[CHUMPS FROM OXFORD]

"financially strongest"

It was well known that they had a higher exposure to rotten mortgages than most big companies.

But I think we were all surprised how quickly the house of cards caved in. Of course, their insurance operation is OK.

[Charpress]

Yep, and I try to explain that to people. "Insurance operation is fine, it is just those other crazy guys in other divisions of the company."

Most people I go through this routine with are too polite to say anything, but a month of having the news drum into their heads that the biggest insurance company in the country went tits up is all I see in their faces.

[BayAreaMike]

"is it an admitted company?"

[sunkist219]

Originally Posted by BayAreaMike

"is it an admitted company?"

Can you elaborate on this a litte? I'm sorry - I'm trying to be detailed

[somarco]

Admitted carrier - one who is approved to sell one or more lines of coverage in your state.

Frankly, any consumer asking this question is probably blowing smoke and has no idea what they are talking about. There are situations where a non-admitted carrier can write certain lines of business and it is a non-issue.

Surplus lines comes to mind.

Lloyds is a non-admitted carrier that writes thru the surplus lines provisions. Have you ever heard anyone asking if Lloyds is a good carrier?

You can learn more about admitted and non-admitted carriers here.

Excess and Surplus Lines FAQ's | AAMGA

Reinsurance, especially medical stop loss, is sometimes offered to self funded groups through non-admitted carriers and syndicates.

Since it appears your focus is on P&C, here are some examples, not necessarily good ones, but examples none the less for P&C blogs

Car Insurance - Blog Toplist.

The Unique Insurance Blog - Auto Insurance, Car Insurance, Life Insurance, Health Insurance, Motor Insurance

Insurance Blog, Home Insurance Blog, Life Insurance, InsWeb Insurance Blog

Auto Insurance Blog
- - - - - - - - - - - - - - - - - -
Admitted carrier - one who is approved to sell one or more lines of coverage in your state.

Frankly, any consumer asking this question is probably blowing smoke and has no idea what they are talking about. There are situations where a non-admitted carrier can write certain lines of business and it is a non-issue.

Surplus lines comes to mind.

Lloyds is a non-admitted carrier that writes thru the surplus lines provisions. Have you ever heard anyone asking if Lloyds is a good carrier?

You can learn more about admitted and non-admitted carriers here.

Excess and Surplus Lines FAQ's | AAMGA

Reinsurance, especially medical stop loss, is sometimes offered to self funded groups through non-admitted carriers and syndicates.

Since it appears your focus is on P&C, here are some examples, not necessarily good ones, but examples none the less for P&C blogs

Car Insurance - Blog Toplist.

The Unique Insurance Blog - Auto Insurance, Car Insurance, Life Insurance, Health Insurance, Motor Insurance

Insurance Blog, Home Insurance Blog, Life Insurance, InsWeb Insurance Blog

Auto Insurance Blog

[sunkist219]

Yeah you're right, I really am going after more P & C ideas. Thanks for those blogs, I'll look them over.

[BayAreaMike]

Somarco summed it up pretty food