The insurance industry is at a crossroads. A significant portion of the workforce is nearing retirement (of almost one million licensed agents and brokers, the average age is 45.9 years old, according to Agent Methods). Although the Big “I” and other insurance organizations reach out to the younger generation, many show little interest in joining the field. In short, the insurance brain drain I…
With today’s hard market, more agents place business with the surplus lines market. This article provides a basic overview of the importance of the surplus lines market, and some pitfalls to avoid when working in the surplus lines environment.
Every insurance policy has exclusions. In this article, we discuss the six main reasons for policy exclusions. This article covers those reasons and provides a few warning tips for insurance agents regarding disclosure of exclusions to policyholders.
“I’m an insurance agent, not a lawyer. Why do I need to know so much about contract law?” This is a question almost every new insurance employee asks, especially once they begin taking classes toward a designation. The CPCU 410 Speaking the Insurance Language course contains an entire chapter on contract law. This article will…
The insurance industry has long gone through periods of “hard” and “soft” market conditions. In hard markets, insurance premiums increase and capacity – the ability of insurance markets to accept coverage – typically shrink. In soft markets, premiums decrease, and market capacity typically increases. Many newer agents have never experienced a hard market. The ability…
