Archive for the ‘insurance schools’ Category

Why Consumers Need Home Insurance

Friday, November 18th, 2011

Homeowner’s Insurance can help you recover from a fire, fix the roof, or deal with a burglary, but here are a few other things it can cover that you might not be aware of:

Personal Property
Property isn’t limited to furniture, jewelry, or electronics; the contents of your fridge are your property too. If a covered event causes a loss, like when the power goes out and the food spoils, your insurance may reimburse you for the damaged or destroyed items. Keep an inventory of all of your property – this can be as easy as saving receipts – to protect yourself from loss of property when disasters strike.

Loss of Use
Homeowner’s insurance doesn’t only cover your house, it covers you home. When the fire is out and the claim is filed, but there’s no way you can live in the house until the repairs are complete, loss of use coverage can cover your home away from home. You policy’s loss of use coverage may reimburse you for your hotel or housing costs, but also for food, laundering, storage of personal items, even increased travel expenses.

MedPay
A party guest trips on the carpet and bashes her head – nothing spoils a party like a trip to the hospital. Your friend isn’t going to sue you, but doctors cost money. Luckily, homeowners insurance can help cover medical expenses for injuries that occur on your property. When you invite people into your property, you are bringing them under your protection.

Liability 1
What if a solicitor falls off your porch or some highschoolers break into your pool?
Uninvited visitors and even trespassers may claim liability for injuries or damages that occur on your property. Be aware of local laws and discuss them with your insurance provider to purchase appropriate coverage and file claims.

Liability 2
You aren’t only liable for things that happen on your own property. If your tree falls on someone’s car, you can be held liable for the property damage and any injuries related to it. Also, if your cat bites a neighbor or your kid breaks someone’s window, you are responsible. What if your spouse forgets to set the parking brake and your car rolls into your neighbor’s prize rose garden? Personal liability protection from homeowner’s insurance can protect you from lawsuits and pay for damages and injuries caused by your property, pets, or covered family members.

Take the time to read your policy, and review it annually. Don’t be afraid to call your provider and ask questions. Many policies have a limit to what items or instances are covered and the amount payable for each. When standard coverage isn’t enough, extended coverage may be available. Knowing what your insurance policy covers will allow you to get full use of the benefits your insurer provides and protect your home, and all it entails, from risks.

 

Find out How to Get Your Insurance License here.

About The Author: Rose Newport Johnson is Vice President of Insurance License Express, a division of Express Schools, LLC. Since 1996, Express Schools has offered online insurance licensing courses and online real estate courses, as well as online real estate exam prep and insurance license exam prep.

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Six Things you Need to Know About Life Insurance Policies

Friday, November 11th, 2011

Life insurance policies can be complicated; so complicated that many people shy away from protecting themselves and their families against the unthinkable. Others may be paying far too much in premiums for coverage they do not necessarily need. Whether you are in the market for a life insurance policy or not sure if you have the right coverage, here are six things to know about life insurance.

Whole or Term?
There are many types of life insurance to choose from, and one choice you will need to make is whole or term. Term life insurance is basic life coverage: if you die, your family will receive the insurance money.  This gives it the most affordable premiums, but offers few other benefits.  Term policies become increasingly expensive for people over 50 or with heath concerns, and most companies won’t offer them to anyone over 65.  The primary benefit to whole life insurance is that it gains cash value that you can borrow against.  This is because whole life policies combine basic life coverage with investments, but it takes time for that value to accumulate and it comes with higher premiums.  The key to determining which type of policy is best for you lies in carefully considering the costs and benefits along with your situation and needs.

Rates and Ratings?
Premium payments and policy benefits are not the only financial factors to consider. The financial health of the insurance company is also a big concern.  These ratings can help predict the company’s longevity and the strength of their investment portfolio (an essential factor for whole life policies). The credit ratings of insurers are public and easy to obtain.  Insurers rated A or better, (AAA is the highest) are good bets, though some rating agencies use different scoring systems.  Most state departments of insurance also provide free information on companies and insurance to consumers.

Debt coverage?
There are many types of specialized insurance policies that are available to help your loved ones take care of debts in your absence; however, specialty credit risk policies are not necessary. These policies are meant to pay off specific debts such as a credit card debt or a mortgage. All of your debt and income replacement needs should be considered when you decide on how much life insurance you should carry. Your life insurance policy may be enough to allow your beneficiaries to pay all of your debt without extra coverage and the extra premiums that go with it.

Risky business?
The factors reviewed to get a life insurance policy will vary greatly. A medical exam will be required for most policies and there are many things that are considered that you might not expect. Weight, smoking and general health concerns you might expect to be an issue, but what you do for a living, your driving record, your credit rating, and even your choices in hobbies and activities can all affect the cost of your life insurance policy.

Reassess before Surrender?
If your situation or needs change, don’t just give up on an unsuitable policy.  Many policies may be altered to increase or reduce benefits.  Replacing a policy may have significant taxes and fees attached.  The replacement cost must be weighed against the benefits of the new policy.  The value of a policy and the amount invested in it must be carefully considered, as well as the cost of keeping it. Always make sure that any change is in your best interest.

Death and Taxes?
Life insurance payouts are tax-free, and this can mean real tax savings over other types of inheritance or income. Although most policies are held by individuals earning under $100,000.00 a year, financial advisors frequently recommend life insurance policies to their wealthy clients. Regardless of tax bracket, insurance can be an investment into the financial security of loved ones with a tax-free return.

Find out How to Get Your Insurance License here.

About The Author: Rose Newport Johnson is Vice President of Insurance License Express, a division of Express Schools, LLC. Since 1996, Express Schools has offered online insurance licensing courses and online real estate courses, as well as online real estate exam prep and insurance license exam prep.

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Have you paid your insurance claims properly?

Monday, November 7th, 2011

When the worst happens, your insurance policy is supposed to be your safety net. This coverage should help you to repair any damage done and get back on track. After all, you make your insurance premium payments on time, so the assumption is that your insurance will pay your claim. Unfortunately, there are a number of people who will be devastated to find that the claim that they submitted to their insurance company will not be paid. There are a number of reasons why this could happen, but if you take the time to prepare and submit your claim properly, you can significantly increase your chances of making sure your claim is paid.

Before you sign an insurance policy, you should read it carefully and understand your coverage. Before you submit a claim, you need to look in your policy specifically with the damage in mind. Any policy exclusions are very important to understand. It is just as important to know what the policy does not cover as it is to know what is covered. Make sure, when you submit your claim that the damage you are requesting payment for is actually covered in your policy.

Providing evidence of the damage you are submitting a claim for will make the claim much more likely to be paid. Taking pictures of the damage once it is done is good, but having pictures from before the damage was done is even better. Of course, with unexpected incidents, you may not be able to, but many times the major causes of damage can be anticipated. If there is a severe storm approaching, be prepared and take some pictures of the areas of the house that could sustain some damage. You can also hire your own adjuster that is not affiliated with your insurance company to provide an estimate of damages.

While waiting for the insurance company to pay your claim, you may need to make some repairs to avoid more damage that the insurance company could deny. For example, if the damage has caused a leak that is not repaired right away, you could have issues with mold or water damage that may be denied by the insurance company because you could have prevented it.

Finally, just because the claim is denied does not mean you cannot get it paid. It is the job of the adjusters for the insurance company to preserve the bottom line for the insurance company, not look out for your best interests. If you have a legitimate claim that you know should be covered by your insurance company then you should fight for it. Many attorneys and public adjusters will work on contingency, so you need not worry of the high cost of defending your rights. Many states will actually allow an increased claim payment to cover the expert advice.

Find out How to Get Your Insurance License here.

About The Author: Rose Newport Johnson is Vice President of Insurance License Express, a division of Express Schools, LLC. Since 1996, Express Schools has offered online insurance licensing courses and online real estate courses, as well as online real estate exam prep and insurance license exam prep.

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Why You Shouldn’t Lie on Your Life Insurance Application

Monday, November 7th, 2011

If you have looked into purchasing a life insurance policy, then you know that premiums are directly affected by your health and the way that you live. This is why you will find so many questions not only about your present health, but also about habits, hobbies, and your general state of mind on a life insurance application. While you complete your application, you must keep in mind that lying on your application will cost you.

One of the questions people lie about the most is if you smoke or not. There are those who do not think that the insurance company will know, and they soon discover that part of the medical examination includes testing for nicotine and other chemicals associated with tobacco use. On the other hand, many people lie about this without realizing that they do. Many of the products that people use to stop smoking will also be considered tobacco use. Although the policyholder honestly considers himself or herself to be a nonsmoker, from the insurance company perspective they are not. Even if the policyholder gets the policy at non-tobacco use rates, should they die from a disease related to tobacco use it will cost them. It could be a payment of the policy less the premiums they should have paid as a tobacco user or worse, a denial of payment to your loved ones at the time of need.

Many of the outright lies that people attempt on a life insurance application are uncovered in their medical records. You must understand that a thorough review of your medical records is a standard part of the life insurance application process. Any health issues discussed with any healthcare providers will be a part of your medical record. Failure to mention these issues, or denial of these issues if they exist, will cost you.

Drug use is something else that many people will try to lie about on their application. Even if you pass a drug test, if there has ever been any mention of drug use to a healthcare provider it will be revealed during the application process. A life insurance company can request a lock of your hair for testing, and those tests can show if you have used drugs in the past year. Life insurance applications will also have questions about your driving record. Questions such as if you have had any major moving violations or DUI’s will be present.

Understand that once you sign the application, your answers become a part of a legal document that is the insurance policy. Any lies or omissions of information can be considered insurance fraud. Lying on your insurance application could mean that you will pay premiums for a policy that could leave your loved ones with nothing. Hardly worth the risk, just to save a few dollars each month.

Find out How to Get Your Insurance License here.

About The Author: Rose Newport Johnson is Vice President of Insurance License Express, a division of Express Schools, LLC. Since 1996, Express Schools has offered online insurance licensing courses and online real estate courses, as well as online real estate exam prep and insurance license exam prep.

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How to Become a Licensed Insurance Salesperson

Thursday, October 14th, 2010

For individuals with an altruistic desire to help others protect their families, businesses, and assets, becoming a licensed insurance salesperson can be one of the most fulfilling professions to pursue. The rewards along the way can be life changing as the effects of an agent’s efforts come to bear during a crisis.

Change is a constant, with new insurance products continually being developed to stay abreast as an evolving society creates new opportunities and as a result, new risks. With the complexities of life, business, and litigation increasing, the need for insurance salespeople will have to grow correspondingly.

To go from a desire to join the insurance field, to being ‘one of the best’ will require education, empathy, and perseverance.

Education
A bachelor’s degree serves as an entry ticket for many of the major insurance companies and most business schools at larger universities have programs in insurance studies available. Some of these programs can lead to advanced degrees or satisfaction of continuing education requirements stipulated by state insurance departments.

While a degree is not required by all companies, successful completion of the state licensing requirements for the insurance products to be sold is a must. Example licenses include Life, Health, Property, and Liability insurance products. Some states may break these categories down further with specialization licenses such as Medicare Supplement insurance within the Health category.

State almost universally require completion of pre-licensing courses of study in the particular insurance fields being pursued. Online insurance license schools have the advantage of convenience and a self paced program. The study and testing regimen typically make the state licensing exam anticlimactic which really is the point for the students.

Empathy
Empathy is one of the most important aspects of the insurance business. The ability of a salesperson to relate to a customer’s concerns and fears helps to build trust that this salesperson is truly looking out for the customer’s interests. Dong the right thing when it may not be the most profitable option, or being there on a Saturday night due to some crisis, creates long term relationships that build a successful career.

Perseverance
As with most new careers, insurance sales takes time to grow into the well paying career that we have heard about and that enticed us in the first place. Building trust and a client base one customer at a time, particularly with renewal commissions, will make this career choice very lucrative over the long term.

An unexpected benefit along the way will be the long lasting friendships with clients and their families.

Helping people while earning a good living can be one of the most rewarding opportunities available for those people who don’t want to live their life in a cubicle. It all starts with a good pre-licensing course of study to obtain the appropriate license. After that, it is up to you.

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