I do not do life insurance so cannot speak on either from personal experience or any kind of knowledge as to the benefits of one over another. Life insurance is handled by a different department so I can't ask around either.
I do not do life insurance so cannot speak on either from personal experience or any kind of knowledge as to the benefits of one over another. Life insurance is handled by a different department so I can't ask around either.
In my current department I do not deal directly with customers (our "customers" are the agents actually), so I will go back to when I worked in new claims.
I had people tell me they would get me fired, get insurance with another company if we didn't cover their vehicle when they had liability coverage only, threaten to sue the company, and some others. I never had anybody really threaten to come after me personally though, and because we were 99% of the time in another state (and for obvious reasons never gave out our personal information or more then kind of where we are located) I never was too worried about it. So if I was personally threatened I have since forgotten about it lol.
Do you have to solicit your own business, or do you have people that get all the business and then just send the files back to you to be underwritten?
I'm an underwriter as well (worker's comp), and I never have contact with the customer, just our marketing reps who put together the files and then send them back to us for accept/decline and pricing. I've heard that for most other lines of insurance, and companies that do worker's comp for that matter, the underwriters do everything from calling the agents to solicit the business through the underwriting process.
I'm getting bored with just doing worker's comp all day, so I'm looking to possibly expand into another company that does multiple lines or just something different than what I do all day, but I'm not really interested in getting into insurance sales, so I'm curious what its like somewhere else.
I'm an underwriter as well (worker's comp), and I never have contact with the customer, just our marketing reps who put together the files and then send them back to us for accept/decline and pricing. I've heard that for most other lines of insurance, and companies that do worker's comp for that matter, the underwriters do everything from calling the agents to solicit the business through the underwriting process.
I'm getting bored with just doing worker's comp all day, so I'm looking to possibly expand into another company that does multiple lines or just something different than what I do all day, but I'm not really interested in getting into insurance sales, so I'm curious what its like somewhere else.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Term life is a lot cheaper, and there are better places to invest your money than in a whole life policy. Suze Orman has written a lot of articles on this.
I kind of answered this in the post just before yours
.To expand on that though, in my department (I work for a top 5 company) we never deal with policy holders. Our department has two parts agency support, where agents can call in and ask questions about why we took some action on a policy, and processing where we just work policies.
We do not solict any kind of business. The agents contact us about questions on the underwriting process (or as mentioned actions taken on it). We do no "sales" type stuff in my department. If you want to get more into just the underwriting stuff (and rid of the sales type stuff), you may want to look at an auto/property company.
Do you work for Fireman's Fund ins.? Also, did you have this issue where when you tried to finalize a document, it inserted a bunch of weird symbols into the document wherever there was supposed to be a comma?
Only reason I ask is that I have friends that work there that were complaining of downtime for that reason.
Only reason I ask is that I have friends that work there that were complaining of downtime for that reason.
A claim is reported to your carrier, and if they use the CLUE database (the major ones do) then it will show up within a few days but usually a day or two.
What's the relationship between credit score and price of insurance? Is this different with different companies?
How do I lower my 18-yr-old son's car insurance?
Is there some place somewhere that will explain in terms that I understand, exactly what all those different parts of the car insurance coverage mean, and which ones I need high coverage, and which I can let slide?
How do I lower my 18-yr-old son's car insurance?
Is there some place somewhere that will explain in terms that I understand, exactly what all those different parts of the car insurance coverage mean, and which ones I need high coverage, and which I can let slide?
I haven't had a traffic ticket in twenty years. Recently ran across a speed trap. Do the insurance companies look at histories of violations, or will this ding affect me?
I had a woman call in that was completely hysterical talking about how she needs to report a claim. Okay so start the normal process taking her information, and get to the point where I ask what happened. She goes into this long story talking about how she was in her house and all of a sudden this loud "bang" noise scared here. She said it sounded like a bomb going off, and so she goes outside to find her cars windows all blown out. She says a few times how she thinks its the police that did it, because they are crooked cops in her town (apparently so crooked they will bomb cars in their spare time). Well by the end of the claim she has said that her spare tire exploded in her trunk, and that is what caused the damage. I never got to see the vehicle, but spare tires don't go exploding on a regular basis. At least they don't last I checked.
Another one is I had this guy (when I was still in training) call to check the status of his claim. He sounded like the guy you think of when you hear the term "redneck". He said how he needed the money really bad because the police were going to come and reposses his vehicles he works on restoring if we didn't pay him soon. So I tell him I will leave a message for the adjuster in the morning (it was after hours around 8:30 eastern), and they will call him back. He then for some reason brings his gf (who is driving somewhere) in on a conference call, and I have to re-explain it all to her. After she hangs up, he starts talking about how sad his life is. All of his friends have died (except for his stripper friend, she is the only one left) and he has horrible luck. He tells me this story about how he came home the other night to find two guys robbing his house. He then gets taken at gunpoint to their car where he has to go with them wherever they are going. They stop at a gas station, and let him goto the bathroom where he tells me how he had money on him and had to hide it someplace else on his body. He then goes back to their car, but never finishes the story from there. A 5 minute call took over 30....
Another guy was calling to report an auto claim. We are required to get the complete address of the policy holder stated by the caller, so since he is the policy holder I ask "Sir, what is your complete physical address?" He responds, "123 fake street." I have to have everything so proceed with, "And what city, state, and zip code is that?" He tells me, " Michigan, 12345." So I ask what city, because I cannot proceed without it (if it is recorded and reviewed I would have gotten a did not achieve rating on that claim), he tells me "Michigan." At this point I am trying to think okay how else can I ask what city he lives in, because he isn't getting it so far. I ask him two more times what city he lives in, each different ways. He tells me Michigan every time I ask, and starts getting mad with me telling me he already told me and how I am not listening to him. Finally after about 5 times I hear his wife go in the background "Detroit, Michigan." After that claim I took off the rest of the night (6 hours or so), and the next two days as well.
PingSpike
Lifer
- Feb 25, 2004
- 21,758
- 603
- 126
I thought whole life was usually a scam. They have so many up front fees that most of the money disappears that you put in anyway. And yes, the returns...I think they put them in some crappy low yield high fee investments.
At any rate...the conventional wisedom I thought was "whole life is a scam, get term"
Depends on the company/policy/state but generally around 3-5%, but it varies. Your agent could tell you for sure.
sao123
Lifer
- May 27, 2002
- 12,653
- 205
- 106
but see my problem is... I want actual life insurance benefits when I die... and I plan to live to 90. 30 year term is great for accidental death till my house is paid off.
But what good is it when it expires when im 70?? I want actual insurancce that will still be valid when I die. im not going to use it as collateral or as an investment. I simply want a guaranteed death benefit to pay for a funeral, and a few months worth of bills for my wife.
moshquerade
No Lifer
- Nov 1, 2001
- 61,504
- 12
- 56
anyone remember the band System of a Down? read this thread title and thought of them.
Chop Suey http://www.youtube.com/watch?v=mdRd3k4CIAg
Chop Suey http://www.youtube.com/watch?v=mdRd3k4CIAg
We have found that better credit histories equate to better driving records and lower risk. We do NOT actually look at any credit report. What happens is that we give our criteria to an outside vendor, who creates an algorithm that takes your credit history and outputs a single number. All we get is a 1-5 based on bad-good credit. All companies check, but depending on the state we may or may not rate on it (California I believe we cannot rate on credit)
A few ways. Safe driving programs are the biggest. Most companies offer a program, or provide a discount for going through defensive driving courses. Secondly if he is going to school outside of the state you can get a discount generally as well (if it is far enough from the home garaging address of the vehicles). Good student discounts will help as well, but he has to have a 3.0 GPA+, top 20% state/countrywide for SAT/ACT, or Dean's list. Your agent should be able to give you some other discounts through your carrier. The best thing is just he has to keep a clean record.
Google is always an option, but your agent should be able to help as well. I will give some basic terms, and coverages for auto insurance:
Deductible= the amount you have to pay from a loss before insurance kicks in. Lower amounts mean a higher rate (a $250 deductible will be more expensive then $500, which is more expensive then $1000). Go with the highest you feel comfortable with if you get in an accident. Usually $250 or $500 is common.
Collision coverage=Anytime your vehicle hits another vehicle, property, structure, pothole, etc it will be a collision loss. This will affect your rates usually. This coverage is to repair YOUR vehicle from a loss.
Comp coverage=Anytime an "act of God" happens. Floods, falling trees, hitting animals (but not people), theft, etc it will be a comp loss. These do not usually affect rates (unless there are excessive amounts, but generally 1/year is the limit). This is also to repair YOUR vehicle from a loss. On this topic if you are about to hit an animal it is better to hit the animal then miss it and hit a tree/barrier/car. Hitting the animal won't affect rates most likely, but a tree/barrier/car will because its a collision loss.
Liability coverage= This is on all auto policies. This is what covers anything you hit and damage to their property.
I personally like to keep comp, coll, and liability because those are the majority of all losses. I would never advise family/friends to drop either comp or collision, but would advise to keep comp at all times. It's fairly cheap and will cover a lot of stuff if you are a safe driver.
If you have other terminology questions feel free to ask.
It might affect your policy. It might not.
What it depends on is 1) if we actually run a MVR on you during renewal (most just get auto-renewed) and 2) depends on the actual violation.
If it does affect you, most likely (excluding a violation of 20+mph or something) it will be small (in the neighborhood of 1-3% is my guess).
The way that works is with my company for sure (I am assuming the rest operate the same) is it is 25, or married. One or the other will trigger a discount, but not both. The drop in rates depends on your driving record (if it has a high # of accidents/violations then it wont drop much), but on a clean record it is a significant drop. I don't know exact numbers but from my personal policy (from my ex-fiance I got the married qualification from my agent) it dropped from $1800/half to $1100/half. When I turned 21 it dropped to $700/half, and when my last ticket drops off it should be under $500/half.
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