R.I.P.: Retire In Place
One of the stumbling blocks we sometimes encounter in establishing a perpetuation plan is an employee (or owner) who wishes to “Retire In Place.” Rather than disassociate from the agency,…
VU Resources
THE WORLD’S WORST KEPT SECRET: Transition Planning In Insurance Agencies
Agencies who have Perpetuation Plans in place that will transition agency management and ownership from one generation to another often fail to properly implement the Transition Plan or do it…
Perpetuating Your Agency Without the “Silver Spoon” Syndrome
When the current owners wish to perpetuate the agency without severe financial impact to the new owners, they sometimes attempt to gift, discount or bequeath ownership interest instead of charging…
Can Agencies Cancel Agency-Billed Policies?
Can an agency that fronts money for an insured cancel the policy when the insured refuses to pay? If you think the answer is “yes,” then you’ll definitely want to…
What You Can Do About Insurer Insolvency (Part 1 of 2)
Mission. Integrity. Ideal. Excalibur. Universal. Enterprise. Great Global. American Excel. Champion. Adjectives for the Virtual University? Nope…names of companies that used to insure millions of individuals, families and businesses. Perhaps…
Ethics in the Insurance Industry
March is Ethics Awareness Month in the insurance industry. This has become an annual event, sponsored by the Insurance Institute for Applied Ethics and the CPCU Society, and endorsed by…
Ethical Dilemma #3: The Case of All’s Fair in Love, War and Insurance
In March 2002, Ethics Awareness Month, we ran a contest with three ethical dilemmas, asking our newsletter readers to respond with their answers. Below is one of those questions, along…
What You Can Do About Insurer Insolvency (Part 2 of 2)
Mission. Integrity. Ideal. Excalibur. Universal. Enterprise. Great Global. American Excel. Champion. Adjectives for the Virtual University? Nope…names of companies that used to insure millions of individuals, families and businesses. Perhaps…
Certificates of Insurance: Will You “Endeavor To” Be Ethical?
The ACORD certificates of insurance indicate that the issuing insurer will “endeavor to” provide notice of cancellation to the certificate holder. Typically, nothing in the policy requires this and many…
What Would YOU Do?
An agent discovers that his insured, a childcare center, has been underpaying her premium for at least five years due to a clerical coding error. He knows for a fact…
