I Could Never Return The Call to The Underwriter Lost on 9 11

I was late to the office on the morning of September 11, 2001. Living on the west coast we woke to the news of the terrorists attacks on the World Trade Center, by the time I was sipping my coffee the news of the Pentagon and Flight 93 caused an uneasy feeling that more attacks might come to LA or some other place on the west coast. Most of us were late that morning. Knowing people we worked with on a daily basis were in the towers we saw crash to ruins live on the morning news. We had business … Continue reading →

The Unauthorized Biography of a Gecko or “The History of GEICO Insurance”

Leo and Lillian Goodwin took a calculated risk during the 1930’s Great Depression and started one of the most recognized and well known companies in the United States today. GEICO: Government Employees Insurance COmpany Leo Goodwin, believed lower costs by using direct marketing of carefully targeted consumer groups, would result in lower premiums for customers and company profits as well. Goodwin hit the nail on the head and business increased dramatically during 1936, when the GEICO operational headquarters was established in Washington, D.C. Lillian Goodwin worked in partnership with Leo to build the company from the very start. Lillian took … Continue reading →

What is an Insurance Broker?

There isn’t really any difference between an Insurance Broker and an Insurance Agent. An Agent is the representative of the insurance company a customer buys the insurance they need from. The insurance company provides the insurance coverage and the agent or broker is licensed with the state and appointed by the insurance company to represent them for the business with the customers. Captive or Direct Insurance Agents are employed directly by the insurance company, and work for that insurance company only. An Insurance Broker is an independent insurance agent who is appointed by a variety of insurance companies to represent, … Continue reading →

Underwrite, Underwriting and Insurance Underwriter–Who Are These People?

I once told a very wonderful editor that an Insurance Underwriter was just about the same job description as the editor of a bunch of Bloggers. When I first started in the Business of Insurance my best boss ever used to kindly refer to underwriters as “people from a different planet.” Of course, we did our very best to make sure we kept our underwriters happy, because they had an amazing skill of causing extra work when we didn’t do our end of things correctly. An Underwriter is an intermediary between the insurance company who offers to accept the liability … Continue reading →

What is an Insurance Adjuster?

Adjusters are the insurance experts who negotiate and settle insurance claims. Adjusters make the authorize payments to appraisers and assess to value of the loss. Adjusters may work with insurance investigators to address any issues a claim may have when there’s a question of liability or possible insurance fraud. Adjusters work with Insurance Agents, and companies in order to determine the extent of loss when a customer has a claim. Agents and companies report the policyholder’s claim to the company claims department, where an adjuster is assigned. Adjusters then work directly with the insured policyholder. They inform the insured which … Continue reading →

What is an Insurance Actuary?

Life is filled with uncertainty. We all face events that are unexpected and happen. “Risk” what is possible–those things that could be horrible–but, might actually happen to us. An Actuary is a person who is an expert in the following skills: Evaluates of the possibility that something horrible might happen in the future. Looks for simple, and creative ways to control, eliminate or reduce the odds of something horrible happening in the future. Finds methods to decrease the impact when something horrible does actually happen. Insurance serves one major function and that’s to help decrease the impact when something horrible … Continue reading →

Insurance Carriers and the Internet.

Insurance carriers are the companies and there are two types of insurance carriers: direct and reinsurance. The Direct carriers are responsible for the initial insurance policy underwriting. Agents appointed to work in the field with the customers builds a book of business with the insurance company. The insurance company will look for reinsurance carriers to assume all or part of the risks connected with the insurance policies originally underwritten by direct insurance carriers. Direct insurance carriers often look for reinsurance on large portions of the risk they insure. Insurance for Insurance. Direct insurance carriers offer a variety of insurance policies … Continue reading →

More About the Business of Insurance.

In the first Blog about The Business of Insurance I covered the basic outline of what the Insurance Industry is about. In this Blog I want to talk about what an Insurance Company does to determine premium and what they do with the premiums we pay. An insurance company accepts the risks associated with the contract policy a customer requests. Based on the information a customer provides, and the underwriting conditions a premium is established for the cost of the contract policy. When the insurance policy is issued a declaration will be sent to the customer. In the declaration the … Continue reading →

What is the Business of Insurance?

The business of the insurance industry is to provide financial protection against a loss caused by an insured peril. The contract is the policy and the premium payment is the instrument binding the contract. Insurance carriers, or insurance companies other wise known as insurers. Offer a contract to customers based on underwriting terms. Insurance agencies and brokerages conduct the transaction of the business contract between the clients and the insurance companies. Insurance carriers are business companies assuming the financial risks insured under the terms of the policy contract with agents selling and servicing the insurance contract policy for the insurance … Continue reading →

Insurance Careers: Intro From Top to Bottom.

If you have been following my Insurance Blogs, I’m sure you can tell Insurance is a certain kind of “Geek Thing.” People who are successful working in an Insurance Career have a strange way of viewing risk and planning for disasters. Insurance is defiantly a way of thinking most people can understand insurance and how it relates to their own lives and personal finances. Some people can enjoy a career within the Insurance Industry. Within the business of insurance there are amazing and a wide range of opportunities for talented people. There are entry level positions for high school graduates … Continue reading →