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An independent insurance agent is a person who is licensed by the department of insurance in the state (or states) where he or she conducts business. Licensure generally involves passing a written examination to show that the person meets minimum standards of knowledge regarding the business of insurance. (more…)

In the context of insurance conflicts, there are not two but three parties of interest: managers (agents), owners-risk bearers (principals), and policyholders (principals). Managers run the business; they set premiums, invest the premium income, market the product, and manage claims and litigation. The owners supply equity capital to the firm and, in turn, have a claim on residual profits, once contingent claims due to the policyholders have been paid. Policyholders pay premiums and, in return, are promised payment in the event that certain specified losses are incurred. (more…)

Another potential risk is that the insurance company providing insurance coverages may fail. Unlike banks, which are federally insured, there is no government backing to insurance policy guarantees. If the auto insurance company becomes insolvent, the amount you eventually receive might be less than you think. When deciding where to invest your premium cost dollars, (more…)

As noted earlier, one set of our profitability estimates assumed that the industry-established reserves were sufficient to settle future claims. We made this assumption because companies review their reserve estimates at least annually and are bound by state regulators to provide for fully adequate reserves. Future events, however, may show that the reserves are either excessive or inadequate. (more…)

If you are having problems finding insurance companies in Ireland who offer competitive premiums, then you may want to consider allowing a specialist insurance broker online to find you insurance with competitive cost. Many insurance companies fail to offer insurance to those living in Northern Ireland due to problems in the past and cars were stolen on a regular basis and used as part of barricades that were set alight. While these problems are in the past, some insurance companies also remain there and this is why specialists offer insurance aimed at those living in Northern Ireland. (more…)

Uninsured subcontractors are often just a necessary evil in some types of construction jobs. But if you are the contractor who is hiring extra help, and this help is uninsured, you should know what you need to do on the front end to be sure that this cheap labor option doesn’t turn out to be the most expensive help you’ve ever hired. Understanding exactly how uninsured subs will affect your general liability (more…)