My car insurance renewed automatically at the end of November. It was with Lloyds TSB the previous year, and I had been told via letters that they were changing to a company called BISL. I could not believe it when my December direct debit came out of my account and, compared to the £40 I’d been paying, it had shot up to a whopping £230.

I called BISL today and yes, apparently my premium has jumped to more than £2,500. I had been sent no correspondence about the change in my premium and was given no chance to refuse such a hefty price. I

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Like car insurance, not all homeowner’s insurance is exactly the same. When you come to purchase insurance from a provider offering homeowner’s policies in Kansas other another state, you’ll have the option of purchasing everything from a basic HO1 to a premiumHO5 policy.

The HO1 policy is sort of the equivalent to third-party liability vehicle insurance, in that it meets the minimum legal standard. Normally these policies protect you against 11 specific named threats: glass breakage, smoke, fire or lightning, vandalism, theft, riots, vehicle or aircraft crashes, explosions, volcanoes, hair or wind, and personal liability. Anyth Read more…

Life insurance agents and brokers hope their clients will never need the term insurance policies they purchased.  I dont know of many sales jobs in which the sales person prefers their clients dont use the product they sold them.

Yesterday, once again I was reminded why I choose to sell life insurance.  We received a call from one of our clients beneficiaries that our client passed away.  She was inquiring about how to file a claim.  It is never an easy conversation for me, but knowing that the life insurance policy my client purchased from me is going to provide for his family for many years, helps me get through the call.

In this profession, its not difficult to get into the daily minutiae involved in selling life insurance policies from completing a mind-numbing amount of paperwork to working with sometimes-stubborn underwriters, etc.  On some days, one can get so wrapped up in these details that one can lose sight of why we do it.

Speaking to my clients recently-deceased wife and helping her navigate through the claims process, I remembered (again) why I sell life insurance.  Sure, I earn a good living and I get to speak with a lot of interesting people from all over the country.  However, it is knowing that I am helping my clients to financially protect their families futures that makes this a great a great occupation. 

It follows a working group with the British Insurance Brokers Association (Biba), the Institute of Insurance Brokers (IIB) and several comparison websites.

The ABI said the guidance is a prompt for firms to enhance their ability to detect and disrupt fraud at application and should help to avoid accepting customers who are applying fraudulently.

It expects this to complement the established industry capability in detecting fraud when claims are made and added it was another piece of the jigsaw in the fight against fraud.

The ABI also said that the guidance will help insurers, brokers and comparison sites to better identify some of the danger signs of possible fraud at the proposal form stage, such as:

• differing risk and correspondence addresses,• fake and tampered with documents.

The guidance will be available from 27 October and circulated widely via all the trade association and comparison websites.