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Today’s Lecture Buying Insurance

Today’s Lecture Buying Insurance. Basic Principles Insurance Marketing Systems Selecting an Agent Selecting a Company Insurance Ratings Information on Service and Claims. Basic Insurance Buying Principles. Large Loss Principle Protect yourself against financially disastrous situations

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Today’s Lecture Buying Insurance

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  1. Today’s LectureBuying Insurance Basic Principles Insurance Marketing Systems Selecting an Agent Selecting a Company Insurance Ratings Information on Service and Claims

  2. Basic Insurance Buying Principles Large Loss Principle Protect yourself against financially disastrous situations Liability losses Loss of home Loss of income Avoid First-Dollar Coverage Trading dollars with insurer

  3. Insurance Marketing Systems Life-Health General Agency System Managerial System Property-Liability Independent Agents Direct Writers Brokers Mass Merchandising Financial Planners

  4. Insurance Marketing Systems - Example What type of marketing method does State Farm use? A) General Agency System B) Independent Agents C) Direct Writers D) Brokers E) Mass Merchandising

  5. Selecting an Agent Designations CLU - Chartered Life Underwriter ChFC - Chartered Financial Consultant CFP - Certified Financial Planner CPCU - Chartered Property-Casualty Underwriter Motivation Independent Agent vs. Direct Writer

  6. Selecting a Company #1 Financial Strength Prices Contract Provisions Service

  7. Recommended Ratings for Conservative Insurance Buyers A. M. Best A++ and A+ (29%) Duff & Phelps AAA and AA+ (43%) Moody’s Aaa, Aa1, Aa2, and Aa3 (70%) S&P’s AAA, AA+ and AA (66%) Weiss A+, A, A-, B+, B and B- (14%)

  8. Company Ratings Prior to Seizure by Regulators Executive Life - April 1991 Bests S&P Moody’s D&P 2 years A+ AAA A1 BBB+ 1 year A(w) BBB Ba2 BBB- At seizure B+ B B1 B-

  9. Company Ratings Prior to Seizure by Regulators Mutual Benefit - July 1991 Bests S&P Moody’s D&P 2 years A+ AAA Aa2 - 1 year A+ AA+ Aa2 - At seizure A(c) A A3 -

  10. Compare Insurance Prices Obtain quotes from several different insurance companies Contact independent agents and direct writers

  11. Contract Provisions Select the coverage you need Compare similar policies

  12. Service Convenience Quotations Binders Billing system Claim Practices Consumer Reports Illinois Complaint Ratios

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