TIKI Blog

October 7, 2011

Becoming Good Insurance Agents

Filed under: Agents and Agencies,Insurance — Tags: , — MarieAnggam73 @ 9:39 am

In every insurance company, there will always be an insurance agent. There are two types of insurance agents which are the independent and contract agents. Insurance agents are known or often referred to as “producers” in the insurance industry. These people play an important role in the businesses and even in the lives of individuals.

The common role of insurance agents is to help people gain the essential coverage that they need. Insurance agents work under insurance agencies or are appointed by insurance carriers. Sometimes they work by themselves and look for clients that would like to meet and discuss their insurance needs. In order to become one of the good insurance agents, the person must possess a good outgoing personality as well as having superior mathematical skills and must be updated with every change happening in the insurance industry.

In become a trusted and licensed insurance agent, you must have the knowledge of all categories of insurance such as:

  •  Life Insurance (Life License)
  • Health Insurance (Health License)
  • Home Insurance (Property License)
  • Auto insurance (Casualty License).

Finishing a bachelor’s degree in either business or economics is a great advantage for most insurance agents. Insurance Agencies prefer agents to have a bachelor’s degree in either of those those two courses. Being familiar with the computer software being used by the insurance company will also give you a great advantage. For newly hired insurance agents, they are expected to pass the state’s exams which will give them an insurance license. In addition to becoming a licensed insurance agent, obtaining optional certifications is a great way for you to become a good and effective insurance agent.

The duties of insurance agents have never been easy. Dealing with different people and showing them the importance of having insurance can only be done by people with great self confidence and high interpersonal skills.

October 6, 2011

Understanding the Purpose of Auto Insurance

Filed under: Auto Insurance,Insurance — Tags: , — MarieAnggam73 @ 9:56 am

Insurance companies’ offer different types of insurance and each type have sub-categories or specific insurance types that an individual could choose from. If the person itself could be insured as well as home properties, vehicles or autos could also have an insurance which could be very useful if unexpected damage or incidents happen to a vehicle. Auto insurance is one of the insurance under the category of protection for businesses or individual drivers. It is a transfer of financial risk from the auto or vehicle’s driver themselves to the auto insurance company. This would help them get assistance if injuries or damage caused by other people occur to their vehicles. Just like other types of insurance, a premium payment is also required. On the other hand, if the car owner himself has caused damage to other party, the may also be covered.

Many states consider this auto insurance to be compulsory, or required by law, for drivers of all types of vehicles, which include:

  • Motorcycles
  • Cars, SUVs, Vans, and other non-commercial vehicles.
  • Trucks
  • ATVs

Standard vehicles seen on the road but then, the degree of would vary from one country to another. The coverage of this insurance would include vandalism, natural disasters, collisions, theft, medical payments in case of injuries, and as well as property damage. When it comes to the premium payments, it appears those unmarried, young and male drivers’ pays the highest for this is based in risk analysis.

Auto insurance may be helpful to all drivers but then, it is still recommended and suggested to drive safely so that incidents and loss of lives will be avoided.

October 5, 2011

All About Home Insurance and Its Coverage

Filed under: Home,Insurance — Tags: , , — MarieAnggam73 @ 10:11 am

Unexpected calamities, catastrophes and disasters could ruin all properties you have gained while you are working. It could happen today, tomorrow or the next day. So what you must do is get your home and other properties insured for any unexpected damages. With just a blink of an eye, a flood may wash out your home or a fire could burn everything you own.

Home insurance is one of the best solutions that you can secure to gain even half of what you have lost and start a new one. Another term for home insurance is homeowner’s insurance or hazard insurance. It is one of the insurances that an individual could purchase which concentrates more on the belongings or properties of an individual. It is actually a combination of different personal insurance protections that comprise losses happened to one’s home, the contents, and the use or other assets of the house owner. This type of insurance does not only cover natural disasters that could destroy the homeowner’s property but also other situations like theft or minor incidents. The main benefit that a home owner with insurance gains is the money to be given by the insurance company in case of any damage to the home. The minimum amount a policy will provide coverage for is $18,000, but typical coverage will cover the full cost of rebuilding the home.

There are usually 4 types of property coverage that fall under a typical homeowners’ policy, which can be located on the declaration page of the homeowners’ policy. The homeowners’ declaration page details the various insurance coverage that a homeowner could get if a loss occurs. But then, most of the time the coverages are all in they are the dwelling coverage, other structures, personal property, and loss of use. Each type of coverage has different sub-coverage which will be very helpful to the homeowner.

One important thing also is to look for a trusted insurance company which will give you a satisfying insurance coverage for your home. Have no doubts, you will spend a little more when you first purchase your home. However, your loss will cost much more than what you will pay for the insurance premiums. Do some homework, browse the internet, or ask friends and family who have their home insured. Easiest of all, compare multiple online insurance quotes at TIKIthePanda.com.

Stay in a place which you can proudly call as home sweet home with your family. Away from worries and doubts that in just a second, all of them could be gone.

October 4, 2011

Health Insurance Benefits

Filed under: Health,Insurance — Tags: , — MarieAnggam73 @ 10:39 am

Nowadays, people have been very particular in taking good care themselves as well as their loved ones.

They believe that being healthy and fit is one of the many things that would let us live a happier life. Sickness may come unexpectedly and if we are not that prepared in attending our health needs, we might end up wasting money for buying medicines again and again. One of the most preferred ways of securing yourself and other members of the family to be in good health is availing health insurance. Some may say that health insurance will cost you a lot of your savings but the fact that having no health insurance will cost you double or triple of what you pay for it. Every now and then, hospital fees and medicines are increasing their costs or prices that made other people harder to pay.

Health insurance covers doctor fees or services, overnight staying in the hospital as well as outpatient services like minor incidents or
surgery in surgery centers. Laboratory tests, X-rays, vaccinations, mammograms and regular check up are also covered by health insurances. Occupational and speech therapy as well as home care after being confined is also included in the benefits that could be experienced by the person who owns a health insurance. For the partially covered benefits, hearing aids, dental care and the providing of medical equipments like wheelchairs are included.

Get yourself and your family insured and experience the total benefits of health insurance. Stop worrying and be comfortable that you
will be able to supply your health needs without difficulties.

April 30, 2010

Insurance Company Careers – Current Job Postings

Filed under: Companies,Insurance — Tags: , , , , — TIKI @ 7:03 am

We know it can be difficult to find a job in this economy, that’s why TIKIthePanda.com wants to help!
Listed below are a few large companies in the insurance industry that have posted insurance jobs.

Click on the company to be taken directly to the career page.
The number next to the company is the estimated number of job postings currently in the US, and possibly abroad.

Good luck job hunting and tell them TIKIthePanda.com sent you!

March 27, 2010

Health Care Insurance Bill Cost

Filed under: Health,Insurance — Tags: , , , — TIKI @ 7:45 am

Health Care Insurance Bill

Did you think the health insurance situation was going to get better? Hopefully it does, but it doesn’t look that way for many middle-class working families. AT&T and many others have announced that they are taking $100 million or more in healthcare write-offs, while some other companies are fighting back.

Instead of simply accepting a large 1-time charge for the health care bill, many companies are cutting health insurance coverage and trying to eliminate other benefits to offset the costs of this new health bill. After all, if you are a company barely breaking even in this economy, how else are you supposed to survive this health bill.

Not all companies are as fortunate as AT&T, who are able to take the one time charge of $1 billion to cover the health care bill costs. Many businesses were in trouble before this bill passed, now they are scrambling to overcome yet another obstacle.

I’m not a rich man, as a matter of fact I am one of the few that benefit from this health care bill financially. But in my opinion, I believe the health care bill will help many, but will hurt many more. Passive income, such as dividends and interest payments, are being considered for a higher tax as well. It’s just a matter of time before the rich start leaving this country or find an ingenious way to conduct business outside the US, which will result in an endless spiral of higher taxes and hardship for all.

Hopefully we can find a happy medium to stop raising taxes and understand that life is not always fair.

March 9, 2010

Motorcycle Insurance Carriers in New Jersey – Insurance Companies in NJ

Filed under: Agents and Agencies,Carriers,Companies,Insurance — Tags: , , , , , — TIKI @ 6:27 am

Motorcycle Insurance Carriers in New Jersey – Insurance Companies in NJ

Aegis Security Insurance Company 1-800-233-2160
P.O. Box 3153
Harrisburg, PA 17105-3153
Allstate New Jersey Property & Casualty Insurance Company 1-866-222-4586
American Family Home Insurance Company 1-800-759-9008
(American Modern Insurance Group)
Drive New Jersey Insurance Company 1-800-PROGRESSIVE
Foremost Insurance Company 1-800-527-3905
P.O. Box 2450
Grand Rapids, MI 49501-2450
Foremost Property & Casualty Insurance Company 1-800-752-2461
P.O. Box 2450
Grand Rapids, MI 49501 – 2450
GEICO Indemnity Company 1-800-44-CYCLE
One GEICO Plaza
Washington, DC 20076
Liberty Mutual Mid-Atlantic Insurance Company 1-800-526-1547
Pacific Specialty Insurance Company 1-800-303-5000
Progressive Freedom Insurance Company 1-800-PROGRESSIVE
Rider Insurance Company 1-800-595-6393
P.O. Box 3141
Union, NJ 07083

February 13, 2010

How Do I Become A Licensed Insurance Agent?

Filed under: Agents and Agencies — Tags: , , , , , , — TIKI @ 12:33 pm

First Steps to Becoming an Insurance Agent - What Type of Insurance Would You Like to Sell

  • Property & Casualty – P&C  
    • Any kind of vehicle that requires a license ( Commercial Trucks, Personal Cars, Boats, Planes, Farm Equipment, Wave Runners, ATV’s, Classic Cars ) and in some cases no license ( Go-Karts, Golf Carts )
    • Any kind of structure ( Home, Condo, Townhouse, Apartment Complex, 2-4 Unit Rental Properties, Malls, Warehouse, Industrial Buildings )
    •  Jewelry, Personal Items ( Engagement Rings, Expensive Equipment )
    • Liabilities that occur as a results of a properly insured vehicle or structure
    • Floods ( Flood Insurance is a completely separate type of insurance required to protect your home from Floods, all lenders require this type of insurance if your home is classified )
    • Workers’ Compensation
  •  Health & Life
    • Medical Plans ( Includes Medicare and Medicaid Supplements )
    • Dental Plans
    • Life Insurance ( Term and Whole Life )
    • Prescription Drug Plans
  • Title Insurance
    • Lender’s Policy ( All mortgage companies require this type of Title Insurance )
    • Owner’s Policy
    • Construction Policy

What’s Required to Become Licensed as an Insurance Producer?

Insurance is regulated by each individual state. Each state requires a written test to be taken, where the test is graded on a Pass or Fail system. Passing grades in most states are a score of 70 or higher, which is not too tough.

Every state typically has prerequisites that you must complete before taking the insurance test. The prerequisite requires you to attend an official insurance learning class or to purchase online software that you must complete. Every insurance line requires 20 hours of study time, so if you are going for your Property & Casualty license, you can expect to put in 40 hours in just required studying.

What to do After I Pass the Insurance Test

Once you pass your insurance test, you then have to find an agency to hire you or you can start your own insurance agency. Insurance can be very complicated and expensive for rookies, so it’s recommended to work for an insurance agency before you try to start your own.

When you do decide to start your own insurance agency, you will have to register your insurance agency with the state you wish to write insurance policies. Many states will require that you have a ”Brick & Mortar” location for your insurance agency, this location cannot be your home address. Then you will need to obtain Errors & Ommission Insurance ( E&O Insurance ). E&O Insurance is required by all major insurance carriers, $1,000,000 in coverage is typically needed by AIG and the other major carriers. $1,000,000 in E&O coverage should run you between $3,000 – $4,000 a year for a 1 person agency. E&O Insurance becomes much cheaper as you gain experience under your belt.

After registering your agency name, leasing an office space, and obtaining E&O insurance…you need to sign insurance carriers. Insurance carriers are very hesistant to sign with a new insurance agency that has no book of business and has little or no experience in the insurance industry. Your best bet is to find a Managing General Agency ( MGA ). A good MGA gives you access to all the big name insurance carriers; such as Progressive, Liberty Mutual, AIG…and allows you to keep your book of business. MGA’s may charge you a small monthly service fee, such as $10-$25 per insurance line, but it’s well worth the price if you are serious about breaking into the insurance industry.

For you internet insurance guru’s, check out http://www.agentsecure.com, I personally do not use an MGA at this time, but I like how Agent Secure provides online access to obtain insurance quotes for your clients. However, the only downside is there limited market place in many states. You always want to have at least 2-3 competitive, well-known insurance carrier options to offer your clients.

February 7, 2010

Lowering Your Insurance Bill – Tutorial On Negotiating Insurance Rates

Filed under: Insurance — Tags: , , , , , — TIKI @ 1:41 pm

Negotiate your Insurance Bill? Is that even legal?
Many people, businesses, and even smooth talking sales people will tell you the same thing when it comes to negotiating your insurance premium…
“You cannot negotiate your insurance rate with an insurance company, your only option is to shop around. In the end, your insurance rate is what it is.”

This myth, which seems to be a common understanding among the majority of the population, has deterred the public from even trying to get a lower rate. After all, why waste time if you know it’s not even possible?

Why has this been a myth for so long?
When was the last time you received a coupon in the mail or an online coupon code from GEICO, State Farm, or other insurance carriers? Never, right? What about a free oil change with every year’s renewal? Have you ever seen a commercial advertising a weekend special on car insurance?

Unless your a caveman ( pun intended - GEICO commercials ),you will never have seen any insurance commercials that offer specials, buy 1 get 1 free, etc…but you will see facts or twisted facts. I refer to it as twisted facts because it seems funny Nationwide states in a commercial that people saved an average of $400 when they switched over from XYZ insurance company, then the next commercial from GEICO will state people saved an average of $400 when they switched over from ABC insurance company, and so on…
If this was true for all people, my insurance premium should be $0 a year…haha.

The fact is, it is illegal in most states for insurance agents or companies to give more than $25 to any person within a 12-month period, with the intention to gain business from this incentive. In my opinion, and as a previous sales manager in the mortgage industry, title insurance companies are the biggest culprits of breaking this rule.

This law does not only include gifts, it includes discounts on insurance policies without merit. Because of this, the insurance industry is drastically different than any other industry. Imagine walking into a car dealership with the same limitations.

So you really can’t get a lower insurance rate by negotiating, right?
Not necessarily true, there is a loophole that is commonly practiced with business and commercial insurance policies. This can also be applied with personal auto and homeowners’ insurance. Local insurance agencies will show much more flexibility than the larger, commercialized insurance carriers.

Listed below are a few ways to get a lower rate on your insurance premium:

  • Fax your policy directly to multiple insurance agencies. Tell them that you want the same exact coverage as you currently have, but want a lower rate.
  • Threaten to walk away from your current insurance agency.
  • Combine your auto and homeowners’ policy with one company.
  • Take a higher deductible.
  • Remove the free rental car and roadside assistance.
  • Lower coverage (Not strongly recommended)
  • My personal favorite, get a few free quotes online at www.TIKIthePanda.com and start comparing quotes within minutes.

February 6, 2010

How Does My Credit Rating Influence My Insurance Premium?

Filed under: Insurance — Tags: , , , , , — TIKI @ 6:31 pm

Let’s start by defining an “Insurance Premium”
Everyone knows that an insurance premium is the amount of money that you pay to your insurance company, in exchange to be insured with a certain amount of coverage. You basically give your money to an insurance company, who in turn, promises to cover your losses in certain situations up the agreed amount of coverage.

Many factors go into calculating your insurance premium. The most well-known of these factors for auto insurance are age, driving record, years licensed, car make and model, miles driven per year, primary use of vehicle (work or personal use), and most important is credit history. Contrary to what many people believe, insurance companies do not consider vehicle color major factor in determining auto insurance premiums.

Why is my credit rating used to determine my insurance premium?
When people think of credit ratings, they think of personal credit reports and FICO scores, which is not completely accurate. An individual’s credit rating is relative to how it is being used. This means that you will almost always have a different credit rating when applying for a car loan versus a home loan.

Why is this? Because a credit report requested for a person applying for a car loan places heavy weight on your car payment history or lack of history. If you had a recent repossession, you are going to find it tough to find a company that will help you finance a car again. On the flip side, if you applied for a mortgage with the same credit report that showed a recent repossession of your car, you will probably have much higher FICO scores than you did when applying for a car loan.

Overall, credit history is used for all industries to help determine risk. Disagree with me if you wish, but I believe that a credit report is a direct reflection of a person’s responsibility and credibility. Applying this theory to insurance premiums, if you show low responsibility and credibility, you will receive higher premiums due to the higher risk of getting into accidents or committing insurance fraud.

If credit history is such an exact science, why do some insurance companies advertise that they do not use credit scores?
Believe me, these companies that provide such loose coverage come at a much higher premium than companies that do a credit check. The insurance companies with no credit check required, simply assume that you have the worse possible credit upfront and factor this into your insurance premium accordingly. It’s simply a marketing gimic that targets people that have been turned down for insurance coverage in the past, or have been dropped by their insurance carrier for driving or credit history.

The best way to find the lowest insurance premiums is to shop around different insurance companies. Each insurance company specializes in certain risks. If you choose an insurance carrier that primary gives low rates to young females and you are an older male, you will get a higher rate than if you went to an insurance carrier that primarily insures older males.

TIKI has partnered with many insurance carriers, agencies, and agents. Use our free online resources at http://insurance.TIKIthePanda.com to get multiple personal quotes online within minutes.

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