Recently I read an article that cited a GEICO annual report that effectively expressed the philosophy that: (1) most consumers know what they need in an auto policy and (2) agents are “unnecessary and expensive” links in the distribution mechanism. Is this true? Can consumers distinguish the coverage subtleties between insurance policies and are agents largely unnecessary and expensive?
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March is Ethics Awareness Month in the insurance industry, so here’s a question: Is selling a business an insurance policy that really doesn’t cover their business activities illegal, unethical, neither, or both?
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If you watch many policyholder attorney TV commercials, you might come to the conclusion that most insurance companies and their agents are the spawn of Satan. As a result, or maybe from isolated personal experiences, you might view policyholder attorneys and public adjusters the same way. I’ve come to a different conclusion.
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The government and media focus on the COVID pandemic has largely centered around vaccination. Very little has been said about other risk management techniques, especially the concept of loss prevention vs. loss reduction. So what does this have to do with the insurance industry? Likewise, what does it have to do with chicken soup?
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Did you know that, in most states, it may be harder to earn a license to cut hair or fingernails than sell or service insurance? What has become of insurance education today? Is www.LearnNothing.com the future of insurance education? Given recent events, perhaps so.
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Many insurance policies, both property and casualty, have exclusions for losses that are expected or intended. But what if the person who causes the loss has some degree of mental incapacitation? Is that material to whether such exclusions apply? Yes, but each claim depends on the individual facts and circumstances of that case.
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If someone sells a policy they know does not cover 99% of what someone does for a living, does that constitute insurance fraud? If not, is it ethical? What if the provider is simply ignorant? If the coverage provided by the policy is largely illusory, will the courts support a claim denial?
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In the debut episode of Season 2, we spend some time with Bill Wilson, the founder, and CEO of www.InsuranceCommentary.com, a website dedicated to property & casualty commentary; a site we all have saved to our favorites here at the PGI home office.
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BONUS! Purchasers of this book get a free PDF download of my book “QuoteNotes: The Ultimate Quotational Reference System and Authoring Tool for Professional Speakers and Writers” endorsed by Zig Ziglar and Brian Tracy. This is an indexed and cross-referenced compilation of my 1,500 favorite quotes and includes a section on how to use quotations in your speaking and writing.
To get BOTH books at a discounted price, click the book cover or CLICK HERE.