Jurisdiction is a term used to describe which insurance regulatory body (such as a state insurance department) has authority. In good standing: certificate of authority statuses Resident state change compliance tips
KPM, or Knowledge Process Management, is a strategy used to manage an organization’s knowledge and business processes. It involves combining strategies for creating, sharing and leveraging knowledge with optimizing business processes to improve efficiency, quality, and consistency. Featured in Carrier Management: Dan Epstein on global talent crisis
A Large Language Model (LLM) is a type of generative artificial intelligence program trained on a large amount of text data. The LLM is trained on this data to process and generate human-like text responses to prompts. Generative AI in insurance, explained in plain English
To cancel a license that is no longer needed, an agent or agency can submit a written request to the state’s Department of Insurance. Resident state change compliance tips
License reinstatement is typically available only within a short period, usually 15 days to 1 year, after the renewal deadline. Reinstatement of expired licenses may require late fees in addition to the regular renewal fee. 7 tips for dealing with a lapsed license
License Renewal is the periodic and scheduled renewal of a license to keep it from lapsing/expiring. Insurance compliance myths busted: license renewals
Limited Liability Company (LLC) is an entity created under and governed by the laws of the jurisdiction in which it was formed. Such entities are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships or S corporations. S-election and business entity
A limited partnership is a form of partnership consisting of one or more general partners who manage the business and are responsible for its debts, and one or more limited partners who invest in the business and have limited personal liability. Director & officer updates
Lines of Authority (LOA) are the specific types (or lines) of insurance that the individual/agency is licensed to write. Examples include P/C, L/A/H, SL, Adjuster, and TPA (Third Party Administrator). Major lines of authority Limited lines, unlimited possibilities
Hazard is defined as anything that increases the chance of a loss or increases the chance that a loss will be severe. Loss control: a hidden opportunity for carriers How insurance agents can positively influence pricing
