Calendar Year refers to an accounting period that ends each December 31st is known as a calendar year. This is the period most S corporations must adopt as a permitted year. Maximizing your staff’s servicing opportunities
The company that receives premium and pays claims. Carriers rely on agencies and individual licensees to sell their business. They may also be referred to as Insurance Companies or Insurers. Carriers
A carrier contract is paperwork submitted to an insurance carrier to contract an agent or registered representative under an existing selling agreement between the carrier and an agency or broker/dealer. How agencies can track and maximize carrier incentives Getting the most out of contingent commissions
The term CAT exposure in insurance refers to the potential financial risk an insurance company faces due to a CAT, or catastrophic event. A CAT is typically a natural disaster such as hurricanes, tornadies, earthquakes or floods that result in sizeable financial loss. Is your insurance organization prepared
The Secretary of State Offices issue a Certificate of Authority verifying approval for a non-resident, also known as foreign, corporation to transact business in the state. Certificates of authority & the secretary of state
A Certificate of Good Standing (CGS) is issued by a state official as evidence that a corporation exists or is authorized to transact business in the state is known as a certificate of good standing. In good standing: certificate of authority statuses
Change is a process of changing plan information. Common changes are demographic information change of employee and dependent, salary change of employee, and adding/removing dependent. How employee benefits are changing Case Study: transform your employee benefits renewals
A document that states in details the changes the insured wants to make to the policy. Resident state change: compliance tips
A demand by a person or business that is seeking to recover a loss. A claim may be made against an individual or against an insurance company. Boosting insurance claims quality by 100x in 60 days The long and winding road to claims resolution
Anyone who presents a claim that might be covered by insurance. For a liability insurance loss, the claimant is a person or business that has suffered a loss and seeks to collect for that loss from an insured. For a property insurance loss, the claimant is the insured
