An insurance application is a formal process to apply for an insurance policy. A producer collects information about the person or business that wants to buy insurance to document key information to assess the applicant’s risk. 7 ways agents and brokers can reduce e&o risk
An appointment renewal is the process by which an appointment for an agent or agency is continued, typically consisting of payment of a fee and/or the forwarding of a current license copy to the insurance carrier. Buying an agency vs. buying a book of business
AIoT stands for Artificial Internet of Things. It is a combination of AI with the network of connected devices that make up the IoT. IoT devices gather massive amounts of data, and AI analyze, and automate actions to optimize processes, improve decision-making or predict future events. Mark Breading
ACORD is the Association for Cooperative Operations Research and Development, an insurance industry organization that drafts and disseminates standardized insurance forms to the property and casualty insurance industry. New digital solutions are transforming insurance distribution Tough times call for new priorities for p&c personal lines carriers
An adjuster is an individual or agency that investigates and adjusts losses or claims arising under insurance contracts on behalf of an insurer. They may receive compensation as an independent contractor or as an employee of the insurer. Adjusters: they’re not all the same Help in a crisis:
Changes made to an existing insurance policy, either requiring only a modification of the policy itself or involving premium changes. 7 ways the insurance workforce is evolving How insurers can reduce the cost of claims during crisis
Actions reportable to the National Producer Database and should be reported on any license application (or potentially a renewal application), as they may have a direct outcome on whether a license is issued or renewed. These actions could be sanctions levied by a Department of Insurance, or could
All state departments of insurance require notification whenever an agent or agency incurs an administrative action or criminal penalty (other than a misdemeanor) in any state. 7 tips for dealing with a lapsed license
The increasing likelihood the customers will purchase insurance when the premium is low relative to the risk. It means someone is more likely to buy insurance when their risk is high. When the risk is low, people are less likely to buy insurance. How p&c commercial insurance carriers
The process of showing the relationship of a licensed employee to the licensed agency. This is a process separate and apart from the license application. Producer lift-out: Its impact on compliance
