Surety Bonds: When Receivables Are Not Recevable

Surety bond underwriting involves many elements, and financial analysis is always one of them. In this newsletter, let's look at a single element, an important one, and how you can influence the effect it has on bonding decisions.
Accounts Receivable "A/R" are the funds owed by outside parties to the company for work it has performed. This is a Current Asset and is part of Net Worth. Active contractors always have such money due them. The number can be significant for firms in a growth mode. Problem: Sometimes bond underwriters discount, or disallow part of this figure, thus reducing the applicants recognized financial strength and bond worthiness. Why does this happen and how can you influence the outcome?
One reason for such assets to be disallowed is the age of the individual receivable on the fiscal year-end (FYE) financial statement date. In order to be conservative, A/Rs that are 90 days old or more "over 90" are assumed to be uncollectable, and therefore are disallowed. (Key word: Assumed)
Same with receivables arising from change orders that are unapproved or in dispute. Projects with performance problems may have all payments held up by the owner, and therefore related A/Rs may be disallowed. In fact, receivables may be discounted if there is a dramatic increase over historic levels, even if there is no apparent reason to doubt the collectability of the funds.
When A/Rs are disallowed the Working Capital calculation suffers as well as the ratio analysis.
This can reduce or eliminate the contractors bonding line.
Here are some possible cures.
Retainages - A/Rs over 90 days old may be acceptable if they are actually Retainage which is slightly different from a true "trade receivable." Identify if any of the A/Rs are actually Retainages. They should be separated from the A/R analysis and "allowed."
Over 90s - Older A/Rs are allowable if they were subsequently collected (no matter how old they became.) Ask the client or accountant for an update regarding the collection of year-end receivables. All collected items are included in the financial strength analysis. The underwriter should be updated if they are eventually collected at a future date. The client will be penalized for a disallowed A/Rs for 12-15 months after the fiscal date. Updating the file when funds come in could help achieve a bond approval any time during this period.
Change Orders - The same concept applies to COs no longer in dispute or project issues that are resolved. All A/Rs that are ultimately collected are allowed, regardless of how late they occur.
Payment Bond - If our client is a subcontractor, there may be a Payment Bond "above them" available for claim. An over 90 A/R might be allowed based on the existence of this safety net.
Caution: If an aged schedule of year-end A/Rs is produced at a subsequent date, items that were not over 90 at FYE (but remain open) may now may be old and therefore disallowed! It works both ways.
Conclusion
The financial analysis associated with surety bond underwriting is primarily focused on the fiscal year-end financial condition of the company. These numbers drive the bond line until the next FS is issued - normally about 15 months.
The receivable collection is an ongoing process that warrants interpretation and monitoring because of its changing nature.

Steve Golia is an experienced bond underwriter and counselor. He can be reached at 856-304-7348.
http://www.IBCS.com

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Surety Bond Forms

This probably sounds like a boring subject. "Mundane" comes to my mind. But you'd be surprised how important it can be. The bond form can bring an agent's production opportunity to a screeching halt. They can also turn a previously good project into an ugly mess.
Let's break it down. Bond forms can be categorized in the following groups:
STATUTORY / STANDARD - required by statute or regulation such as city, state or federal forms. There are also industry standard forms such as the American Institute of Architects (AIA).
COMPANY FORMS - devised by the surety itself.
SPECIAL OBLIGEE FORMS - These are written specifically (manuscripted) to satisfy the expectations of a private obligee such as a general contractor (GC) who requires subcontractors to use them.
So how do you recognize each category and what happens next?
A STATUTORY FORM is stipulated by a public body (such as federal form 25 Performance Bond). It will have their name pre-printed on the form and may have edition numbers or other ID showing it is theirs. If you bond a federal contract, you MUST use this - no option. STANDARD FORMS are used when the bonding requirements say an AIA bond form must be issued. These are reasonably fair to all parties and are well accepted by all parties involved.
COMPANY FORMS are written in a manner the surety prefers. These are the underwriter's first choice and may be accepted by the obligee (party requiring the bond) if no mandatory bond form was indicated. Spot these by their ID numbers or copyright info. The surety's name will be pre-printed on the form.
SPECIAL OBLIGEE FORMS - may look different than normal. Sometimes they are extremely short. Less is not more in bond forms. Generally, short forms omit the "rules of the road" that determine what should happen when trouble occurs, how a claim is made, what remedies are available, etc. These forms can be troublesome. With perfectly good, tried and proven bond forms available such as AIA, why would a GC spend time and money to invent a new one? Assume such special forms are more beneficial to the GC and less fair for the subcontractor (called the Principal) and the Surety. Sometimes these forms are practically normal. But most often we find they place unique burdens on the Principal and Surety.
Since the GC is a contractor, in the event of a default, they may just want to step in, finish the subcontractors work (not worrying about the cost) and then hand the bill to the surety. This would be evident when reading the bond form. The surety will consider this a forfeiture bond or financial guarantee because they were deprived of the opportunity to arrange for the economical completion of the work. Such bond forms can prevent the surety from supporting the project, no matter how confident they are in the contractor.
Summary: Contractors and their bond agents cannot ignore the bond forms. The contractor may only be concerned about signing the contract. But experienced bond agents and underwriters will always evaluate the forms. If the surety throws up a red flag, the contractor should be equally concerned. Problems caused by a bad bond form may start with the surety, but they end up on the shoulders of the contractor.

Steve Golia is an experienced surety bond underwriter and counselor. He can be reached at 856-304-7348.
http://www.IBCS.com

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Three Stages in the Auto Insurance Claim Process

The first few hours-and days following a vehicle accident are stuffed with stress and honest confusion for most insured drivers. Many yearn for someone to take over the entire process for them. An insurance claims adjuster employing the right approach can provide a calming effect, the needed expertise and sound advice.
Every insured driver that is involved in an auto accident needs to understand that there are commonly six elements of proof that most insurance carriers review and three stages in the auto insurance claims process:
1. what the insured tells you, the insurance company
2. the other driver's perception of how the accident occurred
3. what the police report states happened
4. the eye witnesses testimony
5. the physical damage at the scene
6. medical records for the treatment of any related injuries
How your insured handles an auto accident from immediately following the incident, through the First Notice of Loss (FNOL), to the final settlement will be critical in contributing to a quick and fair solution.
Stage 1: At the Accident Scene
The dynamics at the accident scene typically precede the adjuster's involvement and are more likely to be influenced by the insurance agent or the police. The first step is to report the accident. The insured driver should always call their insurance company from the scene if possible to report the accident even if they think the other party is at fault. This First Notice of Loss (FNOL) will help to establish proper coverage, the extent of damages and liability.
Stage 2: Immediate Follow Up - Gathering the Facts
As soon as possible after the accident the insured best options are to make notes of the time of the incident, the directions each vehicle was traveling, the speed they were traveling and any other details while they are fresh in their mind.
Once reported to the insurance company an adjuster will most likely advise the insured when they will be coming out to see the insured vehicle to assess the damage and the insured should be advised if the insurance carrier you represent has a direct repair program and how it works.
This is the best time to take pictures of the damaged auto from various angles and snap shots of any areas of injury to themselves and their passengers.
Stage 3: Management & Settlement Resolution
To create a smooth workflow from accident to a resolution, make sure to have these items in order:
• Suggest to the insured that they keep a daily journal on injuries, the extent of the pain and any medical treatment that has occurred.
• Keep on top of the insured to track travel expenses to and from all medical appointments and maintaining all medical receipts including any prescriptions, equipment and health insurance co-payments is also wise.
• Documenting any lost time from work related to accident injuries and reminding the insured to share all related documentation, receipts and correspondence with an adjuster is important.
Once you have completed your review of the incident and you are ready to offer a settlement, you should be prepared to detail how you reached the proposed amount, explain what the settlement includes and encourage questions and comments from the insured regarding any missing items or remaining issues.
Finally if you are unable to agree on a settlement, you should advise the insured driver that they have the option of filing for arbitration or filing legal action.
Conclusion
With more than 220 million cars on the road, the odds are that sometime in their driving lifespan an insured driver will be involved in an auto accident. Dealing with the unexpected is an emotional time that produces high anxiety. It is critical during the early aftermath of an auto accident that an insurance adjuster is perceived as an important ally who can provide a calming influence and assist the insured in understanding the stages of the claims process and the proper steps to follow to clear up their confusion and minimize their stress.
Three important tips that will assist an adjuster to be seen as the solution rather than an adversary or part of a seemingly overwhelming problem are:
1. To establish yourself as a calming influence and not the adversary you should exhibit good listening skills, express empathy for the insured's situation (including emotional stress, medical injuries and assistance in dealing with vehicle repairs) and outline the steps that will lead you and the insured to a resolution.
2. An adjuster who checks to follow up on vehicle repair progress, rental replacements and medical treatments weekly will maintain the best opportunity to achieve amicable closure.
3. Finally, it is particularly important to communicate frequently and thoroughly with the insured all the way through the claim and settlement process to instill confidence in them that you are working toward a fair and reasonable outcome.

JDi Data Corporation has provided insurance claims software since 1992. Claims management software from JDi Data is preferred by many insurers, risk managers, and third party administrators for property and casualty, medical malpractice, and specialty lines. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.

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Benefits Of Getting Multiple Insurance Quotes All At Once

Looking for the lowest health insurance quotes? Consumers can derive an added advantage of getting multiple insurance quotes for each line of insurance. By getting multiple insurance quotes from different companies you will dramatically increase your chances of saving money on insurance premiums. Also, the importance of getting a good company with a fair price cannot be stressed enough. Here's how you can do it by following a few easy steps.
Identify Plans That Fit Your Requirements
There is a wide array of insurance companies and insurance plans available in the market today. However, only a limited number of insurance plans will actually meet your needs. This is where the challenge arises. You will have to identify those plans that will fit your policy requirements and budget perfectly. The disparity in rates between insurance companies can often vary significantly. Simply shop around and compare multiple insurance quotes for each line of insurance. This will help a consumer save a considerable amount of money on insurance premiums.
Check What The Competitors Have To Offer
Finding a good company with integrity that offers a fair price, is crucial. Always compare what the competitors have to offer. Through an online quote comparison service, several people have been able to save greatly on their health insurance quotes. Inquire whether the insurance plan has any out of network coverage? If yes, how do the benefits differ from the in network benefits? Does it cover accidents? Find the relevant coverage that will suit your needs at the best possible rates.
Consider Multiple Line Insurance
Another easy way of saving up to 10% on your insurance premiums, is by getting multiple line insurance discounts. You can get various insurance policies such as health, life, car, property etc, under one insurance company's roof. This will typically lower your aggregate rates if you let the insurer underwrite multiple coverages. Cheaper rates can be obtained by getting multitude quotes from a single company. In other words, if you are seeking multiple line of business with your insurance company, such as life and auto insurance, then you can easily save money by getting coverage from one company. Keep this in mind while comparing rates for getting multi-line savings.
It is important to sign up for an insurance policy only after comparing insurance quotes of several insurers. When you compare quotes, you can be rest assured that you are saving both money and time. This is because you are guaranteed to instantly receive the lowest insurance quote. A single form that has been filled out into a multiple quote comparison website, will fetch several estimates immediately!

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How To Become an Insurance Adjuster in a Non-Licensed State

If you're looking for a new income stream to add to your current job or as replacement income, becoming an insurance claims adjuster can prove to be quite lucrative. This is especially true for CAT adjusters. CAT stands for Catastrophe and refers to insurance adjusters who work the claims from tornadoes and hurricanes.
Most states require a license, but about 15 states such as Colorado have no licensing requirements for adjusters. If you live in a state that doesn't require a license, working in your home state is not an issue. However, when you want to work in other states that require licensing, such as Texas, Louisiana, Mississippi, Alabama, or Florida, it is important to lay the proper foundation. You want to be ready to accept assignments without last minute delays.
First get a Non-Resident license from another state such as Texas. Then you can simply get most other states' licenses through reciprocity. Reciprocity means that the states which require a license will recognize your home or designated home state testing, and issue you a license for their state with only a simple application and small fee. They won't require you to go through their testing requirements to get licensed.
Here's an example:
John lives in Colorado, which has no license requirements. He takes a Texas All-Lines Pre-Licensing course approved by the Texas Department of Insurance. He then applies for his Texas Adjuster License and states on his application that Texas is his 'Designated Home State'. This can only be done if you live in a state that has no licensing requirements for insurance adjusters.
Once he receives his Texas Adjuster License, he can immediately apply for his license in Louisiana, Mississippi, Alabama, and Florida using reciprocity. He only needs to fill out the application and pay the application fee to receive licenses in each of those states.
Texas is by far the most popular place to get a non-resident license. It's also the easiest place to get Continuing Education credits to maintain your license. Keep in mind that even if you hold 5 different state licenses, you are only required to meet the continuing education requirements for your 'Designated Home State' license, such as Texas.
Other states such as Indiana allow you to get a non-resident license, but unfortunately it's harder to find Indiana CE classes to fulfill license renewal requirements.
Remember, though, if your state has a licensing process for insurance adjusters, you almost always must get your home license first. There are also a small handful of states that do not allow reciprocity and require everyone to go through their licensing process to work as an adjuster in their state.
Here's the simple guideline:

1. If your state has a licensing requirement for adjusters, get your home state license first.
2. If your state does NOT have a licensing requirement, get a Texas Non-Resident license with Texas being your 'Designated Home State'.

This will save you time, money and keep things simple. Becoming a claims adjuster can be a great part-time or full-time career. Now is a good time to take your licensing training and get ready for income generating assignments.

http://www.2021Training.com provides training and CE's for insurance adjusters, including licensing for the state of Texas. We create affordable online training and provide an interactive experience by delivering audio/video training that's highly regarded by our students. We train individuals to become professional adjusters with the best possible chance of success.

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About Risk Management and Asset Protection

Risk management other than being regarded as one of the most important business tools also plays a big role in the life of everyday consumers. Predicting risks and taking necessary actions for eliminating them are important for consumers as well as business owners. This article will educate you about different facets of risk management and will also provide information on asset protection, one of the most effective ways of managing risks associated with real property.
Let us begin the discussion by explaining what risk management actually is. It is basically a process that businesses use for identifying risk, assessing its impact on the company's performance and creating business strategies or financial plans for preventing ill-effects of the identified risks. Risk management holds a significant position in almost every realm of business. Thus you should learn about this special business tool irrespective of the type of business you own.
Businesses use different kinds of strategies or methods for assessing risks involved in their daily operations. They may do so by performing thorough research on rival companies to find out the kinds of mistakes they have performed and how they have managed to prevent those mistakes from hindering the company's overall performance. Some companies, on the other hand, analyze market trends for gauging whether consumers will like to spend more or spend less in the future. Market trend analysis is also often used for determining the kinds of consumer requirements that will compel spending during the coming years.
Now, let us discuss about asset protection. This tool is used by individual consumers as well as businesses for reducing the effects of risk on real properties like homes, business buildings and automobiles. Experts often refer to asset protection as a risk mitigation tool; this is because this tool successfully reduces the amount of harm the identified risks can cause to the property of the consumer or business owner.
The asset protection type that is used most frequently by consumers and businesses is insurance. You can use insurance in different forms for protecting your assets. You should pick the insurance type depending on the kind of property you want to protect; for example: for protecting your home, you should opt for homeowner's insurance, for protecting your business building, you will need to buy business insurance and for protecting your vehicles, you will need auto insurance. Insurance policies can also be categorized based on the type of coverage they offer. There are too many options to choose from; thus you should always consult an experienced financial adviser before making any decision.

The author of this article has worked in a reputable insurance company for more than ten years. Currently, he works as a mutual fund India adviser and writes articles on topics like insurance and risk management assets.

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Risks That May Push Up The Cost Of Life Insurance

A few risks may push up the cost of life insurance, and it is important to know what these are. It would not only help lower the cost of your insurance, but it would ensure that you also opt for the right benefits. By making the right choices, you would also ensure that you avoid life insurance risks of increased cost.
If you want to ensure that the monetary value of your life insurance remains low, you should consider some of the following:

1. It is important that you do not lie when you apply for insurance. You should make every attempt, as far as possible, not to exclude any information. Should the company fin doubt that you have excluded vital information they are bound to raise the cost of your insurance or they could cancel your policy.

2. Many insurance companies can offer you life insurance without a medical examination. This could increase the risk of pushing up the cost of life insurance. In order to prevent this, you should therefore make the effort to have a doctor's check up. It is a simple matter of blood tests, weight and height checks. As indicated above, you should reveal any conditions you do have beforehand as well.

3. If you are a smoker or have any other poor health habits, you should reveal that too. Some of these poor health habits are things such as overeating, heavy drinking, and taking drugs. These risks will increase the premiums. If you are participating in dangerous activities such as an action packed sports or working in a dangerous environment, you will need to pay a higher premium as the company sees this as a risk as well. You can lower the premiums by making the effort of living a healthier and safer life.

4. Should you be paying a higher premium because of any of the above reasons such as poor health, and other unhealthy habits, the importance is that you have a reassessment done if any of your circumstances have changed for the better. With improved health, the chances are sure that your risk profile would have changed. This could lead to the lowering of the insurance premium. It is your responsibility to make the company aware of your new healthier, risk free status.

5. There are a few ways in which you can apply for life insurance to avoid the costs of life insurance risks. Many companies have their own agents and they offer only the packages of the company for which they work. Should you speak to such an agent only, it would mean that you do not have any other deals to compare with, and therefore get the best deal. The risk here is that it may push up the cost of life insurance. Getting a broker, with more than one company assessed, you could opt for the best package at the cheapest rate.

The most important aspect that you should consider here is that, the healthier you are, the better the chances you have of paying a lower premium. This will reduce the risks that may push up the cost of life insurance. Ensure that you use an independent broker to calculate the cost for you.

Bryan Collins is a life cover specialist, specializing in Endowment insurance and no exam life insurance

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Five Killer Tips That Will Save You Thousands On Life Insurance

Life insurance is not a luxury but a necessity, especially if you possess or buy a house. The first type of insurance that you need to think of immediately is the mortgage insurance. The mortgage insurance would normally be attached to any home that you purchase. In recent years, though, you have to request for it to be added. If you do not, it will not be added. It is important though that you look at tips that will save you thousands on life insurance.
Here are five tips killer tips that would save you thousands on life insurance:
1.Backdating your Life Insurance:
As you get older, you will find that the premiums on your life insurance would increase, which is especially usual with your mortgage loan. The backdating of your life insurance and general premiums, would allow you to make great savings. This is an especially excellent idea if you are still young and have the means to do so. It will not only cut your mortgage period shorter, but it will also prevent your premiums from growing too high for when you are older.
2.Consider a Cheaper Deal:
There is always the possibility of having your current insurance analyzed and scrutinized so that you can see whether you are not overpaying. There are newer policies that could allow you to pay a lesser premium on your life insurance as well as your mortgage insurance. The best way to do this is to find a broker or speak to your lender to make the switch. Switching insurance can assist you to save thousands on insurance.
3.Get Rid of Your Private Mortgage Insurance
The private mortgage insurance (PMI) comes into play when you have put down a less than twenty per cent deposit. You can get rid of this mortgage insurance when you have paid more than eighty per cent of your mortgage. It is also possible to do this if the value of your home has gained considerably.
4.Refinancing:
When you sign up for a mortgage loan, you are never sure what the interest rate would be. Should the interest drop, though, you are in a position to refinance your mortgage and in the process revamp your insurance policies attached to it. You do need to first ensure that you would be saving if you do this. The low interest rate would help your case a great deal.
5.Reduce Your Assessment:
It often happened that property prices fall and you end up with a home of lesser value. If this is the case, you could save a great deal on property taxes as well as on your insurances. The property tax can be reduced I your tax assessment, and that would lower your taxes for the year.
The tips mentioned here are just a few. There are many more tips that you can investigate to ensure that you will save you thousands on life insurance. The importance is to find ways to save as much as you can over they years.

Bryan Collins is a life cover specialist, specializing in Self employed life cover and Mortgage Cover

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Things to Look For in An Insurance Company You Want to Work For

There are things we need to look for in an insurance company we want to work for. Insurance sales is a very hard position and if you want to enter into a place where you can earn regular, consistent income which is enough to support your lifestyle, you cannot just work anywhere.
Look at some of the characteristics you should pay close attention to when seeking employment;
1. Train as possible and read every book you can find on risk management, human life value, how insurance works, qualified plans, retirement planning, estate planning, Social Security, investment planning, and how life insurance improves and enhances these items. The more you understand these concepts the better you will be at your job.
2. Read everything you can about marketing, sales, how to attract clients, communication skills, body language and making presentations. The more you can learn about how this business of sales works the better you will be at performing it. If you read just one book a month over a 5 year period on the same subject, at the end of that time you will know more about that subject than 90% of the general public.
3. Think of all the reasons you would or should not buy insurance and then develop responses that overcomes these objections before they come up. Hearing no, I want to think about it, can we do it later, etc is customary in insurance sales. In order to do well in Insurance you must be able to handle objections.
4. Join every organization you feel you can contribute to. By being an active member you will not only make friends and meet potential associates but you will increase your exposure as an expert in your field. Nothing carries a career farther than being regarded as an expert in your field.
5. Work in an office that exudes positive mental attitudes. The more you can experience a positive atmosphere the higher you will climb. Negative people produce negative thoughts that can kill your dreams. Instead let the positive perspective of others propel you to heights not thought of. You can soar as an agent once you really believe its possible.
This is a very rewarding field, but it is also very difficult. On average, 75% of those who start do not last more than a few years. That is because of little to no training, limited knowledge and communication skills. Don't be a casualty.

http://www.lordshipinc.com

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It Is Never Too Late to Get Life Insurance

Life insurance is an issue worldwide. This issue is that people's thoughts are always focused on matters of what is necessary in the present. Young people are especially prone to not think about what might happen in the future. Life insurance would therefore be last on the list of their life planning. The good news, though, is that it is never too late to get life insurance.
What they do not realize is that it is a vital part of life to make provisions for loved ones. This is especially true for those who have already started with a family. Even if there is no nucleus family of his or her own, there is perhaps the need to provide for a parent. Most importantly, it is a matter of knowing, and realizing that there is the availability of life insurance for the elderly.
Many life insurance companies have realized that it is important to provide for those who have neglected this aspect in their lives. They have therefore made provision for these people through:

• This is simply a means of reducing the cover to a smaller amount than for the younger candidate.
• This coverage can be obtained without medical approval or doctor's reports.
• The cover is meant as a means to cover any outstanding debt, medical bills, and any other expenses, should you pass on.
• It will offer a small reprieve if you leave a spouse behind, even if you do not have debt or medical bills to pay.

Most insurers can help you with calculating life insurance to benefit your family once you have passed on. Each of the many insurance companies offers a different insurance. Hence, the best is to make sure that you find one that would meet your specific needs. These insurance companies have realized that, even if people are older, they do have a need for insurance as well. In offering these packages, it is important that young people are informed that this does not mean that they too would reach old age too. They should therefore be more prepared than those who have neglected this aspect in their life plan.
The point of life insurance is that you should have cover for most of your life no matter how old you are. It is more beneficial if you do take the cover at a much younger age, than to wait for your old age. There is no guarantee that you would reach old age. It would therefore benefit your immediate family when you should pass on. Should you be a little older when taking out the insurance, there would at least be coverage to pay off all your debt, medical bills and for your spouse to have some extra funds to have a reasonable life in his or her twilight years. Most of the insurance companies have started making provision for the older people to obtain benefits. All you need to do is find the one that would suit your needs.

Bryan Collins is a life cover specialist, specializing in Life insurance for over 70's and Endowment Insurance

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Need of Policy Administration System (PAS) for Insurance Companies

Policy administration system (PAS) is meant to help insurance carriers - life and non-life insurance carriers by enabling them to operate efficiently so that they will get optimal results. This article emphasizes the need of PAS for insurance companies.
Customer information is a lifeline to any insurance company
Customer's information is critical to every insurance company. They literally run on customers' information. Therefore, managing and maintaining the information is the key responsibility of the company. Even a very minor issue in that information will cause an irreversible damage to the reputation of the company.
Software systems to manage records
Earlier, creating, updating and deleting the records was done manually, which was cumbersome because the task was tedious, and required several workers and consumes a lot of time.
Another big challenge for insurance companies at that time was to verify and rectify the mistakes that occur in manual operation. But with the latest developments in the technology, insurance companies started using software packages to operate effectively, and today, they provide better service to customers and save resources.
PAS is an insurance software that manages customer records and do other activities like billing, invoicing, claim settlements, etc. So, it is beneficial for the insurance company to have PAS. It has become essential need for insurance companies today.
PAS is cost effective and error-free system
• PAS could manage high volume of customer records effectively. It reduces paper work involved by electronically maintaining the records.
o 'Record manager' of PAS records and saves the information of every new customer. It updates records with timely changes and deletes records as soon as the policy is settled. At the same time, PAS makes sure that no data is lost in the process.
o PAS validates the data of customers as it goes through the workflow, and alerts the company about compliance issues and warnings, if any.
o Effective record management enables accurate functioning.
• PAS provides interface, that is easy for any employee to enter the data or find information to serve customers. Programming skills are not required to work on PAS.
• PAS makes settlements easy. It accurately calculates the settling amount using the stored data.
o Settling claims is a major aspect of an insurance company because any mistake while settlement will damage the reputation of the company. PAS can avoid this all.
• PAS is also capable of doing billing and invoicing activities of the company. It comes with built-in tax calculator, that accurately calculates the tax and do billing fairly.
PAS not only manages and maintains the records effectively, but it also helps in reducing the workload, avoiding loss of data and saving cost for the company by cutting down use of resources.

JDi Data Corporation is a proven leading technology insurance software solutions provider offering policy management software, agency billing, rating, and accounts receivable software. JDi Data's policy administration system is designed to be reliable, easy to use, and cost-effective, all the while complemented by expert and friendly service. JDi Data has built a reputation of proactively maximizing our client's technology choices and also provides quality claims management software.

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A Checklist For Taking Out Life Insurance

This checklist would make it easier for you to see and cover all that you need for your life insurance. With it, you can make sure that you do not miss any detail that should be a necessary part of your policy. You should go through the checklist carefully, as this is a contract and you might not be able to change it at a later stage.
You should have the checklist handy, and read carefully through the list to tick off what you should be doing and what you have completed. This will help you a great deal in finding the life cover that is right for you. The checklist here contains some of what you need to check for, but it will be a great help.
1. Decide what type of policy you require

• The decision you make will depend on:
  • Whether you want a term policy.
    • A term policy takes you over a certain period such as five, ten, fifteen or even twenty years.
    • When you do die, it does pay out as well
    • It is also for when you do not have too big a budget to work with
  
  
  • The other option is to have a lifelong or permanent policy. This means
  
  
  • This means that the policy will pay out on your death.
  
  
  • It will provide for your family in a time of great need.

2. Decide how much cover you need

• The first step is to make the calculations - preferably with a broker or an independent agent.
  • It needs to fit your current budget as well.
  • Shop around for the best deal
  • Choose what you need and do not spend unnecessary time and money on what you do not need.
  • Check all the avenues of legitimate cost cutting and savings.

3. Decide who your provider will be

• You should check and decide whether the best deal would be to deal directly with an agent. You could do this if you know exactly
  • What you want and need.
  • Have done all the research necessary
  • Have read all the fine print and have
  • Looked at all the pros and cons of that particular policy.


• If you have any doubts, the best is to see a broker to:


• Sift through all the details for you and help you make the right decision


• Make use of their network of service providers in order for you to get the best deal.


• Choose what you need and do not spend unnecessary time and money on what you do not need.


• Check all the avenues of legitimate cost cutting and savings.

You should use this checklist as a guideline. It does contain enough information for you to make a start in your investigation as well as in making the decision on the type of life insurance you would need to sign up for. The best is to follow the points as it is given so that you do not end up missing any important matter.

Bryan Collins is a highly experienced life insurance and mortgage insurance adviser.

Article Source: http://EzineArticles.com/?expert=Bryan_I_Collins

Article Source: http://EzineArticles.com/8195672

4 Best Tips for Insuring Your Holiday at Christmas

However you may celebrate or observe it, Christmas is a busy time. The presents, the preparation, and the people - all of these do bring joy but also carry a degree of stress. In the midst of this time, many families plan a break away, and juggling this planning along with all the other obligations of the season can make time a very valuable commodity indeed.
Some families may thus be tempted to cut time out of preparing and researching the ways to cover their trip against mishaps or illness. But it is important to put some time into thinking about the best way to get cover.
Christmas is risky - don't avoid cover
The first thought that should enter your mind is avoiding avoidance. If you do not have regular cover and you are planning a small trip in the midst of this manic time, it is tempting to avoid insuring your holiday at all. But simply because you don't have time to imagine the potential problems that could arise, even on a short trip, does not make them any less real or likely. It is important to realise that if you have time to book and plan a trip you should have time to plan your cover.
Make time to do your research
This plan invariably involves a degree of research. Luckily, most quality companies give you comprehensive information on their web pages and through their call centres. In the middle of rushing around to do your Christmas shopping or planning your Hanukkah festivities, it is useful to set aside a few hours to compare different ways of insuring your holiday. Consider the various providers and packages and ask them how they can tailor cover to suit all the needs of your family and particular trip.
Budget insurance amongst the presents
This season can be a hit to your bank account. But this does not mean you should look only at the cut-price options when insuring your holiday at Christmas. While there are many fine providers who offer low rates on services, it is essential that you choose the cover for you that suits the needs of your family rather than simply picking the cheapest option. The best way to do this is to actually budget for this cover when you are budgeting for your presents and trip earlier in the year.
Look for short-trip family packages
These days, you are spoiled for options when insuring your holiday. The flexibility can be overwhelming and, since you will no doubt be pressed for time during this period, it is useful to focus on short-trip family packages that cover spouses and children for the specific duration of your stay rather than individual or annual cover. This is especially relevant if you don't plan to travel regularly over the course of the year and if the cover offers useful bonuses and extras your family can take advantage of.

Patrick Chong is the Managing Director of Insuremore. We provide low cost travel insurance and offer a range of policies for insuring your holiday, including single-trip, multi-trip and family insurance. For all your insurance needs, Insuremore can help you in the quickest and most cost-efficient way.

Article Source: http://EzineArticles.com/?expert=Patrick_Chong

Article Source: http://EzineArticles.com/8195690

How To Save Time When Taking Out A Life Insurance Policy

There are many ways that you could use to save time when taking out a life insurance policy. It would also depend on the type of policy in which you would invest. Whichever one you choose, the point is that it runs for a period. Some of these are: a term life policy or a whole-of-life policy. The term life policy would ensure that you get some money out of the deal before you die. It usually has a period of five, ten or fifteen years. The whole-of-life policy that will pay out at any time you pass on. However, there is always a need for a life insurance policy.
You need to find the right tools to make your life insurance policy a possibility. How do you save time when taking out a life policy? Some of the tools you could make use of are:

1. The many websites that would gather information for you from various sites and compile the information so that you can compare it.
2. These sites are able to calculate your insurance cost and cover for you, as well as your premiums. You would also be able to see what cover you would be able to get for the premium you would be paying.
3. You need to consider what kind of life policy it would be: a term life policy or a whole-of-life policy.

Following ways to ensure that you save time when taking out a life insurance policy, is vital. Some of the ways that you could do this is to do the following:

1. Ensure that you get quotes from as many places as you can. These include banks (especially if you already have a mortgage in place), comparison sites, and other existing lenders with which you already have policies, brokers, or independent financial advisers.
2. Make sure that you read the fine print, so that you have all the information on what is enclosed in the policy.
3. Do not create time wasting opportunities. An example would be to lie regarding your medical fitness. If you do have something to declare, you will save yourself and your family great deal of time when it comes to the pay out of the policy. More importantly, it will save you time lost should they find out that you have an ailment or that you have been smoking.
4. Check your existing documentation, as this will indicate whether you already have life insurance cover. It would therefore be a waste of time and money if you look for and take out more insurance.
5. Make use of the thirty day cooling off period, in order to make doubly sure that you are making the right decision.

A vital aspect of life insurance, though, is that you should ensure that you keep it up to date. You might want to check what the value of your cover would be should pay out, and add to it at that point.

Bryan works as an endowment life insurance advisor and can get you a great free gift when you make an application.

Article Source: http://EzineArticles.com/?expert=Bryan_I_Collins

Article Source: http://EzineArticles.com/8192120

4 Ways to Tailor Holiday Cover to Suit You

The highlight of a holiday is never insurance! In the middle of all the frenetic yet eager planning, no one gleans great joy from plotting the numbers and filling the forms required to build ideal protection against possible mishaps.
Yet these days there is a great deal of freedom in this process, and while this by no means wins you any thrills, it can please you when you are spoilt for choice. It is important when faced with such choice to, of course, choose wisely, and to know how exactly to mould and shape your options to insure yourself and your trip in a fitting fashion.
Family versus singles insurance
On of the first decisions to be made when wading through the options available for holiday cover is whether you will need a family package or if you will insure individuals. It can seem an easy choice based on if you will travel as a family or as an individual. But when you travel with extended family, or as a couple, or with friends, you will need to work out which type of insurance suits your needs best. These days, solid providers pride themselves on adjusting the scope of insurance to match your needs.
Short-trip versus repeat travel insurance
The next option worth considering is based on duration and frequency. Your holiday cover should take into consideration whether or not you will travel many times over the course of the year, if you will travel for long periods at once or if you intend only to take one simple and short trip. There is no need to pay unnecessary insurance or spend on extravagant premiums when good providers allow you to tailor your plan to suit the exact quantity of time you will spend away from home.
Standard insurance versus the extras
Many people prefer the bread and butter version of holiday cover. Eschewing the bells and whistles, this insurance focuses on protection against the common mishaps and ailments that can befall travellers. But these days, the extras are quite often more than just frills and decorative incentives: 24-hour emergency call services, kids' protection, golf and cruise protection, and protection against acts of terror can be genuinely useful bonuses that are often added for very little cost.
Simple quotes and payments online
As mentioned, there is no delight in planning your holiday cover, so simplicity is key. This is why it is important to consider quote and payment options. Many top budget travel insurance companies not only give you a fine range of options for plans and extras, but also allow you to do your paperwork and assessment online. The ability to get simple quotes, online medical assessment and pay via the web makes the entire process so much easier to manage.

Patrick Chong is the Managing Director of Insuremore. We provide low cost travel insurance and offer a range of policies for your holiday cover, including single-trip, multi-trip and family insurance. For all your insurance needs, Insuremore can help you in the quickest and most cost-efficient way.

Article Source: http://EzineArticles.com/?expert=Patrick_Chong

Article Source: http://EzineArticles.com/8195708

Things To Avoid When Taking Out A Life Insurance Policy

A life insurance policy serves as a means of providing for your family a livelihood after your passing. It is also there to settle most of your debt should you have any at the time of your death. The insurance companies have rules in place that would ensure that the moneys they pay out are for a legitimate reason. It would therefore be to your advantage to avoid certain things when you take out a policy.
It is often necessary to consult with a broker to get the best deal for your life insurance. He or she can guide you around the potholes to give you the best options. There are some things to avoid when you apply for insurance. A focal point that you should look at, to avoid, is what the life insurance would and would not cover. Insurance cover is there as a means to ensure financial security for family members, especially. Strict rules therefore apply to the cover that the insurance company would allow for you to have.
In most countries, it is unacceptable to participate in a dangerous lifestyle if you want to take out a life insurance policy. These include:

• Dangerous activity: Dangerous activity deals with the many different types of extreme sport. The participation in this type of activity would put you in harms way and could result in death. The death would not be a natural death, and this makes it difficult for the insurer to insure your life.
• A Dangerous Job: Another thing to avoid when applying for life insurance is to work in a high-risk environment. Such workplaces often provide what is called worker's compensation and you do not necessarily need an independent life insurance. However, if you do want to have extra insurance, you will pay more on your premiums.
• Another most important thing to avoid when taking out a life insurance policy is to avoid lifestyle choices such as smoking, heavy drinking, being overweight and unfit. Smoking is considered a vehicle to illnesses such as cancer, emphysema, and other physical ailments. The insurance company would therefore think twice before allowing you to have cover, as it would be costly to them should you become ill. The same applies to any other type of negative aspect that could cause damage to your physical body. Again, it is possible to get the life insurance, but it will be at great cost to you.

It is important to always keep in mind what things to avoid when taking out an insurance policy. Just a few of these are mentioned here. These are, a dangerous job or activity, and lifestyle choices such as smoking. However, you are able to get the insurance at a higher premium. At the same time, should these circumstances change in any way, such as a healthier lifestyle, a reassessment could allow the premiums of the life insurance to be lowered.

Bryan Collins is a life cover specialist, specializing in high risk life insurance and endowment life cover

Article Source: http://EzineArticles.com/?expert=Bryan_I_Collins

Article Source: http://EzineArticles.com/8195630

Golden Rules When Taking Out Life Insurance

In order for you to ensure that you take out the best policy for you or your family you should find the right avenues. This would mean that you should remember a few golden rules when you take out the insurance policy. It is one of the most important decisions that you would have to make and therefore you should be careful when following the rules as well.
This is an important component of life, as you do need to provide for your family in the event of your death. You therefore need to ensure that you provide for them.
Some of these rules include:

1. That you buy your insurance from a company that has a good reputation. A broker is important in this and should be a reputable one as well. If you use a company, you should know what you want otherwise you would need a broker to explain all the details to you. You could find out who is reputable by calling the registry board in your country or area. All the providers as well as brokers have to be registered.

2. It is important that you do know exactly what you are in need of. You cannot venture into taking out too much. The broker's job (or the company) is there to help you with calculating the costs of your insurance. They would look at what you currently have in place and would then calculate what you need is.

3. In discussing your needs, especially for the life cover, you should make sure that you do not omit any necessary information. It will adversely affect the payout at the end, if it is discovered that you were a smoker and that you had been suffering with ill health that resulted in your death.

4. Ensure that you provide the policy with a beneficiary. If the policy does not have a beneficiary, the policy will not be paid out directly to your family, it will be paid into the estate. It could take months for the estate to be wrapped up. It does not have to be one beneficiary only. If you do not have any family members, you could nominate any charity of your liking.

5. The most important aspect is that you should do, is to know exactly what is in the content of the policy. This you can only know if you read it carefully, and that would include the fine print. If anything is unclear, you should contact the provider or the broker who assisted you. By reading the document, you are clear that all you asked for are included, that you are paying the right premium and whether there is a waiting period.

The most important thing to remember is that you do need an insurance policy. By following some of the golden rues mentioned here, you could eliminate any difficulties in the future. This is especially directed at the payout. If you have not checked everything carefully, you might find at the end of the term (if it is a term policy) that you do not qualify for a payout.

Bryan Collins is a life insurance advisor. He can get you great cash back when you apply for life or mortgage insurance.

Article Source: http://EzineArticles.com/?expert=Bryan_I_Collins

Article Source: http://EzineArticles.com/8195723

How To Train A Sales Agent To Be Effective

Insurance companies focus a lot of their attention on recruiting new agents. The reason is very simple; agents account for the majority of new business Insurance companies write.
Given that new agent productivity is paramount to continued success it would seem that training programs that ensure that would abound in most Insurance companies. Sadly that is not the way it is. Even to this day there is an incredible amount of turnover in new agents due to their inability to become productive.
Who would want a full time sales position that pays $20,000 a year? When you consider all of the expenses of being in a commission position along with the difficulty of getting new clients a person who settles for what they could earn full time working in retail or a restaurant should seriously consider a new career. I am not knocking what people in retail or the restaurant industry go through. But being in full time sales is very hard. It makes more sense to earn an above average income since you will be dealing with above average job stress.
That being the case let me share with you a method to train new agents for optimum efficiency as early as possible.
1) Make sure agent has some product training prior to hitting the streets - this can be done in classroom, online or in a group setting. Agent must have a basic understanding of the products his company offers along with learning the presentation of his company.
2) New agents need to see experienced agents set appointments - when you bring on a new agent he needs to spend some time watching experienced agents prospect and set appointments. Don't have him watch a new agent work warm leads, orphan leads or anything that this new agent won't be calling on. If he is expected to get appointments from cold calling, then he needs to see someone make those calls and have success. If he is going to go and prospect in the streets he needs to see it done by example from an experienced agent.
3) New agents need to watch a presentation, take notes and not say a word - show him how it is done from start to finish with no interruptions.
4) Have new agent participate in presentation- let him do some parts of the presentation and trainer can observe and help out
5) At end of day let agent explain to other agents what he learned from his experience
6) Repeat this process only let new agent do entire presentation. Then trainer can critique.
Repetition is the mother of learning.

http://www.lordshipinc.com

Article Source: http://EzineArticles.com/?expert=Jeffery_Davis

Article Source: http://EzineArticles.com/8197433

How Landlords Insurance Protects Buy to Let Property Owners

Buying a property with the intention of renting it out and building up a property portfolio is one of the many ways people build their future foundations. Investing in property is one of those investments that even when the market drops, the investment is still worth money.
At the same time, giving complete strangers access to your property and letting them live in the property comes with a fair amount of risk. The biggest mistake many buy to let owners make is believing that regular household insurance will protect them should something go wrong while they have tenants living in the property. This is not the case.
In fact when renting a property out you need specialised landlords insurance to protect you and your investment.
As a property owner, even if you have tenants staying in your property, you remain responsible for the structure of the building. This means the building itself, garages and even fencing. Should a tree blow down during a storm and smash into the side of the property, it is your responsibility to repair it.
It is the property owners duty to ensure the property is habitable at all times, what this means is that you are responsible to ensure there is running water, the plumbing works effectively and there are no problems with the electricity. When things go wrong and your tenant phones to advise that there is a leak that has flooded the property, you are responsible for the repair, which is why landlords insurance offers you this protection.
Landlords insurance also offers you that valuable public liability cover that you need when giving the keys over to tenants and giving them the ability to live in your property. Public liability cover will protect you against any claims that result in an accident at the property which is seen as the owner's responsibility.
This could be an uneven walkway, the ceiling collapsing on the tenant and causing serious injury or the boiler bursting and the tenant slipping in the water as they rush to turn everything off.
You are legally responsible for any public liability claims against you and these can amount to thousands. Without the adequate landlords insurance in place, you could end up paying this amount out of your own pocket.
Accidental damage is often a top priority for any property owner. You can't always budget for when things go wrong, especially if you have a number of properties you rent out. The smallest thing such as the boiler requiring maintenance or an electrical fault, can set you back a few hundred Pounds.
A good landlords insurance policy will protect your building, accidental damage and your liability cover.
Many property owners choose to add additional cover to their landlords insurance. This can include a number of different cover options to ensure your entire property has the protection it needs.
One of the most popular additional covers includes loss of rental income. In the event your tenants leave in the middle of the night without warning and you're left trying to find suitable replacements, you are losing money. As long as your property sits empty, you are losing cash income.
If you rely on your rental to pay your mortgage, this can be a financial disaster you were not expecting, a disaster your policy can assist with. Most policies will pay out the rental for a set period of time, giving you more than enough time to find suitable replacement tenants.
Another additional cover you can add to a policy include alternative accommodation for your tenants. In the event there is a fire and the property is uninhabitable, rather than lose your tenants, you can pay for alternative accommodation until the property is ready for them to move back in.

Arkwright Insurance are leaders in their industry. Helping private and business owners with their insurance requirements since 2003, Arkwright have become a top choice when it comes to insurance. Based in Bolton, this insurance company offers a choice of insurance products to meet the requirements of a number of industries and private individuals. The team at Arkwright Insurance offer a personalised service, they ensure efficiency and affordability for all their clients. The range of insurance products available include personal insurance, business insurance, property cover, motor trade cover, fleet cover and more, all of which can be accessed by phone or via their website. Visit at http://www.arkwrightinsurance.co.uk/property-insurance/property/

Article Source: http://EzineArticles.com/?expert=Elyas_Mogra

Article Source: http://EzineArticles.com/8197685

Things to Avoid in Choosing An Insurance Company to Work For

How do you pick the right company to work for as an Insurance Agent? Although there is no sure fire way to pick the right company for you to work with, you need to look into how the company hires its Sales Agents, trains them and supports them.
Over 80% of the people who take a sales position with Insurance companies will be out of the business within the first year, mainly because of their inability to locate enough new customers to sustain a new career. When we see agents earning six figure incomes that represents less than 5% of the sales force. Insurance is a great field to be in but you have to be wise if you are choosing this as a career.
There are some things we need to avoid in choosing an Insurance company to work for.
1. A manager who wants you to contact all the members of your family to make sales. This puts you on the spot, creates an imposition for your family, and is no true test of you ability to find clients. You should be contacting your family last or when you feel comfortable.
2. A manager who puts you in a cubicle with a phone and gives you the phone book and tells you to start dialing. He needs to lead by example and teach you how to prospect. Just telling you to cold call is no way to start you on an insurance career.
3. Sits you in a conference room and asks you to watch training videos. This is the worse way to learn the business.
4. Wants you to go on appointments at night. There is no reason the prospect can't come to your office during the day. Going out at night is a thing of the past except for small companies. There will be times where you will meet working families at home in the evenings but as we enter into the 21st century we find that many people will make the time to meet when they feel it is important.
5. Working under a manager who also writes and gets leads to give to you. Sadly many of them will keep the good leads for themselves and give you the crap.
I believe a person committed to a sales profession can make a very comfortable living in Insurance sales. Just do your homework, connect to a company with good training and a culture for success; find ways to prospect successfully and take good care of yourself and your family.

http://www.lordshipinc.com

Article Source: http://EzineArticles.com/?expert=Jeffery_Davis

Article Source: http://EzineArticles.com/8180369

Personal Accident Policies

We are always told that accidents happen, there is nothing we can do about it, and it's simply something we have to deal with as a part and parcel of our existence. Do we know for sure if it will ever affect us? No. If we do meet with an accident do we know how it will affect our lives? We cannot. So what can we do in the face of all these variables? We can ensure our families future by obtaining a personal accident insurance policy.
What is personal accident insurance you ask? Like most other insurance policies it is an agreement that is reached by two parties, the insurer and the insured, where the insurance provider or insurer, agrees to provide the insured or his family with financial compensation. In the case of accidental insurance, this recompense is offered in case the eventuality that the insured passes away or is permanently disabled due to an accident by external and visible means.
There are different kinds of personal accident policies that are offered by a number of financial institutions and insurance firms. One type of policy is to provide the insured with cash to cover the expense of medical treatments caused by an accident. In some the cases it may even cover the cost of the period you are unable to go to work, thus allowing a normal environment at home. A number of policies also cover death caused by accident. This means that in the event that the accident causes the death of the insured, his beneficiaries would receive the pre-arranged sum. The third and final policy available is for disability caused by an accident. Here, if the insured is rendered unable to continue a job due to a disability caused by an accident, then the policy will provide him with a certain amount of his insurance amount every month as a kind of income.
As always, there are terms and conditions that need to be read before applying for and beginning to pay the premiums. What must be kept in mind is that while everyone applies for life insurance and health insurance, they do not consider the fact that there are certain accidents and events that these policies will not cover. So, take a look at your current situation and see if there are any eventualities that you need to protect yourself and your family from. You can check policy as per you and your family needs and then only select a particular plan.

In this article author will help you to understand, how one can claim for accident insurance policy and get relief from financially worries in such challenging situation.

Article Source: http://EzineArticles.com/?expert=Arundhati_M_Kher

Article Source: http://EzineArticles.com/8203670