Category Archives: Uncategorized

How to Find Out About State Insurance Requirements For Car Insurance

If you’re about to make the move to the great state of Missouri, there are some things you need to know. When you move to any state, there are requirements regarding your vehicle that you need to tend to immediately. Finding out about Missouri car insurance has never been easier than it is now.

Most states allow new residents anywhere from 10 to 30 days to get their vehicles inspected, registered and tagged and require you to get your driver’s license within the first month or so of residency, also. If you’re wondering how to find out about state insurance requirements for car insurance, go to your favorite search engine.

Each state has its own insurance department or bureau within state level government. They have websites that will give you the lowdown on what you need to meet with compliance within the state. There are different kinds of coverage that you can opt to purchase when you’re buying your Missouri car insurance policy.

The minimum Bodily Injury Liability limit is twenty five thousand dollars per injured person or fifty thousand dollars per accident. Bodily Injury Liability is insurance that covers the other party if you are involved in an automotive accident and it has been deemed that you are at fault and legally and financially responsible.

The minimum requirement in Missouri for Property Damage Liability is ten thousand dollars. This portion of your car insurance policy is once again for the protection of the other party in the event that you cause a motor accident. It covers the vehicle that you hit or if your vehicle struck their property, it would also cover any damages up to the limit of your coverage.

If you live in Missouri, you need to carry Uninsured Motorist Bodily Injury coverage. The lowest acceptable benefit for this portion is twenty five thousand dollars per person with a maximum per accident pay out of fifty thousand dollars. This will cover the policy holder and any occupants of their vehicle if you are hit by an uninsured or under insured driver.

If you’re on foot and are struck and injured by an uninsured or under insured motorist, you will be covered under this provision, as well. There are numerous other parts of policies that you should weigh and consider carefully before purchasing your Missouri car insurance policy. Make sure you know what you’re getting into. Opt for the best coverage that’s affordable to you and make sure to comply with all state and local driving laws.

Knowing Your Way Around Cheaper Car Insurance

In case you ever wondered if the rumors were really true, it really is illegal to take a car on a public road without at least liability insurance. The only thing that the states disagree on is how to penalize it when someone irresponsibly drives without insurance. For those who wonder about why anyone would even be tempted to break the law and go about without insurance, one needs to remind oneself that on average, it can cost close to $1000 a year to get a car insured; and we live in a time of rampant unemployment. It certainly is possible to obtain proper coverage for less; but sniffing out cheaper car insurance requires a certain amount of knowledge of how the market operates.

There are nearly 500 insurers of cars in this country. Only a few are considered nationally recognized; all the rest of them are regional. With that kind of competition, the car insurers do offer you all kinds of ways in which to drive down the price of your coverage.

Car insurers offer you six kinds of coverage: for bodily injury, for medical payments, for property damage, for collisions, against uninsured motorists and more. The thing is, if it’s an old car that you have, you really need to get coverage for everything. You can move towards cheaper car insurance by being selective about what kind of coverage you choose. Typically, you’re supposed to pay no more than 10% of the value of your car in insurance premiums. If you have an old car that’s only worth $4000, paying more than $400 is just not worth it. You could skip on collision coverage for instance and save some money. You could also increase the deductible considerably and save up to a third.

Basically, you need to get quotes from at least three different insurers (while making sure that the prices you hear are for the same kind of coverage). While you may envy the kind of leverage volume buyers have in the prices they get to negotiate, you need to realize that you have a certain amount of leverage when you go to the insurer who covers your home, and your person. When you buy more than one product from a provider, you can set yourself up as volume buyer and take advantage of the discounts offered.

But apart from that, you need to take a look at the quotes you get from all the major insurers in your area and check the prices out with your state insurance department. Once you do, you’ll get to hear about which insurers are actually worth the trouble rices notwithstanding. Some insurers are in too shaky a financial situation to actually be reliable. They get ratings like D or F. These mean the same thing that they do in school. You also want advice from your state insurance department about how well each company does processing claims and disputes fairly.

You can always get cheaper car insurance if you don’t drive your car that much. Low-mileage drivers can easily negotiate discounts that save a third off. And if you sign up to have payments go out of your bank in an automatic way, that’s an extra 5% discount for you.

Over 90 Insurance Designations and Rising

The insurance agent designations are not noted by rank. This is because a specialist working the senior market might think his insurance designation more important than one selling life insurance. And of course the opposite is very likely. In additional, some designations require very extensive and intense learning to obtain.

Thanks to the continuing education requirements of state insurance department licensing. Continuing Education has become a major incentive for an agent to obtain an insurance designation. Agents must obtain additional Continuing Education credit points or study hours to renew their license. They can take online study courses, attend qualified insurance seminars, or work toward receiving one of the multi-phase insurance designations.

An important sideline of the required ongoing further insurance education applies to agent retention. The industry agent retention rate of agents 4 through 10 years, has improved significantly because of agents obtaining insurance designations. These insurance designations and better retention rate can be directly contributed to the continuing educational requirements to make agents more professional.

These are the certification explanations of related insurance designations. Each certification process for obtaining insurance designations differ, as far as requirements that must be achieved. Some insurance designations may not even be started, until prior experience, of either study or of even other certification is obtained first. Here we will try to provide additional meaning to the insurance designations, as far as to how many may have obtained that certification, course requirements, or notable changes to their income.

You can be an agent with one of the prominent insurance designations and sit on your butt and do nothing. Or it is possible that you obtained one of the insurance designations, and three months later, due to lack of selling skills or prospecting leads was forced to drop out of the profession. Therefore two analyzes tend to hold true. First, insurance designations by themselves do not provide a higher income or professional longevity. Secondly applying the certification skills obtained ambitiously helps agents with insurance designations obtain creditability and knowledge. This in turn, leads to a longer lasting and higher income level.

Insurance Designation of CLU, Chartered Life Underwriter. This is universally the recognized professional advisor certification given in the insurance industry. The study field consists of 8 college level examinations. The 5 required and 3 elective courses including estate planning and pensions, taxation and economics, life and health insurance, along with taxation and income replacement. The American College, is not a dormitory or full time style daily college, but since 1927 is devoted to providing educational certification. The American College currently provides CE studies in at least 8 areas beneficial to the insurance professional. Additional continuing education, experience, and ethics are required to maintain CLU certification. Qver 90,000 agents (included those retired), have achieved the CLU insurance designation. Although we can’t give an exact figure, our internal analysis shows the, income earnings of an insurance professional CLU to be 25% to 35% higher than an agent with out any form of insurance certification.

Insurance Designation of LUTC or LUTCF. 80% of agents earning this certification use the letters LUFC, while the remainder use LUTCF. This is probably the easiest, and first insurance designation most life insurance agents earn. Given in classroom setting, it includes role-playing self-study, and examinations. The required 300 designation credits covers a very broad spectrum of life and financial areas. Many of the over 60,000 LUTCFs obtain their insurance designation within their first 4 years of insurance experience. Although not a significant income increasing factor, LUTCFs have about 35% less career dropout than other agents in their same experience category.

Insurance Designation of FSS. This rather new degree is the Financial Services Specialist. It is often referred to as the financial services counterpart to the life service LUTCF certification. Courses are provided in a classroom format, and consist of 6 total courses with 3 of them being required and a choice of 3 elective courses. Here the emphasis is on financial and estate retirement planning, along with the products and investments used to service their clients. Like many of the insurance designations, retaining certification requires periodically completing ethic seminars.

Insurance Designation of FIC. A Fraternal Insurance Counselor usually represents a Fraternal Insurance Company. The Fraternal Insurance Company is dedicated to the welfare of its members, with the members often having a common work-related, social, or religious bond. The members are required to buy life insurance “certificates”, instead of policies. Meetings and social events reach out to members in need. Many FIC designated agents have already completed LUTCF qualifications and course cover estate planning, and sophisticated financial plans. Some consider the FIC designation as important as the CLU. Financially, our analysis of agent income, shows an agent with FIC certification to have significantly higher income that an agent with the same time experience and no designation. However this income earning tends to be less than a similar CLU.

Insurance Designation of RHU. The Registered Health Underwriter is not the CLU of Health Insurance. An RHU but is a highly trained and respected specialist in the health insurance market. The three required courses the must be successfully completed cover disability income replacement, individual and group health and medical coverage, and long term care insurance. With an exploding population of senior citizens, the long term care insurance market is in dire need of ethical and knowledgeable professionals. Rapidly increasing medical costs require that HSA, Health Savings Accounts, and Worksite Benefit Plans have qualified representatives to help individuals and groups. The RHU is required to complete at least 30 CE hours every couple years. There are over 6,000 RHUs, who have become the knowledge and income leaders in their area.

Insurance Designation of CSA. This certification, Certified Senior Advisor, was relatively unknown until recently. It is very unique, as the focus is not on product knowledge. Instead it builds communication skills, so that both the agent and client understand the financial, health, and social impacts of senior age. Intense training is in senior health, financial, and effects of Social Security. The CSA training has three options: classroom style, self study, or online. The total certification process includes high emphasis on ethics, and the normal time period to complete is 6 months. While we will get arguments here, the insurance agent has 3 key initial directions and courses to start with. The is LUTCF for life, FSS for financial, and CSA for seniors. Expect to seem a big boom in Certified Senior Advisors.

Insurance Designation of CLTC. Certified in Long Term Care is becoming well known. This is one of the fastest growing certifications that we have seen, and there is a reason. The training is not just beneficial to the senior health specialist, but just as important, if not more to the senior market financial specialist Therefore there are many CLUs and RHUs currently expanded their senior market knowledge but advancing toward CLTC certification. Not only do courses focus on selling long term care insurance, it covers governmental programs in effect, home care needs, and financial planning. It requires completing an eight part course and more. In additional, to uphold the high standards, a CLTC must go through a renewal every two years.

Frequent Insurance Designations include: CLU as a Chartered Life Underwriter, ChFC as a Chartered Financial Consultant, LUTCF as a LUTC Fellow Designation, RFP as a Registered Financial Planner, RHU as a Registered Health Underwriter, FIC as a Fraternal Insurance Counselor. Other common related insurance Designations are: CSA as a Certified Senior Advisor, CIC as a Chartered Investment Advisor, FSS as a Financial Services Specialist, and CPC as Certified Pension Consultant.

The insurance designation CLTC as Certified in Long Term Care is increasing in numbers exceptionally fast. This rising amount of designations also apply elsewhere. CEBS is a Certified Employee Benefit Specialist, REBC is a Registered Employee Benefits Consultant, CIC is a Chartered Investment Counselor, AEP is an Accredited Estate Planner, CSS is a Certified Senior Specialist, CPA is a Certified Public Accountant, and RIA is a Registered Investment Advisor. Although the later is not really an insurance designation.

Lesser known financial and insurance designations follow. CAA is a Certified Annuity Advisor, RFC is a Registered Financial Consultant, LIFA is a Licensed Insurance Financial Analyst, CEP is a Certified Estate Planner, AFC is a Accredited Financial Counselor, CFA is a Chartered Financial Analyst, MSFS is a Masters of Science in Financial Service, FLMI is a Fellow Life Management Institute designation, CPC is a Certified Pension Consultant, CAC is Certified Annuity Consultant, RFG is a Registered Financial Gerontologist, FFSI is a Fellow Financial Services Institute designation and CRP is a Certified Risk Professional.

Purchase Health Care Insurance, Not a Rip Off

To keep from getting ripped off when you buy medical insurance be sure that you buy from a company that is accepted by your state’s insurance department, that has few complaints, is financially stable and that has will sell you a good contract.

The first and most important thing you should do when you want to buy health insurance is to check with your state’s insurance department to be sure that the carrier is accepted to sell in your state.

Each insurance department will have different standards. You cannot stop with this step Because of this. However, you will eliminate the worst companies from consideration by restricting the carriers you consider to carriers that have been approved by your state’s insurance department.

The ratio of complaints a company receives to the number of people they insure is important. Your state’s insurance department should be able to help with this..

To ascertain that your department of insurance’s standards are good enough, you may want to visit the AM Best website to see how financially strong an insurance carrier is. You get a free report on their website that includes not only AM Best’s opinion of their current financial stability but also A M Best’s opinion of of a company’s future financial stability.

Establishing how good an insurance contract is can be more difficult than ascertaining how strong the company is. Insurance carriers sometimes sell both good plans and lousy ones. Another is the fact the insurance contracts are inherently complex.

The percentage of policy holders who complain is a good indication of how strong the insurance carrier’s plans are. While some complaints are baseless, a carrier that has too many complaints is a company that either doesn’t live up to their promises or that offers contracts that don’t meet their plan holder’s expectations.

However, since companies that have a low level of complaints may sell both benefit rich and lousy plans, each plan will need to be looked at independently. Things to stay away from are plans with low lifetime limits, annual limits on benefits and limit or exclude doctor visits.

A plan’s lifetime limit should be several million as a minimum unless you are sure you will be switching to another policy soon. If you are close to being eligible for Medicare a policy with a two million dollar cap won’t have much time to be ravaged by inflation. If you are under 30, a million dollar limit may not be enough when you older.

Some plans have high lifetime caps, but limit what they will pay in a year. These policies should be avoided. They won’t pay all of your medical costs if you have a major accident or illness.

Contracts that pay in the hospital only are not recommended either. If you have big expenses in the hospital you are almost guaranteed to also have some very big physician bills either before or after your hospital stay. You may have a need for multiple physician visits both before and after your hospital stay.

To avoid being scammed when you buy health insurance buying from carriers that pay their claims is important. Of equal importance is purchasing a plan that meets certain standards. You will need to understand which contracts limit their benefits and avoid them if you want to keep from getting ripped off.