(In the context of this article, an insured includes one who thought he or she was insured, whether they were or not.) The law regarding insurance agent or broker duties is similar to the fundamental legal duties of agents and brokers in California to use reasonable care, diligence, and judgment in procuring the insurance requested by the insured. As salespeople, Insurance Agents dedicate a large portion of their time to cultivating new business. Insurance agents should have a prescribed license to sell various kinds of insurance products like life insurance, health insurance, property insurance, etc. Study and analyse it, and accordingly suggest suitable life insurance plans. 2014). (citing Pacific Rim Mechanical Contractors, Inc. v. Aon Risk Ins. HUB Int’l., 224 Cal.App.4th at 585 (citing Hydro-Mill Co., Inc. v. Hayward, Tilton & Rolapp Ins. HUB Int’l., 224 Cal.App.4th at 586 (citing Croskey et al., Cal. Brownson Norby PLLC. Insurance sales agents commonly sell one or more types of insurance, such as property and casualty, life, health, and long-term care insurance. Additionally, insurance brokers do not have a duty to inform insureds of any adverse changes in the insurance company’s financial capability after the insurance policy has been issued. (citing Cal. In addition to actively soliciting new business, Insurance Agents assist prospective clients that come to them by way of referrals from existing customers, a company website or other advertising. 3) Customize insurance programs to suit individual customers, often covering a variety of risks. Take details of the client requirement, conduct study on it, understand it a… (Pacific Rim, 203 Cal.App.4th at 1285.). Insurance Fraud Blog – The official blog of the Coalition Against Insurance Fraud, come here for all the latest information on insurance fraud. If you want to work as an Insurance Agent, focus on the following. "Does an Insurance Agent Have a Duty to Advise its Customer?" Sources of an Insurance Agent's Legal Responsibilities . Insurance Agents are responsible for identifying sales opportunities for insurance plans and overseeing a portfolio of clients. Mary Pat Whaley shares her insights as an expert in health insurance. It requires a willingness to learn, and a positive attitude. See Mark Tanner Const., Inc. v. HUB Int’l. (citing Pacific Rim Mechanical Contractors, Inc. v. Aon Risk Ins. Please tell us what you liked about it. Life Insurance Agent Job Description Template. Insurance […] "Legal Responsibilities of an Insurance Agent." Services West, Inc. (2012) 203 Cal.App.4th 1278, 1283, 138 Cal.Rptr.3d 294). We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. We are looking for a licensed Life Insurance Agent to join our team. As an Insurance Agent, you assist customers in properly completing insurance applications, which can be complex and lengthy, and any other required paperwork. Sarah is the owner of the Jensen Agency, a local Allstate agency. % of people found this article valuable. American Insurance Association – Representing more than 325 insurance companies, the AIA helps shape the future of the industry by serving as a key resource for the the media, policy makers and the public. However, an insurance broker can act in a dual capacity when the broker serves as the insured’s broker in procuring insurance but also acts as the insurance company’s agent by collecting the premium and delivering the policy to the insured. The agent's legal responsibilities to the client arise out of: common law theories of negligence, and HUB Int’l., 224 Cal.App.4th at 584. • Collect all details pertaining to the clients’ needs. Please tell us what we can do to improve this article. HUB Int’l., 224 Cal.App.4th at 584, 169 Cal.Rptr.3d at 47 (citing Carlton v. St. Paul Mercury Ins. Services West, Inc. (2012) 203 Cal.App.4th at 1284). Insurance Agent responsibilities include: Developing marketing strategies and promote all types of new insurance contracts or suggest additions/changes to existing ones Breeding productive relationships to create a pool of prospective clients from various sources by networking, cold calling, using referrals etc. My Perfect Cover Letter is your solution and takes the hassle out of cover letter writing. They are tasked with interacting with current and potential clients, both to organize and process claims and to close sales for insurance policies. HUB Int’l., Id. Requirements and Responsibilities Insurance Agent sells insurance to new and current clients. Insurance Agent Duties. Insurance brokers are only required to use reasonable care, diligence, and judgment in procuring the insurance requested by an insured. Job Duties and Tasks for: "Insurance Sales Agent" 1) Call on policyholders to deliver and explain policy, to analyze insurance program and suggest additions or changes, or to change beneficiaries. Co. (1953) 115 Cal.App.2d 238, 244, 251 P.2d 1027). What Are the Duties of Insurance Agents?. An auto insurance agent, also known as a car insurance agent, is responsible for selling insurance policies aimed at insuring motor vehicles against varying risks, including but not limited to thefts, accidents, damage, and vandalism. HUB Int’l., Id. Accessed July 19, 2020. Being able to cultivate a customer base in business-to-consumer or business-to-business sales, Meeting and exceeding sales goals on a regular basis, Knowing how to use Microsoft Office programs, Using telemarketing to identify potential customers and make sales, Having comprehensive financial planning knowledge, such as retirement and estate planning, Knowing underwriting guidelines for your state, Knowing MVR (motor vehicle record) and C.L.U.E (comprehensive loss underwriting exchange) requirements. DUTIES AND RESPONSIBILITIES OF INSURANCE AGENTS AND BROKERS. Insurance Agent Duties and Responsibilities Develop leads and schedule appointments with clients Determine the specific needs of particular clients by researching current coverage and available options Answer questions related to coverage and annual charges Below is a sample of the job description for the insurance customer service representative position, showing important tasks, duties, and responsibilities that must be performed: Ensure that customers make buying decisions armed with the right amount of information. The Life Insurance Agent is responsible for providing advice, conducting intermediary services between the client and the Insurance Company, and selling life policies which payout when the life insured person dies. Based on such information, Insurance Agents provide customers with recommendations for insurance coverage. Most Insurance Agents work on commission and typically have a high degree of autonomy in how they work and the amount of income they make. The time will come in an Insurance Agent’s career when a client’s life may be turned upside down by a claim. Add these to your Insurance Agent toolbox and broaden your career options. Close the sale with current prospective customers. One of the most challenging parts of being an Insurance Agent is staying at the forefront of technological innovations so that the value an Insurance Agent adds remains relevant over time. Get the insurance industry's trusted newsletter, Your email address will not be published. Successful Insurance Agents are great communicators who have an entrepreneurial spirit. Learn about the degree programs, job duties and skills required to see if this is the right career for you. Here’s what he had to say: What do you find most rewarding about being an Insurance Agent? Create the perfect job-worthy cover letter effortlessly in just a few clicks! 2) Calculate premiums and establish payment method. However, an insurance broker does act in a fiduciary capacity in those situations where the broker receives and holds premiums or premium refunds for the insured. By continuing to use our site, you accept our revised Privacy Policy. As an insurance agent, you may work for an insurance company, refer clients to independent brokers, or work as an independent broker. Each client will have unique needs and concerns, so asking pertinent questions and listening carefully to responses is very important. Insurance Information Group – For more than a half-century, the I.I.I has been the premier source for insurance industry information and analysis. We make the hiring process one step easier by giving you a template to simply post to our site. Steve Savant is a columnist and talk show host, that writes about insurance and finance. HUB Int’l., Id. Many Insurance Agents maintain contact with customers through mailings, such as holiday greetings and renewal notices, and occasional phone calls. Terms + Conditions – This Insurance Information Institute blog offers hearty, accessible information about all types of insurance and industry trends, from asbestos liability to workers compensation. Once the forms are in order, Insurance Agents submit them to the company that provides the insurance, and then acts as an intermediary between the customer and the insurance company to complete the transaction. The Council of Insurance Agents & Brokers – Representing more than 300 insurance firms, the CIAB offers programs and professional development opportunities. When talking to someone interesting in buying homeowners insurance, for instance, you may ask them questions about how old their house is, whether they have dogs and what type of electrical system they have. The Complete Dictionary of Insurance Terms Explained Simply by Melissa Samaroo – Offering jargon-free definitions for more than 2,000 insurance terms, t his is a great reference book for insurance agents and consumers. Ins. A description of the duties performed by an insurance agent may be better summed up by examining the life of a busy agent: Meet Sarah. From thought leaders to industry groups, this list is packed with opportunities to learn, connect and engage. Co. (1994) 30 Cal.App.4th 1450, 1457, 36 Cal.Rptr.2d 229). HUB Int’l., Id. All insurance agents have typical work activities and a few of them are mentioned below: 1. Insurance Agent Job Description An insurance agent is a person who sells insurance products and services. Accessed July 19, 2020. Social people with solid analytical skills. Understanding the Insurance Industry by A.M. Best Company – This comprehensive primer offers a nuts-and-bolts overview of the insurance industry for students, new employees or anyone interested in the industry. To determine the agent’s duty in a particular state jurisdiction, the agent should consult an attorney in that jurisdiction. Corp. (1979) 91 Cal.App.3d 793, 798, 153 Cal.Rptr. Insurance Agent Job Responsibilities: Provides service to clients’ changing insurance needs by selling life, health, and disability insurance. Insurance Agent duties and responsibilities Insurance Agents use strongly developed interpersonal skills to increase the number of insurance policies an agency sells. (citing Cal. Secrets of Successful Insurance Sales by Jack Kinder Jr. and Gary Kinder – This motivational book offers practical tips for success in insurance sales. We searched the Web to find the best industry resources to help you continue exploring a career as an Insurance Agent. The average salary for Insurance Agents is about $48,000 a year, according to the BLS and other online sources. Other than when the agent or broker is handling the insured’s money, the California courts have noted that an agent’s/broker’s duty — whether or not phrased as a fiduciary duty — is no greater than the duty to use reasonable care and diligence in procuring insurance. 5.It is unclear under California law whether a fiduciary relationship exists between an insurance broker and the insured. The law regarding insurance agent or broker duties is similar to the fundamental legal duties of agents and brokers in California to use reasonable care, … Insurance Agent Job Specifications. Thank you! Should a customer need to file a claim, the agent is usually their first point of contact. HUB Int’l., 224 Cal.App.4th at 585 (citing Kotlar v. Hartford Fire Ins. They duty can change based on nuanced facts regarding the specific interactions between the agent/broker and the client/insured. Here is a look at some of the roles and responsibilities of a life insurance agent: • A life insurance agent will help the insurance provider promote and sell insurance products and services to its customers. All rights reserved. You can often get jobs in insurance with just a high school diploma, though the Bureau of Labor Statistics indicated that one-third of agents … Required fields are marked *. Insurance agents may work individually or in a team. “The industry has a relatively low barrier to entry,” says Insurance Agent Jeremy Schaedler, “but becoming successful requires a very unique skill set along with mental toughness and perseverance to overcome challenges.” We talked to Schaedler to learn the ins and outs of being an Insurance Agent. To accomplish their primary goal of selling insurance policies, Insurance Agents perform many tasks. Also, when customers experience life changes, such as buying a new car or the birth of a child, they look to their Insurance Agent to make sure their coverage is still adequate. Usual duties of a Licensed Insurance Agent include identifying customer needs, seeking clients, providing information, answering to inquiries, submitting applications, writing reports, and … Recently the California Court of Appeals provided an excellent summary of the duties of insurance agents and brokers under California law. 3.Insurance brokers owe no duty to their clients to investigate the financial condition of an insurance company before placing insurance with that insurance company on their client’s behalf. The California Court reasoned that the insurance code prescribes the financial requirements for insurance companies and the insurance commissioner is the one that has the continuing duty to oversee that financial condition. Services, Inc., 224 Cal.App.4th, 574, 169 Cal.Rptr.3d 39 (3rd Dist. We analyzed several job listings to identify these core Insurance Agent duties and responsibilities. Establishes productive working relationships with clients. Insurance Agent Job Description Insurance Agents are responsible for connecting customers with the insurance coverage they need, such as auto, home or life insurance. The following general principles of duty were identified by the Court: 1.Insurance agents and brokers usually only act as the agent for the insured in procuring a policy of insurance under California law. 11-40.). As an Insurance Agent, a big part of your job is generating new business. Some Insurance Agents also offer financial planning services. Some Insurance Agents also offer financial planning services. What skills do Insurance Agents use most? Insurance agents are generally responsible for a full list of duties … Demand for Insurance Agents by firms that sell consumer and commercial insurance products is expected to increase 10 percent through 2022, creating more than 15,000 annual openings, according to the Bureau of Labor Statistics. Agents advise clients on the coverage they need and locate insurers willing to provide What Will the Senior Living Market Look Like for Insurers Post-Pandemic? In this post, we run down the basics of how an insurance agent can expect to do during the workday, and the duties that they will be responsible for carrying out. Insurance Agent Duties & Responsibilities As part of their day's regular duties and tasks, an insurance agent may perform some or all of the following: Generate and follow up on leads, schedule appointments, identify client needs, and market appropriate products. Post now on job boards. "2019 U.S. 50 State Insurance Agent Standard of Care Update and Overview," Page 4. In rejecting such a duty, the California Courts reason that imposition of such a duty should be done by the California Legislature and not the courts because it would fundamentally alter the nature and corresponding duties of insurance brokers, which would increase the costs of procuring insurance. Also known as Insurance Sales Agents, these professionals are responsible for identifying risk management strategies, handling policy renewals, and tracking claims. Coverage Opinions – This monthly newsletter provides lively reporting, analysis and commentary on legal decisions that affect the insurance industry. Property and casualty insurance agents sell policies that protect people and businesses from financial loss resulting from automobile accidents, fire, theft, and other events that can damage property. Insurance Agents have the following responsibilities: Promote the insurance agency to customers who need insurance Job Description Sample for the Insurance Customer Service Representative Position. An Insurance Agent must be able to meet with clients and establish a professional level of trust, as well as have the skills to identify and propose effective risk-management solutions. Insurance agents and brokersusually only act as the agent for the insured in procuring a policy of insurance under California law. As used in respect to an independent agent, “fiduciary duty” may refer merely to avoidance of conflict of interest, self-dealing, excessive compensation, etc. Insurance agents are at the heart of every insurance company. Soliciting new customers can include following up on leads provided by your agency, telemarketing and attending trade shows, conferences and networking events. Risk Management Monitor -The official blog of Risk Management magazine, come here for articles, commentary and interviews related to risk management and the insurance industry. How should someone prepare for a career as an Insurance Agent? © 2020 Job Hero Limited. Interviewing customers to determine what their risks are and what types of coverage they need is a key task for Insurance Agents. 4.An insurance broker has no duty to give a named insured notice of the insurer’s intent to cancel the policy because that duty rests with the insurance company. Ins. Insurance Agent Job Description. Complete guidance on legal responsibilities of agents and brokers with full coverage of rights and responsibilities as debtors and creditors, and the buying and selling of insurance agencies. Practice Guide: Insurance Litigation (The Rutter Group 2012) ¶ 11:166, p. Co. (2000) 83 Cal.App.4th 1116, 1123, 100 Cal.Rptr.2d 246). The best Insurance Agents also are advocates for their customers and committed to getting them the coverage that is right for their circumstances. In addition to these general skills and personality traits, employers are seeking Insurance Agent candidates with the following skills. This free Health Insurance Agent job description sample template can help you attract an innovative and experienced Health Insurance Agent to your company. Property Casualty 360 – A great resource for both buyers and sellers of insurance, this blog provides breaking news, industry research and more. Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Insurance Agent Job Description. Some Insurance Agents go door-to-door marketing their services. As salespeople, Insurance Agents dedicate a large portion of their time to cultivating new business. Considering a career as an Insurance Agent? Thank you! Generally brokers do not breach this duty to clients to procure requested insurance policies unless (a) the broker misrepresents the nature, extent or scope of the coverage being offered or provided; (b) there is a request or inquiry by the insured for a particular type or extent of coverage; or (c) the insurance broker assumes an additional duty by either express agreement or by holding himself/itself out as having expertise in a given field of insurance being sought by the insured. The duties and responsibilities of a commercial insurance agent are: Contacting commercial enterprises and evaluating their insurance needs Personally visiting the commercial enterprising or making phone calls to management and explaining the various commercial insurance policies Agents, these professionals are responsible for identifying sales opportunities for insurance plans and a. 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