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How to Sell Suitable Annuities
There’s been a lot of sound and fury about annuity suitability in recent years. Concerned about inappropriate sales to seniors, many states have adopted new suitability standards for agents to follow. Not surprisingly, insurance companies want their agents to justify and document the appropriateness of their annuity sales. What’s an... -
Eight Ways to Hire Honest Employees
You want to believe that people are inherently good. Unfortunately, there will always be employees who steal, potentially creating an errors-and-omissions exposure. There’s no point bemoaning this. But what you can do is protect yourself: Recruit and select new employees carefully, using every tool possible to deter unethical conduct. Dishonest... -
Protect Yourself with Full Disclosure
Misrepresentation happens all too often in financial services. Just look at the number of financial professionals cited by regulators for stretching the truth about their products. They often try to make those products look better than they are or suggest they provide benefits they don’t. In fact, we recently heard... -
E&O Insurance: Finding the Right Features
Not all E&O policies are the same. And depending on your specialty, there are certain elements you may need that others do not. Here are some of the features you should look for in a high-quality E&O policy: Adequate liability coverage All E&O policies include liability coverage that protects... -
Top Five Ways to Save Money on Your E&O Insurance
As a financial professional, you know you need errors and omissions insurance. The challenge is finding high-quality coverage that doesn’t break the bank. Here are five techniques that will help protect your business, while saving you money. 1. Take advantage of your clean record. If you do business responsibly, chances... -
E&O Claim Prevention: The Case of the Wavering Waiver
The Incident An agent writes a $1,000,000 life insurance policy on his then 36-year-old male client. The client requests a premium waiver in case he ever gets disabled. The agent assures the client the policy will be issued with the rider. However, the policy is issued without one. The client... -
Top Ten Ways to Prevent an E&O Insurance Claim
Congratulations on buying an errors and omissions insurance policy! You’ve taken a big step toward protecting your current business and future livelihood. But don’t stop there. Be sure to nip potential claims in the bud. The following ten tips will show you how. Tip #1: Be a Consummate Professional.... -
Top Ten Things Every Advisor Should Know about E&O Insurance
#1: You need it. In today’s economy, it’s just too risky to do business without errors and omissions (E&O) insurance. If you’re ill equipped to absorb $20,000 or more to settle a customer claim or spend $20,000 to $100,000+ to fight it, you definitely need E&O insurance. #2: You’re... -
How to Avoid E&O Time Bombs
Have you ever forgotten to renew your errors and omissions (E&O) insurance? Guess what . . . you created a ticking time bomb: an E&O coverage lapse. If you have an E&O insurance policy, you already know what it does. It will protect you financially in the... -
How important is selling suitable products and what suggestions do you have for doing so?
Ask National Ethics Association… Q: I am a financial advisor who’s required to have errors and omission coverage. What do I need to look for in an E&O insurance policy? A: Before we give you the answer, here’s a short introduction on E&O that may be helpful. Errors-and-omissions insurance, or...