Systems and Processes
What are the four Foundational questions?
WHERE did you hear about us?
WHY are you shopping around?
HOW much are they currently charging you?
WHAT is important to you besides price?
When does Car Rental coverage apply?
In the event of an accident AND a claim opened with State Farm.
How do you calculate the Building Property and Personal Property coverage when doing a Condo quote?
Building Property = Purchase Price (Market Value) x 20%
Personal Property = Building Property x 75%
What are the three types of transactional policies?
Whole Life, Instant Term, GIFE
What are the four Relationship questions?
Family
Living
Occupation
New Worth
What is the difference between Limited and Unlimited Tort?
Unlimited Right to Sue:
Under the No Limitation on Lawsuit Option you retain the right to sue the person who caused an auto accident for pain and suffering for any injury.
Limited Right to Sue:
By choosing the Limitation on Lawsuit Option you agree not to sue the person who caused an auto accident for your pain and suffering unless you sustain permanent injuries.
What is the difference between a master policy and individual unit coverage in condo insurance?
A master policy is typically purchased by the condo association and covers the building's structure and common areas. Individual unit coverage, on the other hand, is purchased by individual condo owners and provides coverage for their personal belongings, interior fixtures, and liability.
Explain how a 20 Year Term works vs a 20 Year Return of Premium Term.
Term: Coverage lasts for 20 years with no refund it the insured outlives the policy
ROP Term: Coverage lasts for 20 years with refund if the insured outlives the policy and partial refund if cancelled prior to the 20 years.
What are the Closing 4?
Price
Coverage
Need
Value
You are rear ended at a red light and the vehicle that hit you speeds away and is never found. You don't have comprehensive or collision on your vehicle, but you have un/underinsured coverage. Can you file a claim through State Farm? Why or why not?
No! In this situation you would be unable to file a claim since you don't have comprehensive or collision, since un/underinsured coverage does not apply since there is no vehicle or policy to verify that information.
If you have a Homeowner's policy and someone breaks in and steals the following items, how much will your policy pay out if you have the Jewelry and Furs coverage 1,500/2,500.
Earrings: $5,00
Ring: $1,000
Necklace: $12,000
$2,500 since that is the aggregate (total) coverage
Which is guaranteed in a whole life policy:
a. Dividends
b. Cash Value
c. Both
b. Cash Value
Dividends are never guaranteed!
What is the Lead Workflow to end the month with 100 apps?
50 Calls
15 Quotes
6 Live Leads
2 Closed Households
5 Apps closed
Does the following claim get rated for on an auto quote being ran effective 07/11/2024. In the accident the insured hit a curb and drove into a mailbox.
07/10/2022: Total Paid out: $1,500
$850 CO
$650 RR
An at-fault, chargeable accident is any accident involving a driver insured under the policy for which:
How do the following "Loss of Use" coverages work:
Additional Living Expense
Fair Rental Value
Coverage C - LOSS OF USE - Includes Additional Living Expense (ALE) and Fair Rental Value.
ALE provides payment for the reasonable and necessary increase in cost incurred to maintain the customer's standard of living when damage renders their home uninhabitable due to a covered loss. The amount of coverage is either a dollar value or may be limited to actual costs for up to 24 months.
Fair Rental Value provides coverage for loss to the rented portion of the home for up to 12 months
What are the implications of taking a loan against the cash value of a life insurance policy?
Taking a loan against the cash value of a life insurance policy can reduce the death benefit if the loan is not repaid. Additionally, unpaid loans may accrue interest.
When you're quoting a new customer, how do you build Respect and Trust?
Respect: Introduction
Trust: Verify their information
DAILY DOUBLE: What is the NY Supplemental Spousal Liability (SSL) Coverage and is it a mandatory coverage?
This coverage provides an extension of the bodily injury liability limits for an insured because of death or injury to his or her spouse.
SSL Example: Our married customers, John and Susie, are driving when John misses a stop sign and collides with another vehicle. As a result, Susie had neck injuries and was in the hospital. Because John was at fault for the accident, Susie is able to sue John for her damages. SSL would cover John’s legal liability to pay for her injuries.
On a home insurance policy, what does "Personal Property Settlement Option - Limited Replacement Cost" mean?
Until repair or replacement is complete, claims will only pay out the actual cash value of the damaged property.
How do you run a Triple Play Presentation?
20 Year Pay Life
$1M Death Benefit
Non Tobacco
No WPD
Compare with 20 Year Term & ROP