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A binder is a temporary contract between the insured and the insurance company that provides coverage for an insured before a policy is issued
A booklet that highlights the important features, including the coverage, deductibles and limits of the insurance policy and premium cost that she recommends.
When the prospect finally accepts the proposal, the insurance coverage can begin, on a date that is agreeable to all parities.
Assess Risk: Underwriting Decisions
Service: Prepare & Issue Policy
A policy is an insurance contract between the insured and the insurance company that states the rights and duties for both parties.
A quote is a statement that tells the producer how much the premium will be for the different coverages that the carrier or MGA agrees to provide
Preview
Service: Changes, Claims
RSP’S INDUSTRY CORRELATION MODEL
LIFE CYCLE OF AN INSURANCE POLICY
The term “life cycle” refers to the different phases of an insurance policy.
The life cycle of an insurance policy for individuals and for businesses is similar, although the process is more complex for businesses. It’s important to know each phase of an insurance policy’s life cycle because the different phases partly decide the tasks and activities that ReSource Pro performs for our
clients.
RSP Clients:
Change something in policy, no need to re-writing or issuing a new policy, an endorsement can adjust current policy.
A submission is a package of information that the producer sends to the carrier so that they can determine whether to provide insurance and how much to charge.
Life Cycle with some common tasks
Sales: Find Prospects
Assess Risk: Renewal/Non-renewal
A producer (a person who sells insurance, such as an agent or broker) collects information about the person or business that wants to buy insurance. The document that contains the information is called the application.
Renew Policy based on the prior policy. no gap, no coverage difference.