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How will have a trampoline effect at the expense of homeowners my insurance policy? In the US alone, the number of trampolines in use is about 3 million, meaning roughly 3% of all American homes have a trampoline somewhere on their property. Unfortunately, many of the 3 million trampolines will be responsible for numerous injuries. When you take into account that the estimated $ 280 million dollars a year is spent on insurance companies to treat injuries caused by the use of trampoline, the consumer can begin to understand why insurance companies are increasingly reluctant to insure homes with trampoline.

Trampoline related injuries tripled in the years 1991-1999, and in 1999 over 100,000 incidents hospital and emergency department were for trampoline related injuries. (Two-thirds of all injuries were in the age group 6-14.) Although 40% of all trampoline injuries are leg and foot areas, some injuries like paralysis have taken place and the resulting lifelong condition caused medical costs for treatment of these injuries and long care assistance to go far above the policy limits most homeowners insurance companies. In addition, the number of trampoline deaths since 1999 is 11

There is a down side of using a trampoline. There is also the option that is often overlooked. And although there have been numerous injuries due to the use trampoline, there are also many households that have a trampoline for many years, had almost daily use out of it, and never had a single injury. This home oversee trampoline function, set up some basic instructions for its use (number of people allowed to jump at once, no flip allowed, do not press, etc.), and have set up a safety net that prevented jumpers falling off the trampoline.

Trampoline manufactures have also done a lot in recent years to improve the safety of its product. Small, round units with padding covering sources and the availability of affordable net system all designed to help the user to avoid injury. (Of all the people I’ve talked to who have a trampoline, all insist that they would not be one if there was not a safety trampoline surround them.) There are also many health benefits associated with trampoline. In the age of video games and television, trampoline offers the opportunity to play in the sunshine, to take part in muscle building exercises, and encourages kids to do something together. And for some reason appeal does not seem to diminish, even after years of use.

“trampoline exclusion”

Many homeowners insurance policies contain what is called a “Trampoline Exclusion” clause. If you have homeowners insurance policy with them they will cover liability for injuries occurring to others while on your property, but they will not reach trampoline related injuries. If you have set up your trampoline after you purchased homeowners insurance policy, you can not know if you have coverage. Most insurance companies in their paperwork to ask if you have a trampoline on your property.

With some insurers this is the case and they may ask you to remove the trampoline or insurance policy canceled. Also, if a guest is injured while jumping on a trampoline computer, and you are unsure whether you have liability insurance coverage in this area, you can find out the hard way that you are responsible for some hefty medical bills. It would be best to find out now, and not leave it and take the necessary measures to maintain financial responsibility.

“attractive nuisance”

Another problem with trampolines is that they are considered “attractive nuisance”. Just like with the pool they “beg” to be tried out. People, regardless of whether the authorization has been given, are tempted to try them out. You may even have signs warning against trespassing, but if someone ignores the warnings, jumping on the trampoline and injurers themselves, you may be subject to lawsuits. (I know, go figure.) You can not be responsible for the court, but the cost of going to court and legal fees still means that the insurance company has paid out some big bucks and this is another strike against the use of backyard trampolines.

MAJOR homeowners insurance companies and policies of trampolines

Although there may be certain variations from state to state, Allstate, Farmers Insurance, and SF Insurance have three basic methods trampoline for discussion.

Farmers Insurance – homeowners with trampolines MAY BE denied coverage

In Pennsylvania, trampolines owners can not get coverage through Farmers Insurance. Other states have different parameters and the call to prayer will let you know if they will give you coverage and what education could be attached to the policy.

Allstate – Discussion with certain safety instructions instead of

Allstate offers coverage as long as certain precautions are followed. their strategy requires trampoline safety net of being let it also be located within a fenced enclosure that is at least 4 feet high. The gate to the fence must also have a lock on it and lock to be in use.

SF Insurance – NO EXCLUSION

The standard homeowners policy, there are no exceptions for trampoline owners.

By just above are the three major insurers, which are: many more along with smaller independent insurance It shouldnt be considered as Homeowners insurance . The important point is to make sure that homeowners policy covers liability costs for trampoline related injuries. If not, then it’s time to start shopping again.

Whether homeowners insurance policy already covers trampolines or not – it is always a good idea to shop around every 6 months and compare the top companies side by side. Be sure that you do not have to pay more for homeowners insurance coverage than you.

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Source by James J. Robinson

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Insurance is a contract, a risk transfer mechanism where a company (Manager) promised to improve or add another party (the policyholder) on payment of a reasonable premium to the insurance company to achieve the object of an insurance . If you are well aware of these principles, you will be in a better position in negotiations you insurance needs.

1. insurable interest. This is economic or monetary interest of the owner or holder of the property has the merits insurance. The mere fact that it could be detrimental to him should the loss occurred because financial stake in the property gives him the possibility of securing property. Castellina Vs Preston 1886.

2. Umberima fader. That means very good faith, this principle says that the parties of the insurance contract shall be published accurately and fully all facts material to the risk of being laid. That is to say that the insured must make known to the company all the facts regarding the risks to be insured (looker Vs Union law and Rock 1928). Likewise, the underwriter must highlight and clarify the terms, conditions and exclusions of the insurance policy. And policy will be void of ‘small prints’.

3. Compensation. Stated that following the loss, the insurer should ensure that they put the insured in the exact financial position he enjoyed before the loss (Leppard Vs excesses of 1930).

4. contribution. in a situation where two or more insurance is almost certain risk, if the loss occurred, the insurers will contribute to the settlement of claims in accordance with the rate CD rate.

5. Transfer of ownership. It has often been said that the contribution and transfer of a normal result of the compensation, which means that these two principles operates so that the compensation does not fail. Subrogation operates primarily on motor insurance . When an accident occurred involving two or more vehicles, it must be tortfeasor (s) responsible for the accident. On this basis, the company covers the policyholder was not the fault can recover outlay them from guarantor policyholder who is responsible for frequency.

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Source by Adewale Olofinnika

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insurance sales questions you never expected, to start popping up early in your career. However you are trained to sell ask a question that will magically get you sales. Of all sell insurance questions this is presented as the ultimate. Find out how often it backfires and why.

At the beginning of insurance sales career I can say what happened. Either the first or second agreement you were thrown protests. The top insurance sales question for addressing this protest was preached to you. You were told how to ask this question would turn the protests into a sure sale.

What were you not say is that it was developed by someone who probably never sold insurance (or had a few sales marbles missing). Certainly, this idiot person should have been tarred, feathered and exiled for life instead of being praised. The logic is so prone to destroy sale, this go down in my notes and all time worst sales question to ask any prospective clients.

In fact, if you use this sales one of two things will happen. Either you will not survive, or your income will be lower than the average salesperson. Instead of sales Salvation response outlook is often the kiss of death.

I’m sure you have it deeply rooted in your mind. sales manager tells you that this is what he and all successful salespeople use. You quickly become brainwashed into becoming a believer. Well, I had profitable sales career, and never once used it. I learned quickly to any home office or sales manager praised, I should throw out. However, to be better than normal you have to say and do things better.

This is the most praise (with morons) Sales protests manager in modern history. You are told to ask this kindg of insurance sales questions near the beginning of your presentation. “If I could show you a way in which I could solve your protests, you would be willing to buy my insurance product today?” What Dynamite sales line!

So explosive, it is ready to blow sky high sales presentation manual. Foolishly or unknowingly, try to sell before the outlook was prepared. your prospect was not yet ready for procurement. Just think of many things racing through customers head.

These include the following reactions silent thought you could easily get.

1. “The salesperson is going to give me a 10-minute song and dance. In the end he is going to be expected to reduce defense me. No way I think this guy could be a con .. “

2.” This guy is a real greenhorn. I just got this same line at a car dealership, and furniture store “

3.” his speech is so canned, I’m going the need to put the lid on it “

4.” I should say this: If there was a way I could give you $ 20.00 now, would you take it and go immediately “?

5. “What if I just answer this :. Not Lets see what flavor this salesperson trained to respond to this.”

sales professional response, prospects statement “the price seems high”, would go more like this. “I completely agree with you. A quality product for all these benefits is unusual. I’ve had people going without this ____ product. Then suddenly things change, and they want they got it right. Everyone dreads the fear of them will turn into reality. instead they could destroy them immediately. I do not know, but maybe you can not afford this. “

I never directly answered his protest. As an alternative, I introduced a number of the main reason why he should not have even asked that question. You remember to play “hot potato” as a kid. You simply throwing protests right back, but not until you add a few hot sparks. Who likes to be told that they can not afford something? As a salesperson getting ready to withdraw bid? prospects suddenly realize you are a rare type of boring insurance sales person.

statements your score suddenly outlook, driving him to inadequate product. He respects the truth, and now has faith in you. He can tell that you are a survivor and will be around him any questions. Sales protest question your prospect turned him into just the prospect confident enough to make you sales.

Tricks and canned lines leading to a poor sale. Why be closer to 30% when you can block 75% to 80%? Just honesty, trust, firm tone and wide flexibility. You should know that it is rare for a sales manager to earn $ 100,000 a year. Would you like to earn $ 100,000? You can if you learn from real sales professionals how you can adapt and revise the sales presentation. The Sales Professionals income levels no better than most sales managers. They know how to stop sales objections from ever coming up. If sales objections slips always, it is very likely that they will skillfully turn it around into an opportunity to sell.

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Source by Donald Yerke

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Killer sell insurance sentences convince feelings within your opportunities into emotional wanted product. This leads to change leads and close more sales place. 37 key lead-in selling sentences with killer sales words to attract and locks insurance buyers are provided here. In close more sales is ammunition to stop the competition in their tracks.

Investigate the major insurance companies selling sentences shows that sales people do not understand how significant emotions and motivations are in the sales process. After getting a good result in prospect, you must first find the key feelings of potential customers. Then you pound it home with killer sales words and phrases to nail down a motive for the prospective insurance customers to buy now. This combination delivers true sales people from mere order takers. The biggest gamble you take is not to try to generate more sales.

Feel free to start injecting killer sales generation sentences to make blockbuster sales promotion. Experience how to improve certain phrases break down barriers. In fact, the blueprint for success is to stop normal insurance selling and using insurance sales generation phrases like ten ton magnet. Start pulling customers supercharged desire to buy from you.

Experienced insurance career people have the knack to adjust the sales message. By entering into a lead-in phrases, prospects but leaning closer and closer to actual sales. All the while, the prospect is held off guard with phrases and statements average insurance sales person would not even consider. The skilled sales professional already knows how prospects will react and respond. With this knowledge new, insurance sales person is to avoid almost every objection arising.

Start with frequently used and sharpening up the effective words mean and statements that magic insurance buyers. Therefore, close more sales instantly becomes routine.

1. I was not going to mention this, but
2. My competition will be mad about this, but I’m going to tell this extraordinary benefits
3. I’m going to show you the basic plan and a luxury one. When I’m done, you decide which one you like best. Does that sound reasonable?
4. How am I doing so far?
5. ___ Not every policy is created equal; This takes most of my customers expect
6. Maybe you can not afford it
7. As best in the industry, you can own the finest ______ coverage. You want complete coverage, do not you?
8. With this program you need to be knowledgeable for the benefit of
9. All the obstacles are eliminated
10. There is no substitute for _____.
11. Instant extra cash in your pocket is of course the benefits you get.
12. This is somewhat embarrassing, but I also thought there ______
13. Some people just can not understand
14. It seems that you are the type of person ____
15. Have you ______ been victim like so many of my customers have?
16. I hope you fall into this category. I right?
17. This protection combines excellent features.
18. Is it OK if I explain it simply and clearly, as I always want my customers to understand what they are getting?
19. You find more to like than ever.
20. I will not reduce stroke, but I will be honest to uncover both advantages and limitations of coverage. Is this the way you want me to continue?
21. Is it all right if I start separating fact from fiction about ____ insurance?
22 This is the best deal in town and it still fits your budget.
Only 23 out __ __ people fit our needs
24 low cost alternative
25. Lock your offer right now, would you make quarterly payments or save to pay annually?
26. Each member of the family will be happy
27. My professional expertise is in working with people ____ insurance, and then let them decide what is best. Does that sound okay to you?
28 This is not just another ______
29 lifetime satisfaction
30. invest in themselves and the future
31. You will feel confident if you need to make a claim.
32. No compromising on quality
33. This is not a misprint
34. A completely new perspectives
35. Most of my customers seem to prefer _____. Let me show you, and see if you agree, okay?
36. You will feel as comfortable as you look
37. ____ is about to be turned upside down

Do you want to rise current sales position with that of a true professional? Provoke the expected reaction from lead prospective end up with more sales promotions closed. Therefore, what you say will not resemble other messages salespeople use. Changing the prospect of being alert to be receptive and wanted to hear more. Testing and adjustment sell some phrases listed above could be all it takes for closing more sales.

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Source by Donald Yerke

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If you need to generate leads from people interested in updated car insurance rates, here is a script that works fine. All authentication questions are asked first to build trust with the prospect before asking for new information. Do not think of lead generation campaigns, often the simplest methods work best. Start off with a short greeting and explain the reason for the call within the first 30 seconds or risk losing the attention of prospects. Established first, ask for a new information second. Use confirmation code questions to build a report with the prospect before asking for new information. For example, “I show the email address that …”, on the contrary, “how much is your monthly auto insurance policy at the moment?”

Write out rebuttals to a telemarketer may require common objections. Think of this as an opportunity to give more information and steer the conversation back to create leadership. Create interest and do some simple verification process should be the primary goal of every call. Do not make the mistake of trying to pack too much into every call.

“Hi, may I speak to __________? Hi _________, this is Agent Name, I’m calling from XXX car insurance, I’m just calling to verify your information so that we can provide you with an updated auto insurance quotes, show me your name and the name and address and address in CITY, STATE, postal code is the area code I also mail the address, is this correct?

Thank you, and what is marital your post? (Single or married).

are there any more drivers we should include? (If yes, get the name, date of birth).

we understand vehicles people often change, so that vehicles are secure now ? I just need a year, make and model.

Are there any more vehicles? (if so required year, make and model).

Have you become a homeowner? (Own / rental)

And what is your current car insurance company?

Thank you, and finally I have your date of birth listed as / what is your date of birth? (If not in contact)

To ensure that we can save you the most money, we will have a local insurance agent contact you so that you get the best rate and coverage possible. Thank you for your time and have a great day. “

Side Note :. This script works fine with a web-based lead form, you can quickly create an image that follows this format in Google Docs and will deliver to the online spreadsheet that updates in real time

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Source by John M Tompkins

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There are many methods you can use to help you make sales. But if you want to be a successful agent, knowing a few things about human psychology will be a great way to increase your sales and even connect with people. Deciding to buy something that is largely, psychological so if you know how to appeal to the psychological nature of someone, you have a better chance to make that sale. Here are three ways to try to make it happen.

1. People justify a decision to buy something with Facts – If you have ever gone to the car lot and fall in love with expensive port car, you know what it’s like to have emotional connection with expensive items. But feelings are not enough to justify making a large purchase like this. That’s why you immediately begin to read the facts placed on the window of the car – gas mileage, how it maintains the resale value of their, low maintenance costs, etc. If you can justify the purchase based on the facts, you are more likely to buy things you want. The same is true with insurance. If you can present the facts to potential customers in a way that shows how the product will benefit them, making the sale will be much easier and even more.
2. People basically self-centered – This is not to say that people are selfish all the time, but being self-centered is very common. Therefore, when you are in the process of selling insurance products and services, it is important to focus on how they will benefit personally from the purchase. If you are selling life insurance, the buyer will not have a direct benefit but you can focus on the peace of mind that they will feel by knowing their family is protected if something ever happens to them. Other insurance products – health insurance, long term care insurance and others – are more readily recognizable as having a personal interest so that they are often easier to make a sale.
3. People are usually Suspicious – Everything scam and other ways to get ripped off, people are more protective of their money than ever before. That is why this can be a difficult psychological barrier to overcome. But it is not impossible. The important thing to remember is to pick up all your requirements with as much evidence as possible. Customer stories is one way to do this, but show the survey results, scientific data and other compelling evidence you can find will help you show your customers that you are genuine products and to reduce some of their concerns.

Since an accomplished sales agent need to know some information about the human psyche and how people make their decisions. These three insights into the psychology of the thought process when an important purchasing decision will help turn those potential customers into actual customers.

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Source by Daniel Hagy

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INTRODUCTION

The word “Fear” has only four letters like love, but both have a very different meaning e. Whatever man (Malo female) allows for the love of their families always starts with the background of fear. General so often that we have been asking ourselves to what will happen if we were not there, but we continue to pray rather than to do something for it. Time is precious, it never ceases to anyone and we live in a world of uncertainty; uncertainty about the job, uncertainty about money, contingent assets and so the story goes constantly throughout life.

A thriving insurance sector is vital to any modern economy. First, because it encourages the habit of saving, second, because it provides a safety net for rural and urban enterprises and productive individuals. And perhaps most importantly it generates long-term invisible money for infrastructure building. The nature of the insurance business is such that cash insurance is constant while the payout is deferred and contingency related.

The characteristic feature of their business makes the biggest insurance companies invest in long-gestation infrastructure development projects in all developed and emerging nations. This is the most compelling reason for the private sector (and foreign) companies, which will distribute insurance in social habits and consumer interest is urgently needed in this important sector. Opening up the insurance to the private sector, including foreign participation has resulted in a variety of opportunities and challenges in India.

Life MARKET

The Life Insurance market in India is underdeveloped market was only tapped by the state-owned lic until the entry of private insurers. Penetration of life insurance products was 19 percent of the total 400 million insurable population. The state-owned LIC sold insurance as a tax instrument, not as a product the protection. Most customers were under-insured without flexibility or transparency in products. With the entry of private insurers rules of the game have changed.

12 private insurers in the life insurance market has already grabbed nearly 9 percent of the market in terms of premium income. The new business premium of 12 private players has tripled over Rs 1,000 crore in 2002- 03 last year. At the same time, with regard to state-owned new topping Lic’s business has declined.

innovations, smart marketing and aggressive distribution. It is a triple screen combination that has made fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up innovative new products on offer.

The growing popularity of private insurers is evidenced in another way. They are coining money in new niches that they have introduced. The state-owned company remains the dominant part as endowments and money back policy. But annuity or pension products business, private insurers have already wrested over 33 percent of the market. And the popular unit linked insurance scheme, they have a virtual monopoly, with over 90 percent of customers.
Private insurers also seem to score big in other ways- they are to convince people to take out a larger strategy. For example, the average size of a life insurance policy for privatization was around Rs 50,000. Which has risen to about Rs 80,000. But private insurers are ahead in this game and the average size of their strategy is about Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average.

enormous faster than expected their success, almost all private insurers are quick on the second phase of expansion plans. No doubt an aggressive stance private insurers is already paying rich dividends. But rejuvenated LIC is also trying to fight back to ask new customers.

INSURANCE TODAY

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor RN Malhotra, was formed to evaluate the Indian insurance industry and recommend future policy. The Malhotra committee was set up with the aim of improving the reforms underway in the financial sector.

The installation of the Insurance Regulatory Development Authority (IRDA) reform began in the insurance sector. It became necessary as if we compare insurance penetration and my personal contribution we are much behind them the rest of the world. The above table gives the statistics for 2000.

With the expected increase in per capita income of 6% for the next 10 years and by improving the awareness levels of demand for insurance is expected to grow.
As an independent consulting firm, Monitor Group has estimated that the growth form Rs. 218 billion to Rs. 1,003 billion in 2008. Estimates appears achieve the successful 13 insurance players in India for the year 2002-2003 (up to October, based on the first year premium) is Rs. 66683000 LIC being the largest contributor with Rs. 59,187 million. As of now LIC has 2,050 branches in 7 regions with a strong team 5,60,000 agents.

Globalisation

Although nationalized insurance companies have done a commendable job in extending the volume of business, opening up the insurance sector to private players was necessary in the context of globalization of the financial system. If traditional infrastructural and semi public goods industries such as banks, airlines, telecommunications, power, etc., have a significant private sector presence, continued state monopoly in the provision of insurance was indefensible and the globalization of insurance has been made as previously discussed. its impact has to be seen in the form of creating various opportunities and challenges.

The introduction of private players in the industry has added colors to dull industry. The initiative taken by the private players are very competitive and have given tremendous competition on time monopoly in the market Lic. Since the advent of private players in the market industry has seen new and innovative steps taken by the players in the industry. The new players have improved service quality insurance. Therefore LIC down the years have seen a decline in his career. Market share was distributed among private players. While LIC still holds 75% in insurance upcoming nature of these private players are enough to give more competition to Lic in the near future. LIC market share has fallen from 95% (2002-03) to 81% (2004-05). The following company holds the rest of the market share of the insurance industry.

TABLE – 1

Globalisation

NAME PLAYER market share (%)

LIC 82.3

ICICI PRUDENTIAL 5.63

BIRLA SUN LIFE 2.56

BAJA ALLIANZ 2.03

1.80 SBI LIFE

HDFC STANDARD 1.36

TATA AIG 1.29

MAX NEW YORK 0.90

Aviva 0.79

OM KOTAK Mahindra 12:51

iNG Vyasa 0:37

AMP Sanmar 0.26

MetLife 0:21

this scenario of globalization

in a tough struggle to increase market private sector insurance industry consists of 14 life insurance of 26% have lost 3% of the market share of state-owned Life Insurance Corporation (LIC) in the domestic insurance industry in 2006-07. According to figures from the Insurance Regulatory & Development Authority, the total contribution of these 14 companies have shot up by 90% to Rs 19,471.83 crore in 2006-07 from Rs 10, 252 crore.

LIC with a total premium mobilize Rs 55,934 crore has managed to maintain market share 74.26% in the period. Total life insurance industry in the first year the premium has grown by 110% to Rs 75, 406 crore during 2006-07. The 2006-07 performance has thrown a few surprises in the ranking among private life insurance. New entrants such as Reliance Life and SBI Life had shown a huge increase of 381% and 210% respectively over the year. Reliance Life has become one of the top five companies ended the year with a premium of Rs 930 crore during the year.

While ICICI Prudential Life Insurance on as the No. 1 private life insurance company in the year. Bajaj Allianz ICICI Prudential managed in terms of monthly market share in March, the first time in history. Bajaj is the market share among private players in the non-single premium for March was 29.1% against ICICI Prudential’s 23.8%. Bajaj was 4.6 per cent market share among private sector players for FY07.

Among other private players, SBI Life and Reliance Life continues to do well, each gained 4% market share in FY07. SBI Life Growth was driven by increasing contributions from ULIP premiums. Another notable development in 2006-07 success has been the expansion of the retail market of life insurance comapnies. Bajaj Alliannz Life has added 20 lakh policies while ICICI Prudential has expanded over 19 lakh policies during the year.

With most life insurance policies in force in the world, insurance happens to be mega opportunity in India. It is a company growing at the rate of 15-20 percent a year and now of the order of Rs 450 billion. Along with banking, adding that about 7 percent of the country’s GDP. Gross premium collection is almost 2 percent of GDP and the funds available for investment by Lic 8 percent of GDP.

Yet nearly 80 percent of the Indian population is without life insurance coverage while health insurance and life insurance continued to be below international standards. And this part of the population is also subject to weak social security and pension systems almost all old age income security. This itself is an indicator that the growth potential for the insurance sector is immense.

Well-developed and evolved insurance sector is needed for economic development as it provides long-term funds for infrastructure development and at the same time strengthens the risk-taking ability. It is estimated that in the next ten years India would require investments of the order of one trillion US dollar. Insurance, to some extent, can make investments in infrastructure to sustain economic growth in the country.

Insurance is a federal subject in India. There are two legislation governing sector- The Insurance Act- 1938 IrDA Act- 1999. The insurance sector in India has become a circle from being an open competitive market to nationalization and re-open market again. Tracking trends in the Indian insurance sector reveals 360 degree turn witnessed a period almost two centuries.

important dates in the life insurance business in India

1912: The Indian life insurance Songs set as the first law to regulate life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistics on both life and non-life insurance company.

1938: Earlier legislation consolidated and amended by the Insurance Act with the aim to protect the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the state and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- a capital contribution of Rs. 5 crore from Government of India.

In a tough struggle to increase market private sector insurance industry comprising life insurance 14 26% have lost 3% of the market share of state-owned Life Insurance Corporation (LIC) in the domestic life insurance industry in 2006-07. According to figures from the Insurance Regulatory & Development Authority the total premium that 14 companies have shot up by 90% to Rs 19,471.83 crore in 2006-07 from Rs 10, 252 crore.

LIC with a total premium mobilize Rs 55,934 crore has managed to maintain market share 74.26% in the period. Total life insurance industry in the first year the premium has grown by 110% to Rs 75, 406 crore during 2006-07. The 2006-07 performance has thrown a few surprises in the ranking among private life insurance. New entrants such as Reliance Life and SBI Life had shown a huge increase of 381% and 210% respectively over the year. Reliance Life has become one of the top five companies ended the year with a premium of Rs 930 crore during the year.

While ICICI Prudential Life Insurance on as the No. 1 private life insurance company in Bajaj Allianz ICICI Prudential managed in terms of monthly market share in March, the first time in history. Bajaj is the market share among private players in the non-single premium for March was 29.1% against ICICI Prudential’s 23.8%. Bajaj was 4.6 per cent market share among private sector players for FY07.

Among other private players, SBI Life and Reliance Life continues to do well, each gained 4% market share in FY07. SBI Life Growth was driven by increasing contributions from ULIP premiums. Another notable development 2006-07 performance has been the expansion of the retail market of life insurance. Bajaj Alliannz Life has added 20 lakh policies while ICICI Prudential has expanded over 19 lakh policies during the year.

opportunities

– A state monopoly has little incentive to new or offers a wide range of products. It shows a lack of certain products owned lic and the lack of a comprehensive risk classification in several Gic products, such as health insurance. More competition in this business will stimulate companies to offer several new products and more sophisticated and comprehensive risk classification.

– It would also lead to better customer service and help add variety and pricing of insurance products.

– The entry of new players would accelerate the spread of both life and general insurance. Distribution of insurance will be measured in terms of insurance penetration and a measure of density.

– With the entry of private players, it is expected that the insurance company about 400 billion rupees a year now, more than 20 percent per year, even leaving aside the relatively under-developed areas of health insurance, pen More importantly, it will also ensure high mobalisation funds can be utilized for the purpose of infrastructure development was a factor considered globalization insurance.

– More importantly, it will also ensure great moblisation funds can be utilized for the purpose of infrastructure development that was a factor considered globalization insurance.

– By allowing the holding of shares of a foreign company itself or through its subsidiaries or appointed not more than 26% of the paid up capital of the Indian partners will operate as ways to increase domestic savings and increase economic progress nation. Contracts for various projects have been carried out to discuss later in this article.

– It has been estimated that the growth of the insurance sector more than three times the growth rate of the economy in India. So the companies or domestic companies will try to invest in the insurance sector. Moreover, the growth of the insurance business in India is 13 times the growth of insurance in developed countries. So it is natural that foreign companies would be nurtured very strong desire to invest something in Indian insurance.

– important not least the tremendous job opportunities will be created in the insurance sector is a burning problem present day issues.

Challenges before INDUSTRY

New Age companies have started their business as previously discussed. Some of these companies have been able to float 3 or 4 products and only some have targeted to reach a level of 8 or 10 products. Now these companies are not in a position to pose any challenge suits and all the other four companies operating in the general insurance sector, but if we see the quality and standards of products which they issued, they can be challenged in the future. Since the challenge in the whole environment of globalization and liberalization industry faces the following challenges.

– The existing company, LIC and GIC, have created a large group of dissatisfied customers due to poor service. Therefore, a change in the number of clients from the public and GIC to private insurers.

– LIC may face the problem of delivery of a number of policies, the new insurers will ask them for special new products at lower prices.

– The corporate customers under the program group and salary pension schemes can be divided their loyalty from lic to private insurers.

– It’s likely departure of young dynamic management of Lic to a private company, as they will get more packages of commission.

– LIC has overstaffing and with the introduction of full computerization, the number of employees will be leaving. But they can not be retrenched. Therefore, operating expenses lic will not decrease. This will be a disadvantage in a competitive market, as new insurers will operate with a lean office and advanced technology to reduce operating costs.

– GIC and four subsidiary companies are going to face more challenges, the management of their charges are very high because the staff surplus. They can not reduce the number of rules of service.

– Management requirements will put a strain on resources, GIC and its subsidiaries as it is not up to mark.

– LIC has more than 60 products and GLC has more than 180 products in their kitty, which are obsolete in this context as they are not suitable to the changing needs of customers. Not only that they are not competent enough to complete the new products offered by foreign companies in the market.

– Achieve consumer expectations on par with foreign companies, such as improved yield and much better quality services especially in the field of claims, issuance of new policy, transport policy and the revival policy on the open market is very difficult to LIC and GIC.

– Stiff competition from new insurers in winning consumers with multi-channel distribution, which will include agents, brokers, corporate intermediaries, bank branches, affinity groups and direct marketing through telesales and interest.

– The market very soon be flooded with a number of products with quite a number of insurers operating in the Indian market. Even with a limited range of products offered by public and GIC, consumers are confused in the market. their confusion will increase even further in the face of a number of products on the market. Current consumer awareness for insurance products is very low. It is so because only 62% of the Indian population is literate and less than 10% educated. Even educated consumers are unaware of the various products in insurance.

– The insurers will have to face acute problems of redressal of consumer grievances for lack of goods and services.

– Increased awareness will bring the number of legal cases filled by consumers against insurers is likely to increase substantially in the future.

– the main challenges in canalizing the growth of the insurance sector has product development, distribution, investment management, customer service and education.

ESSENTIALS meet the challenges

– Indian insurance industry needs the following to global challenges

– Understanding the customer better will make insurance companies to design appropriate products, determine the prices of properly and increase profitability.

– Selection of the correct type of distribution channel mix along with a sensible and efficient FOS [Fleet On Street] management.

– An efficient CRM system, which would ultimately create sustainable competitive advantages and build a lasting relationship

– Insurers must follow the best investment practices and will have a strong asset management company to maximize returns.

– Insurers should increase its customer base in semi urban and rural areas, which offer great potential.

– Promoting health insurance and use e-broking to increase business.

Resolution

Thus in the past on the basis of the above discussion, we can conclude that the need for private transfer is justified on the basis of increasing the efficiency of operation, achieving higher density and insurance coverage in the country and for greater mobilization of long-term savings for long-gestation infrastructure projects. Following such competition is necessary for the government monopoly (LIC and GIC) they quickly grade technology, to reorganize itself on efficient lines and operate the widest run enterprise. New players should not be treated as rivalries to government companies, but they can complement to attain the growth of the insurance business in India.

* Assistant Professor, Department of Commerce, Bharathiar University, Coimbatore-46
| Email – Buarticlecommerce@yahoo.com

** Ph.D Scholar, Department of Commerce, Bharathiar University, Coimbatore. | Email – Parentbala@sify.com

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Source by Bala Murugan

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Life Closing Techniques

If you were expecting another one line sales pitch to write here, you certainly will not find it. Life insurance sealing methods have very little to do with sales pitches at all. Overall speaking and suddenly you will get this kind of reaction from your prospect sounds like a shot sale to me.

If it ever came down to give a sales pitch, you’re either trying to save a sale, or you are in true relationship with your clients. Think about it, you are only relying on an outdated script or pitch that was written who knows how long ago. Would not you rather know how to not carry out sales pitch and still close the deal?

I’m one of those people who likes to know how things work. For example, if a doctor just ran a little throw at you, but he really did not know the science of their own work do you want to go with this doctor? I did not think so. The same concept applies assurance closure technology, if you do not know the science truly close the deal, then why look for a quick way out.

This brings me to my first point, you are in this business to sell yourself, not your products.

Life Insurance Closing Techniques – Always Sell Yourself

What exactly do I mean by “selling yourself”. A lot of people hear this, but very few really understand the science behind it. I’ll try to put it into perspective best for you. Think about it when you wanted to buy something, like a television or a car. Remember the person you dealt with during the sale? Maybe you do not remember his name, but you can surely remember if they were knowledgeable, kind, informative and helpful. Now, remember the guy you did not buy from?

What were the reasons you did not buy from the person? Perhaps he was not helping out, he might have been rude or even ignored questions or concerns about the product that you were interested in buying.

The reason why you did not buy from the person, was because they did not sell themselves. Even though it was the same product, same price, same responsibility, yet you did not buy from the person. Life insurance sealing methods of getting to know your customer.

They will not buy from strangers, so you turn them into a friend. Friends have confidence, and confidence is what will get you the sale. The customer will trust you with their money. If you are just out there to make some sales pitch for some products but have not really got to know who you are sitting across from, you are literally walking up the hill to close the case.

Life Insurance Closing Techniques – The Sales Presentation

After you get to know your customer, you get to the presentation of the product part of the visit. The majority of drug life insurance tend to have some kind of sales presentation. These sales presentations designed to educate your customers on your products, and how they perform.

The biggest mistake I see there is that the presentation is incredibly overwhelming in information. Let me take a step back and show you what I mean by this. Life insurance products and their complexity can actually put the brain to sleep. What I have noticed is that some companies jam packing their presentation with so many complex phrases that the average consumer would not just leave.

Do you know why people choose to read at night? It’s getting tired. Finally the reading session you will come across some words you do not understand, and you will skip over it. Generally, about 15-20 minutes later you will start to get sleepy and will fall asleep.

The same concept applies to sales promotions, if your life insurance sealing technology heavily relies on presentation to the client, then I strongly recommend that you keep it incredibly simple. Simplicity is a major factor in closing ratios in this business. Many people do not understand what the Mutual Fund is. I personally call it Mutual Fund, instead I call it common pool of money. It is the little things that really make a difference in the make or break a deal.

Life Insurance Closing Techniques – Right Communication

This idea of ​​proper communication, although very simple concept that 90% of life insurance agents are not included. That’s why you do not see them do more than 100k + a year. How exactly do you have this concept in life insurance sealing technology? Proper communication is two-way communication. What this means is that the time to get to know your customer, and even the sales presentation you will always listen and acknowledge. You will always recognize customers your concern, if you have a wonderful solution, if you are not you will still recognize their concerns and take into account to see what you can do to help them.

During the presentation, you have to make it interactive. Not by any means just sit there and ramble on and on without even getting the “OK” or “I understand,” from your client. After you explain part of the presentation to the client, turn the paper and make them explain it back to you. They should have no problem to do it if you keep it simple, and if you were in proper communication from the get go to your appointment. Do not be afraid to ask open-ended questions, something that will take more communication will make your customer feel like you are a friend, and not just someone trying to sell them some product.

By applying what you’ve learned here in the day to day work you will see good results in personal production. Remember, keep the presentation as simple as possible, the complex is a deal breaker. Get to know who the person across from you is, they put food on your table for your family and friends. If you are really providing services to your potential, and utilize proper bilateral relations to help customers understand that, then you will greatly increase the life insurance closure rate.

To your success,

Muris

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Source by Muris Mulalic

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I insurance salesman and I think most companies suck. Here’s what I mean.

daily, if not almost every hour I approached by someone new who wants me to sell their products for them. The pitch is always the same. Commissions and services.

If I sell their products, I will get a higher commission. Experience has taught me that this is nothing but a lie. Almost all commissions paid by insurance companies are the same. The difference is how much these marketing companies take off the top. They all want me to sell their products so they can make more money from my work and my personal investment in marketing.

There is a nice deal they have, I work and they get paid.

Think of insurance products such as three-legged stool. One foot is the interest of the client, one leg is the interest of the company and the other leg is the interest market. When more is added to one leg and the other stool is lopsided. All three legs must be equal to or someone to take advantage of. So when marketing company offers me “out of whack” commission I know where it is coming from … the firm, NO! It’s coming from the client. It has to!

All elements must be fair and if one is more than other stool falls over.

Then there is another pitch …. services.

I always return service words with the word greed. I mean how much service do I need? I handle my own program, I transfer my own money and I do not understand my strategy. What type of services they offer? You’re right, nothing. For what is a marketing company makes out my sales they can do much more than service as far as I’m concerned. What could they do?

o facilitate the marketing and

o pay bonuses

And it is this that always stops them in their tracks. I will never do business with those who do not give me two things:

1. A pre-release so I can move at any time without the permission of

2. Full disclosure of how much they do the sale of my

Make them tell you and always demand full disclosure. Publication is not a favorite topic and very few will actually share their contracts. Hold your ground because they will eventually show you. What if they are making too much of the void, it is always fair? The answer is yes! There are several marketing companies out there that do a great job and provide enough benefits actually earn overrides. At that time; they they are doing business with. Here are my favorites:

o Financial Independence Group (FIG Marketing) … North Carolina

o Northwest Planning. .. Spokane, Washington

o pension Source … Seattle, Washington

o Brokers International … Iowa

To be honest I really like selling insurance. It gives me a nice income as well as overall management of my time. Choose the best marketing partner for you, but always require disclosure. The best ones will be happy to share.

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Source by Bill Broich

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One of the most common questions that I get the auto insurance agent is “who is insured to drive my car?”

Sometimes the answer to this question can be trickier than most people realize. If you’ve never lend your car to others and you never will, none of the restrictions that I discuss here will matter to you and you can stop reading now.

The short answer:

People who are listed on your policy enjoy the full benefits of the policy coverages without restrictions. For those who borrow your car that are not listed, they are usually covered as long as you have given them permission to use your car; this is called “permissive use” any policies or have some kind of interpretation, permissive use. Excluded drivers are not covered or are un-named drivers “used car without a reasonable belief that a person has the right to do it” (sometimes called “theft”).

Depending on the company you are insured with, interpretation permitted usage can vary significantly and some insurance carriers are very strict implementation of the rules.

By reducing or limiting Coverages through different programs authorized use, carriers can reduce their risk (and claims costs), thus reducing the cost of their policies to make them more affordable for policyholders her.

Three examples of “permissive use” restrictions carriers may be used: “drop-down limit”; “Double deduction”; and “No physical damage coverage.”

drop-down menu Goals

There are often dramatic decline in the coverage amount of insurance even when the authorized user has accident. One such reduction is called “drop-down limits”. “Drop-down range” means that if a person has an accident while borrowing your car, liability limit is reduced to the minimum state are. For example, the state of California requires a minimum limit of only $ 15,000 per person for bodily injury (BI) / $ 30,000 maximum occurrence for bodily injury (BI) / $ 5,000 for property damage (PD).

Example: Driver “A” has the insurance policy with full coverage with authorized use and responsibility Coverages his $ 100,000 per person (for BI) / $ 300,000 per occurrence (for BI peak) / $ 50,000 per occur ( for PD). His policy has “drop-down limit” provision. Let’s say he lend his car to your (driver “B”) and that friend has a serious accident where bodily injuries other parties of $ 65,000 and he totals the car has a value of $ 28,000. In this scenario, the “drop-down limit” is, in fact, most policy A Driver’s pay is $ 15,000 for other persons injury and $ 5,000 for their vehicles which clearly is not enough. In this case, Driver A is legally responsible for the balance of the compensation because he is the owner of the vehicle; $ 50,000 for injuries and $ 23,000 for the vehicle. If Driver B has coverage, their coverage was another and their boundaries would then apply until they run out as well. Otherwise Driver “A” is likely to be sued by the other party.

Double deduction

One coverage that is offered by auto insurance is called collision insurance. Collision insurance protects the car for damage as a result of a collision with another object. Ie another vehicle, building, etc. Collision coverage has a deductible that is “out of pocket” amount you have to pay first before the insurance carrier steps to repair or replace the car. Usually deductibles can range from $ 100 to $ 2,500, but most of the time they are either $ 500 or $ 1,000.

The way “double deductible” restriction works if un-named driver has an accident while driving the car with your permission, collision deductible is doubled. Therefore your $ 500 deductible is now $ 1,000, or your $ 1000 is now $ 2,000. Hopefully your friend borrows your car is ready to chip in and pay the extra deductible amount.

Sometimes the “double deductible” restriction is based on the age of the driver who borrows the car. For example, the deductible for collision only doubled if the driver is under 25 years old.

No Physical Damage Coverage:

This restriction works just like a “double deductible” described above. However, this limitation is much more appealing.

Simply stated, if un-named driver borrowed your car and have an accident the insurance company pays a third party damage (responsibility), but damage to the vehicle will not be eligible for coverage.

All these “permissive use” restrictions are described in detail in the strategy at the beginning and also in the regeneration devices. Also restrictions shouldnt these display by vBulletin agent View when you buy your policy, a Post why you want professional insurance agent View / broker that finish really understand these intricacies effectively and can explain these limits to you when you apply for coverage.

authorized use restrictions are also very common and are employed by some large, reputable general insurance so be sure to check your policy carefully.

auto insurance policy are not any standard. They differ from carrier to carrier and there are a multitude of benefits coverage, limitations and exclusions that are unique to each company. Make sure to consult with an agent to see how a particular strategy works.

Food for thought – next time you are considering purchasing a policy of “online” without human help you, or from “800 #” with “order taker”, consider how details like these may not be sufficiently described or can somehow get lost in translation – it pays to have an agent which can really look out for you.

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Source by Wayne Mccormick