If you have ever contemplated becoming an insurance agent or wondered whether this career path could be right for you, then there are several qualities that you will need to possess, at least to some degree. All good insurance agents share some of the following core qualities in one way or another.

People Skills 1 . Puts the needs of the client first - An agent who is only out to earn a commission, regardless of the needs of the client, is not likely to last long in the business. Agents and brokers who listen carefully to what their clients and prospects say will be able to earn their trust, which is the hardest part of their job. Those who are willing to put their clients into a product that pays a lower commission because it better fits their needs are much more likely to be successful.

2 . Good customer service - Customers who are able to get a hold of their agents when they need them are much more likely to stay happy and reassured. A timely response to inquiries and phone calls is a must, and you must be able to do what you say you will do, when you say you will do it - or at least have a good reason as to why you can't. One of the major complaints of those who buy life insurance policies is that there is no one around to answer their questions after they have purchased the policy.

3. Emotional intelligence - This includes the ability to listen and empathize with clients on a deeper level in order to discern what they really want and need. A good agent is tactful and knows how to help a client see financial reality clearly, even when the client is dead set against it.

Strong Personality 1 . High energy level - One of the most important traits of a good insurance agent is that they appear to be excited and eager at all times. A worn-down or dreary disposition will immediately rub off on clients and discourage them from buying anything.

2 . Persistence - This is perhaps the most vital quality of any good insurance agent. Those who work in this field absolutely must be able to handle rejection on a daily basis over the course of their careers, and do it with a smile. Good insurance agents understand that each "no" only brings them closer to someone who will say "yes. "
3. Honesty - Insurance agents who use deception to close business seldom stay with the same company} for very long - and can end up behind bars in some cases. A good agent knows that telling the truth up front will win them clients' respect and trust and is likely to lead to repeat business over time.

General Knowledge 1 . Wide array of products - As the old saying goes, if all you have to work with is a hammer, then everything in the world looks like a nail. A good insurance agent will be able to offer a comprehensive selection of products and services that can meet any reasonable need a client might have.

2 . Technical knowledge - A good insurance agent knows much more than how to sell a policy. The agent must understand the tax and legal aspects of the products he or she sells and how they are designed to fit into a client's overall financial situation. Many agents earn financial planning designations such as the Certified Financial Planner®, Chartered Financial Counselor or other credential. Some agents practice financial planning, income tax preparation or some other avenue of financial service as their primary profession and then write insurance business when it becomes necessary.

The Bottom Line These are just some of the qualities that life insurance agents must possess in order to be successful. The life insurance business can be very challenging and immensely rewarding for those who are willing to learn the necessary skills to build their business. For more information on how to become a successful insurance agent, contact the recruiting offices of a few different agencies or a headhunter who works with insurance agents.

When shopping for the best auto insurance rates, you'll find a recurring theme in the information that prospective insurers collect in order to quote the cost of a premium. Common questions such as your name, social security number, zip code|code calculatordecoder|free codes|decoderdecoding|sstandards|regulations|unlock}, car make and model, and estimated miles driven each week, are probably expected. However , other inquiries around your lifestyle, education level, occupation and number of children may surprise you, given that they have seemingly little to do with auto insurance. Here's the inside scoop on how insurers decide your auto insurance rate.

Categorizing to Predict Risk Accurately predicting risk is the foundation of the auto insurance industry. When insurers take on clients who make claims because of an accident, vehicular theft, damage or similar events covered under the policy, it costs the insurer money. The fewer claims an insurer has to pay, the better the company's bottom line is. However , the auto insurance rests on the unknown. To eliminate the uncertainty, insurance companies rely on predicting the risk that you as a potential customer present, to arrive at the premium you'll pay.

Barring a longstanding relationship you may have with your insurance agent, however , most auto insurers only spend about 15 minutes with you before providing a quote for coverage. While that isn't enough time to understand how responsible or risky you truly are, it is enough for an auto insurer to gather the answers needed to run a statistical analysis that determines risk, and calculates a premium appropriate to cover the potential cost of offering you auto insurance coverage.

Insurers use different predictive modeling techniques to separate customers into categories, based on the questions noted above, to arrive at an expected average loss per group. In its simplest form, where you stand in various groupings determines your "ballpark" pricing. Beyond the broad "buckets, " there are personal factors that can either lower or boost the auto insurance rates you'll pay.

Your Finances While all insurance companies, and the states they operate in, vary in their regulations and policies around how your credit information is used, and to what degree it impacts your premium price, your financial health does play a role. Auto insurers arrive at a credit-based insurance score (CBIS) based on various pieces of financial data, which might include bankruptcy, foreclosures, liens, payment history, credit accounts in use, outstanding debt, length of credit history and homeownership.

According to an FTC report gathered in 2007, most insurance companies use some form of a CBIS in assessing risk, especially for prospective customers with whom they have no past history. Despite the influence that your CBIS plays in what you pay for auto insurance, most insurers use a proprietary formula that is kept closely guarded within the company}. In short, you'll never know exactly how much your credit score helped, or hindered, your auto insurance rates. While having "bad credit" probably won't lead an insurer to a flat-out denial of your application, maintaining good credit and paying bills can also cost, or save, you money on auto insurance.

Your Lifestyle Married people are perceived as less risky than single people, as are couples with children versus those with none. If you're under the age of 26 and male, you'll pay more for auto insurance. Your occupation and education play a role, too. Some occupations, such as engineers, teachers and scientists are statistically less risky. People in these careers may pay a lower auto insurance premium.

If you're currently enrolled in high school, college or higher education, and are receiving good grades, then your hard work can lower your auto insurance rates, too. If you belong to an alumni association or certain professional organizations, you may also qualify for a "group" relationship that can actually lower your premiums. If you carry other types of insurance, like a homeowners' insurance policy, and you're willing to switch the coverage to your auto insurance provider, it can lower your rates, too.

Where, When and What You Drive New cars will almost always cost more to cover than older cars because they cost more to replace if damaged. Individuals who drive long commutes to and from work pay higher premiums, simply because more drive time means greater odds of vehicular damage or collision. The duration of time you've held a license, and your driving record dictates premiums positively if you've got a history of very few traffic tickets or accidents, and negatively, if you've had legal issues as a driver. Lapses in auto insurance coverage of more than 30 days will drive your premiums upwards, too.

The Bottom Line Shopping around for auto insurance rates is the first step to finding competitive auto insurance rates, but greatest control over rates starts with you: Be a responsible driver and avoid costly accidents and tickets. The fewer claims you make and tickets you receive, the lower your auto insurance rates will skew.

Loan protection insurance or payment protection insurance (PPI) is designed to help policyholders by providing financial support in time of need. Whether the need is due to disability or unemployment, this insurance can help protect monthly loan payments and protect the insured from default. The loan protection policy has different terms depending on where it is offered. In Britain, it could be referred to as accident sickness insurance, unemployment insurance, redundancy insurance or premium protection insurance. These all provide very similar coverage. In the U. S. it is oftentimes referred to as payment protection insurance (PPI). The U. S. offers several forms of this insurance in conjunction with mortgages, personal or car loans. Read on to find out how these insurances work and if they could be right for you.

How Does Loan Protection Insurance Work?
Loan protection can help policyholders meet their monthly debts up to a predetermined amount. These policies offer short-term protection, offering coverage from generally 12 to 24 months depending on the insurance company and policy. The benefits of the policy can be used to pay off personal loans, car loans or credit cards. Policies are for usually people from age 18-65 who are working at the time the policy is purchased. In many cases to qualify, the purchaser has to be employed at least 16 hours a week on a long term contract, or be self-employed for a specified period of time.

The two different types of loan protection insurance policies are:

Standard Policy This policy disregards the age, gender, occupation and smoking habits of the policyholder. The policyholder can decide what amount of coverage he or she wants. This type of policy is widely available through loan providers. It does not pay until after the initial 60-day exclusion period. Maximum coverage is 24 months.

Age-Related Policy In this case, the cost is determined by the age and amount of coverage the policyholder wants to have. This type of policy is only offered in Britain. Maximum coverage is for 12 months. Quotes might be less expensive because according to insurance providers, younger policyholders tend to make fewer claims. Depending on the company you choose to provide your insurance, the loan protection policies sometimes includes a death benefit. For either type of policy, the policyholder pays a monthly premium in return for the security of knowing that the policy will pay when the policyholder is unable to meet loan payments.

Insurance providers have different starting dates for when to begin coverage. Generally, an insured policyholder can submit a claim 30 to 90 days after continuous unemployment or incapacity from the date the policy began. The amount the coverage pays will depend on the insurance policy.

What Are the Costs?
The cost of payment protection insurance depends on where you live, the type of policy you select, whether it is standard or age-related and how much coverage you would like to have. Loan protection insurance can be very expensive. If you have poor credit history, you might end up paying an even higher premium for coverage.

If you think this type of insurance is something you need, consider looking for a discount insurance group that offers this service. Premiums through large banks and lenders are generally higher than independent brokers, and the vast majority of policies are sold when a loan is taken out. You have the option of choosing whether to buy the insurance separately at a later date, which can save you hundreds of dollars. When buying a policy with a mortgage, credit card, or any other type of loan, a lender can add the cost of the insurance to the loan and then charge interest on both, which could potentially double the cost of borrowing. Get the policy that best applies to your needs and current situation; otherwise you could pay more than you have to.

Pros and Cons of Having Loan Protection Depending on how well you research the different policies, having a loan protection policy can pay off when you select a policy that is inexpensive and will provide the coverage that is suitable for you.

In terms of credit score, having a loan protection insurance policy helps maintain your current credit score because the policy enables you to keep up-to-date with loan payments. By allowing you to continue paying your loans in times of financial crisis, your credit score is not affected.

Having this type of insurance does not necessarily help lower loan interest rates. When you shop for a policy, be leery of loan providers that try to make it seem like your loan interest will decrease if you also buy a payment protection insurance policy through them. What really happens in this case is that the loan interest rate difference from the now "lowered" rate is latched onto the loan protection policy, giving the illusion that your loan interest rate has decreased, when in fact the costs were just transferred to the loan protection insurance policy.

What to Look out for It is important to point out that PPI coverage is not required in order to be approved for a loan. Some loan providers make you believe this, but you can definitely shop with an independent insurance provider rather than buy a payment protection plan from the company} that originally provided the loan.

An insurance policy can contain many clauses and exclusions; you should review all of them before determining whether a particular policy is right for you. For those working full time with employer benefits you migh not even need this type of insurance because many employees are covered through their jobs, which offer disability and sick pay for an average of six months.

When reviewing the clauses and policy exclusions, be sure you qualify for submitting claims. The last thing you want to have happen when the unexpected occurs is to discover you aren't qualified to submit a claim. Unfortunately, some unscrupulous companies sell polices to clients who don't even qualify. Always be well informed before you sign a contract.

Make sure that you know all loan protection insurance terms, conditions and exclusions. If this information is on the insurer's website, print it out. If the information is not listed on the website, request that the provider fax, email, or mail it to you before you sign up. Any ethical company} is more than willing to do this for a prospective client. If the company} hesitates in any way, move on to another provider.

Policies differ, so check terms and conditions of the coverage to see what exclusions and clauses are stated in the policy and when they would start. Review the policy carefully. Some policies do not allow you to receive a payout under the following circumstances:

If your job is part-time If you are self-employed If you can't work because of a pre-existing medical condition If you are only working on a short-term contract If you are incapable of working at any other job other than your current job Understand which health-related issues are excluded from coverage. For example , because diseases are being diagnosed earlier, illnesses, such as cancer, heart attack and stroke might not serve as a claim for the policyholder because they are not considered as critical as they would've been years ago when medical technology wasn't as advanced.

The Bottom Line When searching for a loan or PPI, always thoroughly read the terms, conditions and exclusions of the policy before committing yourself. Look for a reputable company}. One way is to contact the consumer advocacy facility where you live. A consumer advocacy group should be able to direct you to ethically responsible providers.

Review your particular financial situation in detail to make certain that getting a policy is the best approach for you. A loan protection policy does not necessarily fit everyone's situation. Determine why you might need it; see if you have other emergency sources of income through either savings from your job or other sources. Go through all exclusions and clauses. Will getting the insurance be cost-effective for you? Are you confident and comfortable with the company} that is handling your policy? These are all issues that must be addressed carefully before making such an important decision.

Just days after Hurricane Sandy pummelled the east coast of the United States, and made her historic turn inward towards the New Jersey coast, insurance estimates began rolling in, and the news wasn't good. The storm, which affected a broad area, particularly devastated the states of New Jersey, Pennsylvania, and New York. Many in the tri-state area and beyond suffered severe or moderate property damage, flooding, power outages and more. Now that the clean-up for Hurricane Sandy has begun, insurance companies are attempting to gauge just how expensive this catastrophic storm really was and what the real cost of this natural disaster looks like. Here is a look at preliminary figures from the damage Hurricane Sandy caused and an in-depth look at just how much money the superstorm is costing insurance companies as a result.

Total Estimated Cost of Damage is Staggering The total estimated cost of damage wreaked by Hurricane Sandy is nothing short of staggering. An article released by the Associated Press on Nov. 2, 2012, estimates the total damage caused by Hurricane Sandy to be up to $50 billion. (The total was projected by Eqecat, a catastrophic risk management consulting firm, which indicated that the damage caused by the storm was between $30-$50 billion. ) The damage is comprised of property damage, loss of business, an increase in living expenses and more.

Cost to Insurance Companies Projected to Be Much Less Another finding in Eqecat's report is that although the total amount of damage is estimated at $50 billion, the costs that insurance companies will incur from Hurricane Sandy are considerably less. The report indicated that insurance companies can expect to pay between $10-$20 billion. The low end of this figure, while significantly reduced from that of the total damage incurred, is still a hefty price tag to pay. Hurricane Sandy is already more expensive than many severe hurricanes from the past, including 2008's Hurricane Ike, 2004's Hurricane Ivan and even the much overhyped Hurricane Irene from 2011.

Why the Lower Price Tag for Insurance Companies?
There are plenty of reasons why the insurance companies got a lower price tag. For one, many homeowners' insurance policies have tricks and do not cover the cost incurred from flooding. In order for flood claims to be paid, a consumer must have already purchased a flood policy prior to the arrival of Hurricane Sandy. In addition , the damage estimates include costs that are not covered by insurance policies such as loss of wages, power outages and increased costs of living expenses.

High Short-Term Costs, Low Long-Term Effect While the staggering cost of Hurricane Sandy is still being calculated, insurance companies and risk management firms are trying to pinpoint whether the damage done is short-term or if it has the potential to cripple the economy and insurance industry on a long term or permanent level. According to an article released by the Huffington Post on Oct. 31, 2012, the rebuilding will start and continue at a feverish pace, and the economy will not be impacted over a long period of time. Meanwhile, an article released by SeekingAlpha. com projects that the insurance industry will take a hit, but quickly recover once the cleanup has been completed.

The Bottom Line Hurricane Sandy ravaged the east coast and left New Jersey coastal towns, New York City and plenty of other locations with billions of dollars worth of damages. With cases of flooding, structural damage, power outages and more, the clean-up process for Sandy is certain to be long and expensive. Only time will tell if the numbers projected by Eqecat are correct, and as more reports of damage come through, it certainly seems as though the catastrophic risk management firm has done its homework. Let Sandy serve as a great reminder of how families should take appropriate measures for protecting their assets and finances from natural disasters.