February, 2023

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Celebrating 24 years of service to the general insurance industry

Prof. Allan Manning

Tomorrow, the 25th of February 2023 marks the 24th anniversary of the start of the LMI Group. During that time we have assisted thousands of claimants with their claims, and introduced world leading online services that take the lessons learned from claims, and use them to assist brokers and underwriters be better at their job, and to move the emphasis from price to protection.

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Insurance Agent Recruitement

An-Insurance-Agents-Career

Insurance agent recruitment and agency building made easy with our proven and tested techniques in our complete Agency Building & Recruiting Manual.

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Retailers Must Be Careful With Private Label Credit Card Advertising

Hunton Andrews Kurth

The FTC unanimously approved a consent order this week requiring Credit Karma, LLC to pay $3 million dollars for allegedly advertising to consumers that they were “pre-approved” for credit card offers, when in reality, the customers were not pre-approved, and in fact, were frequently rejected. Credit Karma’s advertising—which purportedly took place over three years between February 2018 and April 2021—consisted largely of emails and webpages telling consumers they were “pre-approved” for various

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7 Insurance Industry Predictions For 2023

Agency Intelligence

We spoke with insurance industry experts and leaders to see what they’re expecting to see in 2023. Though the industry may face some challenges this year, like social inflation, there are also many opportunities to grow and expand your business. Investments in technology, customer relationships, and AI will surge this year.

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Ease Report Reveals Even Small Shifts in Benefits Costs Can Impact SMBs

Ease

Annual benchmarking and trend report shows smallest businesses see biggest medical premium increases SAN FRANCISCO, Feb. 21, 2023 – Ease®, a leading HR and benefits software solution for small- and medium-sized businesses (SMBs), insurance brokers, and insurance carriers, today released the 2023 SMB Benefits and Employee Insights Report. Now in its fourth year, this report centers on benefits cost and adoption trends for businesses with 2-250 employees nationwide.

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Wealth Building Opportunity

The Insurance Pro

While most financial advice is heavily focused on maximizing return while minimizing fees (and this perhaps is one of the reasons so many people fail long term in their financial plan) I'm going to take time today to introduce a concept that is by no means new, but one of those golden little nuggets that. Keep Reading The post Wealth Building Opportunity appeared first on The Insurance Pro Blog.

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Promote Your Insurance Business.Your company,Top Producer or Yourself

An-Insurance-Agents-Career

Promote Your Agency, Your Team Your company, Your Top Producer or Yourself. Increase your insurance recruiting visibility. - Let others know about you.

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FTC Extends Deadline for Public Comment on Green Guides to April 24, 2023

Hunton Andrews Kurth

The FTC has announced that it is extending by 60 days (from February 21 to April 24, 2023) the public comment period on potential updates to the agency’s “Green Guides.” As we previously reported , since mid-December 2022, the FTC has been gathering input on various aspects of the Guides for the Use of Environmental Marketing Claims. According to the FTC’s announcement, several interested parties asked the agency for additional time to provide their feedback, citing a desire to conduct consumer

Claim 104
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Liability Considerations for Affordable Housing Developments

Scott Insurance

Affordable housing developments are a critical component of building a strong economy, and the need for affordable housing today is urgent. According to the National Low Income Housing Coalition’s 2022 Report, the U.S. is facing a shortage of 7 million affordable rental homes/units. While this need creates challenges for our communities, it simultaneously creates significant opportunity for affordable housing developers.

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Users Have Made it Clear: Ease Named Best Software for 2023

Ease

The reviews have been written, the voices have been heard, and Ease is on top for 2023. Only two months into 2023 and we’re already making the top 100 lists — that’s one way to kick off a new year. Trusted software marketplace, G2 , has released its Best Software Products for 2023 lists, and Ease has made it to the top on not one, but two of them. The people have spoken — Ease is in the top 100.

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New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry

Risk Management Monitor

As Black History Month kicks off, February presents a great opportunity to not only celebrate the history and accomplishments of African Americans, but also to meaningfully assess and advance diversity, equity and inclusion measures with the goal of ensuring lasting change rather than lip service. To that end, the National African American Insurance Association (NAAIA) recently updated its research on its members’ experiences and challenges in the insurance industry, releasing the new study The

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How is Survivorship Life Insurance Helpful in Estate Planning?

RiskQuoter

Are you planning for the future? Survivorship Life Insurance might help. It's an insurance plan for two people that only pays out when the second person dies. Second to die policies can help manage estate taxes or business transitions. Plus, it's typically cheaper than getting two separate policies, even when someone has health issues. The post How is Survivorship Life Insurance Helpful in Estate Planning?

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The Art of Closing a Sale.

An-Insurance-Agents-Career

Learning how to become a good closer of insurance products is a learning process that is the result of time and mistakes. We call that time and those mistakes experiece. One thing we learn over time is that all objections usually fall into only several catagories. (Want to Think about it, no money, no sense of urgency) Upfront communication with your prosepct is where you start closing.

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Court Rules that BIPA Health Care Exemption Applies to Sunglasses Virtual Try-On Tool

Hunton Andrews Kurth

On February 10, 2023, an Illinois federal district court ordered the dismissal of a putative class action lawsuit alleging that an online tool that allowed users to virtually try on sunglasses violated the Illinois Biometric Privacy Act (“BIPA”). In Delma Warmack-Stillwell v. Christian Dior Inc. , the plaintiff sued French luxury brand Dior, and alleged that it violated (1) Section 15(b) of BIPA by failing to provide notice and to obtain consent when collecting her biometric information; (2) Se

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Why Are Personal Auto Insurance Rates Increasing?

Scott Insurance

With very few exceptions, nearly every individual and family in the U.S. is facing higher-than-normal increases to their auto insurance premiums. According to Bankrate , an independent publisher and comparison service, auto insurance in the U.S. costs an average of $2,014 per year, an increase of 13.72% between 2022 and 2023. While individual rates will vary based on each individual’s circumstances and history, there are some general trends that are leading to these increases.

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Cold Calling Prospects Using The Phone

An-Insurance-Agents-Career

Cold calling prospects | Tips and techniques to help set interviews using the phone | You only have about 10 seconds to get prospects attention

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Closing insurance sales by using the closing pyramid concept

An-Insurance-Agents-Career

Closing insurance sales by using the Closing Pyramid Concept.

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Maine Department of Environmental Protection Releases Proposed Rule Implementing the Procedures for Maine’s Reporting Requirements and Prohibitions for Products Containing PFAS

Hunton Andrews Kurth

The Maine Department of Environmental Protection (DEP) recently released a long anticipated proposed rule that would implement the procedures for Maine’s 2021 law [1] requiring manufacturers to submit notifications to DEP for products and product components containing intentionally added per- and polyfluoroalkyl substances (PFAS) sold in the state.

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Insurance selling techniques

An-Insurance-Agents-Career

Proven insurance selling techniques used to close sales and set appointments

Insurance 100
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Risk Management in the Metaverse

Hunton Andrews Kurth

For many, the “metaverse” sounds like some obscure sci-fi fantasyland. You may be asking, where is it? How does one get there? Chances are, if you are reading this article on a screen, then you are already interacting with what could be described as the metaverse. And if your business is operating in the metaverse, it is being exposed to new risks that need to be managed.

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Increased Risks, D&O Insurance Considerations, Following Delaware’s Extended Oversight Duties

Hunton Andrews Kurth

As reported today on the firm’s Insurance Recovery Blog, the Delaware Chancery Court recently held that the duty of oversight extended to corporate officers. The important decision came after McDonald’s shareholders sued the company’s former head of human resources, alleging that the officer breached his duty of oversight by “allowing a corporate culture to develop that condoned sexual harassment and misconduct.

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Insurer Can’t Flush Away Its Duty to Defend

Hunton Andrews Kurth

As recently reported on our firm’s Insurance Recovery Blog, the Northern District Court of Illinois reaffirmed the bedrock principle that an insurer’s duty to defend is broad and triggered by any allegations in a complaint that potentially fall within a policy’s coverage grant. In Harleysville Pref. Ins. Co. v. Dude Products Inc., et. al. , Case No. 21-c-5249 (N.D.

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How the End of the COVID-19 Emergency Periods Will Impact Health Plans

Scott Insurance

UPDATE – COVID-19 National Emergency Ends Sooner Than Previously Announced On March 29, 2023, the U.S. Senate passed a resolution that would end the COVID-19 national emergency declaration that has been in place since 2020. The U.S. House of Representatives voted in February to terminate the order, and President Joe Biden had indicated that he would sign the bill despite strongly opposing it.