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Bertha Said:

Does anyone know the average salary for a 220 insurance agent in South Florida?

We Answered:

most agents are paid a percentage of commision. Thats pretty mush universal. Things you should ask when asking about pay:
% of commision on new bus.
% of commision on renewals, if any.
is % based on premium or is it a % of the agency commision?

What costs are you responsible for, is marketing, supplies, and licensing.
does the company offer a draw (a weekly stipend later deducted from your commision) Who is responsible for service... you or the agency. This may be way more than you wanted to think about, as a 220 agent near Tampa, I made part salary and part commision. I made just under 30,000 my first year.

Alex Said:

how much do health insurance agents make in florida?

We Answered:

www.salary.com . . . it depends wildly on how long you've been in business.

The biggest differences, are that in NY, an insurance company HAS to offer a policy - so prices are a lot higher. And in FL, the population 65 and older - and FL has the highest percentage of those - already have Medicare.

Cheaper insurance prices in FL, smaller market.

Ramona Said:

I'm moving to Florida, and I'm an insurance agent..how is the sales in Florida?

We Answered:

I'd imagine the market is really tough. I'm under the impression that the average age is "retired", and that medicare is the largest health provider. You're going to have a really hard time selling health & life to elderly people.

Gail Said:

CAN A FLORIDA INSURANCE COMPANY TERMINATED AN AGENT AGREEMENT DUE TO A LOSS EXPERIENCE?

We Answered:

Yes an insurance company can terminate an agent's contract due to loss experience. This is why it is extremely important that you follow the underwriting guidelines given to you by the insurance company and that you work closely with your Underwriter. You should view your Underwriter as the strongest member of your team since he or she just wants to make sure that you write good business and that you remain profitable.

In addition it is important that you continuously re-underwrite your book of business. Some things that you can do when re-underwriting:

1) Closely monitor your clients' claims--if one client already has two small claims work with your Underwriter and see if the account needs to be non-renewed

2) Closely monitor changes or the need for changes--especially at renewal, i.e. are there new drivers in household--if someone comes in to add a 2nd car and yet there is only one driver listed who is driving the 2nd car? Sometimes you will discover the teenage son is now driving. Don't wait for the claim to find this out or for an ADD report. Our clients give us clues all the time. Make sure that you pick up on this since it will not only collect the appropriate premium for the account but will also give you additional underwriting information--if junior or the insured's cousin has horrendous driving record you either have underwriting non-renew account or you "convince" client that another insurance company is best for him/her. We closely monitor each account for profitability. One of our companies provides us with the individual loss ratio on each account which is extremely helpful to us. We also monitor the quarterly loss reports we are provided by each company for severity and frequency. Even though a client might not have a severe claim if he/she is showing up on frequency reports it is time to either try to rehabilitate the account or have it non-renewed. We will also sometimes have the account flagged--meaning that it if they pay late or get non-pay canceled the company will not reinstate. By the same token we have found a direct correlation between the chronic late payers and those that have claims--you need to nip this in the bud! Also we consistently use high deductibles for all our clients, i.e. $500 deductible comprehensive and $500 or even $1,000 collision deductibles. The client receives the discount and we avoid smaller claims. Rarely a new client will request a lower deductible and we just tell them that that is all we can offer--99% percent accept this.

3) On the property side, we re-inspect properties every 3 years to make sure that it has not deteriorated. In addition every time we have a contact with the client we double check whether any changes have occurred, i.e. if they built an addition to the house -- we add it and as a result collect more premium to offset potential losses on our book. We consistently verify if they are running businesses out of the home--this helps the client and helps us by avoiding claim surprises! Are there new residents in home--cross check this against their automobile policy, etc. We also require a deductible of $1,000 on homeowners insurance--again the client gets a discount and we avoid the smaller claims.

4) If you write commercial business, it is extremely important to continuously re-underwrite--i.e. have they started any new operations, added vehicles, equipment, added a new location, new employees, etc. You can re-underwrite at the renewal, when you are writing an insurance certificate, if they call to make a change, periodic visits to their site, etc. First off you want to make sure that they are not adding on an exposure that would make them ineligible for the program that they are in. Second you especially want to make sure that you are collecting as much premium as possible--any additional premium will help offset losses. Clients rarely remember to inform their insurance company when there are changes--it is up to you to catch them!

I clearly remember one caveat that one of my sales manager told me when I first opened my Agency and was given the contract:

He stated: Insurance is like gambling. If you are not comfortable betting on a client with your own money, don't bet ours.

As a result of this advice, I am very conservative. I would rather have a smaller, successful agency than risk larger and possibly lose my contract. My agency has the best loss ratios for one of my companies in the branch and for my other companies we are consistently among the top ten for best loss ratios. It takes hard work but you can become and remain profitable.

If have already lost your contract, I suggest that if you still have another contract with another carrier that you start implement some of these tactics (if they work for you) and/or that you come up with some other steps to more conservatively underwrite new business and further that you come up with a re-underwriting plan to maintain profitability on your existing book.

I hope this helps. Good Luck!

Natalie Said:

How can I find a proper insurance agent in Florida for international students in U.S?

We Answered:

Speaking to a local agent would be very helpful to you. They will know the market well and be able to help you navigate it.

For free health insurance quotes, and to connect with a local agent who can help you through this, fill out a quote form at http://www.myinsurancequotes.net.

Thanks!

Jared Balis
http://www.utahinsurance.org

Sally Said:

How much commission would an insurance agent make on a $250,000 life insurance policy?(preferably in Florida)?

We Answered:

It really depends on the agent's contract with the insurance company and the type of insurance policy it is.

A general rule of thumb is that an independent agent will get paid a higher commission rate than an agent who is a captive agent or an employee of the insurance company or an agency.

Another thing to consider too is that a captive agent or an employee of a company is probably also earning bonus's in addition to commission, where an independent agent typically won't.

I can't really give you a solid answer as there can be so many variables, as an example say it were a 10 year term policy for $250,000.00 the average commissions could fall anywhere from 40% to 70% of the first year premium. If it were some type of Whole Life plan it could be anywhere from 50% to 120%. And if it were a Universal Life it could be as low as 10% up to maybe 100%

But like I said there are so many variables here, it all comes down to the agent contract and the type of policy.

As far as the premiums for this, there are just as many variables, maybe more, as each case is underwritten individually. Somthing to consider here would be the older you are the more you will pay when you take the policy out, and as different health condidtions are present will also effect someones insurablity when buying a new policy. Because of this, its even harder to give you an answer here.

Daryl Said:

How often is a Florida insurance agent required to renew licence?

We Answered:

Once every ice age