YourMoney2025

02/03/2026

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Happy Birthday to Meghan Markle!

Born in 1981, Meghan Markle is the Duchess of Sussex, known for her work in entertainment and her advocacy efforts.

She rose to international prominence through her acting career before becoming a member of the British royal family, later focusing on philanthropic and media initiatives.

Wishing Meghan Markle a birthday filled with purpose, happiness, and continued meaningful endeavors in the years ahead.

01/03/2026

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02/11/2025

07/09/2025

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25/07/2025

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543 likes, 55 comments. “Tag your school 📚. Let’s get more interpreting programs into the US’ top colleges and universities. State University . of Illinois Ohio State University of Michigan University”

25/07/2025

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Good Day Good People 💜👑

17/07/2025

INSURANCE COMPANY RATING SERVICES

1. A number of services rate insurance companies. For many years, the predominant insurance company rating organization was the A.M. Best Company. In recent years additional rating organizations have become important players in the insurance industry.

a.

Regardless of the organization offering and insurer rating, such ratings are compiled based on a number of factors:

i. How long the company has been in business
ii. Experience of company management
iii. Amount of company reserves
iv. Claims paying ability
v. Financial strength
vi. Assets versus liabilities

2. A.M. Best ratings range from A ++ superior (the highest rating) to F, which designates companies that are in court-ordered liquidation. Other well-known rating services are Weiss, Standard and Poors, Demotech, and Moody's. An agent should be familiar with these rating systems because it is his or her responsibility to know the company he or she represents. Many agents will not sell for companies rated below A. Companies not receiving one of these ratings are classified as NA (not assigned), which may mean the rating company does not have enough information to assign a rating.

17/07/2025

INSURERS' MARKETING SYSTEMS

1. Life and health insurers sell their insurance products to consumers.

a.

Accordingly, insurers may use one or more of the following marketing systems:

i. A general agency system
ii. A managerial system
iii. A direct Marketing system
iv. An independent agency system

GENERAL AGENCY SYSTEM

2. When an insurance markets its Insurance products using a general agency system, the insurance company contracts with independent businesses, known as general agents or managing general agents, to market and sell insurance for that insurance company. These general agents may be organized as sole proprietors, partnerships, or corporations and may offer the insurance products of a single insurer or multiple insurers.

MANAGERIAL SYSTEM

3. Insurers may wish to keep the entities that market their products closer to them. Accordingly, they may choose to market their products under a managerial system. In this system, the agency managers and other agency management personnel- individuals normally charge with recruiting, training, and guiding agents- are employees of the insurance company. They may receive a salary, a salary plus commission overrides, or a combination of the two.

4. The agents that are recruited for and trained in a managerial agency are normally considered statutory employees of the insurer. As statutory employees, they are considered self-employed for certain purposes but considered employees for other purposes, such as the payment by the insurer of social security taxes. Such
agents are generally considered captive agents. A captive agent is one who, as a part of the agency contract, is permitted to sell insurance only for the company with which he or she has contracted.

DIRECT MARKETING SYSTEM

5. And insurer may elect to market it's Insurance products directly to consumers and may use a system known as direct marketing to do it. Thus, a direct Marketing system requires no agents. The insurance company markets to potential customers through direct mail, the internet, and and/or by telephone. From an insurance perspective, the attractiveness of a direct Marketing system lies in its generally lower business acquisition costs. Many types of life and health insurance policies are marketed in this matter.

INDEPENDENT AGENCY SYSTEM

6. Independent agency system, and insurance company contracts with several independent agencies or agents who are charged with marketing and selling insurance for the insurer. An agent or agency representing several companies is sometimes called a "broker." The agent or agency collects commissions on the sales that he or she makes.

17/07/2025

RECIPROCALS

1. The word reciprocal means "give and take." Members of a reciprocal group are termed subscribers who agreed to share the insurance obligations with all other members of the unincorporated group. Thus, all members of the group insure each other and share the losses. A reciprocal is often managed by an attorney who is authorized to handle the business of the reciprocal.

REINSURANCE

2. In some cases, an insurance risk will be too large, too complex, or two unfamiliar for a single insurance company to prudently assume. To deal with this situation, insurance companies have agreements among themselves that are called reinsurance agreements or treaties. A life and health insurer may have reinsurance treaties with multiple reinsurers.

3. The company buying reinsurance (the ceding company) buys reinsurance from another insurance company (the reinsurance company) to cover a portion of the risk. The ceding company issues the policies and does the underwriting just as if there were no reinsurance in place. In most cases, the applicant is unaware of the reinsurance.

RETENTION LIMITS

4. Reinsurance agreements require the ceding company and the reinsurer to share both risk and potential profits from the ceded insurance. Accordingly, insurance companies determine how much risk they are willing to assume by themselves without reinsurance. The amount is the company's "retention limit."

5. In some states, retention limits are set by law. In others, the company set their own limits based on how much risk they are willing and financially able to handle. In any case, retention limits are an amount beyond which a company will not normally assume additional risk by itself.

SURPLUS LINES

6. Surplus lines insurance is a specialized insurance coverage.

a.

This type of coverage is offered when either of the following conditions arises:

i. A risk or a part of a risk is identified for which there is no market available through the original or producing agent.
ii. A state bars the sale of a specific type of coverage or otherwise prevents insurance companies from providing coverage for a particular risk. Or, a state restricts insurance companies from charging adequate rates.

7. When a license insurance company cannot underwrite a coverage, state laws authorized that this insurance request be placed in the surplus lines market. A surplus lines broker licensed by the state then places this business with a surplus lines insurer.

8. Surplus lines insurers are by definition not licensed in the state, but they must be eligible to provide the type of coverage requested under a state's Insurance laws. The laws governing surplus line sales may vary from state to state.

17/07/2025

FRATERNAL BENEFITS SOCIETY

1. Fraternal benefit societies may also offer Insurance to their members, who usually share a comment ethnic, religious, or vocational affiliation. The money earned by a fraternal organization, including from insurance sales, is used exclusively for the benefit of its members. For this reason, fraternal associations are considered non-profit entities.

2. Fraternal organizations cannot issue shares to generate capital. For an organization to qualify as a fraternal benefit society, it must be organized and operated solely for the benefit of the members of the association and their families. Fraternal society must be organized into local chapters or lodges in the buildings in which they meet.

ASSESSMENT COMPANIES

3. Assessment insurers retain the right to charge additional monthly premiums to the policy owners- to assess them, in other words- if the total premiums paid and the insurance earnings are insufficient to meet its claims requirements.

4. In some assessment company arrangements, no premiums are paid until a loss occurs, each member of the group is charged a pro rata share of the loss. This contract arrangement is called an "open-ended contract."

LOYD'S

5. Despite what you might think, Lloyd's is not an insurance company nor does it sell insurance. It is an association of individuals and companies who agreed to share in the risk and profits arising from the insurance contracts. Each person or group is individually responsible for the insurance that it underwrites. It could be said that Lloyd's is a clearing house for insurance brokers. But much of the business that is brought to Loyd's represents complex, unique, and very large risks.

a.

Lloyds provides the following services to aid its members:

i. A meeting place for transacting insurance business
ii. Underwriting information
iii. A forum for settling disputes and claims
iv. Other regulatory and administrative services

SELF-INSURANCE

6. In addition to the types of companies mentioned in the previous sections, another possible type of insurance is self-insurance. In the case of self-insurance, all or part of the risk is borne without the benefit of outside insurance in the event of a loss. Many very large companies are self-insured because they have the resources to pay for their losses, and their claims experience indicates that it is cheaper for them to self-insure rather than to pay for insurance coverage.

PRIVATE VERSE GOVERNMENT INSURANCE

7. Insurance is also available through state and federal government programs. Federal programs include social security, medicare, medicaid, service members group life insurance, and tricare. State programs include workers compensation, unemployment insurance, and state-run medical insurance plans.

8. As in private insurance, government insurance programs may provide protection from the financial losses caused by death, disability, old age, or illness. The difference between private and government insurance is that government insurance is funded wholly or a part by tax dollars.