Debit Insurance

[Efolkman]

My father was a successful debit agent. Had two years of accounting at college and dropped out to family.
Moved to new house for 3 children. Went to horrible hoods and Sunday accounting mornings to balance a big book book binder.
Negative: held up twice at knife point. He lost it . Made friends with Lynn Sheldon.
Went to work in local 880.
But he could sell! Newspapers in the day to help win me trips, money. He was unusual—
Never swore, drank ,smoked, or even yelled much. Had a good upbringing. He was a very personal man..
I seem to be like him in most aspects. Thinking of goin into Insurance.
What he did is now I conjecture is computers and/or personal carry(CCL).
Anyone out there who relate and tell me more about insurance as I'm being tagged by many insurance companies to work even tho I'm a semi retired pharmacist

 

[rousemark]

My father was a successful debit agent. Had two years of accounting at college and dropped out to family.
Moved to new house for 3 children. Went to horrible hoods and Sunday accounting mornings to balance a big book book binder.
Negative: held up twice at knife point. He lost it . Made friends with Lynn Sheldon.
Went to work in local 880.
But he could sell! Newspapers in the day to help win me trips, money. He was unusual—
Never swore, drank ,smoked, or even yelled much. Had a good upbringing. He was a very personal man..
I seem to be like him in most aspects. Thinking of goin into Insurance.
What he did is now I conjecture is computers and/or personal carry(CCL).
Anyone out there who relate and tell me more about insurance as I'm being tagged by many insurance companies to work even tho I'm a semi retired pharmacist

First of all, I have never seen a poll where both answers (questions) are the same.. What are you asking in the poll. Most of the debit companies are long gone.. There are still a few like United left. There are some companies like Liberty Bankers and Columbian that will allow you to set up a debit as an independent agent.

 

[shonceman]

I've been running debits for nearly all of my 30 years in the business. I've been independent for about half of that. I love it!

You're right, I don't carry the giant binder anymore! I carry a small shoulder bag with an iPad, a spiral notebook, and a few supplies. Everything that was in that big binder is mainly in the iPad now.

Like @rousemark said, most of the debit companies are long gone, or at least transitioned into a different marketing system. If you're interested in becoming a debit agent, you'll be hard pressed to find someone to train you properly in that system, unless you can find a captive carrier with debits available in your area.

 

[shonceman]

BTW, I wasn't sure which one to vote for in the poll. So after agonizing for a bit, I finally decided to go ahead and vote for Debit Insurance!

 

[vic120]

I'm curious I've seen these words since I have been on the forum a lot of talk about old debit routs, used to be a debit agent back in the day and such What is debit insurance anyway?

 

[rousemark]

I'm curious I've seen these words since I have been on the forum a lot of talk about old debit routs, used to be a debit agent back in the day and such What is debit insurance anyway?

It typically is insurance that is collected by home service agents. Originally most was collected on a weekly premium basis. The name "debit" comes from the fact the agents account was "debited" for the amount of money due on the polices each week. Then, as he collected and turned in the money, the "debit' was cleared. Wasn't a bad way of doing business back in the day..Being in the home to collect every week, bi-weekly or monthly allowed the agent to build a good, almost family, relationship with the clients. You were always aware of changes in the family circumstances that created a need for new insurance. In those days, many homes always had someone there to pay the premium but as more and more homes became two earner or single parent families, it became harder to maintaining the route with reasonable hours.. Plus, the added expenses involved with the increase of auto costs, etc also put pressure on the agents. If an agent is going to do it today as an independent, LBL is probably the best company I know of to use. They pay a 40% collection/renewal fee... That is much more than most of the old debit companies paid.

 

[shonceman]

It typically is insurance that is collected by home service agents. Originally most was collected on a weekly premium basis. The name "debit" comes from the fact the agents account was "debited" for the amount of money due on the polices each week. Then, as he collected and turned in the money, the "debit' was cleared. Wasn't a bad way of doing business back in the day..Being in the home to collect every week, bi-weekly or monthly allowed the agent to build a good, almost family, relationship with the clients. You were always aware of changes in the family circumstances that created a need for new insurance. In those days, many homes always had someone there to pay the premium but as more and more homes became two earner or single parent families, it became harder to maintaining the route with reasonable hours.. Plus, the added expenses involved with the increase of auto costs, etc also put pressure on the agents. If an agent is going to do it today as an independent, LBL is probably the best company I know of to use. They pay a 40% collection/renewal fee... That is much more than most of the old debit companies paid.

LBL is my debit company. I was collecting for another company that was only paying 10% when gas went up to over $4/gallon. Since I drive over 100 miles per day, I was getting behind fairly quickly. I figured out that I was losing money on my collection accounts. I soon discovered the LBL home service contract which has been very good for me!