New Agent Question

[slittle]

I am a newly licensed agent and I have been recruited by a company that wants to contract me. They are rated C by A.M. Best. Is there a danger writing policies with a company with so low a rating?

 

[Mark]

I am a newly licensed agent and I have been recruited by a company that wants to contract me. They are rated C by A.M. Best. Is there a danger writing policies with a company with so low a rating?

Who is the company?

 

[slittle]

North Coast Life

 

[insurancewebservice.com]

You should look into why they have a C rating. Also, will you be contracted as a independent or captive agent? If you're a indy then you may have a problem with you E&O carrier. Check with them first.

 

[slittle]

I would be indi. Thanks for your info. I'll check with the E&O people.

 

[Mark]

I could not find a lot about them, but I found this.

Investor News - North Coast Life Insurance

I also found this

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR) of C++ (Marginal) and issuer credit rating (ICR) of "b+" of North Coast Life Insurance Company (North Coast Life) (Spokane, WA) (OTCBB: NCLI). The outlook for both ratings is stable.

 

[WinoBlues]

Make sure you read and understand your Sates' guarantee assoc. agreement.

And only write guaranteed products.

 

[Josh]

Let me just ask the stupid question:

Why not contract with carriers with a better financial rating? There really are no shortage of life carriers in most states.