New to P&C

Aug 21, 2008

  1. yeager
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    yeager Expert

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    I have had H&L license for 15+ years. I don't know much about P&C. I get a call from an mortage broker the other day where is company is underwriting loans for a national bank who recently got FHA approved. They think they are going to close 30-40 loans a month. He wants me to call these peolpe before closing and try and sell them home owners with American Modern.

    I have couple of questions, is this legal, conflict of interest? Anyone know anything about American Modern? Commission, I am told is about 23% except for costal states then it is 13%. I would be splitting that with this guy. He would be openng an insurance agency with several partners, me being one.

    How hard is P&C test, if done online self study?

    Thanks for your input.
     
    yeager, Aug 21, 2008
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  2. saieddie
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    saieddie Guru

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    Sounds like a good deal to me. The people he refers to you will have to have to show proof of homeowners insurance before they can close on their loans - so this is a good time to quote them.

    Being a l/h agent, i'd give them a quote on a 30 yr term policy for the amount of the loan too.
     
    saieddie, Aug 21, 2008
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  3. Soaringagent
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    Soaringagent Guru

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    Sounds like a great opportunity for you. Why American Modern? They sometimes aren't the most competitive ... but it depends on many factors.
     
  4. tospears
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    tospears Expert

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    Totally legal. I'm pursuing a similar course.
     
    tospears, Jun 10, 2009
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