PhxSunsFan
Guru
- 602
e and o is still needed when writing no new business for years.. but still receiving comm from some carriers like uhc. wellcare etc??
retired agent e and o still needed???
- Thread starter PhxSunsFan
- Start date
- 2,795
How many years since you wrote a new policy?
Are you still servicing existing policies?
Do you have a "claims made" or "occurrence" E&O policy?
Are you still servicing existing policies?
Do you have a "claims made" or "occurrence" E&O policy?
- 5,496
Yes. While you are no longer selling, a claim could still pop up today from something you allegedly said or did years ago. What you need is something called "tail coverage".
- 2,795
Right. At least until the statute of limitations for an E&O claim runs out.
- 6,023
$30 a month for E&O - how much are your renewals?
- 2,375
this dude is correct. You may create the policy in year one and have a problem and a claim in year eight.
If you are still receiving a commission - I would certainly keep it.
- 4,983
receiving renewal or extended earnings isnt necessarily the key point as Many life insurance agents are vested in renewals for 8-10 years after they "retire"
the key is whether you could be sued for a sale and/or service going back and the answer is yes. This is why most E&O carriers offer tail coverage. Some might offer 3-4 years of E&O coverage after retirement for 2 year premium price, etc.
- 4,983
sounds like something the old timer insurance agents asked their buddy for. Give me some tail coverage & keep an eye out for my wife while I chase this tail
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