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John A RE - Insurance Premiums

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TomR Ont.

02-18-2005 10:09:24

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At these profits the guy paid a poultry 100 thousand must feel ill.
Do you think 4.2 BILLION is a reasonable profit; this is after they couldn't hide any more legally of coarse.
This is in Canada; our population is only 30 million.
How many BILLION profit will it be in the USA.

http://sympaticomsn.ctv.ca/servlet/ArticleNews/story/CTVNews/1108741020269_104150220?hub=topstories

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NEsota

02-18-2005 13:52:11

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Re: John A RE - Insurance Premiums in reply to TomR Ont., 02-18-2005 10:09:24

Insurance sales people want you to load the boat with whole life and then turn around and sell you annuities to cancell out the insurance. They get the commissions going both ways. You can save two commissions by just not buying either one. How can they act so righteous?

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Bartt

02-19-2005 11:16:49

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Re: John A RE - Insurance Premiums in reply to NEsota, 02-18-2005 13:52:11

What is churning?? Is that an Insurance term. Heh Heh.

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dr.sportster

02-18-2005 10:17:15

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Re: John A RE - Insurance Premiums in reply to TomR Ont., 02-18-2005 10:09:24

Tom ,no offense but I dont care.Ive spent far more time worrying about the hockey season than the insurance industry.Insurance is like placing a bet against yourself and I am not a gambling man.{unless required by law].Plus I think we are both spelling it wrong.

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tlak

02-18-2005 10:35:15

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Re: John A RE - Insurance Premiums in reply to dr.sportster, 02-18-2005 10:17:15

{unless required by law]
This brings up something else I've been thinking about. If your mandated by law to have insurance or by a bank for a mortgage why is the only place to buy is from somebody making a commission?

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Gabby

02-21-2005 10:25:27

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Re: John A RE - Insurance Premiums in reply to tlak, 02-18-2005 10:35:15

Lets just think about this for a moment. Someone (agent) should provide a quote, write an application, make changes to the policy, answer questions, process claims, maintain an office, pay help (with benefits), pay taxes, ect. Yes and do this, and more, for free?
How should compensation be arranged other than commissions?

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tlak

02-21-2005 15:02:45

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Re: John A RE - Insurance Premiums in reply to Gabby, 02-21-2005 10:25:27

(Lets just think about this for a moment. Someone (agent) should provide a quote, write an application, make changes to the policy, answer questions, process claims, maintain an office, pay help (with benefits), pay taxes, etc. Yes and do this, and more, for free?
How should compensation be arranged other than commissions?)
Most of what you listed I can do on my home computer so all the office etc.. is sort of a mote point. Nobody answered my original question of how can 4 or 5 agents work in a less than 10,000 population area and make 100k+ a year each.
When I go to my agents office there is never any customers there ever. (two different agents same town)So obviously their not snowed under.
How it can work....I think they need to take the insurance middle man out of everything.
States already have uninsurable driver program. Put up a deposit or something. This system could be expanded maybe with purchase of lic plates since you already have to show proof of insurance there anyway. So these people making 30k a year could fire up a simplified car insurance plan since they already set the state minimum and this would be what everybody would get with their plates at a set fee. So all the variables and different prices are just sales gimmicks.
Commission like I said before is not to get me a good price or help me it's an incentive for you to sell more. Hourly wage would be the term your looking for or ignoring.

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Gabby

02-22-2005 05:15:16

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Re: John A RE - Insurance Premiums in reply to tlak, 02-21-2005 15:02:45

This is really getting old.
1.4-5 agents in a town of 10000 making $100,000 each. Unbelievable! Some questions- Is this figure gross or net? Do they have help? Do they have business outside the "town" limits?
2. This is much better. Let the gouvernment get into another business. They do such an efficient job of managing currently
I have a better idea! Instead of paying these huge premiums so that the agents can all make $100,000 lets just raise taxes to cover everyones insurance premiums.
Question- Have you ever beeb self-employed?????

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Brian in NY

02-18-2005 11:29:08

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Re: John A RE - Insurance Premiums in reply to tlak, 02-18-2005 10:35:15

Well, I fail to see how insurance is like placing a bet against yourself, could you explain that...?

And the reason the agents/bankers get a commission is that they are liscensed, highly trained and have a lot of responsibility to do it right. How else would they get paid if not via commission? The commission is a small percentage of the total cost, usually 10 or 15%.
So...say your homeowner's policy costs you $500 per year...is your agent getting rich on $50 or $75 per year? Another thing....the great thing about America or Canada is that if you want to get a chunk of that profit pie, save up yer pennies.. work hard... start your own insurance agency or company. The folks that are bringing in the big bucks now were just kids with no money at one time...it can happen to anybody. Instead of complaining about other people's good fortune, you should go after your own fortune.

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Gabby

02-21-2005 12:29:15

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Re: John A RE - Insurance Premiums in reply to Brian in NY, 02-18-2005 11:29:08

Brian
Congratulations, well written reponse. I own a very small agency in metropolitan Watertown, NY.
Ha Ha

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tlak

02-19-2005 05:30:53

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Re: John A RE - Insurance Premiums in reply to Brian in NY, 02-18-2005 11:29:08

****And the reason the agents/bankers get a commission is that they are liscensed, highly trained and have a lot of responsibility to do it right****
A commission is an incentive for you to sell more not to get an education or to get me the best price.

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RustyFarmall

02-18-2005 11:36:15

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Re: John A RE - Insurance Premiums in reply to Brian in NY, 02-18-2005 11:29:08

By golly Brian, I think you have a very good idea there, We'll just all become insurance agents and then we would all be rich. On second thought, that won't work, wouldn't be any body left to sell it too. LOL

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thurlow

02-18-2005 12:08:02

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Re: John A RE - Insurance Premiums in reply to RustyFarmall, 02-18-2005 11:36:15

One hundred thousand for chicken insurance???? I'm totally confused..... .

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dr.sportster

02-18-2005 12:12:39

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Re: John A RE - Insurance Premiums in reply to thurlow, 02-18-2005 12:08:02

Ha Ha thurlow,Didnt catch that one at first.To the rest of you guys I dont want to seem rude but another insurance disscusion,cmon now.

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dr.sportster

02-18-2005 11:36:07

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Re: John A RE - Insurance Premiums in reply to Brian in NY, 02-18-2005 11:29:08

Look down to the bottom left to where it says Kountry Life.Go to that site to talk about insurance.

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tlak

02-18-2005 13:51:29

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Re: John A RE - Insurance Premiums in reply to dr.sportster, 02-18-2005 11:36:07

Looks like you made a comment about insurance then tell everybody else to go some where else.

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dr.sportster

02-18-2005 16:34:10

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Re: John A RE - Insurance Premiums in reply to tlak, 02-18-2005 13:51:29

Your right who cares I can always not read it.I just Know some guys get mad if its not about tractors.Not me I dont care.

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