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Progressive Insurance A Company with Many Firsts.

Joseph Lewis and Jack Green started Progressive Mutual Insurance Company in 1937. As lawyers just getting started they saw an insurance company as a good investment and an opportunity to offer vehicle owners with security and protection. From the very start Progressive has been innovative and made auto insurance accessible and easy in order for more people to have insurance and protect their cars. The Progressive business philosophy is to approach auto insurance in an innovative way — like no other company had. Progressive has been a leader in offering new ways to meet their insurance customer’s needs: Progressive offered … Continue reading →

Insurance Blog Week In Review March 1- 5, 2007

Insurance Term Of The Week: The Insurance Application I am surviving surgery and getting back to the keyboard. It’s amazing how much control insurance companies have over the amount and type of medical treatment and care a person receives. I have always been confused when my doctors tell me they would like me to stay another day in the hospital, but because I am doing so well insurance won’t approve another day. The better a patient does, the less time they should need in the care of the hospital. There are of course always, exceptions to the rules and ways … Continue reading →

What is an Insurance Actuary?

Life is filled with uncertainty. We all face events that are unexpected and happen. “Risk” what is possible–those things that could be horrible–but, might actually happen to us. An Actuary is a person who is an expert in the following skills: Evaluates of the possibility that something horrible might happen in the future. Looks for simple, and creative ways to control, eliminate or reduce the odds of something horrible happening in the future. Finds methods to decrease the impact when something horrible does actually happen. Insurance serves one major function and that’s to help decrease the impact when something horrible … Continue reading →

Insurance Careers: Entry Level

In the old days an “Entry Level” career position meant a person with a high school diploma could apply and expect a good chance for the opportunity to build a career from the bottom up. In the business world today “Entry Level” usually means after earning a college degree. This is true for the Business of Insurance, there are many careers that require a four-year college degree. However, there are still paths where talented and motivated high school graduates can work their way up. In the first part of this series, Insurance Careers I outlined the overall workforce and some … Continue reading →

Insurance Careers: Part One

A career in the insurance industry might be something to consider. In 2004 an estimated 2.3 million people earned a wage or salary working in careers that support the Business of Insurance. Insurance companies offered 62 percent of jobs, and insurance agencies, brokerages, and other insurance providers and insurance-related services made up the balance of 38 percent of jobs. The insurance industry also offered nearly 151,000 workers to be self-employed during 2004. The majority of these careers were mostly insurance agents. Insurance companies generally employ 250 or more workers and tend to have home or regional offices located in or … Continue reading →

What is An Insurance Agent?

An insurance agent represents an insurance company or insurer that pays the agent a commission for transacting business with the insurance company or insurer. An agent works for the insurance company and keeps his primary obligation on representing the companies that he writes insurance with. This is very different than an insurance broker who is a representative for the customer, the insurance buyer. The difference between an Insurance Agent and an Insurance Broker is an important issue if there is a situation of claim and there is a reason to determine which professional is responsible for an error or omission. … Continue reading →

More About the Business of Insurance.

In the first Blog about The Business of Insurance I covered the basic outline of what the Insurance Industry is about. In this Blog I want to talk about what an Insurance Company does to determine premium and what they do with the premiums we pay. An insurance company accepts the risks associated with the contract policy a customer requests. Based on the information a customer provides, and the underwriting conditions a premium is established for the cost of the contract policy. When the insurance policy is issued a declaration will be sent to the customer. In the declaration the … Continue reading →

Insurance Blog Week In Review January 30-February 5, 2007

Insurance Term Of The Week: Personal Injury Protection, PIP It has been an interesting and educational few weeks for this Insurance Blog writer! There is nothing better than real-life experience to teach a person a thing or two! Dealing with our Employer Provided Group Health Insurance company has been a real eye-opener for me. Tuesday, January 30 Primary and Secondary Health Insurance Coverage, Because our youngest children are biological special needs siblings, adopted from foster care they have State Medical benefits as well as coverage under our employer provided group health. We also had, primary and secondary health insurance for … Continue reading →

What is the Business of Insurance?

The business of the insurance industry is to provide financial protection against a loss caused by an insured peril. The contract is the policy and the premium payment is the instrument binding the contract. Insurance carriers, or insurance companies other wise known as insurers. Offer a contract to customers based on underwriting terms. Insurance agencies and brokerages conduct the transaction of the business contract between the clients and the insurance companies. Insurance carriers are business companies assuming the financial risks insured under the terms of the policy contract with agents selling and servicing the insurance contract policy for the insurance … Continue reading →

Insurance Careers: Intro From Top to Bottom.

If you have been following my Insurance Blogs, I’m sure you can tell Insurance is a certain kind of “Geek Thing.” People who are successful working in an Insurance Career have a strange way of viewing risk and planning for disasters. Insurance is defiantly a way of thinking most people can understand insurance and how it relates to their own lives and personal finances. Some people can enjoy a career within the Insurance Industry. Within the business of insurance there are amazing and a wide range of opportunities for talented people. There are entry level positions for high school graduates … Continue reading →