Life Insurance Upstate is a system in which, for a fee known as the premium, one party agrees to compensate another in the event of a loss. The insured parties are called insureds, and the insurers are called insurers.
Insurance companies base their rates on various factors, including age, driving record, and claims history. Safe drivers can save money by enrolling in usage-based programs like Allstate’s Drivewise and Progressive’s Snapshot.
An insurance policy is a legal contract between the insured and the insurer. In exchange for an initial payment, known as a premium, the insurer promises to pay the insured for loss caused by perils covered under the policy language. The policy also contains specific terms and conditions. These are provisions that qualify or place limitations on the insurer’s promise to pay or perform. For example, the insurer may require that the insured file a proof of loss with the company or that the insured protect property after a loss. Most policies also contain a definitions section, which defines specific terms used in the policy.
An important concept in insurance is the law of large numbers. This law states that the more people insured against a particular risk, the lower the probability that any of them will experience the event. This means that a large pool of insureds makes it easier for the insurance company to forecast the likelihood of events that could result in claims. This information is then used to calculate competitive premiums for the insureds. The people responsible for this process are called actuaries.
The same principles govern insurance contracts as any other legally binding contract. They must meet all the essential elements of a contract, including consideration, offer and acceptance, and mutual consent. They must also be for a legitimate purpose and involve competent parties. In addition, the contract must be enforceable by law.
The principal difference between an insurance contract and a general contract is that the insurance contract is unilateral, and only the insurer promises to pay for losses that occur. In addition, the insurance contract usually involves using agents or brokers to help the insured party understand the terms and conditions.
Another practical difference is that insurance contracts often include specific performance requirements, requiring the insured party to file proof of loss with the company and cooperate during an investigation or defense in a liability lawsuit. In addition, most policies contain a subrogation clause that allows the insurance company to sue responsible third parties to recover amounts paid out under the policy.
Insurance is a form of risk transfer that enables people to reduce their financial uncertainty and make accidental loss manageable. It does this by substituting payment of a regular, called a premium, to a professional insurer in exchange for the insurer’s assumption of the risk of large losses and a promise to pay in the event of a loss. In addition to the monetary value of coverage, insurance provides peace of mind.
Insurance companies rely on the law of large numbers, which says that in large, homogeneous groups, it is possible to calculate the normal frequency and severity of common events such as deaths and accidents with reasonable accuracy. This information determines each policyholder’s risk and the premium charged.
Many types of insurance are required by law, such as motor insurance for vehicles or buildings insurance as a condition of a mortgage; others are sensible to take out, such as life and other personal insurance. Regardless of the type of policy, it is important to read and understand the terms and conditions and exclusions carefully before buying.
In general, the greater the risk an insured faces, the higher the premium. However, the precise amount of any premium an insurer charges depends on several factors, including their own experience, regulatory and rating agency requirements, and the availability of alternative capital-raising strategies. Moreover, differences in market structure and regulation may encourage or retard the development of insurance company risk management skills.
For example, continental European insurers’ asset-liability management objectives differ from theirs. Counterparts, and they can manage their credit positions more effectively. In addition, their exposures to equity markets are more limited than those of life insurers, and they are less likely to sell policies with bonus features.
Some insurers hold investments in separate accounts relating to products such as variable annuities that pass the investment risks to the end consumer or policyholder and do not represent a solvency risk for the insurer. This hybrid capital accounted for 28 percent of separate account assets in 2002 and contains significant equity. However, regulatory and rating agency pressure elsewhere often limits such hybrid capital to 15-25 percent of an insurer’s assets.
Insurance is a form of investment that protects your assets against unexpected financial risks. This type of investment can provide you with a steady stream of income that can be used for retirement or other purposes. However, the returns from these investments may be lower than those of traditional investments, such as stocks or mutual funds. In addition, insurance policies typically come with a limited amount of liquidity. Therefore, you should consider your investment needs carefully before buying an insurance policy.
Life insurance is a valuable tool for investors looking to secure their families’ futures against uncontrollable events like death and disability. It can also provide a stable source of revenue for an estate. Unlike traditional investments, life insurance guarantees a certain return on your premiums, regardless of market conditions. This is because the premiums are invested in an interest-bearing account to generate a return on investment.
Many insurers invest a portion of the premium in bonds and other asset classes. This investment can offset some of the costs of providing insurance coverage and help insurers keep their prices competitive in the market. In addition, bond investment can help an insurer earn a higher rate of return than other asset classes.
The insurance industry is an important source of capital for the economy. Insurance companies invest billions of dollars in longer-duration and relatively low-volatility investments. These investments support businesses, households, and local governments and play a key role in stabilizing financial markets.
While investment insurance products offer the benefits of life insurance and investments, they may only be suitable for some. They provide lower growth rates than common investments and may require medical underwriting. Some insurers even require a physical exam, which can be costly and time-consuming for some people.
Investors should also consider the tax ramifications of a linked insurance product. The amount of money invested in the underlying investments is taxed differently than the income received from the underlying investments. This can affect the overall return on an investment, which is why it is essential to understand how these taxes work before investing in a Linked Insurance Product.
Insurance is a form of risk management that safeguards individuals and businesses from the financial impact of unexpected events. It also helps them maintain their goals and objectives despite the effects of loss. Risk management involves identifying and evaluating potential losses and establishing methods for mitigating their effects. It also includes assessing the likelihood of a particular event occurring and determining how much risk is acceptable for an individual or business to accept.
The most basic form of insurance is a pooling of risks, which allows several people to share the burden of loss. This concept is both practical and enlightened, as it means that misfortunes that would be crushing to one person can be made bearable for all. However, there are limitations on the type of risk that can be insured, and speculative and betting risks are excluded from most policies.
Another way to manage risk is by avoiding activities with a high probability of loss. While this may not be possible in all cases, it is always worth trying. In addition, activities that pose a high risk of loss should be well-supervised and require participants to sign liability releases. This helps minimize the risk of injury and damage to property.
Many people take out insurance to protect themselves against the consequences of unexpected events such as accidents or theft. Some types of insurance are required by law, such as motor insurance for cars, while others are necessary for a mortgage or to save for retirement. In some cases, it is even a good idea to insure against health risks.
Insurance companies use data to forecast the probability of a particular risk and then charge a premium accordingly. These premiums are often paid monthly or semi-annually, although some insurers require payment in full before coverage begins. It is important to shop around for the best premium and coverage options.
It is important to note that risk management encompasses all aspects of an organization, including those that cannot be insured. For example, a company’s reputation can be protected through PR and crisis management, and emergency response plans can mitigate a natural disaster. Similarly, patient safety initiatives and compliance with regulations can protect a healthcare institution’s ability to attract patients.
Most people only think about life insurance once they need it, such as after getting married or buying a home. A financial professional can help you determine your needs, understand the costs and benefits of different policies, and find a policy that fits your budget. For more information, just visit the Independent Life Insurance Agent to proceed.
Riders are additional features or benefits that can be added to your life insurance policy for an extra cost. Examples include an accidental death benefit rider and a waiver of premium rider.
The death of a loved one can have a profound financial impact on families. The right life insurance policy can help offset lost income and pay for final expenses, debts, and other expenses. When choosing a life insurance policy, it’s important to understand the different types available and how each may fit your specific needs.
Term life insurance is an affordable option for many people. It offers a death benefit to your beneficiaries if you die within a specified period (the “term”), such as 10, 20, or 30 years. In contrast, permanent policies such as whole life or universal life have a savings element that builds cash value throughout the policy’s lifetime. As a result, these policies can cost significantly more than term life insurance.
With most term life policies, your premium will stay the same throughout the term. This makes it a great option for those with limited budgets. In addition, most insurers offer a return of premium term life insurance policies that will give you your money back at the end of a level-term policy.
You’ll typically need to undergo a medical exam and answer health questions to obtain a term life insurance policy. This is why it’s essential to be honest and truthful on the application. Otherwise, the life insurance company may reject your claim or increase your premiums later.
The main benefits of term life are its affordability and guarantee that you’ll have coverage until the end of your term. However, you should consider your family’s needs carefully when determining the term length. Many term policies allow you to convert your policy into a permanent life insurance policy without going through the underwriting process again. This is a great feature for those who are worried about their future health or want to ensure they have coverage until their children are grown and on their own.
Whether you’re looking for a term policy or a permanent life insurance policy, it’s important to shop around. Compare rates from several providers, paying special attention to the company’s reputation, financial stability, customer satisfaction, and claims history. NerdWallet’s life insurance calculator can also help you determine how much coverage you need.
Whole life insurance is a type of permanent life insurance coverage that provides coverage for your entire life as long as you pay the premiums. It also builds cash value over time, which you can borrow against or withdraw. The cash value accumulates tax-deferred, and you can use it to help pay premiums or other policy charges.
These benefits make whole-life policies more expensive than term plans, but they can be worth the additional cost for some people. A financial professional can evaluate your needs and work with you to determine if a whole life plan fits your overall financial strategy and your budget.
Many people buy whole life insurance for peace of mind, knowing that their families will be taken care of in the event of an untimely death. Others may want to cover a specific debt or final expenses or even provide for children’s future educational costs. Those with young children or grandchildren should consider this option, as it lasts their entire lifetime, so the beneficiaries can receive a significant amount of money when they pass away.
If you are interested in whole life insurance, a good starting point is to get a quote to see the premium based on your age and health. Most companies require a medical exam, but some offer a no-exam option. Additionally, some whole life insurance policies come with riders that can modify the terms of a policy. For example, you can add a maturity extension rider to extend the payout of a policy or access the death benefit while still alive through an accelerated death benefit rider.
You should note that whole life insurance can also serve as an investment vehicle, so it is important to understand the fees and other costs associated with your policy. It is also a good idea to compare the performance of whole life insurance with other investments. In addition, keep in mind that any withdrawals or loans from your policy will reduce the death benefit your beneficiaries will receive.
A type of permanent life insurance, universal life policies offer a death benefit and cash value. They are also more flexible than whole life insurance, allowing you to change your premiums and coverage, and can include features that give you more growth potential. For example, an indexed universal life policy (IUL) allows you to choose how much of your premium is invested and offers options that can grow with the market. These options can also keep your premium from rising over time.
Unlike whole life insurance, universal life policies typically have lower premiums, which may appeal to those who want to save money on their life insurance. However, full life insurance is more stable and has a guaranteed death benefit. Unlike whole life insurance, universal life policies do not have a fixed interest rate, so you may see your rates rise over time.
In addition to the benefits mentioned above, indexed universal life policies can provide more growth opportunities than other life insurance types. This is because the money you put toward your premiums goes into your policy’s cash account, which can be invested in various ways. This flexibility makes IUL a popular choice among investors, but it is important to understand the risks involved in supporting your life insurance premiums.
Another perk of UL policies is that you can pay more than the minimum premium up to a limit set by your insurer. The additional funds, minus administrative charges, are funneled into your policy’s cash value. This can be helpful if your income fluctuates, as it allows you to increase or decrease your coverage without going through more underwriting or losing coverage.
You can also access the money in your policy’s cash account with a loan, which can cover your premium or pay for other costs. However, if the amount you borrow is greater than the cost of keeping your policy in force, it can cause the policy to lapse.
You can add more coverage later on, but this will require underwriting and can increase your premiums. You can also surrender your policy at any time if you have enough cash in the account to cover fees and expenses.
This life insurance offers the same death benefit as any other permanent policy but adds a variable investment component. The money from this portion is typically invested in a mix of stocks and bonds. In addition, this type of policy can offer a variety of riders to help meet the needs of different clients, such as an accelerated death benefit or income benefit.
This is one of the more riskier types of permanent life insurance. Its cash value is based on investment choices and can be significantly lower than other kinds of policies in the same category. It also tends to have higher fees than different kinds of life insurance. As a result, it’s only suitable for some people.
If you purchase a variable life insurance policy, research its internal fees and performance. You can get reports on these online or from a financial advisor. In addition, you should make a list of your family’s goals and needs so you can determine whether this type of policy is right for you.
Some variable life insurance policies offer a no-lapse guarantee. This means your beneficiaries will receive a payout no matter what happens to the policy as long as you continue to pay premiums. However, this only applies if your premiums create sufficient cash value to keep the policy active. However, if you take out loans or withdraw from your policy, this may reduce the amount of cash value and cause the policy to lapse.
Your chosen coverage amount and the amount of your cash value determine the death benefits of a variable life insurance policy. You can use your death benefit to pay for funeral costs or any other expenses your family might have. You can also borrow against your policy’s cash value, though this will decrease the amount of your death benefit and may have tax implications.
Some variable life insurance policies can be converted to other types of life insurance, such as a whole or universal life policy. It would help if you discussed this option with your financial advisor, as it can be a good way to meet your life insurance and investing needs.
In becoming a great leader, it is always important to take advice from others. Their advice can help you to learn and grow, and it will enhance the skill set that you already have, making you a more effective leader. This article contains such advice. Read it and learn what it takes to become the best.
An effective leader is able to inspire creativity. Creative thinking along with the right risks put you in good positions. Keep exploring possibilities and stay curious. Have faith in new concepts, even if they are not needed at this time. You may find later that they’ll work in perfect harmony as things adapt.
Say thank you to your employees. Many studies have been done on the power of a thanks given from a manager to his or her employees. It increases productivity, often by a lot. Just a little graciousness really can help extend your power as a leader, so be active about it.
As a leader, you must have confidence. This will, in turn, instill confidence in your team. If your team sees you doubt yourself, they will begin to doubt you too. Always act deliberately and do not waver, but do not be afraid to change your mind. A good leader is flexible.
Focus on the people you are trying to lead, not yourself. It can be difficult to do that, but when you are a leader, you think of everyone. You must forget about yourself and focus on what you can offer to those who would follow you. That is the right thing to do, and you will find that most people appreciate that behevior.
You now have many of the tools in hand to become a great leader. These tips were provided by experts in the field, those who have seen success and those who know what it takes to achieve greatness. Use them wisely, and watch yourself soar in a leadership capacity.
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Insurance is a financial safety net for unexpected losses and accidents. It protects against costly medical bills, death, car damage, and even home loss.
Insurance companies rely on the law of large numbers to calculate risks and produce rates for their policies. The rate-setting process is known as underwriting. Visit https://www.nicholsoninsurance.com for more information.
Insurance policies are a legal contract between the insurance company and the insured. It should clearly define the coverage offered, exclusions that take away coverage, and conditions that must be met for coverage to apply. A well-written policy is easy to read and understand and contains all the information necessary to determine if the policy meets the insured’s needs.
Most policies are written with a Definitions section, which defines terms used throughout the policy. Most policies also contain Endorsements and Riders, which are written provisions that add to or modify the terms of the original policy.
Premiums are collected from many insured parties in return for a promise to pay claims when they occur. This reduces the risk for an insurer, and allows them to earn a profit.
Generally, an insurance policy provides compensation for losses sustained due to certain specified perils. The amount paid by the insured for coverage is called a premium. The remaining margin, after paying anticipated losses (called reserves), is the insurer’s profit. A captive is a subsidiary insurance company owned by an employer group for the purpose of insuring its exposures.
Builders’ Risk Policies – typically written on reporting or completed value form, these policies insure buildings under construction as well as materials and equipment incidental to the construction. This type of policy is also commonly referred to as a Contractors’ Specified Interest or Builders’ Risk Policy.
Disability Income – Short-Term – coverage purchased by merchants, manufacturers, educational institutions and others who extend credit, to indemnify them against loss of income due to disability or involuntary unemployment. This type of coverage is often referred to as Credit Default Insurance or Boiler and Machinery.
Excess and Umbrella Liability – liability coverage for an insured above a stated limit in a basic policy, or over an attachment point or self insured retention. This type of coverage is also known as excess of loss reinsurance or umbrella reinsurance.
Preferred Provider Organization – arrangement in which Health Plan Companies, and in some cases, self-insured employers, establish contracts with specific medical providers and offer incentives, such as lower deductibles or copayments, to encourage covered individuals to use these contracted medical services.
Underwriting is the process by which insurance companies evaluate a potential policy applicant. They review all relevant information, including medical and financial history, to decide whether or not a person or company should be insured, and at what price. This process helps standardize insurance prices, so that two similarly qualified individuals would pay roughly the same amount for coverage. It also helps insurers avoid unacceptably risky investments by vetting applicants on a case-by-case basis and rejecting those who present too much of a risk.
As insurance underwriting evolves, it may become less of a manual process and more of an analytical one, with predictive models playing an increasing role in the decision-making process. While this will not completely eliminate the need for underwriters, it may allow them to partner with sales teams more often and help explain the rationale behind underwriting decisions to customers and agents and brokers. It may also alleviate some regulatory concerns by giving underwriters the opportunity to communicate with regulators early in the process to discuss how predictive models are developed and what data they use to make their decisions.
In addition to the day-to-day tasks of reviewing submissions and calculating premiums, underwriters are also expected to help the insurance company meet sales and profit goals. This can be challenging, especially since many underwriters must juggle dozens of submissions per day, each of which needs to be evaluated for its suitability to the insurance company’s portfolio.
Insurance underwriters must also ensure they are writing clear, concise letters. They must weed out unnecessary modifiers and keep the letter to under a page in length. This way, the underwriter can quickly read through it and understand exactly what is being presented.
Ultimately, underwriting is an essential function of insurance and it should not be taken lightly. Despite the influx of new technology and alternative data sources, it is vital to have highly-trained underwriters who are familiar with the nuances of these systems and are able to apply them appropriately to their day-to-day duties. Without these skills, it is unlikely that an insurer will be able to take advantage of the exponential opportunities that lie ahead.
A claim is a formal request to an insurance company to reimburse for losses covered under a policy. Insurance companies handle claims by assigning them to adjusters, who investigate each claim and recommend settlement options based on the damage amount and policies held. In some cases, the insurance company may need to consult outside experts to evaluate a particular loss. The claims process can be lengthy, depending on the complexity of the claim.
The insurer will also collect and analyze historical loss data to determine rates and premiums for future periods. The analysis involves calculating loss ratios and expense loads to determine whether the current premium is adequate given the expected claims experience. If the expected claim payout is not adequate, changes in policy terms or pricing may be needed.
An insurance policy is a legal contract between the insured and the insurer, so when a claim is made the parties must comply with the terms of the contract. The insured must notify the insurer of the loss or incident triggering the claim, and provide all necessary documentation. This documentation can include medical records, police reports, and repair estimates. In some cases, the insurer may require that the policyholder pay for the cost of the claim up front and submit reimbursement requests later.
Liability-insurance claims are particularly challenging for insurers, as they involve a third party, the plaintiff, who may not be inclined to cooperate with the insurance company and may view it as “deep pocket.” Claims departments employ a large number of claims adjusters and a support staff of records management and data-entry clerks. Incoming claims are assigned to adjusters based on severity, and the adjuster investigates each claim in close cooperation with the insured, determines if coverage is available under the policy, and assesses the reasonable monetary value of the claim. If there is a disagreement about the reasonable monetary value of the claim, the case may be settled by arbitration or litigation. The adjuster may be a representative of the insurance company or, in some instances, an independent contractor.
Getting the right insurance can be confusing, especially when it comes to life assurance. A broker can help make the process easier by assessing your personal and business needs and finding suitable policies.
They also provide impartial advice without costing you extra. This is because insurers give brokers lower rates than they would direct customers.
Identifying Your Needs
When a client comes in for an appointment, the broker will usually start by asking questions about their family situation and what their goals are. The agent will then help them find the best options that meet those needs.
They may also help the client understand how much coverage they will need, as well as how much it will cost. During the discussion, the agent will take into account the client’s current finances and the major expenses they have, such as a mortgage or children’s education. They will also ask about the client’s savings, investments and assets.
Then the agent will explain all of the different policies available and recommend one that fits the clients’ needs. They will then help the client fill out all of the necessary paperwork, ensuring that it is accurate and complete. During this process, the agent will also make sure that all of the information that the client gives is protected and kept confidential.
While some people believe that a life insurance broker costs extra money, the truth is that they typically save their clients money. This is because they can shop among numerous insurers and often find deals that aren’t made public. Additionally, brokers are professional trained in risk assessment and therefore present a lower risk to the insurance company. This means that they can often get a better price because they don’t have to pay the full premium upfront.
As a result, they have a strong financial incentive to ensure that the policy remains in force throughout its duration. In some cases, the broker might even have to repay the commission that they received back to the insurance company if the client cancels or stops payments early on.
While insurance brokers do receive a commission from the companies that they work with, they are not legally required to advocate for any particular company over another. This is because they are working in the best interest of their clients and must always be unbiased when providing advice about insurance options. Additionally, while there are fees that can be charged by some insurance brokers, these must be reasonable and disclosed to the buyer before they are incurred.
Shopping the Market
Insurance brokers are licensed professionals who act as liaisons between consumers and insurance companies. They research and analyze policies’ coverages, optional coverages, rates, terms and conditions to help consumers choose the policy that best meets their needs and budget. Brokers may charge fees for their services, which can vary depending on state insurance codes.
While agents work for insurance providers, brokers are independent and have a fiduciary duty to their clients. Agents sell specific insurance products from the providers they represent, while brokers offer options from multiple insurance carriers. Brokers do not have the authority to bind coverage, so they typically play more of an advisory role in the sales process than agents.
Life insurance brokers evaluate the risks that individuals, families and businesses take to determine adequate coverage levels. Once they know the risks, they search leading insurers to find policies that meet their clients’ requirements. They also provide a range of quotes and explain the various coverages and costs associated with each option to their clients.
A life insurance broker’s professional training allows them to assess a client’s risk accurately. This enables them to present a more attractive risk profile to the insurance company and often saves clients money. In addition, a broker’s ability to shop among numerous carriers provides customers with more choices and competitive pricing.
When choosing a life insurance broker, be sure to check their credentials and ask for referrals from trusted sources. Also, don’t be afraid to negotiate a fee structure that works for both parties. A reputable broker will be flexible in their approach to ensure the best outcome for you and your family. The key is to build a relationship with your broker that lasts, so they’re on hand for the big financial milestones in your life. A knowledgeable and dependable broker can be worth their weight in gold.
Finding the Right Policy
Insurance brokers act as a middleman between individuals or business owners looking for insurance coverage and the companies offering it. They identify a client’s needs and risks, then provide options and quotes for the policy that suits those needs. This saves the time and hassle of searching for a policy on your own.
Brokers also have access to policies that may not be available to the public. This allows them to find the right policies that meet your needs and budget while saving you money on premium costs.
They can help you understand the fine print of a policy, and explain any optional extras or exclusions that might impact your coverage in the long term. They will also guide you through the quoting process to ensure you get accurate and competitive quotes.
When it comes to buying life insurance, there are two types of agents: captive and independent. Captive agents work directly for a particular insurer, while independent agents sell products from multiple providers. Captive agents are less likely to be able to compare products from different insurers.
As a result, their recommendations might not always be in your best interests. Independent agents, on the other hand, are often more unbiased and can offer you a more comprehensive range of options.
Life insurance brokers are in it for the long haul, and they build relationships with their clients. This means they’ll be there for you even after the policy has been put in place, offering advice and support throughout the course of your life. They will also keep track of ways your needs might change and update your policies accordingly.
Insurance companies often give brokers lower rates than they would charge their own customers because they know that brokers will make fewer claims and are more likely to be insured for the right amounts. This saves the insurance company money and makes them more willing to offer low-cost options to brokers.
However, this doesn’t mean that brokers don’t charge a fee for their services. They might have to pay a commission to the insurance company for selling you their product, but they will usually disclose this information to you upfront.
Managing Your Policy
Life insurance brokers help their clients find the right policies and then manage them throughout the term. They are able to explain the coverage in detail, including any exclusions and limitations. They also provide ongoing consultative services to ensure the policy remains optimal for the client’s needs. This type of service is important because it helps the client feel comfortable with their choice and avoids having to worry about whether or not their policy meets their current needs.
Insurance brokers are not swayed by the pressure of a specific insurer and thus act as an objective resource. This is different from insurance agents who work directly with one company and may have incentives to push their clients toward particular policies. In addition, insurance brokers are required to keep up with the latest industry news and regulations in order to stay knowledgeable about their field. This allows them to give advice that is informed by the most recent research and best practices.
Brokers can offer their clients an advantage by comparing rates from multiple companies to see which offers the best price for the desired coverage. They are well-versed in the offerings from all major providers and can find the best policies for their clients’ unique situations. This is particularly helpful for clients who have specialized risks or specific needs that are difficult to cover with a single policy.
After finding the ideal policy, insurance brokers will assist their clients through the process of completing the application and getting the policy in force. They can even help negotiate with an insurer for better terms. In addition, many brokers are available to discuss and review a policy on an ongoing basis, which is especially beneficial for high-risk clients who need a more complicated policy.
Working with a life insurance broker can save you time and money. They are able to identify your needs and search the market on your behalf, which gives you more options than you could get with an agent who works on behalf of an insurance company. In addition, brokers can offer you objective advice and a clear understanding of all fees associated with your policy.
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