Looking for E&O For New Agents? Discounted Errors and Omissions insurance coverage is now being made available through the American Association for Medicare Supplement Insurance (AAMSI). The Medicare Association is a sister organization of the long-term care insurance organization.
“The discounted coverage can be a huge benefit to the many insurance agents who are joining the business to sell Medicare insurance,” states Jesse Slome, director of the organizations. ”While E&O claims do not occur often with the sale of Medicare products, they can and some require this coverage.”
E&O For New Agents - No Membership Fee Option
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The monthly premium for a new agent with less than $75,000 in annual commissions can be $39.40 notes Slome. “The savings are beneficial during the first two years after which the policy can be maintained still at a low price.”
Both Associations offer the same E&O for new agents. ”However, when you apply using the Medicare Association’s online link you do not need to pay any added membership,” Slome explains. ”The Medicare Association does not have an agent membership charge.” The American Association for Long-Term Care Insurance does have a membership structure.
Both Association programs offer the E&O coverage to any insurance agent needing the protection. “There are several advantages,” Slome cites. “There are five different levels to choose from. An agent can buy and pay for only the level and amount of coverage they need and want.”
The no membership fees provision can help an agent save hundreds of dollars a year. Coverage includes Medicare Advantage and Medicare Supplement insurance as well as long-term care insurance. There are levels covering agents selling fixed and indexed annuities as well as variable life and annuity products.
To learn more about the discounted E&O insurance for new agents go to www.medicaresupp.org/eo-new/. The coverage is from Fireman’s Fund Insurance Company, an Allianz Global Corporation and Specialty Company. Limits of liability range from $500,000 to $3,000,000.
The American Association for Medicare Supplement Insurance advocates for the importance of educated planning and supports insurance professionals who market Medicare insurance solutions. For more information, visit the organization’s website at www.medicaresupp.org.
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