The Successful Insurance Agent; a Guide to the Establishment of a Profitable Insurance Business

Download or read book The Successful Insurance Agent; a Guide to the Establishment of a Profitable Insurance Business written by Joseph John Bisgood and published by Theclassics.Us. This book was released on 2013-09 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ... CHAPTER IX THE SETTLEMENT OF CLAIMS Insurance involves losses. If losses did not occur by death, fire, accident, burglary, or through any one of fifty causes which the public insure against, then there would be no need of Assurance Companies or of agents either. It is well known that no respectable British Company objects to pay a reasonable claim arising from a loss under a policy. But it happens occasionally that a claim is unreasonable and must be resisted. This tends to put the agent in a quandary. He it is who introduced the assured person to his company, and the assured person is apt to expect the agent to fight his battle for him if the company is not disposed to meet him as fully as he expects. Company's Liability. The agent must get firmly into his mind that most assurance policies are contracts of indemnity, pledges to make good an actual loss and no more. If a man insures his house for 2,000, and it is burnt down, the Assurance Company may, if it chooses, satisfy the policy by building for the holder a house as good as the old one. If a house insured for 2,000 becomes a total loss and can be replaced by as good a house for 1,500, then no company is bound to pay the overplus of 500 to anyone. Clearly, if such a liability existed, then fraudulent people up and down the country would be buying houses cheaply, over-insuring them and burning them down after a short delay. When a man insures his house for 2,000. he does so in the belief that that sum is a fair estimate to cover all possible loss. But he does not always understand that if the damage can be repaired for less he is not entitled to the difference. Again, in burglary assurance a man or a woman may insure a pearl necklace against all risks...