The Inner Workings of an Insurance Company
By Sarah Martin
Students taking conducted tours through the offices of insurance companies are often surprised at the number of different operations which have to be performed. Regardless of their interests, students are almost sure to find some job that appeals to them.
Almost all professions and skills are represented, with the possible exception of ministers. In addition to employing specialists in all phases of business administration, the insurance industry employs graduates from schools of engineering, law, medicine, agriculture, and journalism.
From liberal arts colleges, companies employ mathematicians and psychologists. The multitudinous functions performed in a life insurance company are organized into divisions, departments, and sections, toward the end of assuring that every operation essential to the business will be performed in an efficient manner.
The principles of administration of an insurance company are no different from those in any other business organization. There must be a clear definition of responsibilities and a delegation of authority. As in any other company, four types of organizational patterns are available; line, line and staff, functional, and committee. Read the rest of this entry »
General Agents Insurance Company Report
By Donald Yerke
For decades, Midland National Life Insurance Company, has stood out as one the premier insurers for General Agents to represent. Due to recent economic financial fluctuations, revisiting Midland National Life in this report is critical.
1906 was when history began for Midland National Life Insurance Company. This company aspires to the values of integrity, openness, respect, and accountability. Unfortunately, in the last few years robust selling of fixed-indexed annuity plans drove rapid net premium growth beyond initial expectations. Attempting to change from a well-known General Agents Insurance Company to a GA and brokerage combination insurer resulted in early great results, then leading to questionable financial stability.
Midland National Life Insurance Company was purchased 1n 1958 by C.A. Sammons & Associates of Dallas. Charles Sammons already was the president of Reserve Life and owned eight life insurance companies. Today the two key subsidiaries of the Sammons Financial Group of Chicago are Midland National and NACOLAH, North American Company for Life and Health Insurance. Read the rest of this entry »
National Benefit Life Insurance Company
By Steve Mackey
Looking for the best company to cover your insurance needs can get very confusing. There are hundreds of insurance companies both regional and national that have different, and even opposing, policies when it comes to coverage. One of the best reviewed companies is the National Benefit Life Insurance Company (NBL). It has received strong ratings from the Insurance Marketplace Standards Association, Standard & Poor’s, and A.M. Best. It has also received a myriad awards from independent customer organizations around the country. Now the big question is: Does it live up to expectations?
The Company
Situated in Long Island, New York, NBL is a subsidiary of Primerica, one of the biggest financial services in the country. NBL has more than $30 billion face amounts on record and this keeps on growing as more and more people seek life insurance from them. NBL currently covers more than half a million individuals working for thousands of employers. NBL operates on a national level, covering businesses from all 50 states.
National Benefit offers many different term life policies. This is life insurance that is designed to protect your dependants financially for a certain period of time. This is especially important if you’re just starting a family, if you’ve just purchased a house, or if you have some other type of debt or expense you’re worried about paying, like paying for your child’s college expenses. Read the rest of this entry »