FYI Express: "What You Don't Know Can't Help You!"
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'From: rick thefamilyagency.biz <firstname.lastname@example.org>
Sent: Tuesday, November 21, 2023 11:52 AM
To: Eddie K Emmett <email@example.com>
Subject: RE: New feature for FYI Express
I am very appreciative of all the work you do for agents. Thank you!
Suggestion: (don’t you love it when people think they are helping by suggesting new jobs for you!!) Ask Eddie feature in the newsletter.
Here’s my first:
Dear Ask Eddie,
A company I write auto insurance with requires all signed docs be scanned and uploaded to their site. As such they don’t require the agency to retain any of the uploaded docs. I know the Georgia DOI requires I retain apps for at least 5 (or is it 7?) years after a policy cancels. So, does the companies database met the DOI requirement? Or do I still have to retain the app as well?
Drowning in paper! (and digital storage)! In Albany!
Merry Christmas too!
Your friend Rick.
I like your idea “Ask Eddie”.
I’ll use your question in the December edition and create a subpage to store all of them for future use.
Here’s your answer:
Record retention requirements. (1) A person required to be licensed by this chapter shall for five years retain copies of all: (A) Proposed, offered, or executed contracts, underwriting documents, policy forms, and applications from the date of the proposal, offer, or execution of the contract, whichever is later; (B) All checks, drafts, or other evidence and documentation related to the payment, transfer, deposit, or release of funds from the date of the transaction; and (C) All other records and documents related to the requirements of this chapter. (2) This Code section does not relieve a person of the obligation to produce these documents to the Commissioner after the retention period has expired if the person has retained the documents. (3) Records required to be retained by this Code section shall be legible and complete and may be retained in paper, photograph, micro process, magnetic, mechanical, or electronic media or by any process that accurately reproduces or forms a durable medium for the reproduction of a record.
Since you are licensed, Commissioner’s office (& State Statute) says keep’em 5 years.
But many company / agency agreement's lingo requires 7 years.
Digitize, save in a cloud-based agency management system, then shred the paper originals.
Is it legal for auto body shop to pay insurance deductible?
Dear Consumer Ed:
I wrecked my car and it needs major body work. I saw an advertisement for an auto body shop that said they would pay my insurance deductible. Is that legal?
Consumer Ed says:
While having the auto body shop pay for your insurance deductible might not be illegal at face value, we would strongly caution you against it. First, you should look carefully at the specific terms of the contract you have with your insurance provider. Allowing the auto body shop to pay the insurance deductible may violate the terms of your policy (frequently, insurance contracts state that the policy holder must pay the deductible). Also, it is likely that the auto body shop will want to recoup the extra cost of the deductible somehow. It can do this in one of two ways: by charging the insurance company more than what the repairs would actually cost, which would constitute insurance fraud; or, by spending less money and time on repairing your car, which could lead to more problems in the future (as well as a depreciation of the value of your car). Or, it could do a combination of both of these things. The fact that a practice may not technically be illegal doesn’t make it a good idea, especially if it’s an offer that seems too good to be true!
For more information, you should contact Georgia’s Office of Insurance and Safety Fire Commissioner online, or by calling 800-656-2298.
Failure is not a disgrace if you have sincerely done your best.
We live in a competitive world that measures success by winners and losers, and insists that every victory creates a loss of equal dimension. If one person wins, it seems logical that someone else must lose. In reality, the only competition that matters is the one in which you compete with yourself. When your standard of performance is based upon being the best you can be — for yourself — you will never lose. You will only improve. Make it a practice to objectively review your performance from time to time. When you fall short, assess the situation and ask yourself: “Is there anything I would or could have done to change the outcome?” If the answer is “no,” if you are satisfied that you’ve done your best, don’t waste time reliving the past. Simply learn what you can from the experience, and then get into action again. If you consistently do your best, your temporary failures will take care of themselves.
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