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CAIB Exam Preparation courses absolutely free! Sign-up and
experience 2 chapters of the same dynamic instruction that
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courses, without leaving your home or office! See what
everyone is talking about!
Number
of people collecting EI benefits fell in June: Stats
Can
In June, for the fifth consecutive
month, the number of Canadians collecting regular employment
insurance benefits fell.
Statistics Canada said that 480,870
people across the country received regular EI payments
that month, a 0.5 per cent decrease from May.
In British Columbia, the number of
people collecting these benefits has been falling for
ten consecutive months. In Quebec, the numbers have
fallen to their lowest level in five and a half years.
Canadian unemployment rate rises
Despite a seemingly booming Alberta
economy, the overall job market in Canada is hurting.
About 16,000 jobs were lost in August, raising the national
unemployment rate to 6.5 per cent.
The unemployment rate is still close
to 30-year lows though August was the third consecutive
month of no employment gains, marking the longest stretch
of such trends since the end of 2001.
More Americans without health insurance
this year
Last month, a US Census Bureau report
found that a larger percentage of the American population
in 2005 was not covered by health insurance than the
percentage in 2004.
The report found that 46.6 million
Americans are without any health insurance coverage,
working out to 15.9 percent of the total population.
The amount of people covered by employment-based health
insurance plans decreased between 2004 and 2005, to
59.r percent. The percentage and number of children
(under the age of 18) without health insurance increased
from 10.8 percent to 11.2 percent. The report also noted
that with an uninsured rate at 19.0 percent in 2005,
children in poverty were more likely to be insured than
all children.
Worldwide financial services spending
to increase by four percent this year
Gartner Inc, a provider of research
and analysis on the global information technology industry,
says that worldwide financial services spending is projected
to increase to total $472.6 billion in 2006. This amounts
to a 3.6 percent increase from 2005 spending. The firm
says that in 2007, the market is expected to grow 4.5
percent to $493.7 billion.
The company says that industrialized
countries are still benefiting from high trading activity,
more mergers and acquisitions and corporate lending.
Developing countries are benefiting from the “democratization
of wealth” in their own economies.
Banking continues to be the largest
financial services segment in the world, with the population
spending about $222.7 billion in 2006. The insurance
and investment services segments are expected to grow
3.1 percent, reaching $136.8 billion and $113 billion,
respectively. Global spending in these segments is slower
because they tend to serve only the most affluent in
emerging economies.
Manitoba takes aim at auto theft
Auto theft cost Manitoba Public Insurance
about $38 million in 2005. The public insurer has continued
to promote its free immobilizer program. Nearly 40,000
Manitobans have taken advantage of the program, with
about 60 per cent of the supporting vehicles considered
in the most at risk category.
As of September 1, two new anti-theft
measures took effect under provincial law:
If a most at risk vehicle is stolen, the owner
will be required to install an immobilizer in order
to remain on the road. Manitoba Public Insurance will
provide the immobilizer and pay for a standard installation.
An immobilizer must be installed in any high-risk
vehicle that is being registered in the province for
the first time. On average, 6,000 of these vehicles
are brought into the province each year, usually for
resale.
ILS Learning Corporation is happy to welcome Ian Quigley
to the team. Ian will be managing ILS’ Life Program, a move
which will ensure the highest quality courses and programs
for subscribers.
Ian comes to ILS with an extensive background in insurance
and finance. He holds an MBA from the University of Alberta
and is a candidate in the Chartered Business Valuator’s Program
(CBV), a certified investment manager (CIM) and a Certified
Financial Planner (CFP.) As well, he is licensed as both a
level II life insurance agent and a Mutual Funds Branch Manager
in Alberta.
In the past, Ian has worked as an insurance underwriter,
employee benefits consultant, branch manager of a wealth management
company, business development manager and the Vice President
of Sales at a mutual funds company. We are confident that
Ian will be a great fit at ILS.
Welcome, Ian Quigley.
2005: Disastrous year for the world and insurance
In
2005, more than 97,000 people lost their lives due to natural
catastrophes or man-made disasters. The Swiss Re reinsurance
and financial services group counted nearly 400 catastrophes
in 2005, with damages totaling more than $230 billion USD.
Roughly one-third of the damages – or $83 billion USD – was
covered by insurance. By comparison, damage from disasters
and catastrophes in 2004 amounted to about $48 billion USD,
total.
The disasters spanned the globe. While much of Southeast
Asia was still recovering from the tsunami of December 2004,
the continent was again hit by natural disaster when an earthquake
measuring more than 7.6 on the Richter scale hit Kashmir.
In the United States, Hurricane Katrina caused about $135
billion USD in damages. Hurricane Wilma hit the same areas,
causing about $20 billion USD in damaged, then hurricanes
Rita ($15 billion USD) and Dennis ($4 billion USD.)
Man-made disasters were also costly in 2005, with damages
amounting to about $10 billion USD. July’s terror attacks
in London, explosions in Canadian and American oil processing
plants in January, and French riots in October and November
all contributed to the high amount of damages.
According to Swiss Re, claims to property insurers added
up to $83 billion USD: $78 billion stemmed from natural catastrophes,
and $5 billion from man-made disasters.
E&O Scenario #3
Test Your E&O Knowledge!
The following E&O scenario has been
prepared for ILS Learning Corporation subscribers by Larry
Munn, a senior member of Clark Wilson’s Insurance Group. If
you have any comments about this scenario or would like further
information about E&O and insurance claims, please contact
Larry at (604) 643-3160 or
lm@cwilson.com.
Please read the following scenario and
determine whether the agent is liable or not liable. Good
luck!
The client has been in the trucking industry
for many years and has obtained insurance from the same broker
for the last 10 years. He builds a new tow-truck that can
tow oil rigs. After receiving an initial request, the broker
completes and submits an application for Garage and Auto Dealer’s
coverage excluding $2 million third party liability, $50,000
Collision and Upset and $200,000 Comprehensive, including
Collision and Upset. The client is not made aware of the amount
of coverage. Letters are sent to the client, but he does not
read them.
An accident occurs and an oil rig being
towed by the insured overturns. The total claim is $157,000,
and the insurer pays $50,000.
Is the broker liable?
ILS offers a two-part “Managing the Errors and Omissions
Exposure” course online at
www.ilscorp.com. The courses can be purchased on their
own, but is included for all members of the Broker Network
Programs, and General Insurance annual subscriptions.
For further details, please contact ILS at 1-800-404-2211
or email
info@ilscorp.com.
Leadership Techniques Written by a Woman, for Women
– Presented by ILS Learning Corporation
Up until now, when women in leadership
positions wanted to learn more or develop their business skills,
their options for doing so were limited. Roughly 98 percent
of all executive training and business development books on
bookshelves were written by men. Female leaders were not getting
any information relevant to their management style.
Elaine Allison has helped to bring unique
leadership lessons to women. Her book, “The Velvet Hammer:
PowHERful Leadership Lessons for Women Who Don’t Golf”
explores the scientific reasons behind the leadership differences
of men and women. Many women are lacking the resources needed
to help them advance their careers.
Allison has joined ILS Learning Corporation
as a Strategic Partner. Her online video course – “How
and Why Women Can and Do Lead Differently; Leadership Skills
for Women in Insurance” was recently launched and shares
some of the tips and techniques for female leaders made popular
in her book.
The course will let female leaders capitalize
on their unique leadership abilities and break through the
glass ceiling. Students can receive 2 credits towards their
Life, A&S, General Insurance, Adjuster, Technical or Professional/Management
mandatory licensing requirements by taking this course online
at
www.ilscorp.com or
www.elaineallison.com
Guerrilla Marketing for Financial Advisors
On
August 23 Grant Hicks, co-author of “Guerrilla Marketing for
Financial Advisors” held a teleconference with several lucky
ILS Learning Corporation subscribers. Grant discussed “Marketing
Secrets I Wish I Knew 5 Years Ago that Would Have Saved Me
a Fortune in Time and Money.”
If
you missed out on the teleconference, don’t worry: ILS will
be hosting more of these events with Grant in the near future.
Until
then, we recommend that you take a look at Grant’s course.
Whether you are a business owner looking to add marketing
to your skill set, you want to stand out in the crowd or you’d
like to spend less time and money in building your business,
this course provides comprehensive marketing strategies.
Based
on the best-selling book Grant co-authored with Jay Conrad
Levinson, “Guerrilla Marketing for Financial Advisors”, this
online video course is our most comprehensive marketing program
for professionals. This course contains more than forty
dynamic marketing ideas for Financial Advisors, insurance
agents, wholesalers, stockbrokers and their assistants.
Receive
12 CE credits towards your Accident and Sickness, Life
and CFP mandatory licensing requirements.
New Commercial Lines Course Package Now Available
with ILS Learning Corporation!
You’ve asked for it and ILS has delivered!
ILS is now offering a 4-course Commercial Lines Package for
brokers across Canada. Presented by Todd Hochban, a
dynamic insurance educator for over 20 years, these online
video CGL courses are as interactive as sitting in an actual
classroom, with the added benefits of being able to review
the information as often as you like, whenever you’d like,
and at a fraction of the cost of attending an actual ‘live’
session.
Todd Hochban reviews the new changes in the Commercial Lines
forms and highlights the areas that are most important for
brokers. Workbooks and exercises are included to help
reinforce the new information for you. The CGL package
includes the following 4 courses:
PART 1 – Canadian Legal
Basics
PART 2 – Coverage A
– Insuring Agreements
PART 3 – Coverage A
– Exclusions
PART 4 – Coverage B,
C & D - Who is an Insured, Amount of Insurance, Common
Exclusions, CGL Conditions and
Miscellaneous Liability Coverages
* CGL package will provide 8 CE credits towards your General
Insurance and Adjusters mandatory licensing requirements
Included in the CGL course package is the Business Interruption
course (Profits Form) at no extra cost!
Please contact us if you are a current ILS Subscriber or
part of our Broker Network or Corporate eLearning
centres for HUGE savings! For non-ILS subscribers,
the CGL video course package can be purchased for $175, or
$50 per course.
Set sail with ILS
For
every ILS course completed between July 1 and November 1,
your name will be entered in a draw for the ILS Advantage
Performance Series (at Sea) Caribbean cruise in January 2007!
Come on board and relax in the Caribbean while receiving up
to 12 CE credit hours towards your Life, A&S, General
Insurance, Adjuster, Technical or Professional/Management
mandatory licensing requirements.
The cruise runs from January 21 to 28, 2007. Leaving from
Fort Lauderdale, Florida, passengers will make stops in St.
Maarten, St. Thomas and the Princess Cays, Bahamas. We hope
to see you on the beach!
In
2005, more than 97,000 people lost their lives due to natural
catastrophes or man-made disasters. The Swiss Re reinsurance
and financial services group counted nearly 400 catastrophes
in 2005, with damages totaling more than $230 billion USD.
Roughly one-third of the damages – or $83 billion USD – was
covered by insurance. By comparison, damage from disasters
and catastrophes in 2004 amounted to about $48 billion USD,
total. 
For
every ILS course completed between July 1 and November 1,
your name will be entered in a draw for the ILS Advantage
Performance Series (at Sea) Caribbean cruise in January 2007!
Come on board and relax in the Caribbean while receiving up
to 12 CE credit hours towards your Life, A&S, General
Insurance, Adjuster, Technical or Professional/Management
mandatory licensing requirements. 