Each time you plan an insurance scheme, take a precaution since there is no recourse for financial loss resulting from misrepresentation by a sales agent.
Misrepresentation occurs when an agent gives false information either fraudulently or without bad intention on provisions of a product to a client.
No insurance company is ready to accept liability and compensate a policyholder for financial loss incurred through misrepresentation.
It is your responsibility to ensure that you buy insurance cover from an agent who is competent, honest, and someone you can trust. How do you find an agent who is competent, honest, and right for you?
Below are some of the questions that you should ask to help you evaluate a competent and honest agent.
Who do you work for?
You would want to secure a cover from an agent who works for a reputable insurance firm or represents reputable insurance companies in the industry. To unravel this, ask for identification.
Next, ask to know the reputation of the insurance company in terms history of claim settlement, speed of claim settlement, financial performance, and responsiveness to queries from clients.
What is the recent rating of the insurance company in terms of claim settlement?
Ask for literature and a follow up with research to verify the answers or information provided by the agent. It is advisable to secure a cover from a company that is highly rated and has an impressive record of claim settlement to safeguard your insurance from any counterparty risks.
Reputable firms also tend to invest in their sales force through continuous product training, besides hiring competent employees for the same.
What is your professional background and experience?
Your insurance agent is certainly your advisor of final resort before you secure an insurance plan.
You could have a personal financial advisor who helps you translate your insurance goals into plans, but your choice of cover will be influenced by the information you get from the insurance agent.
In view of this, you need a competent agent who has both relevant education background and experience in either the insurance industry or the financial sector.
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