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                                                     National News

Legislative Conference & Convention
Schedules Now Available for Legislative Conference

The 2010 Big “I” Legislative Conference & Convention is packed with valuable events and opportunities for independent agents, and the complete conference schedule is now available here. Agents who have not yet registered for the conference can do so on- site at the Marriott Wardman Park Hotel in Washington, D.C. The Legislative Conference & Convention will take place March 3-5 and will feature a CEO panel, top legislative speakers and an opportunity for independent agents to voice their opinions to lawmakers on Capitol Hill. Click here for event and onsite registration information. Agents may register on site between 7:30 a.m. and 5:30 p.m. on March 5, from 6:30 a.m. to 4 p.m. on March 5 and between 7:30 a.m. and 2 p.m. on March 5.

Education
National ACSR of the Year Recipient Announced

The Big “I” and AICPCU/IIA congratulate the Independent Insurance Agents of Texas and Patricia Ann Daniel, assistant vice president and insurance consultant at Extraco Banks, N.A. dba Extraco Insurance in Waco, Texas for her achievement as the 2009 ACSR of the Year Award recipient. This award was designed to recognize the tremendous contributions of an Accredited Customer Service Representative who displays outstanding leadership and service to the independent agency system and to the public.
 
To learn more about the ACSR designation curriculum, click here. To read a press release about Daniel’s award and ACSR Tribute Day, click here.

For more information, contact Lisa Johnson-Briggs at lisa.johnson-briggs@iiaba.net. 

Young Agents
YAC Gives Back Event Promises Fun for All

YAC Gives Back: A Benefit for InVEST Scholarships is rapidly approaching and promises a good time for all. From 8 p.m. to 11 p.m. on March 4, the Marriott ballroom at the Big “I” Legislative Conference & Convention will become part silent auction, part live auction, part casino and part networking opportunity. This inaugural event co-sponsored by InVEST and Young Agents will include games, music, live and silent auctions and the company of industry peers, with all proceeds benefiting the InVEST scholarship fund. Event admission is complimentary with registration for the Legislative Conference & Convention and includes $25,000 in game chips and one drink ticket. Poker game registration will take place on site and costs $100. Don’t miss the fun! Click here for information about how register for the Legislative Conference & Convention on site.

Virtual University
Big “I” Virtual University is the Premier Platform for Insurance Questions —  and Answers

Big “I” members must address a host of questions from insureds every day, and member agents have an important ally in getting those questions answered: the Big “I” Virtual University. Do any of these inquiries sound familiar?

“My daughter stills lives with us but has her own car and insurance. If our 16-year-old son drives it, is he covered by either policy? Should I buy the rental car collision damage waiver? Does my insurance protect me when I rent a U-Haul truck? Does my auto insurance cover the company car I drive? What should I do?”

These are just a few examples of the questions (and answers) covered in the Big “I” Virtual University's free bi-weekly e-mail newsletter, The VUpoint. A complete index of these and other past articles can be found on the Virtual University Web site.

Big “I” members can now access a rapidly growing research library and the Big “I” "Ask an Expert" service. In addition, fee-based online courses are now available on subjects ranging from workers’ compensation experience rating to ACSR designation courses to flood insurance training. Virtual University research library articles and "Ask an Expert" faculty members have been quoted in newspapers and magazines all over the country, from Kiplinger’s Personal Finance to Smart Money to Reader’s Digest. Dozens, perhaps hundreds, of Web sites link to articles and information at the Virtual University, which is quickly gaining a reputation as the best place for practical, valuable, current and accurate insurance industry information online.   

Questions about the service may be directed to Bill Wilson, director of the Virtual University, at bill.wilson@iiaba.net. To subscribe to VUpoint, click here. 

Education
Learn About ACORD 24 and 25 Certificate Changes

Of the many standard documents used by the insurance industry, the ACORD property and liability certificate forms are likely the most widely used. Largely in response to regulatory pressure from several states, ACORD has expedited the publication of new versions of its ACORD 24 and ACORD 25 certificates of insurance forms in what could be the most dramatic revision in more than 30 years. To learn what has changed and gain insights on the practical implications, register now for the ACORD certificates changes webinar. During the comprehensive 75-minute webinar on March 24 at 2 p.m. EST, participants will learn the before and after story of these forms and how it may impact agents, clients and certificate holders. Bill Wilson of the Big “I” Virtual University and Bill Perkins of the Florida Association of Insurance Agents will serve as presenters. Tuition is $79 and the webinar can be presented “conference style” so the entire agency can participate. Click here to learn more about other webinar opportunities and to access the Virtual University webinar library. For more information, e-mail BestPractices@iiaba.net. 

ACT
Share Your Take on Technology with AUGIE Survey

Agents have an opportunity to positively influence the independent agency community by sharing their experiences with technology in the 2010 AUGIE workflow and technology survey. The survey results will be used to aid ACT as well as carriers, agents and vendors in prioritizing and planning future technology efforts. Click here to take the survey, which will remain open until April 15, and encourage other agents, carrier representatives, vendors and MGAs to do so as well.


Legislative Conference & Convention
Conference to Feature Presentation on Using Social Media in Agencies

Most agents have heard of social media tools like Facebook, Twitter and MySpace but have questions about how to effectively use them in their agencies. Susan Bonner, Big “I” director of agent development and marketing, will give a presentation entitled “Harness the Power of Social Media in Your Agency” at the Big “I” Legislative Conference & Convention that will serve as a valuable tool for agencies just beginning their foray into the world of online networking. The two hour-long presentation will be held March 5 from 10:15 a.m. to 12:15 p.m. in the Maryland BC suite lobby level of the Marriott Wardman Park Hotel. Don’t miss this opportunity to take the leap into social media success!

Legislative Conference & Convention
Position Papers Available for Next Thursday’s Pilgrimage to Capitol Hill

The 2010 Big “I” “Where We Stand on Legislative Issues” brochure is now available to members and can be downloaded by clicking here; members must be logged in to www.independentagent.com to view the brochure. Hard copies will also be distributed at the Legislative Conference & Convention March 3-5. 

The brochure provides background on the association’s major federal legislative issues and comes in handy as agents prepare for the annual Big “I” Day on Capitol Hill next Thursday, March 4. Every year, Big “I” agents and brokers visit Capitol Hill offices to lobby members of the House, Senate and their staffs on issues that directly impact the independent agency system and consumers.

This year’s Where We Stand brochure discusses health care reform, federal insurance regulation, taxes, federal crop insurance, flood insurance reform, natural disaster risk, insurance scoring, InsurPac and grassroots programs.

Agents who have not yet set up their legislative appointments are encouraged to contact their state association or Jen McPhillips, Big “I” senior director of political affairs, at 202-863-7000 for assistance.

With the Obama Administration and Congress working on overhauling financial services regulation, the health care reform debate raging on and so many other important issues at stake, the Big “I” needs all hands on deck. This year it’s more important than ever for each state to have a strong presence at the Big "I" Legislative Conference & Convention and for every member of Congress to receive a visit from a Big “I” agent.

Big "I" Flood Program
National Flood Insurance Program Set to Expire on Feb. 28

If it is not renewed by Congress in the next few days, the National Flood Insurance Program (NFIP) will expire at midnight on Feb. 28. Do you know what to say to your flood clients if this happens? The Federal Emergency Management Administration (FEMA) plans to release a new bulletin shortly. In the event of a lapse, check out the FEMA Recommendation/Guidance bulletin on the Big “I” Flood Web site under “Latest News." For more information, contact Linda Mackey at linda.mackey@iiaba.net.

InVEST
Representative from Department of Education Will Address InVEST Teacher Workshop

Phil Martin, the assistant for financial education and student aid at the U.S. Department of Education, will address attendees at the InVEST Teacher Workshop during the Big “I” Legislative Conference & Convention on March 4. Martin is responsible for developing the Department of Education’s strategy for personal finance education across K-12, postsecondary and adult education.  In his position, he works closely with the U.S. Department of the Treasury and other members of the interagency Financial Literacy and Education Commission. In addition to speaking and taking questions during the dinner portion of the InVEST Teacher Workshop, Martin will likely attend all of the workshop sessions on March 4.

While the workshop’s events during the day on March 4 are exclusively for InVEST classroom teachers, all Big “I” members may sign up to attend a dinner that evening as well as InVEST events following the convention’s general session on March 5. Agents who are curious about how InVEST works and are interested in becoming or advising classroom teachers in their communities can benefit from hearing guest speakers and a roundtable discussion beginning at 10 a.m. on March 5.

Agents already registered for the Big “I” Legislative Conference & Convention may attend the March 4 dinner and the March 5 portion of the InVEST teacher workshop for an additional fee of just $100. Those interested in attending may register for the workshop at the Big “I” Legislative Conference & Convention registration desk at the Marriott Wardman Park Hotel.

For more information, contact Jennifer Robinson at 800-221-7917; jennifer.robinson@iiaba.net. 


Big “I” Markets
Rising Short Sales Affect Need for Real Estate Agents E&O

During the past two years, the subprime mortgage crisis has caused lenders to create "workout" alternatives for nonperforming mortgage loans, including voluntarily reducing outstanding loan balances to enable their borrowers to sell their property and avoid foreclosure – also known as a "short sale." In light of increasing foreclosure activity nationwide, short sales are becoming more common.

Essentially, short sales allow a homeowner to sell his or her property for less than the amount owed on the mortgage. This also allows the lender to remove a potentially non-performing asset from their books without the time and expense associated with foreclosure proceedings. The following is a synopsis of leading issues in this area of emerging importance, the legal considerations and potential liability pitfalls in the context of short selling and how to potentially avoid liability.

A typical short sale transaction will follow these basic steps from listing to closing:

1. Broker and seller agreement: The seller, working with a real estate agent, lists the property with a "short sale" designation.

2. Lender approval of seller: Lenders require detailed financial information from the seller to verify that they cannot reasonably pay the outstanding loan amount.

3. Lender approval of listing: Lender obtains a broker's price opinion (BPO) to determine the property's "present" value and compares this BPO against the short sale offering price of the listed property.

4. Lender approval of contract: Even though the seller and buyer may agree on a selling price, the lender must further approve the contract. The standard Florida Association of Realtors'^® (FAR) short sale addendum gives lenders 45 days to do this. However, lenders are increasingly requiring 90 days or more to complete this approval.

Learn more about the challenges real estate agents face in short sales and share the article with them as a way to position yourself as their agent for real estate agents E&O. Big “I” members have access to the Travelers First Choice+SM product on Big "I" Markets. Learn how to access this and other markets with no market access fees and no minimum volume commitments at www.bigimarkets.com. 

InsurBanc
InsurBanc Business Rewards Visa Features No Annual Fee

Why pay an annual fee when the InsurBanc Rewards Visa credit card doesn’t have one? The InsurBanc Visa card was designed specifically for the insurance industry offering a unique combination of a rewards program and protection benefits. Unlike other cards that may offer one or the other, InsurBanc has combined both. 

Insurance agents appreciate the value of protections against life’s challenges, so the InsurBanc Visa offers more than 10 enhanced protection benefits that out-perform their competitors, including the liability waiver program, personal ID theft protection, travel accident insurance, purchase security, emergency evacuation and transportation, travel and emergency assistance, return protection and more.

In addition, the InsurBanc rewards program offers one point for every dollar purchased on the card. Points can be redeemed for travel, merchandise, gift cards and even cash. Click here for more information.

The InsurBanc business rewards visa includes no annual fee; six-month introductory APR on purchases and balance transfers with no balance transfer fees; more than 10 enhanced protection benefits; a rewards program and 24/7 customer service over the phone and online. The personal platinum visa is also available.

Applying is easy and secure. To find out more or to apply today, visit InsurBanc at www.insurbanc.com. 

*Member FDIC, Equal Housing Lending

Big “I” Professional Liability
View the Virtual Risk Consultant Fact Sheet

Click here to view a fact sheet about the Virtual Risk Consultant powered by Rough Notes, a powerful online resource designed to increase agency efficiency and sales while protecting from liability. Big “I” members enjoy exclusive access to this product at an incredible price, with annual subscriptions starting at just $250. Learn more online at www.iiaba.net/VRC.