Before you can sell to insurance agencies you need to speak the language. This module covers the vocabulary you'll hear on every single call. Don't memorize, just get familiar.
An insurance company collects small payments from many people, then pays out big amounts to the few who have something bad happen. They make money when the math works in their favor over thousands of customers.
The amount the customer pays for coverage. Usually monthly, semi-annual, or annual.
What the customer pays out of pocket before the carrier covers the rest of a claim. Higher deductible = lower premium.
The actual contract. Spells out coverage, exclusions, limits, and term.
When something bad happens and the customer asks the carrier to pay.
The moment the carrier accepts the risk and the policy goes live. "Bound" = sold.
An estimate of what the policy will cost. Not a sale yet. Most quotes never close.
When a policy ends and the customer signs up again. Usually every 6 or 12 months.
The maximum the carrier will pay. Anything above is on the customer.
The carrier evaluating whether they want this risk and at what price.
An add-on or modification to a policy. Costs extra premium.
Every agency specializes in one or more lines. Knowing which line they're in tells you what their pain points look like.
| Line | What it covers | Sales cycle | Renewal cycle |
|---|---|---|---|
| Personal Lines | Auto, home, umbrella, renters | Days | 6 or 12 months |
| Commercial Lines | Business policies (BOP, GL, workers comp, commercial auto) | Weeks to months | 12 months |
| Life | Term, whole, universal life | Weeks | Long-term, low churn |
| Medicare & ACA | Senior health plans, marketplace plans | Days | Annual enrollment windows |
| Final Expense | Small whole-life ($5K-$25K) for funeral costs | Hours to days | Long-term |
An insurance agency is a tiny business. Most have 1 to 10 people. They're juggling:
Most of them are drowning in service work and have no time for sales. That's the wedge we sell against.
Each link opens a YouTube search. Pick whichever video looks best in the results.
Each module builds on the previous one. Hit next when you're ready.