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Last Post 03/30/2009 5:04 PM by  CerOf
AIC question Gramm-Leach-Bliley Act of 1999
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Amart
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02/02/2009 3:23 PM
    I am going through my AIC text, right now i have to explain the effects of the the GLB Act of 1999. The book say that one of the major effects of the Act was, and this is right out of the book,"...the act prohibits state actions that would prevent bank-related firms from selling insurance on the same basis as insurance producers." I took that as Banking firms cannot sell insurance. I was on google and from what i found there, in most states Banks CAN now sell insurace. Is this a recent thing? The book i am readying is a first edition, third print from Oct 2007.
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    BobH
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    02/02/2009 3:40 PM
    Posted By Alex Martin on 02 Feb 2009 03:23 PM
    ...the act prohibits state actions that would prevent...
    It's a "double negative" which means they CAN do it, just like you thought.
    I'm no expert on that topic, but here's     a good summary of it
    http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
    Bob H
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    Amart
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    02/02/2009 3:51 PM
    Alright, i got that all cleared up then. Thank you for the extremely quick response Bob! Now that i look back at it, it seems obvious.
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    BobH
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    02/02/2009 4:14 PM
    Coolness.
    Good luck in your training.  So much of what we study seems to have "nothing" to do with the real world of claims handling, yet it gives us a background from which we can draw from as needed.
     
    I was doing a commercial liability claim at a local university a few years ago, and the Risk Mgr for the university was a CPCU.  I "bowed" a few times respectfully and we rolled up our sleeves on figuring out who was at fault for busting a 12' water line with a back-hoe (GC, or subcontractor, or "missing from the plans" given to the workers, etc.).  He said something about the AIC-CPCU training that made lot's of sense.  He said that he was bitching about how irrelevant 90% of the training was, and his mentor said "background - background - background". 
     
    He said that occasionally something comes up, and while others have a "deer in the headlight" look, those who know "anything" about it will have at least a little bit of traction.  For example Chuck and I both have some background with Work Comp, which seems so irrelevant to what we do now.  But last year I got a homeowner claim where work comp coverage endorsement was there and it kicked in, and I could help the claims examiner get through it.  It all adds to our background.
    Bob H
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    Amart
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    02/02/2009 5:31 PM
    Well spoken Bob, it holds especially true in this industry more than any other that the more you know can give you huge strides above all others. I am still trying to get my big break in this industry as are so many others at this time and since I'm not working right now i figured why not get a cool title? I guess its too late to turn back now, but how much weight can an AIC realistically hold for me?
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    BobH
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    02/02/2009 6:06 PM
    Posted By Alex Martin on 02 Feb 2009 05:31 PM
    ...how much weight can an AIC realistically hold for me?
    I'm not the best one to ask, I got a job working claims 19 years ago without designations.  Recently I bought some of the AIC-CPCU materials for reference, the handbook of policies, etc, and will start doing the AIC courses for the next batch of Continuing Ed.
     
    The education I personally value the most, is my "hard won knowledge" of standing in many damaged homes and going "how the hell do I write this estimate".  Little by little we get more familiar with our tools, and get better at all of this.  If you stay in one place long enough, the "supplements" for things you overlooked will knock some sense into you.
     
    The AIC-CPCU will not help you decide if that small spot of drywall damage on the ceiling should be written up as a 4 Sf area, or should you allow 32 Sf as "purchasable quantity" (4x8 sheet).  It won't help your estimating skills, but if you want to do a long term career in the biz that includes the day-to-day claims with the myriad of coverage issues that arise (not just "hurricane") and liability issues, then any and all training will help.  And gain the respect of someone looking at your resume. 
    Bob H
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    Amart
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    02/02/2009 6:45 PM
    I already have my Tx license, which i really enjoyed getting. The stuff we covered for that really was straight forward this is what you NEED to know, but absolutely not limited to. Now with the AIC i feel like it is sort of opposite, I am learning the ballpark and not the game.
    As you said previously though its all relevant background for me to know, as well as being nice title.

    I was under the impression if you had your AIC, you were no longer obligated to get the what was it? 40 hours of CE for the Tx license? What i really want right now is not to get a great name in the Independent scene, but to get in with a staff job. I don't have a BS so i figured maybe i could stack the AIC on top of the little bit of actual field experience i have and maybe, just maybe someone will take me in as staff. Not that i don't have a great respect for what the Independent guys do, i just don't feel like its the path i would like to take.
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    okclarryd
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    02/02/2009 8:21 PM
    Those companies or carriers that demand a 4 year degree will acknowledge an AIC but won't count it toward their job requirements. Those remaining other companies will put a lot of weight on an AIC. The AIC designation is not easy to get, is not quickly done, and requires some dedication.

    I've been working on mine for several years kinda part-time and haven't completed all the sections. But, I might. The knowledge gained in the classes is valuable and is, on occasion, interesting.
    Larry D Hardin
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    Medulus
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    02/04/2009 10:18 AM
    Alex,

    I have a Bachelor of Arts in Biblical Studies with an English minor and a Master of Divinity degree. But you see the three letters after the name in my signature. I joke with people that I waited until I had my Masters to go back and get my Associates so I would have a full set. What Larry says is true. If I signed my name Steve Ebner, M.Div., it wouldn't get me too many claims jobs. I just got my AIC completed in December 2008 after 18 years in the industry. I should have done it at least 15 years earlier. I am now working on my AMIM and hope to have that by April. I started the CPCU studies in 1993 and am now half way finished with that. For what I am doing now, it all seems very relevant. There are catadjusters who come across like Gomer Pyle and then there are catadjusters who present themselves as capable and competent. I prefer to be the latter, and I believe knowledge makes the difference.
    Steve Ebner CPCU AIC AMIM

    "With great power comes great responsibility." (Stanley Martin Lieber, Amazing Fantasy # 15 August 1962)
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    Tom Toll
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    02/04/2009 11:16 AM
    I took many courses in my 48 years in this business, AIC, CPCU was done many years ago. It helps to get the education and the designations behind that education helps tremendously. Knowledge of this business guarantees that you will work when many others will not, at least it has for me. Never stop learning in this business.
    Success is not final, failure is not fatal: it is the courage to continue that counts.
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    CerOf
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    03/30/2009 5:04 PM
    My SCLA has been very beneficial, especially for an inside adjuster. I think it will help me as a base for looking at things from an adjuster's perspective and not as an appraiser's perspective as I transition to the field.

    Any education and designations you can get helps you with obtaining higher pay when you are a staff company adjuster. My SCLA took me a little over a year to do.
    SCLA, Multi-line Adjuster specializing in Commercial and Multifamily Dwellings. (I prefer the "P" of P&C)
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