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Explain the external environmental factors that affect the financial services industry?
The external environmental factors that affect the financial services industry include organizational direction, internal factors, and external competition. The socio-economics of a society also affects the financial services industry.
What is a financial associate?
The Financial Professional Associate position is a sales position,selling insurance and financial services. Financial Professional Associates participate in a comprehensive development program, developing product knowledge, and selling experience while offering appropriate insurance and investment products to help clients meet their financial goals. After the training and development program, many will continue to be financial services generalists, assisting clients with a range of insurance and investment needs; others will go on to develop a specialty, such as fee-based financial planning, insurance for business needs, or estate planning needs. Overall Duties and Responsibilities Sell new insurance and investment products Solicit new customers through approved techniques and methods Conserve existing insurance and investments products Service the insurance and investment needs of all owners of policies issued or offered by Prudential Financial companies. Essential Job Functions It is important that Financial Professional Associates be capable of mastering the complexities of the job, continually learning new products, information, and approaches. As their representative, the Financial Professional Associate must have a full understanding of all our products and be able to recommend to customers the appropriate solutions that are in the best interest of the customer. The end result of the Financial Professional Associate's work is to develop long-term relationships between us and the policyholder that will impact the personal welfare of many people. The Financial Professional Associates general duties include the responsibility to: Prospect for clients, develop insurance and investment programs and make sales presentations regularly for a broad range of life and non-life insurance contracts and financial products and services sold by Prudential Financial companies. Propose insurance and investment products most suitable to the applicant's needs and ability to pay. Make the necessary adjustments in the policyholder's portfolio in light of changes in the policyholder's needs. Although many transactions are handled by the Customer Service Office, an Financial Professional Associate should understand how to provide services, such as processing loans, surrenders, changes in beneficiary, claims, policy options, and the like, as well as being able to explain to customers the effect of these transactions. Maintain in force the existing insurance and investments products of clients, secure the reinstatement of insurance that has lapsed, and perform all the duties incident to the care and conservation of the business assigned by Prudential. This may apply to all policies, whether or not the insurance was originally sold by the Financial Professional Associate. Maintain records of account, and render when required, on forms provided by Prudential, a report of all business transacted and complete accounting of all monies received on behalf of Prudential Financial companies. Conform to and abide by the procedures, rules and requirements of Prudential Financial companies and the state or states where the Financial Services Associate operates.
Can you explain how out-of-network insurance works?
Out-of-network insurance allows you to see healthcare providers who are not in your insurance plan's network. You may have to pay more out of pocket for these services, as the insurance company will typically cover a lower percentage of the costs. It's important to check with your insurance company to understand the specific details of your out-of-network coverage.
Can you explain how pre authorizations work in the context of insurance claims?
Pre-authorizations in insurance claims are approvals obtained from the insurance company before receiving certain medical services or treatments. This process ensures that the treatment is necessary and covered by the insurance policy. Without pre-authorization, the insurance company may deny payment for the service.
Can you explain what hazard insurance is in relation to a mortgage?
Hazard insurance is a type of insurance that protects a homeowner and the lender from financial loss due to damage or destruction of the property. It is typically required by lenders as part of a mortgage agreement to ensure that the property is protected in case of hazards such as fire, natural disasters, or theft.
What is provided by GE financial services?
GE financial services provide finance for people wishing to buy electrical goods. They will explain the terms and conditions of the loan and then lend the money to customers.
Explain the external environmental factors that affect the financial services industry?
The external environmental factors that affect the financial services industry include organizational direction, internal factors, and external competition. The socio-economics of a society also affects the financial services industry.
Can you go to a doctor without insurance?
Sure, but the doctor will expect you to pay the bill, probably before you leave the office. Although, if you explain that you don't have insurance, they might discount their services a bit.
What is a financial associate?
The Financial Professional Associate position is a sales position,selling insurance and financial services. Financial Professional Associates participate in a comprehensive development program, developing product knowledge, and selling experience while offering appropriate insurance and investment products to help clients meet their financial goals. After the training and development program, many will continue to be financial services generalists, assisting clients with a range of insurance and investment needs; others will go on to develop a specialty, such as fee-based financial planning, insurance for business needs, or estate planning needs. Overall Duties and Responsibilities Sell new insurance and investment products Solicit new customers through approved techniques and methods Conserve existing insurance and investments products Service the insurance and investment needs of all owners of policies issued or offered by Prudential Financial companies. Essential Job Functions It is important that Financial Professional Associates be capable of mastering the complexities of the job, continually learning new products, information, and approaches. As their representative, the Financial Professional Associate must have a full understanding of all our products and be able to recommend to customers the appropriate solutions that are in the best interest of the customer. The end result of the Financial Professional Associate's work is to develop long-term relationships between us and the policyholder that will impact the personal welfare of many people. The Financial Professional Associates general duties include the responsibility to: Prospect for clients, develop insurance and investment programs and make sales presentations regularly for a broad range of life and non-life insurance contracts and financial products and services sold by Prudential Financial companies. Propose insurance and investment products most suitable to the applicant's needs and ability to pay. Make the necessary adjustments in the policyholder's portfolio in light of changes in the policyholder's needs. Although many transactions are handled by the Customer Service Office, an Financial Professional Associate should understand how to provide services, such as processing loans, surrenders, changes in beneficiary, claims, policy options, and the like, as well as being able to explain to customers the effect of these transactions. Maintain in force the existing insurance and investments products of clients, secure the reinstatement of insurance that has lapsed, and perform all the duties incident to the care and conservation of the business assigned by Prudential. This may apply to all policies, whether or not the insurance was originally sold by the Financial Professional Associate. Maintain records of account, and render when required, on forms provided by Prudential, a report of all business transacted and complete accounting of all monies received on behalf of Prudential Financial companies. Conform to and abide by the procedures, rules and requirements of Prudential Financial companies and the state or states where the Financial Services Associate operates.
Can you explain how out-of-network insurance works?
Out-of-network insurance allows you to see healthcare providers who are not in your insurance plan's network. You may have to pay more out of pocket for these services, as the insurance company will typically cover a lower percentage of the costs. It's important to check with your insurance company to understand the specific details of your out-of-network coverage.
Can you explain how pre authorizations work in the context of insurance claims?
Pre-authorizations in insurance claims are approvals obtained from the insurance company before receiving certain medical services or treatments. This process ensures that the treatment is necessary and covered by the insurance policy. Without pre-authorization, the insurance company may deny payment for the service.
What does an insurance policy explain?
An insurance policy does not "explain" anything as such. Instead, it is a contract by which the insurance company assumes the financial risk of loss for certain occurrences from the insured in return for the payment of a premium. Part of the contract defines the scope of the risks that that the insurer is assuming; other parts define certain terms used in the insurance policy, and still other parts define what must occur or be done to trigger coverage. To that extent, the insurance policy is providing an explanation of its terms and conditions.
Can you explain what hazard insurance is in relation to a mortgage?
Hazard insurance is a type of insurance that protects a homeowner and the lender from financial loss due to damage or destruction of the property. It is typically required by lenders as part of a mortgage agreement to ensure that the property is protected in case of hazards such as fire, natural disasters, or theft.
Briefly explain various types of insurance?
various types of insurance
Can you explain how current banking works in today's financial system?
Banks in today's financial system take deposits from customers and lend that money out to borrowers. They also offer various financial services like loans, investments, and payment processing. Banks make money through interest on loans and fees for services. They are regulated by government agencies to ensure stability and protect customers' funds.
Can you explain what hazard insurance is and how it relates to my mortgage?
Hazard insurance is a type of insurance that protects your home against damage from natural disasters like fires, storms, or vandalism. It is typically required by mortgage lenders to protect their investment in case of property damage. If you have a mortgage, you will likely be required to have hazard insurance to protect both your home and the lender's financial interest.
Can you explain what hazard insurance is in relation to a mortgage loan?
Hazard insurance is a type of insurance that protects a lender's financial interest in a property by covering damages caused by hazards like fire, natural disasters, or theft. Lenders typically require borrowers to have hazard insurance as part of a mortgage loan to ensure the property is protected in case of unexpected events.
