What does it take to become an insurance agent? Insurance agent
Becoming an insurance broker under the Gosavtopolis franchise is an easy way to open your own insurance business in 20 days with minimal investment and start making money on all types of insurance, including car insurance (MTPL, CASCO, DGO).
Insurance broker commission
Basically, insurance agents and insurance brokers sell auto insurance policies (CASCO and OSAGO), but in their arsenal there are many other insurance products related to health, property, real estate, etc. For some of them, the broker’s sales commission can reach 40% from the price of concluded insurance contracts.
How to become an agent from different insurance companies
How to become an insurance agent for compulsory motor liability insurance and other types of insurance in various companies? An insurance agent's income is the percentage of sales that he receives for each policy issued to a client. The question arises: is career growth possible for insurance agents? The majority of insurance companies determine career growth by increasing the amount of interest from the transaction paid to the insurance agent. The agent himself may think: “I want to become an insurance broker!”
And, having accumulated 2-3 years of experience in this area, having built up a client base, the agent may well become an insurance broker for compulsory motor liability insurance and other types of insurance. Unlike an insurance agent, an insurance broker primarily serves the client, and not the interests of the insurance company, selecting the optimal insurance option for the client from the list of various insurance companies represented in the city. At the same time, when selecting an insurance company, the insurance broker must take into account the list of risks that the client wants to protect with the help of the policy.
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How to become an insurance broker easier and faster?
So, you've decided to try your hand at the insurance industry. The insurance industry in Russia is now developing dynamically: companies are expanding their borders, opening additional branches, and introducing new products. The Law on Compulsory Motor Liability Insurance (hereinafter referred to as OSAGO) had a significant impact on the growth of the industry. With its adoption, the circle of potential clients of insurance companies has increased, as has the need for new agents.
How to become an MTPL insurance agent?
To become an MTPL insurance agent and have the opportunity to earn money by selling policies, you must enter into an agreement with one or more insurance companies. An agreement with an agent involves freelance employment. However, the insurance company, as a rule, makes all necessary contributions to the Pension Fund based on the agent’s actual earnings (that is, the entire commission received from the sale of policies).
If you want to join a company, you need to track opportunities in the “Vacancies” section on company websites or on large job search portals.
Future agents have certain requirements that must be met. Let's look at them below.
Basic conditions for employment
- Citizenship of the Russian Federation, reaching the age of 18 years.
- Availability of documents necessary for employment - passport, INN and SNILS.
- Absence of unexpunged or outstanding convictions for articles related to economic crimes.
Education and experience
- Both secondary and higher (or incomplete higher) education. Some companies are not ready to see full-time students among their agents (for example, Renaissance Insurance).
- Experience working with people is desirable.
- Experience in active sales is desirable.
Other skills and personal qualities
- Desire to learn (there will be a lot of information).
- Desire to work with people.
- High communication skills.
- Preparedness for stressful and conflict situations.
When applying, remember that all companies provide training for newcomers. Usually it lasts at least 3 working days in a row. If you live in the region, distance learning will be provided for you and other applicants. So, you fully meet the requirements and still don’t know how to become an MTPL insurance agent. What to do? Read on.
Responsibilities of an MTPL insurance agent
All insurance companies describe the functionality of a future agent in approximately the same way:
- Active search for clients (developing our own client base).
- Consulting clients, assistance in choosing insurance programs.
- Conducting meetings, negotiations (visits to clients).
- Conclusion of insurance contracts, paperwork.
Also keep in mind that today all MTPL policies are issued in special programs and printed on a printer. Therefore, it is advisable to confidently use the computer and the Internet. And remember that you need to enter data into the computer very carefully - if you make a mistake by even one letter or number, the MTPL policy will have to be redone.
First steps
So, when asked who you want to work as, you answer: “I want to become an insurance agent for MTPL!” Well, when there is a goal, it's great! But, as you know, to achieve the desired, desire alone is not enough. The applicant must complete the following steps. First of all, you need to conclude an agreement with the insurance company. Such a document will allow you to carry out activities in the sale of insurance policies. Its conclusion is preceded by several stages:
- Interview and/or testing.
- Verification of your identity by the security service (takes up to 30 days).
- Training and internship.
After submitting an application or filling out a questionnaire, the company manager will invite you to an introductory interview, where he will tell you in detail how to become an MTPL insurance agent. They will also explain the working conditions and ask about your experience and skills. Next, the company's security service will check you: are you who you say you are, have you been convicted, and so on. This check is due to the fact that the agent has to make cash payments every day, and most often in cash. The company wants to protect itself from fraud and theft. To check, you will need to make copies of your main documents - passport, TIN and SNILS.
How to become an MTPL insurance agent faster?
Once your candidacy is approved, you will begin training. You will have to study on weekdays, usually several days without a break. The educational process consists of a series of seminars on insurance products and tariffs and basic sales training. In addition, you will be taught how to use the insurance software or agent portal. Even if your goal is exclusively MTPL insurance, you will have to learn everything on a general basis. After training, you will be certified and join the ranks of agents.
Almost all companies provide internships under the guidance of a mentor lasting up to three months. Freelance agents typically work flexible hours, but will be required to attend the office regularly to provide reporting.
Are you still wondering how to become an MTPL insurance agent and which company to choose? The steps described above on the path to becoming an insurance agent are basic for all insurance companies. Most often, applicants for MTPL insurance agents choose for cooperation such companies as Rosgosstrakh, Ingosstrakh, Reso-garantiya and Alfa-insurance. These companies have a high reliability rating and a good insurance claims record. Let's find out how agents are selected in each of them, study their conditions and requirements for candidates.
How to become an MTPL insurance agent (“ROSGOSSTRAKH”)?
The Rosgosstrakh company has been present on the insurance market for about 95 years. This provides her with good recognition and a wide range of clients. Rosgosstrakh is constantly recruiting new insurance agents. Here they will be glad to see among the interns an active, energetic person with a large circle of contacts. A huge plus: the company is widely represented in the regions. If you live and work in a small town where everyone knows you, or have already retired as a teacher, doctor or military officer, Rosgosstrakh will consider you an ideal candidate. The company also welcomes managers of network companies with experience in active personal sales. You can submit an application for concluding an agency agreement in one of the following ways:
- Fill out a simple form on the company's website.
- Visit an office convenient for you and fill out the form on the spot.
Then everything follows the standard scenario: interview - testing - training. The Rosgosstrakh company has a Corporate University. Training takes place continuously on weekdays. Existing freelance insurance agents receive insurance policy forms for work and go to work “in the fields.” Full-time employees are in the office and work with clients who come on their own initiative. At Rosgosstrakh, MTPL insurance is provided without reference to the region in which a specific branch is located. That is, a Muscovite will have no problem buying an MTPL policy in Kazan, and vice versa. Also, the advantages include the following: the company has its own technical inspection forms, there is no need to send the client with an expired diagnostic card to the inspection point.
How to become an MTPL insurance agent: Ingosstrakh
Ingosstrakh is one of the Top insurance companies in Russia. Branches are widely represented throughout the country. Declaring your desire to become an agent is simple:
- Residents of large cities fill out a form on the website and wait for feedback.
- Residents of the regions find their city on the company’s website in the “Offices” section and contact a representative independently.
The company's website states that the training lasts 5 days, but it usually takes 3 days. On the first day - general information and auto insurance, on the second - property insurance products, on the third - life and health insurance. The company will provide you with the necessary leaflets, brochures, memos, and so on. Ingosstrakh provides supervision for beginners. The company doesn't usually set a plan for new agents. But if there is a complete lack of results within several months, the contract with you may be terminated.
The Ingosstrakh agent portal for issuing policies has an intuitive interface and is extremely easy to use.
"RESO-guarantee"
How can one become an MTPL insurance agent in this company? "RESO" is considered one of the most reliable insurance companies. The line of insurance products is standard: from compulsory motor liability insurance to voluntary medical insurance policies. In this company, in addition to the interview, psychological testing is provided for candidates. You can sign up for an interview in the following ways:
- Fill out the form on the company’s website and send it to the specified email address.
- Call and schedule an interview.
If you successfully pass the test, you will be invited to attend training at the company's Agent School. A prerequisite for enrollment as a student is to purchase a life and health insurance policy in the amount of 1,500 rubles. The training lasts 2 weeks and takes place continuously on weekdays. There are morning and evening groups, the duration of each lesson is 4 hours. Students are provided with teaching aids, and distance learning is also provided.
After completing the training and passing the certification, one of the company’s branches (usually the one that is convenient for you to visit) will enter into an agreement with you. Next, you will undergo an internship at the selected branch for 3 months under the guidance of an experienced mentor.
OSAGO insurance agents of the RESO company work in a special program called Citrix. This program is designed for issuing all auto insurance products: OSAGO, CASCO, DSAGO, etc. Mastering it will take time and practice; the program interface is quite complex.
"Alpha Insurance"
Alfa Insurance is part of the Alfa group of companies, has more than 4,000 employees throughout Russia and is considered a democratic company. Becoming an agent of an insurance company under compulsory motor liability insurance (“Alfastrakhovanie”) is simple. You need to fill out a form on the website, and the manager will call you to meet you.
The training lasts several working days. After learning the rules of insurance, studying the rates and products, you will pass the certification. If the result is successful, the company will enter into an agreement with you. Alfa Insurance guarantees its agents timely payment of commission and participation in motivational programs.
The portal for issuing policies is easy to study, in addition, all your work will be presented in graphs and figures.
Single agent or broker
How to become a single MTPL insurance agent? As a rule, future agents turn to the largest and most trusted insurance companies to conclude a contract. Many people enter into contracts with several companies at once. They understand that this way they will be able to offer the client a wide selection of products and tariffs, but also learn more about them - in each company separately. Until recently, working as an agent for several companies was prohibited. Now everything has changed, and the agency agreement no longer includes such a clause.
Often, agents who work with two or more insurers are mistakenly called a “single agent” or “broker.” This is fundamentally wrong. A “single agent” is not a person, but a system for selling MTPL policies, according to the rules of which the office of one insurance company offers the client to issue a policy for him from another organization. For example, you came to Rosgosstrakh and received a VSK policy. In this case, the distribution is carried out on the basis of the vehicle passport number.
A broker, in turn, is an individual or legal entity that has the appropriate license and is registered with Rosstrakhnadzor. The broker, carrying out insurance activities, earns only part of the commission from the sale of the product. Thus, an agent who has an agreement with several companies at once cannot call himself either a single agent or a broker, although the latter is often used for ease of understanding.
Working in a brokerage agency
How to become an MTPL insurance agent at home? Some job seekers, wanting to shorten the steps and simplify the hiring process, turn to brokerage agencies. If you want to work with several companies at once, but do not want to spend your time checking and training in each of them, you can do the same.
Brokerage agencies usually work with more than a dozen insurance companies. They take full responsibility for concluding contracts with companies, training their employees and document reporting. Such an agency will conclude an employment contract with you and issue a power of attorney for the right to conclude insurance contracts on its behalf.
Your income will be generated from interest on the sale of additional services, for example, an agreement between a client and an agency. And the commission from the sale of policies for other types of insurance - life or property - will have to be shared with management. Another feature of the job will be the need for constant presence at the workplace. Most often, employees of such agencies work on a shift schedule. Now it’s clear how to become an agent of an insurance company under MTPL? Go for it!
Throughout history, humanity has tried to develop effective mechanisms for creating and using the necessary reserves in case of unexpected disasters and losses. The realization that overcoming damage is only possible through joint efforts led to the formation of solidarity systems for the accumulation of material and financial resources.
This is how the insurance institution arose, which in the modern market acquired not only an economic, but also a social function. A person who devotes himself to the insurance business undertakes an important social mission. Therefore, the profession of an insurance agent deserves special respect.
Main tasks and types of insurance
For successful activity in a particular economic sphere, it is necessary to understand the general principles of its functioning and knowledge of the main functions performed. Insurance accumulates financial resources in order to effectively use them to solve the following important tasks:
- Compensation for damage caused by unfavorable events.
- Providing regular insurance assistance when a person reaches a certain age or loses his ability to work (pension provision).
- Providing medical care.
- Saving and investing accumulated funds.
Insurance can be personal or property, voluntary or compulsory. Its objects are human life and health, civil liability, property and material assets. This diversity determines the formation of relevant industries and systems of insurance activities.
Successful work as an insurance agent in each of them requires possession of a certain set of professional knowledge and skills.
Who provides insurance services?
Insurance is the subject of government regulation and is based on the norms of financial and civil law. In accordance with the law, insurance activities are carried out by insurance companies or societies that operate on the basis of special licenses.
These can be public or private companies operating both at the local, federal and even international level. They can specialize in providing individual insurance services or cover several segments of the insurance market.
Based on the size of assets and authorized capital, large, medium and small insurance companies are distinguished. Thus, a powerful, dynamically developing system of insurance market participants with a developed network of horizontal and vertical connections is formed.
In this structure, the profession of an insurance agent is considered as the most widely in demand. It offers the opportunity for career growth and implementation in projects of various sizes and financial volumes.
Who is an insurance agent
An insurance agent can be an individual or legal entity who, on a contractual basis, represents an insurance company, performing actions in accordance with its authority.
An insurance agent acts on behalf of and on behalf of the insurance company. He sells its products, concludes contracts, draws up the necessary documents, accepts insurance premiums, and also pays insurance compensation within the established limits.
Before you understand how to become an insurance agent, it will not hurt to know that most of them in Russia are individuals. The most common practice of forming agent networks is concluding civil contracts with agents.
At the same time, insurance agents have the opportunity to enter into separate contracts with various insurance companies and, thus, provide a larger range of insurance services.
In addition, this expands the opportunities for agents to earn additional income. It is also practiced to work as an insurance agent under an employment contract. Let's figure it out further.
Work for hire
The profession of insurance agent is included in the All-Russian Classification of Worker Professions, Employee Positions and Tariff Classes. An agent hired under an employment contract is paid a salary for performing functional duties.
The total amount of payment is determined by the company itself, depending on its capabilities and qualifications of the specialist. Of course, if we are talking about a large international organization, then the salary can be quite high. But at the same time, appropriate requirements are put forward for the employee’s competencies, education and work experience.
Working as a free agent
An agent, having concluded a civil contract, acts as an intermediary between the provider and recipient of insurance services. In this sense, the activities of insurance agents contain a significant component of the work of an entrepreneur. In fact, the agent independently finds clients, studies their needs, and offers optimal insurance protection solutions.
He prepares and concludes contracts with policyholders, accompanies and services their implementation. The agent's interest is to receive a commission from insurance premiums under contracts that he has concluded with policyholders. The amount of this remuneration and the procedure for financial settlements are determined by the terms of the agreement concluded with the company.
This scheme encourages the agent to earn more money through active promotion of the insurer’s products on the market and the development of new types of insurance services.
What you need to know and be able to do
A successful insurance company agent is, first of all, a competent specialist who has comprehensive knowledge about the insurance product being promoted and the methods of insurance protection. But when working with clients, requirements for personal qualities come to the fore.
The most important thing is the ability to build trusting contact with a potential policyholder. The client must trust the company and to a large extent this depends on its representative.
The agent must demonstrate goodwill and attention, have a winning appearance, show patience and a willingness to resolve conflict situations.
Equally important qualities are planning skills, desire to learn, perseverance and energy. And for work to bring material and moral satisfaction, you must have an interest in insurance as a profession and a desire to work and earn money.
How to learn the basics of insurance
Insurance agents are trained in courses of varying lengths or in schools created by insurance companies. Training can be full-time or part-time. The educational process uses modern teaching technologies. It includes trainings and business games. Virtual classes, webinars, and educational videos are widely used.
For example, the initial training of agents at the Rosgosstrakh company is carried out according to a separate training system, which is called the Insurance Agent School. All employees of the organization’s sales departments, without exception, must undergo training.
During the classes, students master basic skills in working with clients and study the company's insurance products. After studying at school, in the process of working, an insurance agent of Rosgosstrakh has the opportunity to improve his skills in relevant courses and master the features of managing an insurance business.
Where to start
So, after getting an initial understanding of the insurance agent profession, assessing all the pros and cons, the question is “how to become an insurance agent?” gained the power necessary to bring it to life.
To begin with, it is advisable to decide on the choice of the company in which you would like to work. It would be wise for a beginner to contact organizations that have a long-standing positive reputation in the insurance market and provide the opportunity to receive initial training.
In addition, it is advisable to pay attention to how the company builds relationships with its agents. For example, the largest insurance company Rosgosstrakh specifically emphasizes the importance of cooperation with 65,000 agents who represent it in all regions of Russia. All conditions have been created for them to have a successful start in the insurance market.
What affects an agent's earnings?
The conditions for the agent to receive a commission are determined by the contract with the insurance company. At the same time, there are objective reasons that influence the amount of possible earnings. First of all, this is the region in which the agent works, since the level of income of the population affects its ability to save additional funds, including for insurance needs. For example, an insurance agent at Rosgosstrakh may earn up to 80,000 rubles in the capital region, while in the country the amount of income can range from 10,000 to 30,000 rubles.
All other things being equal, the amount of income of an insurance agent depends on how competently he can plan and organize his activities. Will he be able to form an adequate portfolio of proposals? How effectively does he organize the attraction of clients and further interaction with them?
The modern world forces us to constantly change, master new types of activities and specialties. The profession of an insurance agent provides people who choose it with the opportunity not only to earn money, but also to reveal their entrepreneurial potential, gain a wide range of useful and pleasant acquaintances, constantly keep up with the times, and, most importantly, benefit people.
At the beginning of their career as an insurance agent, almost everyone asks one question: “How to become successful in the field of professional activity?”
How to become a RESO insurance agent
In order to answer such a question, you need to clearly assess the advantages that this profession will give you: a high level of income with maximum activity; with the growth of personal professionalism, earnings increase, and working hours decrease; no hard physical labor.
If you are completely satisfied with the benefits and the desire to become a RESO insurance agent has only strengthened, then we will consider how to achieve this.
The procedure for starting your professional career in this field is quite simple, but it will still require some effort.
- Firstly, you should first contact the RESO School and sign up for an interview or send your resume by email and wait until they contact you.
- Secondly, having received an invitation for an interview, you will pass a psychological test and undergo a mandatory two-week training course, which will familiarize you with training on the topic “Sales Techniques”.
- Thirdly, having successfully completed all tasks and completed training, you will enter into an assignment agreement with a branch of RESO-Garantiya that is convenient for you and purchase a mandatory insurance policy, which will make the company responsible for your life for a whole year.
After this procedure is completed, you will become an employee of RESO and begin your professional activity.
How to become an insurance agent "Ingosstrakh"
Having chosen a career at Ingosstrakh, you must clearly understand that this company needs agents who will move faster than the market.
What does it mean? This means that this particular company will both set high demands for you and provide ample opportunities. After all, by becoming an Ingosstrakh insurance agent, you will always be one step ahead of your competitors.
All employees of this company are in the process of continuous training, both beginners and professionals. Therefore, when you come here, you will take an introductory course for beginners for eight days and get the opportunity to communicate with a client, which will show you all the nuances of your chosen profession.
Then a three-month internship to consolidate the material and acquire work skills. During this time, you will be supported by a mentor who will help you sell insurance products. Throughout the entire training phase and after it, as we have already mentioned, you continue to attend trainings.
Such trainings are designed specifically for Ingosstrakh agents, which will allow you to create a fairly wide circle of your clients in the shortest possible time.
How to become an insurance agent at VSK
Among the priorities of such a vacancy, one should highlight prestige (the company is one of the leaders in the insurance market) and prospects.
By going to the company’s website, you can leave a request, after which you will be contacted for further cooperation. You will then need to complete a three-month training course, which is designed in a modular manner, allowing you to focus on the areas of your choice. Such a training system will help you maximize your professional potential.
After completing the training, you will enter into a cooperation agreement with the company.
It should be noted that clients are attached to the insurance agents of this particular company forever, which will speed up the creation of your personal client base.
How to become an insurance agent of OJSC "SOGAZ"
This is the most stable company in the insurance market, one of the three most famous Russian insurers.
You can receive royalties for sales directly after registering on the company’s website and receiving an electronic work account. Having studied in detail the operating procedure of the company, you will be able to work successfully in it and create your own personal website to optimize your activities.
The work is remote, which does not limit you at all; transactions take place through the Russian Auto Insurance System.
How to become an auto insurance agent
The procedure is pretty standard. All you have to do is call the company and sign up for training and an interview. Complete training courses, take tests and sign an agreement. The rest is up to you.
Many citizens believe that an insurance broker is the same as an insurance agent, but there are clear differences between these professions.
Agents represent the interests of the insurance company, but the insurance broker performs work on behalf of policyholders. Most often, such specialists also take on the functions of agents.
What does an insurance broker do?
In the modern world, intermediaries play an important role. This also applies to the insurance industry. Who is an insurance broker? This is a common intermediary between the client and the insurance company. He helps clients choose one or another insurance product.
Of course, you can call various companies yourself to choose an acceptable insurance option. But you will have to spend a lot of time on this, which modern people so lack. Therefore, many citizens prefer to use the services of an intermediary. In addition, insurance companies usually praise their services, carefully hiding all shortcomings. It is much more reliable and convenient to contact an independent specialist who will provide you with all the necessary information.
If you have worked as an insurance agent and have some knowledge in this area, you can safely go into this business.Obtaining a license
The insurance law introduced two important innovations for brokers. First of all, this concerns the distinction with the profession of an agent, and the second is the licensing of brokerage activities. Previously, a license was not required for this, but now certain difficulties have arisen in creating such organizations.
First of all, the requirements for personnel have become more stringent. The broker's responsibilities previously included reporting to the tax authorities and. Now its activities are controlled by the state, that is, by the insurance authority. In addition, before you start applying for a license, you need to register as .
Who chooses this profession?
Mostly women work as insurance brokers. It is desirable that the consultant has a pleasant voice and appearance, as well as good diction.
Specialists cooperate with various insurance companies. They enter into agreements with them, in which they indicate the amount of commission for their work, that is, a percentage of the transaction. You will learn how to become an insurance broker in this article.
What skills are needed for the job?
Before choosing this profession, you should know what it takes to become an insurance broker?
Let's highlight a few important points:
- Analytical mind, great patience and communication skills;
- Education. To successfully master such a profession, you need to obtain a higher education in economics, as well as take special courses organized by the Ministry of Finance. After passing the exam, you will be given all the necessary certificates and certificates;
- Obtaining a license. Recently, the department for admission to the financial market has been licensing brokers. To obtain a license, you need to pay a state fee and wait a bit until the corresponding document is issued.
Once you are licensed, you are a true insurance broker. But you shouldn’t immediately give up further study, since this is a fairly serious profession and in order to master it completely, you will have to spend more than one year.
How to organize work?
Before you engage in this type of activity, you need to draw up a step-by-step business plan on how to become an insurance broker. First of all, you will need a computer and Internet access. At first, you can do without an office. Registration of a legal entity is necessary to enter into contracts with various insurance companies. To provide more services to your clients, try to establish partnerships with different companies.Clients
Developing your own client base is too long and quite difficult. Typically, insurance brokers do not appear out of the blue. Such organizations are created on the basis of existing insurance companies that have their own clients. You should know that advertising costs largely depend on the availability of a client base.
Franchise work
To create your own company and enter into direct contracts, you need to spend a lot of time and money. Government agencies make high demands and take too long to make decisions, which is why many insurance brokers prefer to work on a franchise basis.
Among the advantages of this method are:
- Ready-made contracts with various insurance companies;
- Vocational training
- Positive reputation;
- Large customer base;
- Legal support;
- Transparency of work.
Franchisees work with insurance companies that make full payments and also offer good discounts to their clients. If you approach your work wisely, you can make a good profit and count on long-term cooperation.
Types of activities
Insurance companies offer their clients various programs. The types of insurance brokers, accordingly, are also different. Professionals must be able to competently analyze possible risks. Only then can they offer the client a suitable package.
Several companies can be involved to conclude a contract. Thanks to this, brokers stimulate competition in the insurance market.
Scheme: stages of insurance
Their work includes:
- Protecting the client’s interests in the event of a dispute with the insurer;
- Consultation on services;
- Negotiations on the terms of insurance compensation;
- Preparation of contracts and settlement of losses;
- Providing guarantees.
If you decide to become an auto insurance broker, you need to learn how to choose the best options for your clients among the many types of insurance. Different companies have different views on prices and conditions of insurance, so a specialist must be competent in any issues related to this area.
For example, some insurers offer more attractive conditions for premium cars, since owners treat them more carefully. Other companies consider it a priority to insure budget foreign cars, as well as domestically produced cars, since their repairs are much cheaper. There are many options, so true professionals must be able to quickly navigate different situations.
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Features of work
It is important to remember that a broker is an intermediary, so he cannot represent one party to the contract. That is, he is not responsible for fraudulent activities or negligence in its implementation. But if the broker’s actions caused damage to the client, he has the right to recover.
International insurance companies use the “broker's right to a policy” in their work, that is, until the policyholder pays the premium, he can keep the issued policy. This is a reasonable approach, since without a contract in hand, the client has no right to make claims.