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October Newsletter Recap

October Newsletter Recap

| October 05, 2022

October Reminder's:

We will donate 2% of the written premium that comes from a referral, to local no-kill animal rescues, Home Fur Good, Circle L Ranch Animal Rescue & Sanctuary, and Lost Our Home Pet Rescue!

Are your children and grandchildren set up for College? It's never to early to start planning ahead! 

A Warm Welcome!

Welcome to Kohlhase Insurance! This is our second newsletter, and the start of holiday season! We are so happy and grateful with the number of positive responses from our first newsletter!

We have a few office updates:

We would like to welcome and introduce our Third pup assistant! Miss Indy! She is a Siberian Husky that is in love with her new cousins and well, literally everyone!

Our Personal Lines CSR agent, Lacey, is currently out on bedrest and will not be back until baby girl has made her debut!

With this, it does mean we are shorthanded but we as a team are trying to assist each customer as quickly and efficiently as possible!

We ask for your patience, as we are all helping with her duties.

All new personal lines of business go to Randy, he is our personal lines agent and will get back to you as quickly as possible! Some of you may have noticed that we do keep our doors locked!

Due to the increased homeless population in the area, the safety of our staff and customers is our number one priority.

Yes, we are still here M-F, 8am-5pm. We do have a sign on the door stating the doors are locked and to please knock or wiggle the doors so we can quickly assist.

And lastly, we are working to get a fence around the property to help with this issue!

This Month's Discussion:

Financial crime and the insurance industry:

What is financial crime in insurance?

Well, to be quite frank, it's the loss of money, securities, or other assets resulting from employment theft, fraud, theft, and social engineering. Most people don't think about financial crime in insurance but it is very common! In fact it has increased tremendously over the past few years!

The two most common types of crime are fraud and money laundering.

The most common way for those to occur are through life policies and Single Premium Policies!

For example,

1. Criminals will put dirty money in and take clean money out in the form of company checks.

2. Faking a death, creating fake polices to sell, and signing a signature on someone else's policy.

3. A Life policy will be in someone's name and the owner of the policy will get changed, then close out the policy and collect.

For agencies and producers to stay protected there are laws and acts implemented, such as the Bank Security Act, Anti-Money Laundering Act, and AML (the process of obtaining information about a customer and verifying their identity.)