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					                                                                                      INTERESTING INSURANCE FACTS



 ISSUE NOVEMBER 2007                                                                              Did You Know…
                                                                                     Not every personal lines policy is cancelled pro-
                                                                                      rata….
      PY BS MEMBER BENEFITS                                                          Comprehensive coverage does not carry the
                                                                                      same coverage as specified perils….
           Information on upcoming industry                                         There are at least 214 P&C insurance
            events                                                                    companies actively competing in Canada*
           Information on education seminars                                        The number of vehicles on our roads has
                                                                                      increased by over 5 million in the past 20 years*
           A voice in your industry
                                                                                     In 2005 – 2006 there were approx 13,992
           Input into education programs                                             employees in the Alberta insurance industry
           An opportunity to build relationships                                     only*
            with:                                                                    Vehicle theft accounts for more than 13% of
                                                                                      property crime in Canada*
                         Industry people                                             The PYBS is the fasting growing Young Broker
            Young Brokers across the province                                         Network in all of Canada

                                                                            * Taken from the Insurance Bureau of Canada‟s „Facts
                                                                            of the General Insurance Industry in Canada for 2006‟
     i                                                                     Report.
   PYBS YOUNG BROKER CASINO NIGHT                                                     Written by: Catherine Cake




Check out our Young Broker Casino Night on May 2,
2008 in Edmonton at the River Cree Casino.


             6:00pm Speaker: Jim Rivait from IBC
                                                                                      Young brokers across Alberta are talking about
          Accredited for 1 Continuing Education Hour                                  the PYBS and the benefits it brings to you as a
               7:00pm PYBS Casino with Prizes                                         member – sign up today!

    There will be food, drinks, and much much more!
             Call (780) 424-3320 to register today.                                   Check us out on www.ibaa.ca under the PYBS link



Issue 02 – April 2008
“The Second One”
This newsletter is turning out to be a real gem! This issue holds the secrets of being a well financially balanced young broker and basically the
meaning of life. Look harder and you will be able to figure it out. I would also highly recommend staring at this page really hard until your
neighbor in the next office asks what you are doing. Then you can replay smugly, “getting ahead while I am sitting down”. Trust me, that sounds
great with a slight smirk on your face. If your neighbor asks to see this newsletter you should hand it over, after all one of the first lessons you
learn is to share. Have a great day!
 PRESIDENT’S POINT                                                               PYBS FINANCIAL TIPS

Being a young broker in Alberta means opportunity.                               Did You Forget To Pay Yourself This Month?
There is opportunity to make good money, help people,
and advance your career. I personally have found that                            I am sure everyone has heard the phrase “pay yourself
hard work and perserverance make a difference in                                 10% each month”. But, how many of you are actually
“getting ahead” in today‟s fast paced world.                                     taking a portion of your pay cheque each month and
                                                                                 putting it into some kind of savings?
I encourage every young broker to make a personal
commitment to be involved in their industry and be                               There is a reason the government automatically takes
aware of the opportunities that surround them. If you                            income tax directly off of your pay cheque each
can make a personal plan and identify the steps you                              month. It is because they know that the majority of
need to take to achieve your goals you will be                                   people have bad spending habits and even worse
successful.                                                                      savings habits (or lack thereof). So, in order for them
                                                                                 to ensure they are getting their “fair share”; you don‟t
                                                                                 even get a chance to touch that money. As individuals
 GOOD BROKER VS. BAD BROKER                                                      we should be following the same principal. 10% seems
                                                                                 to be the lucky number that you should be putting
Scenario: Johnny B. Good walked into his insurance                               aside for emergencies, additional retirement, future
broker’s office and asked about increasing his auto                              business or investment opportunities etc… Set up an
liability to $2 million as he and his family are                                 automatic withdrawal system each pay cheque to
planning a trip to Washington for a vacation. What                               ensure your money is going somewhere where you do
should he do?                                                                    not have easy access to it.

Bad-Broker: "Your liability is already at $1 million, you'll be                  Don‟t forget to pay yourself faithfully each month.
fine. The $1 million is more than enough, especially since                       Faithfully being the key word. I think most of us
you're only going for one week, what can happen…"                                would be pretty upset if our boss did not pay us for a
                                                                                 couple of months….
Good-Broker: "Sure thing. We can increase your liability to
$2 million and since you are traveling with family and some                      Written by: Braden Bosch
of your son's friends are tagging along, how about we look
into an umbrella policy where we can look at covering you
for $3 million or more. And, have you also thought about                           HOME BUYING TIPS FOR YOUNG BROKERS
excess medical insurance- just in case of any bumps and
bruises- you can't be too careful"
                                                                                  Home Buying for Young People: Plan Ahead
Result: The Good family, as well as two friends, was
involved in a 3 car pile up that was their fault (icy road                       Granted, few young people spend much time day-dreaming
conditions), had they not increased their liability and had                      about buying their first home. They're naturally preoccupied
                                                                                 with academics, career development and responsibilities,
the excess medical coverage- they would have had to
                                                                                 athletics, parties, and dating. Nonetheless, there are a
declare bankruptcy. Way to go G-Broker!
                                                                                 number of good reasons to start learning early in life about
                                                                                 the costs of buying a home and the responsibilities of
Written by: Amy Anderson
                                                                                 homeownership. For example, a college student's misuse
                                                                                 or abuse of credit cards can preclude his or her buying a
                                                                                 home later on.
                                                                                 Here are five recommendations for young people who want
                                                                                 to position themselves for homeownership:

                                                                                 1. Tap your real estate agent relatives for advice. Parents,
                                                                                    grandparents, aunts, uncles or older cousins in the real

Hey, if you have read this far you are doing well! We recommend putting this newsletter in your lunch room for a little light reading during the day. Can you
think of any good insurance jokes? Next issue we would like to include some jokes or funny stories submitted by our membership so e-mail them into
rikki.wosnack@johnson.ca if you have any suggestions.                                                                                                     2
     estate business can give you good information about
     the cost of housing in the area where you want to live                      YOUNG BROKER BIO
     and what it takes to buy a home. Questions to ask: Is
     housing affordable in this area? How much money
     would I need to save in order to buy a home? What
                                                                                 Sharon Mittelstaedt, a young broker for brokerage JB
     advice would you give me about planning my financial                        Insurance Services Ltd. of Grande Prairie, is well on
     future? Would you recommend some books that I might                         her way to doing great things!
     like to read about buying a home? Don't be shy. If you
     have a question, ask someone in a position to know the                      Sharon started in the insurance industry in January of
     answer.
                                                                                 2006, when she had heard about our industry through a
2. Establish good credit habits and a favourable credit                          job placement program at a local business college.
   history. Get a credit card and use it responsibly and                         She was hired in the administrative dept and quickly
   consistently pay off the entire balance…this affects                          progressed.
   your credit rating. Apply for an automobile loan and
   make your payments on time every month. If you're
   renting an apartment, put your own name on the lease                          By March of 2006, Sharon obtained her Level 1
   and the utility bills and make sure the rent and the bills                    Licensing and a position as a broker. Within 2 years,
   are paid every month. If you're already struggling with                       Sharon has completed all of her C.A.I.B studies and
   credit card debt or have large student loans, take a free                     now has her CAIB designation. Sharon plans on
   workshop from the non-profit Consumer Credit                                  continuing to further her education and being a leader
   Counselling Service.
                                                                                 in our industry.
3. Start saving for a down payment and closing costs. It's
   possible to purchase a first home in many parts of the
   country without much in the way of savings. But in high-
   cost housing areas, starting to save early can be
   enormously beneficial because you'll get the advantage
   of compounding interest and have a longer period of
   time to grow your investments. Open a high-interest
   savings account or a stock brokerage investment
   account and make regular automatic monthly deposits                           Written by: Courtney Hayes
   and after a while you won’t even feel it.
                                                                                 Do you know someone who we could feature as
4. Read some books. Your local library and bookstore
   probably have at least a few shelves of books about
                                                                                 an up and coming young broker?
   financial management and buying a home. Take notes.
   Make a financial game plan and set goals for yourself.                        Please e-mail ibaa@ibaa.ca with your
   You can learn a lot about real estate, budgeting and                          nominations today.
   credit on realtor and financial institution websites.

5. Research where you'd like to live. Many young people
   assume they'll continue living in their own home town
   when they get older, but people are more mobile than
   ever and chances are good you'll one day live in
   another city or even another province. Again, the
   library, bookstore and Web can be excellent resources
   for information about housing costs and
   homeownership opportunities around the country.

Written by: Brad Sklarchuk




Hey, if you have read this far you are doing well! We recommend putting this newsletter in your lunch room for a little light reading during the day. Can you
think of any good insurance jokes? Next issue we would like to include some jokes or funny stories submitted by our membership so e-mail them into
rikki.wosnack@johnson.ca if you have any suggestions.                                                                                                     3
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