RJ and Makay

According to an article recently published on InsuranceJournal.com, insurance agents have a lot to learn from Hulk Hogan and the downsides of selling coverage to wealthy clients.

The well-known, ex-professional wrestler turned reality TV star is suing his insurance broker, Wells Fargo. Hogan alleges the broker failed to properly minimize his liability; thus, causing him financial hardship.

The suit is based on a 2007 accident involving Hogan’s son, Nick, who crashed his car while street racing—leaving his passenger, John Graziano, with traumatic brain injury.

The suit left Hogan's personal fortune of $30 million exposed. And, after exhausting the $250,000 injury limit on Hogan's auto insurance policy, Graziano and the Hogan family reached an out-of-court settlement for what is expected to be life-long medical care for Graziano.

Most local Wachovia accounts will convert to Wells Fargo accounts on Saturday, according to Jay Lawrence, Southeast communications manager for Wells Fargo.

Banking will continue as usual for all Wachovia customers during the conversion to Wells Fargo, which announced it was acquiring Wachovia in 2008.