Posts tagged with: "insurance"
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3 Feb 2011, 4:31 am
The Windstorm Insurance Network® promotes itself as "The Educational Association for Windstorm Claims Industry Professionals."® It will be hosting a regional symposium in Atlanta on May 10, 2011, at the Emory Conference Center.Noted insurance counsel, Bill Berk, is the Secretary of the Windstorm Network and will be chairing this symposium. He is putting the finishing touches on various up-to-date topics involved with handling windstorm claims. For example, there will be an in depth analysis of… [read post]
23 Aug 2010, 7:04 pm
Scientists from the National Institutes of Health have published a report showing a connection, but not necessarily a causal connection, between a known virus and Chronic Fatigue Syndrome (CFS). This was not a study designed to replicate the connection between XMRV and CFS, and in fact, no XMRV was found in the study subjects.
In a commentary accompanying the study, the University of Alberta's Dr. Andrew Mason suggested that one way to settle the question would be to test anti-retroviral drugs… [read post]
15 Aug 2011, 10:58 am
Insurance regulators in Utah have fined American Medical and Life Insurance Co. $50,000 for using an unlicensed company to sell one of its insurance policies that had been banned from sale in the state.
The Utah Insurance Department ordered the New York-based insurer to pay $25,000 as a fine and another $25,000 to cover the cost of its investigation.
According to the stipulation between the state and AMLI, in June, 2006, AMLI issued a group health hospital indemnity insurance policy to… [read post]
16 Jan 2012, 6:53 am
In my continued efforts to publicly summarize ICBC UMP Arbitration Decisions, reasons for judgement recently have been provided to me dealing with the restriction on ICBC UMP Coverage in circumstances where a vehicle occupant is injured through the negligence of a motorist who did not have the vehicle owner’s consent to operate.
In the unreported 2003 UMP Decision (D v. ICBC) the Claimant was injured in a 1998 collision. He was the occupant of a vehicle driven by MV. MV did not have the… [read post]
31 Dec 2010, 11:17 am
Recently, I've had several Louisiana Homeowners Insurance Claimants contact my office about their mortgage company holding onto their insurance money. Often times the person has a hurricane insurance claim, fire insurance claim or other homeowners claim and has completed repairs or has nearly completed repairs. For whatever reason the mortgage company is giving the homeowner the runaround on disbursing the money.
Although the mortgage company, as additional insured on the policy, has a right to… [read post]
18 Jan 2010, 7:00 am
A question I am frequently asked is: Can my insurance company raise my premium due to an accident or traffic ticket?
The answer is YES, unfortunately.
I want to share details about this answer from the official N.Y. Insurance Department website. It’s important for drivers to understand just how the insurance companies justify charging you more and the terminology they use.
Such an increase is known as a surcharge. Surcharges are based on the fact that a driver who has previously been at fault in… [read post]
31 Dec 2012, 4:44 pm
Thursday, December 27, 2012, Adrian James Hernandez (age 18) of Conroe, Texas was the latest victim of people driving at unsafe speeds in rainy weather. Adrian Hernandez was a passenger in his own vehicle, a 1990 Mazda RX7, that he had just recently acquired. The vehicle was being driven by his 19 year-old brother, Ryan Eric Hernandez.
Apparently, the Mazda was westbound on FM 1485 near New Caney when it spun out of control into oncoming traffic read more [read post]
20 Mar 2012, 2:12 pm
Perhaps you've just been involved in an automobile accident with another vehicle. Your car is damaged, but still drivable. Your neck and back feel a bit sore. The accident was not your fault. Now you must make several very important decisions. Undoubtedly, you will also have many questions.
Given the current financial market, it has become more difficult for insurance companies to receive a good return on the premiums you pay. Therefore, greater pressure is placed on the claims departments to pay… [read post]
7 Sep 2011, 9:57 am
A drawn-out examination of the market conduct of Guarantee Trust Life Insurance Co. in Kansas has concluded with authorities there by fining it over eight violations of administrative regulations.
The Kansas Insurance Department reviewed operations of the Glenview, Ill.-based insurer between Jan. 1, 2004 and Dec. 31, 2008. An examiner-in-charge presented the company with a final draft of the exam on Jan. 7, 2011, and by mid-August the department issued its final order.
In the order,… [read post]
28 Nov 2011, 10:26 am
The Missouri Department of Insurance states some insurance companies are setting unreasonable timelines for Joplin homeowners attempting to rebuild after the May 22nd tornado. The department issued a bulletin to the industry stating many home and business owners can't be expected to rebuild within the time limits required by some insurance policies.
In the bulletin, John M. Huff, director of the Department of Insurance, states the unprecedented scale of the Joplin tornado prevented many consumers… [read post]
12 Mar 2011, 5:06 pm
In my previous article, I wrote about 3 out of 7 little-known tax tips that you may miss out on in your tax returns. Let me briefly recap on what those 3 tips are:
1. Claim your Making Work Pay Credit
2. Claim a tax break for supporting a struggling relative
3. Claim for your expenses in looking for a job
Now we continue with the remaining 4 tax tips.
4. Medicare and Long-term care premiums can be deducted
Only if your unreimbursed medical expenses (including health insurance… [read post]
6 Aug 2012, 2:57 pm
Chubb National Insurance Co. will pay a $68,000 fine after insurance regulators in Missouri levied charges of market misconduct against it and three sister companies.
The market conduct exam conducted by the Missouri Department of Insurance covered calendar year 2009. It reviewed records of Chubb National, Great Northern Insurance Co., Pacific Indemnity Insurance Co. and Vigilant Insurance Co., all of which are affiliates of Warren, New Jersey-based Chubb Group.
Among the finds were… [read post]
27 Aug 2010, 11:35 am
Louisiana Citizens Property Insurance Company has settled a state class action case, Press v. Louisiana Citizens Fair Plan Property Insurance Corp., for failing to fully pay overhead and profit to insureds. The proposed settlement, for $23 million, covers claims from Hurricanes Katrina and Rita.In Louisiana, overhead and profit (O&P) is to be paid when repairs involve three or more trades, to cover the expense of a general contractor to coordinate the work. The lawsuit contended the O&P should have… [read post]
6 Aug 2012, 2:57 pm
Chubb National Insurance Co. will pay a $68,000 fine after insurance regulators in Missouri levied charges of market misconduct against it and three sister companies.
The market conduct exam conducted by the Missouri Department of Insurance covered calendar year 2009. It reviewed records of Chubb National, Great Northern Insurance Co., Pacific Indemnity Insurance Co. and Vigilant Insurance Co., all of which are affiliates of Warren, New Jersey-based Chubb Group.
Among the finds… [read post]
27 Feb 2012, 6:50 pm
By John Armstrong
Being in business means dealing with people. Being involved in insurance claims means dealing with difficult people. Normal, good, decent people tend to be difficult or impossible when under stress. You and your company may be wrongly accused of all kinds of things. You may be threatened with lawsuits or worse. What to do? Turn the other cheek! Don’t given into the temptation to write about how you really feel to the claimant, in your claimants, or to anyone. If you really feel… [read post]
9 Aug 2011, 4:40 pm
This is part 2 of the blog series discussing life insurance trusts and estate taxes.
6. What if my estate is larger than this?
I) If the trust buys the insurance, it will not be included in your estate. So the proceeds, which are not subject to probate or income taxes, will also be free from estate taxes.
II) Insurance proceeds are available right after you die. So your assets will not have to be liquidated to pay estate taxes.
III) Life insurance can be an inexpensive way to pay estate… [read post]
18 Jun 2011, 10:15 am
No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after you have passed away. This will ensure that the life insurance company is notified of your death so that your beneficiaries can receive distributions. I found interesting… [read post]
14 Sep 2012, 1:57 pm
The Missouri Department of Insurance issued a bulletin to every health insurance carrier operating in this state, every health insurance carrier insuring Missouri employees, and every self-insured plan covering Missouri employees. This bulletin is regarding the department's initial steps to implement SB749.
Per Director John M. Huff: "Now that the General Assembly has voted to override Gov. Nixon's veto of SB749, our department is responsible for beginning the implementation of this new law. Under… [read post]
17 Jun 2009, 10:25 am
Most of us do not need to worry about planning for the federal estate tax. With the current exemption amount at $3.5M, a married couple can pass along $7M to their children without paying any federal estate tax.What if you are one of the fortunate few who do need to plan for the federal estate tax? Also, what if in addition to having a large estate your estate contained illiquid assets, like real estate and/or a family business? One possibility is an irrevocable life insurance trust (ILIT). The idea… [read post]
27 Dec 2011, 5:00 am
Okay, so it’s not the most exciting New Year’s Resolution but it may be a whole lot more doable than dropping 30 pounds in 2012. On page 5 of this month’s Grassroots newspaper by New York Farm Bureau (“NYFB”) includes a nice submission by A. Edward Staehr of NY FarmNet about coping with a disaster (including grief counseling, recreating lost records, stress management, cash flow planning, and debt restructuring). I highly recommend FarmNet’s consultants: they are… [read post]