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Insurance News 08/2014



For Sale: A Nearly Nonexistent Insurance Agency
Only one thing justifies Harwood's nine-figure price tag: The ethereal company has long collected commissions on high-priced insurance that Nationstar compels otherwise-uninsured homeowners to buy. If homeowners can't pay for this "force-placed" ...

Genworth stock takes hit over long-term care insurance review
Wall Street reacted negatively Wednesday to news that Genworth Financial Inc. will review the adequacy of claim reserves for its long-term care insurance business, which saw a drop in operating profit in the second quarter. The company's stock dropped ...

The Insurance Industry Is Risky. Federal Regulation May Be the Answer
Insurance in the U.S. is a big deal that's regulated like a small deal. Insurance premiums paid each year equal about 7 percent of the U.S. gross domestic product, and companies such as American International Group (AIG) and Prudential Financial (PRU) ...

Kentucky School Districts Being Assessed for Insurance Trust Gone Bust
Some Kentucky school districts have started getting bills over the past couple of weeks to help offset insurance claims against the failed Kentucky School Boards Insurance Trust. The trust announced last year that it would disband due to financial woes ...

What's it worth to cut your car insurance bill?
Those commercials about how much you can save on car insurance in just a few minutes of shopping apparently are true. An Insurance.com survey finds that spending just 10 minutes shopping for car insurance can save $540 a year. That works out to $54 a ...

Florida State plans to pay for Jameis Winston's loss of value insurance
But players purchasing loss of value insurance, which pays the player if his draft stock falls due to injury or illness, is a lesser known concept. Earlier this summer, Yahoo! Sports reported that Florida State quarterback Jameis Winston had procured ...

Credit Unions Eye Revenue With Insurance Buys
Growing market share in an environment ripe with relentless competitors can be daunting, overwhelming and exhaustive. But for some credit unions, building a stronger presence within the insurance sector may be worth the time and can ensure their ...

30% of Traffic to Insurance Sites Came from Search in June
How do auto insurance brands stack up in the search results? How much do they rely on search traffic to their websites? New data coming from Millward Brown Digital explains. Across the carriers studied in June, approximately three in 10 website visits ...

State releases Oregon's 2015 health insurance rates for individuals, small ...
State releases Oregon's 2015 health insurance rates for individuals, small ...

Health insurance rates decline for 2015
Health insurance premiums will be slightly lower in 2015 for small group and individual policyholders and the state insurance commissioner credited factors spurred by the Affordable Care Act. It's the first time in many years that Oregon has seen a ...

Stop and look both ways for auto insurance discounts
Everybody wants a discount on car insurance. Why else would we watch the Esurance TV ads where a crazy lady in a beige turtleneck talks about how she shops for car insurance and how she posts vacation photos to her living room wall instead of mailing ...

US government looking at car insurance affordability
"The Federal Insurance Office is evaluating that public input and looking to identify areas of consensus as we move to define affordability … in a reasonable manner," Michael McRaith, the office's director, said Friday. McRaith previously headed ...

Insurance woes leading some doctors to quit vaccinating kids
It is becoming more of a hassle each year for parents to get their children vaccinated for school, as complications with insurance reimbursements are driving pediatricians to quit providing the service. Because of inadequate or late insurance ...

7 On Your Side Investigates: Rental car insurance fees
One thing Blyskal says many credit cards cover that your personal insurance won't is loss of use of the car. Your own insurance will pay for any damage to the rental vehicle, but your credit card may cover any charges from loss of use while the rental ...

Two Insurance Agents Fined Following Fort Smith Seminar
In two consent orders, the Arkansas securities commissioner approved a settlement between staff at the Arkansas Securities Department and two insurance agents, resulting in a $2,500 fine for each agent. Insurance agents Christy Coffman and Trent Dodds ...

These 5 States (and Washington, DC) Have the Most Expensive Auto Insurance
Car and truck drivers know all too well how expensive it is to own a vehicle. Between monthly payments, buying gas, and paying for inevitable repairs, the out-of-pocket costs of driving add up quickly. The cost of auto insurance has increasingly made ...

Evaluating Risk: Do Travelers Need Medical Evacuation Insurance?
As the first of two Americans infected with Ebola return to the U.S from Liberia, some travelers may be wondering how they would make it back home if a medical emergency were to strike in a foreign land. It's a worry that many don't like to think about ...

Chattanooga area insurance rates under ObamaCare among lowest in the nation
Its reduced-rate, exclusive deal with one of three health systems turned Chattanooga into one of the 10 least expensive insurance markets in the country, as judged by the lowest-price mid-level, or Silver, plan. The premium for a 40-year-old under that ...

Texans paying more for home, auto insurance
AUSTIN — Homeowners and drivers in North Texas and across the state are feeling the pinch of higher insurance premiums this year. Average rates for both have jumped by double digits. New figures submitted to the Texas Department of Insurance and ...

Pete the Planner: Don't ignore disability insurance
He had great disability insurance. No, not just the disability insurance that many of us have through our employers. He had the type of supplemental coverage that a person buys when he understand that a 35-year-old man is 3½ times more likely to become ...

Newly Insured, Many Now Face Learning Curve
PHILADELPHIA — Advocates of the Affordable Care Act, focused until now on persuading people to buy health insurance, have moved to a crucial new phase: making sure the eight million Americans who did so understand their often complicated policies ...

Missouri reaches settlement over insurance
ST. LOUIS (AP) _ An insurance company has agreed to return nearly $8 million to St. Louis area consumers as part of a settlement over allegations that the insurer didn't tell customers about a cheaper, identical plan. Anthem BlueCross BlueShield of ...

Columbus job fair aims to attract future insurance workers
An insurance-industry job fair will take place from 11 a.m. to 2 p.m. Saturday at the offices of Franklin County Job and Family Services, 1721 Northland Park Ave. The event is sponsored by several groups, including the jobs agency, the Insurance ...

Auto insurance reform has been a boon for consumers
I take issue with Deirdre Fernandes's analysis of the complex issue of reforming the auto insurance market in Massachusetts in her article “Auto rates bounce back up” (Page A1, July 28). Year-over-year comparisons of auto insurance premiums do not ...

Executive snapshot: Two different worlds, show business and insurance
Jack Yenchek has his feet firmly planted in two very different worlds: show business and insurance. This unusual combination has worked for him for nearly 50 years. As president and chief operating officer of Kellogg and Yenchek Insurance, he helps run ...

Behind New York's 2015 health insurance rates
New Yorkers who purchased insurance from the state's much-touted health insurance exchange could see their premiums rise by as much as 19.7 percent or drop by as much as 12.9 percent in the coming year. The wild swing in fortunes are a product both of ...

Do travelers need evacuation insurance?
Good candidates for medevac insurance include those who are heading to remote areas or places where serious diseases are rampant, Perkins said. Business travelers frequently sent on overseas assignments might also consider it, if they are not already ...

New Force-Placed Insurance Rules Prompt $100 Million Agency Sale
One of the country's largest overseers of troubled home loans, Nationstar Mortgage Holdings Inc., is quietly trying to sell a $100 million insurance agency that doesn't appear to exist. Harwood Service Co. has no website, no independent offices and ...

Minnesotans Question State's Ailing Insurance Marketplace
Minnesota spent $100 million dollars on creating its new health care website, and while the state has added some 180,000 people to insurance coverage, some are asking whether it was worth it for the state to embark on its own — or even have an ...

Insurance company fighting potential payout to abused student
The insurance company for a former Fulton County school teacher accused of abuse does not want to pay out a claim if a former student suing that teacher wins in court. National Casualty Insurance is suing both teacjer Melanie Pickens and former student ...

New York Regulator Examines Ocwen's Insurance Practices
In his letter Monday, Mr. Lawsky said Mr. Erbey, a large Ocwen shareholder, profited from the home-insurance process, which is alleged to have routed what is known as force-placed insurance through an independent agent, then back to an insurance ...

AIG profits rise on strong insurance sales, sale of aircraft leasing business
The numbers: American International Group said second-quarter profits rose 13% year-over-year to $3.1 billion, or $2.10 per share. AIG also reported after-tax profits of $1.25 per share for the most recent quarter, which beat analyst estimates of $1.05 ...

Some Piedmont parents want autism insurance reform in NC
JAMESTOWN, N.C. — Some Piedmont parents are disappointed a bill proposing autism insurance reform was never brought up for a vote in this year's short session in the senate. Shea Capps' son Holden was diagnosed with autism at age two. The treatment ...

FSU chips in on Winston's insurance
TALLAHASSEE, Fla. -- Jameis Winston purchased a $10 million disability and loss of value insurance policy, and Florida State is footing part of the bill. A Florida State spokesman confirmed to ESPN.com on Monday that the university is paying for the ...

Employer-Based Health Insurance 'Cheaper' Than Government-Sponsored ...
Employer-Based Health Insurance 'Cheaper' Than Government-Sponsored ...

Insurance giants creating massive database of patient records
Medical records of millions of California residents could soon be stored in a single database. Medical records of millions of California residents could soon be stored in a single database. (Barbara Davidson / Los Angeles Times). By Tim Logan, Stuart ...

Maine agency increases loan-insurance maximum by 50%
The commercial loan insurance program is known as the OnLine Answer Program because it provides financial institutions an immediate answer over the Internet when they request insurance from the Finance Authority of Maine, a quasi-independent state ...

Is Life Insurance Needed in Retirement?
Dependents: Life insurance is designed to help protect your spouse and children from poverty in the case of your untimely death. But if your children are grown and are on their own, and you have sufficient financial resources to cover you and your ...

Phillipsburg tries to help youth sports organizations burdened by new, high ...
Phillipsburg tries to help youth sports organizations burdened by new, high ...

State officials estimate Obamacare health insurance rates will rise 13.2 percent
Monthly premiums for the second year of Obamacare health insurance plans are expected to rise an average of 13 percent, Florida officials announced Monday. The Florida Office of Insurance Regulation has completed its analysis of recently submitted ...

How to Get the Best Rates on Life Insurance
The cost of life insurance varies depending on an applicant's health history. According to a recent survey by insuranceQuotes.com, smokers, on average, pay more than three times for the same policy than non-smokers.A non-smoking 45-year-old woman ...

FSU Paid For Jameis Winston's Insurance Policy On His Draft Stock
Florida State QB Jameis Winston is eligible for the NFL draft after this season, and barring catastrophe, will go very high and will make a lot of money. But what if something catastrophic does happen? There's insurance for that, and it emerged ...

Birmingham City Council agrees to special meeting to investigate planned ... - The Huntsville Times
Birmingham City Council agrees to special meeting to investigate planned ...

How Employer-Based Health Insurance Actually Is Cheaper Than Government ...
How Employer-Based Health Insurance Actually Is Cheaper Than Government ...

Insurance Company Pays Man's Settlement With $21000 in Coins
Andres Carrasco reached a settlement with Adriana's Insurance Service, Inc. this past June following a lawsuit he filed in 2012 in which he alleged an employee of the company physically assaulted him. The company paid his settlement with a check but ...

Illinois opens insurance rate records to public
"We are pleased to provide consumers direct access to review rate and form filings," said Department of Insurance Director Andrew Boron in a statement. Public access online "demonstrates our commitment to protecting consumers by providing assistance ...

No, Obamacare Has Not Reduced Insurance Costs
Has Obamacare reduced the cost of insurance? Pundits, analysts, and academics have pored over this question relentlessly. While people on different sides of the political spectrum place value on different things (liberal-progressives value equity much ...

Leawood's Ken Selzer heads toward GOP primary win in insurance ...
Leawood's Ken Selzer heads toward GOP primary win in insurance ...

ING Boosted by Insurance Unit
The Netherlands' largest bank by assets on Wednesday said net profit for the quarter came in at €1.07 billion ($1.43 billion), compared with €895 million in the same period last year as profit at its insurance business more than quadrupled to €245 ...

DOT: Rail insurance inadequate for oil train accidents
Most freight railroad insurance policies couldn't begin to cover damage from a moderate oil train accident, much less a major disaster. And the Department of Transportation's own database of oil train incidents is flawed because some railroads and ...