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Insurance News 04/2015



Some colleges getting out of health insurance business
The main driver of colleges getting out of the insurance business is a provision in the Affordable Care Act that prevents students from using premium tax subsidies to buy insurance from their college or university, according to Steven M. Bloom ...

No Joke. Flood Insurance Rates Increase On April 1
About a million people will see their premiums double. The rate increase is part of an effort to bring down the debt for the program which subsidizes insurance for people living in flood zones. Share. Facebook; Twitter. Google+. Email. Comment ...

To Avoid Surprise Insurance Bills, Tell Exchange Plan When You Move
I purchased health insurance in Ohio through the marketplace in April. I then moved to Missouri and applied for marketplace coverage there that began in October. I had assumed that the Ohio marketplace would cancel my coverage there, but that didn't ...

Crystal, AIG Offer Conceptual Art Insurance for Private Clients
Historically, references to lost or damaged certificates of ownership have not been spelled out in fine art insurance policies, which can lead to uncertainty in the event of a claim. The endorsement created by AIG insurers in collaboration with Crystal ...

Pompano woman sold fake insurance policies to veterans, state says
Sands collected premiums from her clients and deposited the funds into bank accounts tied to her business, Universal Research Group Insurance Agency, but she failed to secure policies through a company licensed to transact insurance in the state of ...

3 vital facts about flood insurance cost hike
The Homeowner Flood Insurance Affordability Act of 2014, which goes into effect today, will include premium increases of up to 18 percent for primary homeowners and 25 percent for those who own vacation homes or rental properties. A new surcharge will ...

Doral Financial Seeks Sale of Insurance Unit
Doral Financial Corp. wants court permission to sell its insurance arm to Anglo-Puerto Rican Insurance Corp. for $10.75 million, subject to higher bids at an auction. In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, Doral said that without ...

Oscar is a New York-based health startup that's less than 2 years old, and it ...
Oscar is a New York-based health startup that's less than 2 years old, and it ...

How Umbrella Insurance Works
Umbrella insurance is a type of personal liability insurance. Also called “excess liability insurance,” it's indispensable when you find yourself liable for a claim larger than your homeowners or auto insurance liability will cover. If you own a boat ...

Pockets in Mass. cities still lack health insurance
One-fifth of the people in some Massachusetts neighborhoods have no health insurance, while in others everyone is insured, according to an analysis released Thursday by the Blue Cross Blue Shield of Massachusetts Foundation. Massachusetts has long ...

Should Michigan police randomly scan license plates for auto insurance ...
Should Michigan police randomly scan license plates for auto insurance ...

Obamacare Profits Health Insurance Companies While Hurting Some Consumers
That scenario is due to the influx of healthy individuals, along with the federal government's requirements for health insurance companies to reduce overhead costs and direct a larger percentage of premiums to health care. As a result, the insurance ...

Insurance How-To: Tips for Saving Money While Safeguarding Your Possessions
Insurance may be the best way to help you bounce back from life's unwanted surprises, such as medical problems, car accidents and emergency home repairs, but filing a claim can be confusing. How do you know when you should and should not file a claim ...

Radian completes sale of bond insurance unit for $789 million
Radian said in July that it had hired Goldman Sachs & Co. to evaluate options for monetizing Radian Asset, which discontinued writing financial guaranty insurance in 2008. Assured Guaranty or MBIA were soon cited as possible buyers. So instead of ...

California insurance broker buys another WNY agency
Locally, it previously acquired Keller Group, The Potwora Agency, Coppola Insurance, Cannello Agency, CW Baker Insurance Agency, Lewiston Insurance Agency, DeFranco Insurance Agency, Bower Insurance, AA Insurance Services, The Insurance Market ...

Colleges get out of health insurance business
Some call it an inevitable result of health care reform and a money-saver for students since insurance in the marketplace is usually cheaper than the college plans. Others worry that more students will go without health insurance since their premiums ...

Legislators Ask Insurance Chief Nominee About Cigna Ties
HARTFORD — Legislators on Thursday asked the governor's choice for insurance commissioner, Katharine L. Wade, about her connections to Cigna Corp., where she once worked and where her husband now works. The questions came up during her ...

IMF Finds Gaps in US Insurance Regulation
The Federal Reserve's new program for supervising large insurance firms is “proceeding slowly” and “needs to strike out in its own direction,” the report said, nodding to the fact that the U.S. central bank still hasn't drafted rules for the insurance ...

UPDATE 1-Canada housing agency to up some mortgage insurance premiums
The changes announced Thursday do not apply to mortgages currently insured by CMHC, while portfolio and multi-unit insurance also remains unchanged. ($1 = 1.2560 Canadian dollars) (Reporting by Leah Schnurr, editing by Meredith Mazzilli and Ted ...

John Calipari Says NCAA Schools Should Pay For Student-Athletes' Insurance
Kentucky basketball coach John Calipari said during a press conference on Thursday that he'd like to see the the NCAA system tweaked so that it pays for student-athletes' insurance. “I think we have to move to paying for their insurance,” he said ...

Dayton man sentenced in roofing insurance scheme
Honious, 45, of Dayton, was sentenced to 12 months in prison for his role in submitting fraudulent insurance claims for roofing repairs. He was a salesman for the now-defunct company, according to a release from U.S. Attorney Carter M. Stewart. Honious ...

Federal Flood Insurance Premiums for Homeowners Rise
Homeowners with federal flood insurance will get some unwelcome news when they receive their next policy renewal notice. As of April 1, new rates took effect under the National Flood Insurance Program that increase individual policy premiums for ...

The Best Stocks to Invest in Insurance
The best insurance companies have one thing in common: they adequately price risk. That is, these companies more than cover their expenses and insurance losses with their premiums. If it seems simple, that's because it is. But over the history of the ...

Disparities remain in Massachusetts health insurance rates, study says
Though Massachusetts boasts the highest health insurance coverage of any state, those benefits have not been distributed equally, a new study says. From 2009 to 2013 much of the state had near-total health coverage, while some cities - including ...

Should You Convert Your Term Life Insurance to Whole Life?
For most families, term life insurance provides a great combination of protection and affordability. Many people find their term life policy expires just when they no longer need the coverage — they've paid off their home, retired, or their children ...

Why Seniors Lose $112 Billion in Life Insurance Benefits Every Year
There's been a distressing story in the financial media lately: American seniors are apparently leaving $112 billion in life-insurance benefits on the table each year. That's certainly not great news, but it isn't and doesn't have to be as bad as it ...

3 Reasons to Avoid Life Insurance Policies for College Savings
And with the promise of guaranteed rates of return, cash-value life insurance policies are often pushed to eager, college-planning parents. These policies accumulate value during the policyholder's life and then pay out upon his or her death. But ...

Is It Time to Give Your Insurance Policies a Checkup?
The insurance industry often urges customers to check their policies every once in a while to make sure everything is up to date. While that sounds like self-serving advice – because you know any conversation with your insurance agent will end with a ...

Millions of Americans' Flood Insurance Rates to Increase
With the National Flood Insurance Program in debt, many Americans will see a 25% premium increase in their flood insurance. MONEY Everyday Money Holidays. A $49,000 Bunny and 6 Other Crazy Numbers for This Holiday Weekend. Susie Poppick @ ...

A push in the right direction to get women insurance coverage
This week, State Senator Liz Krueger of Manhattan introduced a bill to amend the current insurance law to add pregnancy to New York's list of qualifying events. As it currently stands getting married or divorced, becoming a citizen, getting released ...

Police can now see if you have insurance before they even pull you over
But now, there is new technology being used by Michigan State Police and other agencies across the state giving officers the upper hand to determine if you're driving without insurance. Officers can run a driver's license plate through their in-car ...

Pros, Cons Of Long Term Care Insurance
Less than 8 percent of Americans have long-term care insurance policies. What most people don't know is that their private insurance and even government programs, like Medicare, don't pick up the tab for long-term care, whether it's for a chronic ...

No separate insurance needed for silver-plated hollowware
Q: I have three pieces of silver plate that I need value on for insurance purposes. Can you point me in a direction? A: Our reader adds that all three pieces are from companies that later merged with International Silver. We have model numbers from the ...

Small employers in Minnesota drop health insurance at faster clip
“If I had hired someone new who didn't have insurance, I don't know how I would have proceeded,” said McCulloch, who has since sold his St. Louis Park shop and retired. “As a small business, we don't have access to the same discounts that unions get or ...

Indiana insurance marketplace failing smokers
Cigarettes FILE - This Sept. 14, 2005 file photo shows packs of cigarettes in a store in Brunswick, Maine. (AP Photo/Pat Wellenbach, File). FORT WAYNE, Ind. (AP) — The American Lung Association says Indiana's health insurance marketplace is failing to ...

When It Comes To Insurance, Mental Health Parity In Name Only?
By law, many U.S. insurance providers that offer mental health care are required to cover it just as they would cancer or diabetes care. But advocates say achieving this mental health parity can be a challenge. A report released earlier this week by ...

Payment delays could grow for state worker health insurance, report says
The Commission on Government Forecasting and Accountability said in its annual report on state employees' group health insurance that the amount Rauner requested in his budget is far short of the estimated liabilities for the program for the budget ...

Rep. Harbison introduces bill to allow electronic insurance proof for drivers
HB369 is sponsored by freshman representative Corey Harbison (R-Cullman), and would allow a driver to present their proof of insurance in electronic form via a cellular phone, or other electronic device. Harbison said the bill was hatched after ...

Don't rely on bad advice on skipping earthquake insurance
Question: I'm on the board at our common interest development with about twelve townhouse units. We're built on bedrock, so the management company says the attorney said we don't need homeowner association earthquake insurance. And if something ...

Uber urges Brownback to veto bill upping its insurance costs
Uber connects drivers to riders through a mobile app and announced in March it had reached an agreement with several national insurance companies on a policy framework that would fill in gaps in the network's driver insurance coverage. It has proposed ...

Insurance Policy for the Future: Investing in Millennials and Clean Energy
The future of our environment, economy and health are dependent on clean energy technology. Fossil fuels dominate the energy landscape, and these finite resources indisputably contribute to climate change. Despite the eminent and costly dangers of ...

Group says Oklahoma bill threatens federal flood insurance
TULSA — A group responsible for managing Oklahoma's floodplains says bills moving through the Legislature that prohibit cities from regulating oil and natural gas drilling operations could prevent the state from participating in the National Flood ...

Brighton-based insurance company continues to grow
Latest figures show LifeSecure has 36,318 long-term care policyholders totaling about $45 million in premiums. According to LIMRA, a global research and marketing firm, LifeSecure was the only long-term care insurance carrier to have positive growth ...

Insurance firms scrutinize dog breeds
One of the largest obstacles is insurance. It is common practice in Ohio for insurance companies to maintain a list of breeds they consider high-risk and handle differently from others. An Ohio Department of Insurance spokesman said the state has “not ...

Insurance commissioner, consumer advocate split over Allstate rates
Rosenfield, a feisty consumer advocate from Santa Monica, wrote Proposition 103, a landmark 1988 ballot measure that turned the insurance commissioner into an elected position. It also gave the job powers to reject proposed rates for auto, home and ...

South Jersey insurance agency acquires competitor
Established in 1957, Meyer is a retail insurance broker providing commercial insurance, personal insurance, and risk management services for their clients in the Philadelphia area. In addition, it offers insurance support services including: contract ...

Teds Devious Health Insurance Adventure
That is, outside of Washington, D.C., and Vermont, where the law was set up such that everything runs through the exchanges, a person can buy regular-old, non-Obamacare insurance by just going to insurance companies' websites and toll-free lines, or by ...

Property & Casualty Insurance Is Driving Hartford's Growth
The Hartford Financial Services Group restructured its business to focus on property and casualty (P&C) insurance, selling off its retirement solutions and individual life insurance divisions in 2012. Hartford is now primarily focused on its P&C ...

What Small Car Owners Need to Know About Insurance
In the “small overlap front crash tests” by the Insurance Institute for Highway Safety in July, only one of the 12 small cars tested earned an overall “good” rating, and four were rated “poor” for occupant protection. (The MINI Cooper Countryman scored ...

5 Steps to Take if Your Health Insurance Claim is Denied
According to the American Medical Association, 1.82 percent of commercial health insurance claims were denied in 2013. That percentage may not sound like much, but with the AARP reporting at least 1.4 billion claims being filed each year, we're talking ...