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Insurance News 10/2016



Kids and Money: Insurance helping kids out of jams
Companies like ARAG, U.S. Legal Services and others have designed legal insurance plans that are offered as part of employer-sponsored benefit plans or sold directly to consumers. And insurers are seeing a growing number of parents purchasing the ...

GEICO says renters insurance passes the test for college students
WASHINGTON--(BUSINESS WIRE)--The dust has settled and classes are back in session for most college students. If you are living in a dorm room or renting your own place off campus, the GEICO Insurance Agency suggests that you might want to study up ...

This graph shows everything that's wrong with health insurance premiums
Kaiser's figures suggest it cost $18, 142 to provide health care insurance for a family. The employee paid $5277 and the employer paid $12, 865. The employee's share increased to 29.0%. This aggregate look, however, conceals, a big difference between ...

Insurance among flurry of issues for Gage County
It's an archaeological dig that has uncovered policy letters, bid documents and other artifacts kept by government offices, risk-sharing insurance pools and private companies between 1989 and 2009. Cobbled together and analyzed, the evidence stretching ...

MN Health Insurance Rates To Skyrocket in 2017
About 250,000 people in Minnesota purchase health care for themselves and their family individually, either through MNsure, or through insurance brokers. Minnesota's Commerce Commissioner Mike Rothman encouraged consumers to contact MNsure to ...

Color of Money: For those in federal long-term-care insurance program, there's still time
"We have paid premiums for 15 years, and now the insurance is nearly unaffordable, just when we are too old to find an alternative," David and Marilyn Weaver wrote in a letter to OPM noting that her premium increased 126 percent, from $267.73 per month ...

Gap insurance gaining mainstream appeal with consumers, employers
Buying insurance for your health insurance is becoming a trend among consumers having a high deductible plan who are dealing with chronic illnesses or facing a major health risk, according to analysts and insurance officials. The policy, known as gap ...

Dealing with State Farm Insurance Sucks
Six weeks ago my home was flooded by a broken refrigerator pipe two apartments above mine. Luckily our coop building requires a generous insurance policy so while we stepped on our hardwood floors to discover small squirting fountains, we tried to ...

Transgender military insurance changes Monday
ALEXANDRIA, Va. (AP) – A new Pentagon policy brings some relief to transgender military retirees and children of active-duty service members. Starting Monday, the military's health insurance will cover transgender-related services that include hormone ...

Raimondo to hold signing ceremony for insurance legislation
A statement from the Democratic governor says the legislation offers a tax incentive to insurance providers. She says the bill ensures that the creation of new insurance industry jobs triggers a reduction in the tax rate that insurance companies pay in ...

Term insurance: A good tax-saving tool
Term insurance is the cheapest form of life insurance product that is useful for a specific period of time. Term insurance policies are offered by major insurance companies for various periods such as 10 years, 20 years, 30 years and so on. Moreover ...

Winners announced: 2016 Best Places to Work in Insurance
Talent is the greatest asset of the insurance industry as well as an engine for the industry's future growth. The 2016 Best Places to Work in Insurance feature showcases the firms that are leading the industry as employers of choice. Best Places to ...

Ask TBC: What do taxpayers really pay when insurance carriers settle lawsuits?
20 article on Dr. Mohamad Harb's $4 million settlement ($2.5 million from the city, $1.5 million from Hall Ambulance) included a comment from City Attorney Ginny Gennaro who “stressed that insurance companies are paying for the total amount and no city ...

Drinks, junkets and jobs: How the insurance industry courts state commissioners
When the Arkansas insurance commissioner weighed the merits of a hospital's billing complaint against United Healthcare, her interactions with one of the nation's largest health insurers extended far beyond her department's hearing room. During months ...

Natchez needs more firefighters to keep insurance rating
When ratings drop, residents' insurance rates can go up. A tight city budget has prevented the hiring of all the needed firefighters so far. Mayor Darryl Grennell plans to schedule a meeting in Jackson with representatives from the bureau and the ...

Effort encourages health insurance enrollment
Members of the local health care community are urging uninsured or underinsured people to take the initiative and find out if they're eligible for health insurance under the Affordable Care Act. In 2014, Stacy Jesso, vice president and chief ...

Insurance companies waking up to benefits of ETFs
Analyzing National Association of Insurance Commissioners data through 2015, S&P found that property and casualty, life and health insurers only reported an aggregate $15 billion invested in ETFs for general accounts, but the growth of ETF assets has ...

Kansas to End Grad Student Insurance Subsidies
The Kansas Board of Regents attributes the change to a recent notice from the Internal Revenue Service that providing subsidized health insurance to graduate students may violate the Affordable Care Act; in 2013 the IRS said that employer payment plans ...

Why you Should get Private Health Insurance
Another reason to get private health insurance even when you have group insurance is to prepare for the time that you retire. Usually health insurance companies have an age limit on their health insurance policies. At the same time, most insurance ...

IBM and Majesco Form Partnership to Accelerate New Insurance Services on IBM Cloud
ARMONK, N.Y., Oct. 3, 2016 /PRNewswire/ -- IBM (NYSE: IBM) today announced a five-year partnership with Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, to jointly offer a new ...

Texas Man Pleads Guilty, Faces Prison Sentence in Schools Insurance Scam
A South Texas insurance salesman faces up to five years in federal prison in a contract scam involving coverage for employees of several school districts. Joshua J. Cerna pleaded guilty in San Antonio to conspiracy to commit honest services wire fraud ...

How having adult kids or aging parents move in affects insurance coverage
Insurance experts say it's worth a look at your policies if family members move in or return home. Look first at personal property coverage. Relatives bring things with them. Because there's often a cap on contents coverage, your policy may not insure ...

Another insurer withdraws from Kentucky's insurance market
Baptist Health Plan will withdraw from Kentucky's individual health insurance market for the 2017 plan year. Baptist Health Plan is Kentucky's fourth-largest health insurance provider, according to a news release from the Kentucky Department of ...

Norton Insurance, brokerage bought by Chicago firm
Norton Insurance provides commercial property and casualty and personal lines insurance. Norton Financial provides securities and advisory services along with employee benefits insurance services. The company has additional offices in Brunswick and ...

Christie Calls Trump Genius for Plan to Burn Down White House and Collect Insurance
NEW YORK (The Borowitz Report)—Governor Chris Christie, of New Jersey, called Donald J. Trump a “genius” on Monday for his controversial plan to burn down the White House to collect insurance money. Appearing on Fox News, Christie said that Trump's ...

Correction: Transgender Military Insurance story
Jenn's father is an Army staff sergeant at Virginia's Fort Belvoir, and his military health insurance refused to cover private counseling to support the changes his daughter was embracing. Several months later, Jenn said, she was so frustrated and ...

Essential Types of Small Business Insurance
You probably don't spend much time thinking about all the different types of small business insurance. After all, insurance is hardly something to get excited about, right? That is until you're in a bad situation; then—depending on your coverage—you ...

As insurance companies bolt from Obamacare, lawmaker prescribes a fix for N.J.
TRENTON — With insurance companies in New Jersey fleeing the health exchange created by the Affordable Care Act, a state lawmaker has introduced a bill to create a government-operated plan that he said will stabilize the volatile market. The "New ...

Chinese Insurance Needs a Tech Shake-Up
And while PICC's growth in auto premiums may cool as vehicle sales slow, non-auto lines like agriculture, liability, accident and health insurance, could fill the gap given China's latest five-year plan aims to promote the use of liability insurance to ...

The Fine Print in Pet Insurance Policies
Pet insurance, like most forms of insurance, definitely qualifies as a “Buyer Beware” purchase. Jamie Richardson found that out the hard way when her seven-year old dog Muddy tore a ligament in his leg and her insurance company refused to cover his ...

Health Insurance Premium: Ways To Save It
One of the most importance insurance covers that you will require for securing your insurance portfolio is of course health insurance. It is a known fact that medical costs are rising at a massive pace. To make the scenario worse, costs are apprehended ...

Ascension Insurance, Inc. Broadens Operations In the East
WALNUT CREEK, Calif., Oct. 4, 2016 /PRNewswire/ -- Ascension Insurance, Inc., announced today that it and its wholly owned subsidiary, Ascension Insurance Agency, Inc., entered into a definitive agreement with Greenpoint Insurance Group, Inc., and its ...

Gap Insurance for Deductibles: The Insurance Industry's Latest Profiteering Ploy
As the cost of health insurance and care continues to go up with little restraint by the Affordable Care Act (ACA), the insurance industry is getting ever more creative in finding new revenue streams to cover gaps in coverage. The latest new market is ...

More than 2 million people missing out on Obamacare health-insurance subsidies
About 2.5 million people now buying health insurance are missing out on getting financial aid to reduce their monthly premiums because they are buying individual plans outside of the government-run Obamacare marketplaces, a new report revealed ...

Switch to start-up yields surprising results for Activision employees' insurance
While other health insurance upstarts like Oscar Health targeted the new Obamacare consumer market, Collective Health has focused on self-insured employers who represent the largest share of the health-care market. Most mid- and large-size firms pay ...

Millions leaving government insurance money on the table?
Millions of Americans who bought individual health insurance outside the Affordable Care Act's public exchanges may be leaving money on the table if they skip those marketplaces again in picking 2017 coverage, a new report says. The Department of ...

How Much Life Insurance Coverage Do You Need?
Insurance is one of those things that people don't want to talk about because it reminds them of death. But you owe it to yourself and your loved ones to get life insurance and the right amount. Cassandra Latsios, an associate advisor with Wipfli ...

Why insurance companies control your medical care
And if insurance costs aren't enough of a crisis, researchers are highlighting deficiencies in health care quality, such as unnecessary tests and procedures that cause patient harm, medical errors bred by disjointed or fragmented care and disparities ...

Everest Wealth Management challenges Maryland Insurance Administration order
The order, issued last December, followed an investigation by the insurance administration that found Everest had used misleading information in its infomercials and blurred the line between the insurance company Everest Wealth Management and its ...

Deputy association concerned about pay, insurance costs during negotiations
County commissioners recently approved an increase in insurance premiums for all county employees, including deputies. “I mean, you can't give with one hand and take with the other,” said Juan Contreras, president of Deputy Sheriffs Association of ...

Homeowner sues People's Trust Insurance over allegedly deceptive practices
FORT MYERS, Fla. – A man is suing his home insurance company because he says they were deceptive and uncooperative. Bert Rivero had a refrigerator line bust June 2, so he called his insurance company, People's Trust Insurance, to file a claim. Rivero ...

Oklahoma Health Insurance Premiums Expected To Spike In 2017
Brace yourself for a big health insurance increase if you have Blue Cross Blue Shield. The company is proposing a 76% increase of all individual Affordable Care Act compliant plans. This rate increase comes as the company faces a $3 million fine from ...

Rural Iowans face limited health-insurance choices
Iowans in 13 rural counties who want to buy subsidized health insurance under the Affordable Care Act will have just one option for 2017, the state insurance division reported Tuesday. Medica, a relatively small carrier based in Minnesota, is the only ...

London Insurance Market Prepares to Hold Catastrophe Response Test
The London insurance market plans to test its response this month to a major catastrophe on the scale of the 9/11 attacks, the chairman of insurer Hiscox said on Tuesday. While insurers have coped with regular hurricanes, earthquakes and terrorist ...

Sompo-Endurance: Japan's Insurance Shopping Spree Restarts With a Bang
That will add to the $31 billion in deals for foreign insurers that Japanese companies have made since 2014, according to Dealogic, notable examples including last year's record $7.5 billion acquisition of U.S. specialty insurer HCC Insurance by Tokio ...

Fewer British firms have cyber insurance policies -PwC
PwC interviewed 479 executives at British companies and only 38 percent said their company had a cyber insurance policy, down from 59 percent in a similar survey a year ago. "The drop in take-up of cyber insurance shows that this is still maturing as a ...

Slice Offers On-Demand Insurance To Cover Home Sharing Hell
Humans are pretty terrible. Not all humans, but enough that when you read that statement you nod your head and generally agree. We live in an on-demand world and sharing services have becoming the new normal. We share rides with Uber and we share ...

NASCAR driver Danica Patrick explains why everyone should have life insurance
According to a 2016 Life Happens insurance study, losing the main breadwinner could significantly impact the surviving household members: "Half of US households would feel the financial impact from the loss of their primary wage earner in just six ...

How Much Insurance Money Will Kim Kardashian Receive for Her Stolen Jewels? That Depends
The conditions of Elizabeth Taylor's insurance on the famous, 69.42 carat Taylor-Burton diamond, for example, specified that Taylor should only wear it in public 30 days per year and when protected by security guards, according to Lloyd's. If anything ...

MetLife Opts for Spinoff of Life Insurance Operations - WSJ
MetLife is opting for a spinoff to existing shareholders as it divests a big chunk of its U.S. life-insurance business, resolving one of the key questions about its ...