Insurance Policy – Car Insurance In Memphis http://carinsuranceinmemphis.net/ Fri, 14 Jan 2022 14:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://carinsuranceinmemphis.net/wp-content/uploads/2021/06/icon-1.png Insurance Policy – Car Insurance In Memphis http://carinsuranceinmemphis.net/ 32 32 Is term life insurance worth it? https://carinsuranceinmemphis.net/is-term-life-insurance-worth-it/ Fri, 14 Jan 2022 14:00:00 +0000 https://carinsuranceinmemphis.net/is-term-life-insurance-worth-it/ NEW YORK, Jan. 14, 2022 (GLOBE NEWSWIRE) — Thinking decades ahead is no small feat. Children grow into adults, big purchases include mortgages and weddings, and retirement promises welcome relief from years of working to build a life full of memories and experiences. How is it possible to estimate your expenses decades in advance? Still, […]]]>

NEW YORK, Jan. 14, 2022 (GLOBE NEWSWIRE) — Thinking decades ahead is no small feat. Children grow into adults, big purchases include mortgages and weddings, and retirement promises welcome relief from years of working to build a life full of memories and experiences. How is it possible to estimate your expenses decades in advance?

Still, planning ahead often pays off, and life insurance is one situation where it’s critical to act before it’s needed. With all the different types of life insurance policies, it is not always easy to find a life insurance policy; but many end up finding term life insurance policies to be the most cost effective and comprehensive for an individual’s needs.

What is term life insurance?

Term life insurance policies are plans structured over a period of time, whether it spans 10 or 30 years. These policies generally require medical underwriting as a qualifying criterion, and premiums may vary based on the results of a medical examination.

However, term life insurance policies are set with an end date in mind, which means they are generally among the cheapest options for people who want to protect themselves and their beneficiaries with specific goals. on your mind. These policies establish the assurance that a beneficiary or beneficiaries will receive a pre-determined, tax-free payment.

The main caveat with these types of insurance policies is that if the agreed term passes without incident, the policy expires without any payment. While ideally everyone would outlive their term insurance policies, in practice this means beneficiaries never see a benefit from the policy.

What are the other options?

Where term policies expire after a set period, whole life insurance allows buyers to enter into an agreement with an insurance provider that will cover them for the duration of their lifetime. These policies, however, are much more expensive options and may also require further examination of one’s health.

Whole life insurance also has a cash value component, providing arguably the best lifetime benefit to a life insurance policy. Cash value can be withdrawn directly or borrowed as a secured loan. However, withdrawing or borrowing against the cash value may reduce the death benefit of the policy.

Who should choose term life insurance?

Term life insurance offers an affordable way to protect your loved ones against financial damage that could result from an unexpected death. When it comes to replacing lost earnings during working years, term life insurance offers the best value in its protection.

On the other hand, for those who want to guarantee that there will be a death benefit available to their loved ones whenever their life comes to an end, a whole life insurance policy may be a better choice.

Whatever the case, the right life insurance policy can provide essential security and peace of mind, which is truly invaluable.

This content was posted through the press release distribution service on Newswire.com.

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How to avoid late house closings in 2022 https://carinsuranceinmemphis.net/how-to-avoid-late-house-closings-in-2022/ Mon, 10 Jan 2022 22:05:37 +0000 https://carinsuranceinmemphis.net/how-to-avoid-late-house-closings-in-2022/ HousingWire recently spoke with Tom Kriby, Vice President of Client Development and Partnerships at Westwood Insurance, about how insurance issues can delay the closing of a home and how lenders can integrate insurance. in their process to help their buyers avoid delays. HousingWire: What are the unexpected things that can delay closing a house? Tom […]]]>

HousingWire recently spoke with Tom Kriby, Vice President of Client Development and Partnerships at Westwood Insurance, about how insurance issues can delay the closing of a home and how lenders can integrate insurance. in their process to help their buyers avoid delays.

HousingWire: What are the unexpected things that can delay closing a house?

Tom Kriby: Everyone knows that home inspections and appraisals can delay a closure, but insurance is another possible barrier to an on-time closure. It’s more common than you might think. Last year, about 10% of the policies we issued were rush orders.

For many home buyers, insurance falls through the cracks simply because they are incredibly busy with all of the other factors that go into buying a home, such as providing financial documents, l ‘organization of moving services and the establishment of public services at the new address.

Understanding and providing all of the home details needed for an accurate insurance quote and finding the best coverage and price can be a major problem. This can cause home buyers to procrastinate, but the shutdown cannot happen without proof of home insurance.

HW: How can lenders help homebuyers avoid closing delays?

traditional knowledge: Ideally, lenders and insurers would work together to make the process as transparent as possible.

Typically, a lender will ask a buyer to provide proof of insurance, and other than a few reminders, the lender does not offer any assistance with this task. However, the process could become more transparent and streamlined if lenders better integrate purchasing insurance into their loan origination platform.

If purchasing insurance were a more integrated part of the lending process, it would create a one-stop-shop for home buyers. Plus, by leveraging the information the lender already has on file, homebuyers can purchase insurance with just a few clicks.

HW: What are the benefits of an integrated process for lenders and their clients?

traditional knowledge: For lenders, integrating insurance into their process allows them to be more efficient, improve their customer experience, and avoid last-minute surprises that lead to delays.

By better integrating purchasing insurance into the loan origination process, lenders can prequalify their clients, calculate DTI rations, request an expression of interest, and process any closing date changes in minutes.

For home buyers, insurance can be difficult to navigate on their own, but in a streamlined approach, they can instantly get a personalized quote from major insurers without much effort. This saves them time and hassle, making them less likely to delay purchasing that vital home insurance policy.

This adds up to an improved experience for the lender and the client.

HW: How does Westwood Insurance Agency help lenders deliver a smoother customer experience?

traditional knowledge: At Westwood, we’ve been using technology to innovate the insurance industry for 70 years, and we truly believe that closing a home should never be delayed because of insurance.

We already have a transparent process in place for purchasing insurance, and we are currently working with some of the largest lenders in the country to close over 85,000 homes per year.

Our approach allows lenders to bring added value to their clients. Customers are never more than a few minutes away from a personalized quote.

Because we work with over 35 insurance companies, Westwood can provide the best coverage with maximum savings without complicating the process. We pride ourselves on providing solutions that create a better overall experience for lenders and their clients.

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Tired of the insurer, a Louisiana couple turn to claims adjusters after Ida: “They are miracle workers” | Red Stick https://carinsuranceinmemphis.net/tired-of-the-insurer-a-louisiana-couple-turn-to-claims-adjusters-after-ida-they-are-miracle-workers-red-stick/ Sat, 08 Jan 2022 16:56:00 +0000 https://carinsuranceinmemphis.net/tired-of-the-insurer-a-louisiana-couple-turn-to-claims-adjusters-after-ida-they-are-miracle-workers-red-stick/ Weeks after Hurricane Ida ravaged her condo in Terrytown, Linda Davis’ insurance company, USAA, sent an adjuster to inspect the damage. Wind-driven rain had penetrated the roof of her two-story unit, soaking the insulation in the walls and attic, causing the ceiling to collapse onto her upstairs bed. Much of the condo had to be […]]]>

Weeks after Hurricane Ida ravaged her condo in Terrytown, Linda Davis’ insurance company, USAA, sent an adjuster to inspect the damage.

Wind-driven rain had penetrated the roof of her two-story unit, soaking the insulation in the walls and attic, causing the ceiling to collapse onto her upstairs bed. Much of the condo had to be taken down to its posts.

When the 72-year-old received her settlement from the USAA a few weeks later, the payment was so small she barely recorded what it was for: just $ 1,300 to pay for new drywall, from the insulation and carpet, among other needs inside the condo.

When she tried to get the USAA to reconsider, she was passed among a series of experts who rarely answered her calls.

Stuck in a pattern of waiting and unable to get answers from the USAA, Linda and her 76-year-old husband Jon Jeffry Davis felt stranded, living in a house with no insulation to protect them from the punitive southern climate. of Louisiana.

However, their fortunes changed after contacting a public claims adjuster, Ted Patestos, co-owner of Texas-based Smart Claims Public Adjusting. He performed his own appraisal of the property and determined that the condo had suffered damage in excess of $ 100,000.

After a round of haggling, the USAA agreed to pay the elderly couple their maximum policy limit of about $ 43,000 – a 3,200% increase from their original offer – and to cover an additional $ 8,700. in additional living expenses.

From Lake Charles to New Orleans, countless families in storm-ravaged southern Louisiana face similar challenges rebuilding themselves after being put down by their insurers. The issue is expected to drive a host of consumer protection proposals in the legislative session starting in March.

When Steve Kenny first received a check from his insurer for damage from Hurricane Ida, he thought he would finally have the money to fix his St. C…

Often, policyholders frustrated by their insurers turn to a lawyer to defend their case. Less well-known are public adjusters, who perform their own damage assessment on behalf of policyholders to determine whether the insurance company‘s estimates are correct.

“We are a lawyer, a spokesperson, for the insured, to make sure that the process is handled in a fair and compliant manner, and that the insured has his loss considered in a fair and precise manner,” Patestos said.

A spokesperson for the USAA declined to comment on the details of Davis’ claim, but said that “the USAA is well known for its exceptional claims service.”

Linda Davis thought the USAA – which boasts of “proudly serving millions of military personnel and families” – would take care of her and her husband, an Air Force veteran who spent 35 years in the military. Gretna police, in case of need.

But after Ida, she no longer thinks that the USAA has the backs of the veterans.

“I don’t feel like they’re there for their members when they advertise on TV,” said Linda Davis. “It’s been awful, and I don’t like to complain… I wouldn’t recommend USAA to anyone.”

Four months into Hurricane Ida, the Davisians are waiting for a check from the USAA overnight, but life since the storm has been trying for the elderly couple. Without insulation, the temperature in their condo fluctuates with the weather. A brush with near-freezing temperatures earlier this month worried Linda for Jon’s health. In November, he spent several weeks in intensive care and had to recuperate in their unfinished home.

Before contacting a public adjuster, Linda said she called the USAA at least three times a week looking for answers on what to expect next, only to be told to wait for her adjuster. claims contact. Of the three adjusters assigned to him, two never bothered to reach out.

After posting a ‘derogatory’ statement about the USAA on Facebook – “I said something like ‘they sucked’,” said Linda Davis – the insurer reached out, but it was too deadlock.

She said that at one point a supervisor on the phone asked, “Well, what exactly do you want us to do for you? “

“Your job. How about doing your job?” Linda replied.

Peggy Honoré paid her insurance premiums on time, every month for over a decade, but in the months following Hurricane Ida ripped the roof off…

Shortly after, Davis’ son-in-law referred them to Smart Claims Public Adjusting, and after meeting the couple at their storm-destroyed home, Patestos agreed to take on their case at virtually no cost. Using sophisticated equipment such as moisture meters, drones and three-dimensional scanners, they wrote up what they believed was a more accurate estimate of the damage Davis caused.

Initially, the USAA resisted planning for a re-inspection, Patestos said, but after a bit of arming, the insurer sent a new independent adjuster. The revised estimate came well above Davis’ policy limit.

“They are miracle workers,” Linda Davis said of the adjusters. “Without them, I would always call and try to beg to speak to someone for some sort of information.”

In some states, including Texas and Florida, public adjusters work in emergencies, collecting a portion of any settlement reached. In Louisiana, it is not allowed. Instead, public adjusters can only charge an hourly rate. These different compliance regimes can make it difficult for public adjusters in larger markets to do business in Louisiana, Patestos said.

USAA would not offer an explanation for the discrepancy between the initial settlement of $ 1,300 and the final payment of $ 43,000.

In the aftermath of Hurricane Ida, insurers in Louisiana had 60 days to contact policyholders or face penalties. To meet demand after a disaster, insurers typically send an army of inexperienced adjusters who lack the expertise and authority to write large estimates. Insurers will sometimes follow up with more experienced adjusters after making the first contact, but as Linda Davis has learned, it can seem impossible to get that extra attention.

Anger at insurers in storm-ravaged southern Louisiana is so intense that political hope has suggested biblical punishment for compa…

Insurers sometimes neglect policyholders in the hope that they will be exhausted by bureaucratic hurdles and simply settle for less, Patestos said. He noted that the wealthier clients, who have access to the resources to fight back, often receive settlements without having to endure as much bullshit as the poorer clients.

“It’s amazing how quickly insurers will start to act when a public adjuster takes care of the claim,” added Stewart Severino, co-founder of Smart Claims Public Adjusting.

After months of waiting, the Davisians are finally on the road to recovery, thanks to their public adjusters. But they are far from putting Hurricane Ida behind them. Earlier this week, the contractor hired to mitigate damage to Davis’s condo after the storm submitted an invoice for $ 20,000 to the USAA. The couple are on the hook for the cost.

Having maximized their insurance coverage and living on a fixed Social Security income, the couple will need to be thrifty to get their house back to working order, said Linda Davis.

“I’m going to have to be tight with the money to do this,” she said.

Are you having problems with your insurer or lender as a result of Hurricanes Ida or Laura? Send your story to bpaterson@theadvocate.com and a reporter can contact you.

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‘Everything is in Danger’: Flood Survivors Urge Congress to Change Inadequate Insurance | Climate crisis https://carinsuranceinmemphis.net/everything-is-in-danger-flood-survivors-urge-congress-to-change-inadequate-insurance-climate-crisis/ Fri, 07 Jan 2022 08:03:00 +0000 https://carinsuranceinmemphis.net/everything-is-in-danger-flood-survivors-urge-congress-to-change-inadequate-insurance-climate-crisis/ With cities across the United States increasingly inundated by fierce storms and rising sea levels, a group of disaster survivors pleaded with the federal government to overhaul a flood insurance system that, according to them, is ill-equipped for an era of climate crisis. A petition from nearly 300 people who have been flooded and their […]]]>

With cities across the United States increasingly inundated by fierce storms and rising sea levels, a group of disaster survivors pleaded with the federal government to overhaul a flood insurance system that, according to them, is ill-equipped for an era of climate crisis.

A petition from nearly 300 people who have been flooded and their advocates is expected to be sent to the Federal Emergency Management Agency (Fema) to call for a drastic overhaul of the flood insurance system run by the government that underwrites the Most flood insurance policies in the US.

“We have lived without electricity, running water and a safe shelter,” reads the petition, organized by Anthropocene Alliance, a non-profit environmental association. “We have heard our children cry because of the lack of friends, school and safety. And we have faced homelessness, disease and the mind-numbing bureaucracy of insurance companies and government agencies.

Survivors call for a ban on ‘irresponsible’ housing development in flood-prone areas, new rules that would provide buyers with the current and future flood risks of a property before buying it, and a greater focus on relocating communities and elevating properties away from flood waters rather than simply funding the reconstruction of flooded homes in the same location as before.

“Continuing to build in vulnerable places doesn’t make sense and has to stop,” said Stephen Eisenman, director of strategy at Anthropocene Alliance. “A lot of people have an incentive to buy from these places because there are no federal disclosure laws. It is becoming a crisis, especially for the poorest …

“We are starting to see the start of a great American migration due to the floods and this exodus will only accelerate over the next decade. To continue to build in these areas is just crazy.

One particular controversy is a process called “fill and build” where developers pile soil on flood-prone areas, elevating them slightly before building homes on the compacted earth. Critics say it simply diverts floodwater to neighbors and is a short-term solution to a chronic problem.

A truck is hoisted from a flooded I75 in Detroit on June 26, 2021. Photography: Max Ortiz / AP

“We have developers building on wetlands that can no longer hold water so it pours over us,” said Amber Bismack, a petitioner who lives in Livingston County, Mich. which is part of the Metro Detroit area. Bismack moved to the area near a tributary of the Huron River seven years ago and has seen his neighborhood flood 15 times during that time.

The flooding at times became so severe that Bismack had to don waders to get his children home through the floodwaters. The family also had to temporarily move out of the house when the drains stopped working due to the flooding. She said the worsening flooding is wreaking havoc in the local community.

“I can’t tell you how much we are seeing depression in the community because it floods again and again we have seen a real decline in people’s mental health,” said Bismack, who is part of a group. community that is calling on Congress to require disclosure of flood risk to all potential buyers.

“I know someone who thought their flood insurance would be $ 1,000 a year, but couldn’t find out the real risk until they bought and Fema felt it was high risk with a bounty of $ 13,000 a year which is unlivable, “she said.” People are just stuck.

The National Flood Insurance Plan was launched in 1968 and has become the default program for millions of Americans unable to obtain mortgages without flood insurance, which is routinely denied by private providers. However, the system became indebted, with some houses being rebuilt multiple times in the same location only to be flooded again.

Fema considers homes to be at risk if they are in what’s known as the Centennial Floodplain, which means they have a 1% chance each year of having a foothold in the event of a flood. However, this system does not take into account proximity to water or the ongoing climate crisis, which means many flood maps are inaccurate and premiums do not reflect actual risk. “Fema is kidding, she doesn’t update her flood maps,” said Jackie Jones, a resident of Reidsville, Ga., A town that is often flooded following heavy rains. “I wouldn’t have bought this house if I had known I would have so much water, but according to Fema’s maps, there is no flooding here. They have to step up and take some control.

In October, Fema unveiled a new system, called Risk Rating 2.0, which aims to address a situation where nearly half of the flood claims Fema receives are from people outside of areas where insurance is required. . About three-quarters of the 4.9 million federal policyholders will pay their premiums more. “We learned that the old way of looking at risk had many loopholes, which underestimated the risk of flooding a property and communicated a false sense of security,” senior executive David Maurstad told AP. of the national flood insurance program.

The high premiums have been opposed by some members of Congress, who argue it will hurt people who need affordable housing, but Eisenman said the reforms don’t go far enough because they don’t actually hold back new buildings in the city. flood plains at risk. “Much more profound changes are needed,” he said.

Cases of “noxious” flooding, where high tides exacerbated by rising sea levels cause streets and homes to fill with water, have increased dramatically along America’s coasts in recent years and storms more powerful, fed by an atmosphere of heat, bring more abundant gusts of precipitation. to parts of the country. Rising sea levels alone could force an estimated 13 million Americans to relocate by the turn of the century, research shows.

For many people, however, moving is not an option, due to financial constraints or home ties. “There is great worry and great fear because everything is in danger, even people’s lives,” said Rebecca Jim, who lives in the Cherokee Nation of Oklahoma. Miami, a city in the region, has been regularly inundated with water that washes toxins from a nearby mine site onto homes, schools and businesses.

“It is foolish and criminal that more construction is allowed in the floodplains. But a lot of what’s inundated here is tribal land and the people here don’t budge from that. “


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Hochul wants revisions to insurance disclosure law; PBM license bill sign https://carinsuranceinmemphis.net/hochul-wants-revisions-to-insurance-disclosure-law-pbm-license-bill-sign/ Wed, 05 Jan 2022 06:09:17 +0000 https://carinsuranceinmemphis.net/hochul-wants-revisions-to-insurance-disclosure-law-pbm-license-bill-sign/ New York Governor Kathy Hochul this week enacted an insurance disclosure bill that many insurance agents had strongly opposed, but not before asking lawmakers to mitigate the impact of the measure on companies and insurers. Senate Bill 7052, the Comprehensive Insurance Disclosure Act, was passed on the last day of the 2021 legislative session. It […]]]>

New York Governor Kathy Hochul this week enacted an insurance disclosure bill that many insurance agents had strongly opposed, but not before asking lawmakers to mitigate the impact of the measure on companies and insurers.

Senate Bill 7052, the Comprehensive Insurance Disclosure Act, was passed on the last day of the 2021 legislative session. It came into force on Saturday, upon the governor’s signature, and requires defendants in lawsuits to disclose information about their insurance coverage. But, perhaps in response to those who had complained that the law would require the disclosure of personal and confidential business information, such as gross income, Hochul “restarted” the bill with many proposed changes.

“I agree with the intention of the bill and have reached an agreement with the legislature to ensure that the scope of the information on insurance coverage that the parties must provide is properly suited to the intended purpose. , which is to ensure that parties to a dispute are properly informed of the limits of potential insurance coverage, ”Hochul said in a statement.

The New York Legislature meets today, Jan.5, and may approve the changes in the coming weeks.

Governor Hochul

Professional insurance agents in New York City had spoken out against the original bill, noting that it left corporate defendants little time to put together insurance documents. It would also have required information on policyholders who were covered by a policy but who are not part of a lawsuit, PIANY said in a blog post last summer.

“Essentially, this bill would allow a plaintiff’s attorneys to embark on an unreasonable fishing expedition for any potential insurance coverage, and could result in inflated claims based on the dollar amount of the policy limits, which these policies even provide coverage in a particular case. “, wrote the association.

Now, the revisions proposed by Hochul seem more palatable, although activists in the insurance industry still have some concerns. In a LinkedIn post this week, Buffalo insurance defense attorney Roy Mura described some of Hochul’s proposed changes to the law:

  • Disclosure of insurance information should be made within 90 days rather than 60 days of service of the disclosing party’s response.
  • Copies of the insurance policy application, showing the defendant’s gross income and other information, would no longer be required.
  • Any “policies, contracts or agreements” that must be disclosed would only be those that “relate to the claim being disputed”.
  • Only the name, not the telephone number, and e-mail address of a “person designated responsible for the resolution of the claim in question” should be disclosed.

The governor also signed Law S3762 / A1396, requiring drug benefit managers to be licensed and registered with the state. The law, which comes into force in 90 days, also sets out the duties and obligations that PBMs must meet and gives the State Financial Services Department the responsibility for enforcing the law and responding to complaints from consumers and pharmacies. .

“PBMs are widely recognized as major players in increasing drug costs,” National Assembly Member Richard Gottfried, D-Manhattan, said in a statement. “They have been a black box operating in secrecy without effective regulation, and the mistreatment of independent pharmacists by PBM is escalating as health plans merge with drugstore chains. This new law will ensure effective oversight and transparency in this sector of the health system. “

PBMs were created to help insurers get the lowest price on prescription drugs. But some states have accused a number of PBMs of failing to do so, and ended up costing government and private insurers, including workers’ compensation companies, millions of dollars.

Independent pharmacies have also lobbied for the bill, saying prescribing intermediaries have required pharmacies to sign contracts to remain in a network in order to sell drugs, according to reports from New York.

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Government must focus on accessibility and affordability of insurance plans https://carinsuranceinmemphis.net/government-must-focus-on-accessibility-and-affordability-of-insurance-plans/ Mon, 03 Jan 2022 04:55:44 +0000 https://carinsuranceinmemphis.net/government-must-focus-on-accessibility-and-affordability-of-insurance-plans/ 2021 has been a year of trials and tribulations, of growth and learning, of hopelessness and hope, and of stagnation and innovation. And the lessons learned cannot and will not be relegated to the year that remains. The current COVID-19 pandemic has underscored the importance of institutionalizing health services. Stable, equitable, prosperous and peaceful societies […]]]>

2021 has been a year of trials and tribulations, of growth and learning, of hopelessness and hope, and of stagnation and innovation. And the lessons learned cannot and will not be relegated to the year that remains. The current COVID-19 pandemic has underscored the importance of institutionalizing health services. Stable, equitable, prosperous and peaceful societies and economies can only be catalyzed by ensuring that every individual is taken care of. It is the Siamese twin to education, both must be universal. And universal it must to be in a country beset by divisions – rural and urban, rich and poor, employed and unemployed. And all this is amplified with the digital divide, cruelly created and accentuated during the pandemic.

This crisis we are currently facing presents an unprecedented opportunity to prioritize and bring about a structural transformation aimed at benefiting all layers of the population. As the 2022 budget quickly approaches, there is an urgent need for the government to consider changes in insurance, especially in the healthcare ecosystem.

The pandemic made us realize that health insurance is an essential commodity. Having people buying insurance for less than the GST will save the government thousands of crore that would otherwise have been spent on providing subsidized or free health care. The government will have positive revenues while ensuring access to quality health care. Seniors should be exempt from GST on Medicare.

Increase in the health insurance limit

Interestingly, the premiums paid on their health insurance policy are often viewed as a cost by the customer. Therefore, customers often shy away from an adequate policy in favor of a “cheaper” policy. This gap must be closed. A planned and well-calibrated increase in the tax deduction limit, under Section 80D of the Income Tax Act, will significantly boost the penetration of health insurance in India. Currently, the government allows an individual to claim a deduction of up to at Rs. 25,000 for oneself and one’s family. This is expected to be increased to at least Rs. 50,000 in 2022, even amounting to only 10 percent annual health care inflation.

Small Note Insurance Products

Smaller insurance products like microinsurance, bagged products, etc., should be exempt from GST. The economically weaker section is very price sensitive, and it is imperative that we do everything possible to reduce the cost burden.

The health insurance industry has evolved and is growing rapidly, ironically thanks to the increase in lifestyle-related illnesses and the inability of the modern workforce to take care of their health. Add to this greater wealth and Disposable and nuclear income set up with almost no extended family support, especially in the cities, we had the perfect seams to lead the storm for health insurance. However, Covid has exposed limits on several fronts – inadequate physical infrastructure, the lack of trained doctors and healthcare professionals, and the inability of the still relatively affluent segments of the population to survive the economic implications of a health crisis.

While the first two; Increasing physical infrastructure and skilled labor will take time, at least 5-7 years before we can see results on the ground, the government can immediately begin to mitigate the economic impact of a health crisis for more than a billion people. With the pandemic far from over and with the 2022 budget fast approaching, policymakers would do well to keep this fact in mind and promote the penetration of health insurance.

The author is Managing Director and CEO, Future Generali India Insurance

Disclaimer: These are the personal opinions of the author.


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Unpleasant lessons I learned in estate planning https://carinsuranceinmemphis.net/unpleasant-lessons-i-learned-in-estate-planning/ Sat, 01 Jan 2022 09:30:05 +0000 https://carinsuranceinmemphis.net/unpleasant-lessons-i-learned-in-estate-planning/ A year ago, I brought my family back to our home country after being away for seven years. I couldn’t wait to be closer to my father. He was 84 years old and had been ill for a very long time; he was a kidney cancer survivor, but his remaining kidney had failed and he […]]]>

A year ago, I brought my family back to our home country after being away for seven years. I couldn’t wait to be closer to my father. He was 84 years old and had been ill for a very long time; he was a kidney cancer survivor, but his remaining kidney had failed and he had been on dialysis for five years. He was not doing well.

Six months later, my father’s health deteriorated. He developed dementia early on and began to refuse dialysis. My sister and I tried to do what we could for him, but he refused to help us. My father was hospitalized after unwittingly missing two dialysis treatments. We visited him in the hospital where he again refused treatment, which forced him to receive palliative care. A week later, at 3 a.m., I received the call: My father had passed away.

I had to plan my father’s estate in the middle of the wreckage. My father died without a power of attorney, which would have allowed my sister and I to treat him. He left no will or trust outlining his end-of-life wishes or intentions for his assets. In his confusion, he had also stopped paying his life insurance premiums, depriving the family of the protection he had invested in for years. Not only did my family have to bear the grief of my father’s death, we had to bear the financial burden of his death.

Three estate planning tips

Frequently, people express a desire to avoid overburdening their children, but few complete all the necessary steps in estate planning. I would like to explore a few in depth.

  • The first of these stages is life insurance; does the client have enough to pay for end-of-life care, including funeral costs?
  • The second step to consider is a will, which will allow the client to dictate who receives what assets from their estate.
  • The third and final step that a client can take to protect their heirs is to create a trust. Placing their assets in a trust will give the client more control over their estate.

I’ll start with life insurance. Traditionally, its main purpose has been to replace a person’s paycheck in the event of premature death. The rule of thumb is that a person should have 10 times their current salary as a death benefit. For example, if a person earns $ 100,000 a year, they should have a million dollar life insurance policy. This is especially true when minor children or college-related children are involved, as well as when the policyholder has an outstanding mortgage. Over time, you might find yourself in an empty niche with a mortgage that is either paid off or about to be paid off. Your traditional life protection needs are probably in the rear view mirror. If you decide to maintain coverage, it is often for an equally important purpose: to cover end-of-life expenses, such as burial and funeral costs. Small policies that cover final expenses can be purchased at minimal cost, especially for healthy people. Even those with large estates can consider retaining some life protection. Liquidating real estate or retirement accounts to pay final costs can be a long and arduous process.

Next, let’s cover wills. A will is a legal document that dictates how an estate is to be distributed. Only 46% of Americans have a will, which means most estates are settled in an estate court, which involves a process that can take months or years to settle. And it is expensive. It is not uncommon for a lawyer to represent their fees as a percentage of the estate, which can run into the tens of thousands of dollars. The good news is that many assets can easily escape probate, even without a will. Any transfer on death instructions or beneficiary designation replaces both probate and wills. Therefore, it is essential to keep these designations up to date, so that the assets can be delivered to their intended destination without interference or delay.

But is a will enough? Some may find it helpful to take it that extra step and build confidence – an entity whose sole purpose is to administer assets beyond your death. Trusts can be established for a variety of reasons, including tax reduction, probate avoidance, or even improving Medicaid eligibility. But I want to focus on one of the most compelling attributes of trust: the ability to predict inheritance around contingencies. Maybe you don’t want your beneficiaries to spend their inheritance too quickly. Or maybe some of the intended recipients struggle with drugs, alcohol, depression, or strained marriages. Leaving money on their knees can cause more harm than good, so a good trust will seek to monitor how and when funds can be used in these situations. Contingencies can also be used to encourage good behavior, such as linking the legacy to academic success, career advancement or charitable giving. Your eventualities are only bound by your creativity and the law of the state.

Summary and call to action

Many people go to great lengths to exercise control over their property while they are alive, but leave everything to chance in the event of death. I have seen with my own eyes the pain, stress and suffering that this lack of planning can require. Do you think: if something happened to me today, how would I want my money to improve the lives of those I love? How can I make their life easier for them in the midst of an already painful transition? Most importantly, get help putting those thoughts into action!

Financial planner, Arcadia Financial Group

Jim Moran joined Arcadia in June 2021. His previous employer was Fidelity Investments, where he had worked for over 20 years, his last role being that of Branch Manager, in which he ran a firm of financial planners. He holds a Bachelor of Arts in History from the University of New Hampshire. Jim currently lives in Concord, New Hampshire, with his wife and two sons.

The appearances in Kiplinger were obtained through a public relations program. The columnist received assistance from a public relations firm to prepare this article for submission to Kiplinger.com. Kiplinger has not been compensated in any way.


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Financial watchdog wants Oregonians to know about new law against surprise medical bills https://carinsuranceinmemphis.net/financial-watchdog-wants-oregonians-to-know-about-new-law-against-surprise-medical-bills/ Thu, 30 Dec 2021 21:51:28 +0000 https://carinsuranceinmemphis.net/financial-watchdog-wants-oregonians-to-know-about-new-law-against-surprise-medical-bills/ The Oregon Division of Financial Regulation wants Oregonians to know that starting Jan. 1, they will be more protected against surprise medical bills. Kristian Foden-Vencil / OPB The Oregon Division of Financial Regulation wants Oregon residents to know that starting January 1, they will be better protected against surprise medical bills. These bills usually arrive […]]]>

The Oregon Division of Financial Regulation wants Oregonians to know that starting Jan. 1, they will be more protected against surprise medical bills.

Kristian Foden-Vencil / OPB

The Oregon Division of Financial Regulation wants Oregon residents to know that starting January 1, they will be better protected against surprise medical bills.

These bills usually arrive after a person has received care at a network facility, but an off-network provider has been involved in the care and has charged off-network prices.

Under the No Surprises Act, a provider cannot charge more than network insurance for emergency services, even if they are off-grid.

Mark Peterson, of the Oregon Department of Consumer and Business Services, said there was another aspect of the new law that Oregonians should be aware of.

“Health care providers should provide a good faith estimate for services to anyone who is uninsured or who pays for themselves without insurance,” Peterson said.

Consumers facing surprise bills should first contact their insurance company and, if the issue is not handled properly, file a complaint online with the US Department of Health and Human Services or by calling 800. -985-3059.

“Make sure you watch your medical bills when you receive them,” Peterson said.

The No Surprises law includes the following protections:

  • Health plans and their institutions / providers should send you notice of your rights under the law.
  • Insurance companies must keep their supplier directories up to date. They should limit co-payments, coinsurance, or deductibles to network amounts if you are relying on inaccurate information in a supplier directory.
  • Health care providers should provide a good faith estimate for services to anyone who is uninsured or who pays for themselves without insurance.

The law applies to most health insurance plans, but Medicare and Medicaid have their own protections.

The Oregon Division of Financial Regulation is hosting a No Surprises Act webinar on Wednesday, Jan.5 from noon to 1 p.m. Staff from the Centers for Medicare and Medicaid Services will be on hand to answer questions.


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Florida Personal Line Coverage Reaches Crisis Levels – Part 2 https://carinsuranceinmemphis.net/florida-personal-line-coverage-reaches-crisis-levels-part-2/ Wed, 29 Dec 2021 06:00:22 +0000 https://carinsuranceinmemphis.net/florida-personal-line-coverage-reaches-crisis-levels-part-2/ Editor’s Note: Part 1 of “Florida Personal Line Coverage Reaches Crisis Levels” premiered on PropertyCasualty360.com on Tuesday, December 28, 2021. Part of Florida Senate Bill 76, which came into effect July 1, 2021, prevents contractors, adjusters and businesses from using predatory ads that encourage Florida residents to make claims insurance for roof damage and fines […]]]>

Editor’s Note: Part 1 of “Florida Personal Line Coverage Reaches Crisis Levels” premiered on PropertyCasualty360.com on Tuesday, December 28, 2021.

Part of Florida Senate Bill 76, which came into effect July 1, 2021, prevents contractors, adjusters and businesses from using predatory ads that encourage Florida residents to make claims insurance for roof damage and fines up to $ 10,000 when companies break the law. (Credit: Devon Yu / Adobe Stock)

Due to several forms of loss, agents in Florida currently find themselves with fewer options when purchasing residential property coverage. A few major carriers like CNA, Travelers, and Chubb are still writing homeowners, but the restrictions are tightening around the wind, and a Florida real estate policy without wind coverage is almost useless.

Much of the property coverage to be found these days is provided by specialty / excess and excess insurers like Scottsdale (which recently took a rate hike from 12% to 70%), and these must be accessible through wholesale brokers such as Amwins, Johnson & Johnson, RT Specialty, RPS and XS Brokers. When these brokers’ own fees and commissions are factored in (around 5%), property insurance is yielding less and less profit for local agents, even though the premiums are high.

It has been very difficult to have renewal conversations with policyholders, some still recovering financially from the pandemic, and to explain to them why they are seeing double-digit increases in all areas, even for the best customers. As carriers quickly tighten their underwriting guidelines or pull out from large areas of the state, some customers are unable to complete some updates quickly enough to be eligible for further quotes. About a 30% increase in owner renewal with Scottsdale caused the client to choose to remove content coverage entirely and increase deductibles just to make ends meet.

Partly sunny

However, all is not completely lost. On June 11, 2021, Governor Ron DeSantis signed Senate Bill 76, which reduces the time limit for filing insurance claims, introduces a notice requirement, limits attorney fees and allows consolidation of related lawsuits. .

It also prevents contractors, adjusters and businesses from using predatory ads that encourage Florida residents to make insurance claims for roof damage and imposes a fine of up to $ 10,000. when companies break the law. One of the provisions of the bill prohibits contractors from prospecting neighborhoods with door hangers, business cards, magnets, flyers and other marketing materials encouraging consumers to contact a contractor or insurance adjuster. to file an insurance claim on their behalf for residential roof damage.

Just weeks after the bill was enacted, a federal judge granted an emergency injunction dismissing the part of SB 76 that banned certain types of advertising for contractors. Gale Force Roofing & Restoration, a Tampa Bay area contractor, has filed for an injunction, claiming that a provision in the law violates his First Amendment rights to commercial free speech.

It’s still too early to see what the impact of SB 76 (which only came into effect on July 1, 2021) will ultimately be, but at least it’s a step in the right direction.

I can tell you firsthand that while this practice is now (somewhat) illegal in neighborhoods, that doesn’t mean it has stopped. I attended a recent home improvement show in Miami, and the top three types of salespeople in attendance were, in that order: impact window installers, mattress salespeople, and – you guessed it – public fitters. , who offered free listings to have their home repaired at the expense of their insurer. The whole display of such a public fitter consisted of the phrase “#GetPaid” widely splashed from all visual angles.

The courts are also worth a visit. In October, three more appeals in assignment of benefits cases were in favor of Florida property insurers, proving that these carriers did not owe payment to catering contractors because insurance policy requirements failed. were not strictly observed (mainly involving the required signatures of both spouses). Two of these lawsuits were brought by Union Restoration, which filed at least 36 lawsuits against property insurers since 2015.

Agent options

So in this environment, what should an agent do? Most of the time they have to weather the storm and being part of a network can help.

Citizens Property Insurance Corp., the insurer of last resort for the State of Florida, currently adds about 4,500 policies each week and is expected to reach approximately 700,000 policies by the end of this year. This number is not sustainable and citizens could reach a breaking point where they will have to modify their eligibility conditions to get rid of some of these policies. These homeowners will need to find coverage somewhere, and independent agents in Florida will be the ones they turn to for advice.

Oscar Miniet is Regional Executive Vice President of Renaissance Alliance. He can be contacted at [email protected].

Reprinted with permission from Renaissance Alliance. https://www.renaissanceins.com/how-it-works/

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Marine insurer refuses to pay yacht repair bill – and it turns out to be costly https://carinsuranceinmemphis.net/marine-insurer-refuses-to-pay-yacht-repair-bill-and-it-turns-out-to-be-costly/ Mon, 27 Dec 2021 10:02:28 +0000 https://carinsuranceinmemphis.net/marine-insurer-refuses-to-pay-yacht-repair-bill-and-it-turns-out-to-be-costly/ Repairing any major damage to a ship or yacht will usually involve the involvement of the ship’s insurer. When making a request for redress, honesty is of paramount importance. We have previously explored the idea that even the suggestion of fraud on the part of the person seeking to make a claim under a marine […]]]>

Repairing any major damage to a ship or yacht will usually involve the involvement of the ship’s insurer. When making a request for redress, honesty is of paramount importance. We have previously explored the idea that even the suggestion of fraud on the part of the person seeking to make a claim under a marine insurance policy can result in the entire claim being rejected.

But what happens when an insurer refuses to pay a seemingly fair and reasonable repair bill? This is what happened in the High Court of England case ABS Company Ltd. vs. Pantaenius UK Ltd. and others (2020) where a £ 250,000 repair bill for a high-end yacht was disputed. We take a look at the case below and, as we will see, the yacht owner ultimately managed to charge for the repairs. The case is an edifying tale for any marine insurer when it disputes a repair bill. ParrisWhittaker is one of the leading maritime and maritime law firms based in the Bahamas. Our team of specialists regularly advises shipowners and insurers on their rights and obligations under specialized marine insurance contracts.

ABS Company Ltd. vs. Pantaenius (2020): What was the dispute about?

The case arose after a luxury yacht designed to navigate at high speed ran aground in Turkey’s Bosphorus Strait as it returned to its home port after a day trip. The owners spent £ 250,000 to repair the damage caused by the collision.

The yacht was built to a very specific design and a significant portion of the repair bill reflected the cost of shipping damaged parts to specialist technicians in Italy for repair. Insurers argued this was unreasonable – they believed parts could have been inspected and repaired much cheaper locally in Turkey.

The High Court judge (whose ruling will have convincing authority here in the Bahamas), however, agreed with the yacht owner. In his view, the damaged parts (highly specialized computer-controlled training systems) were integral to the proper functioning and performance of the vessel. It was “obvious” that they needed to be removed and inspected by the manufacturer in Italy. The judge included the provision that if the work could have been done locally, it should have been. But he had found no evidence from a repairman in Turkey that he was able to repair units to the standards required by policy.

The specific terms of the policy were as follows:

complaints for.. damage to the yacht shall be settled on the basis of the reasonable repair and / or replacement costs necessary to restore the yacht to as close as possible to its pre-accident condition. Where a claim is recoverable under this insurance, such necessary costs will include the cost of transporting the yacht to the nearest appropriate repair center.. ‘

Referring to an earlier English case, the judge confirmed that whether the cost of repairs is reasonable or not is an objective consideration, and whether the cost is

objectively reasonable, then this cost is recoverable by an insured – regardless of the insured’s motives.

Comment

The success of the yacht owner in ABS Company Ltd. the fact that his repair bill was paid more or less in full (some deductions were made for anti-fouling and tent measures which the judge considered excessive) is a stern warning to insurers. They will, in reasonable cases, be bound by their obligations under a marine insurance contract.

The case also gained attention for another reason: the legal costs involved. Almost a quarter of the 80-paragraph judgment deals with objections raised by insurers to the plaintiff’s legal costs. The costs claimed were £ 213,000 – a significant total given that the repair bill which was the subject of the case itself was £ 250,000.

Although the costs claimed were not paid in full, the yacht owner overcame many of the insurer’s objections. The level of legal fees is a clear demonstration – if needed – of the importance of trying to come to an agreement before court in cases like this, and of considering arbitration and other forms of ADR. In Each Case Although mediation was attempted in this case, it failed.


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