Insurance Policy – Car Insurance In Memphis http://carinsuranceinmemphis.net/ Wed, 23 Nov 2022 01:51:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://carinsuranceinmemphis.net/wp-content/uploads/2021/06/icon-1.png Insurance Policy – Car Insurance In Memphis http://carinsuranceinmemphis.net/ 32 32 Insurance discount up to 40% https://carinsuranceinmemphis.net/insurance-discount-up-to-40/ Wed, 23 Nov 2022 01:51:39 +0000 https://carinsuranceinmemphis.net/insurance-discount-up-to-40/ Allstate Drivewise tracks your driving via an app or plug-in device installed on your car’s diagnostic port. At this time, new customers can only register through the app. If you’re using the Allstate Drivewise app, your phone must be turned on and connected to GPS service to use Drivewise. Let’s get into the details of […]]]>

Allstate Drivewise tracks your driving via an app or plug-in device installed on your car’s diagnostic port. At this time, new customers can only register through the app. If you’re using the Allstate Drivewise app, your phone must be turned on and connected to GPS service to use Drivewise. Let’s get into the details of what it tracks and how it works.

What does Allstate Drivewise track?

Allstate Drivewise monitors three main aspects of your driving: speed, hard braking and night drives.

  • The rapidity: The app considers anything over 80 mph dangerous, so your discount will decrease if you drive faster than that. However, the app does not track your speed against the speed zone. So Allstate won’t penalize you for driving 40 mph in a 30 mph zone.
  • Hard braking: Stopping short can reduce your handover. Everyone should brake once in a while, but doing it regularly can mean you’re driving too aggressively.
  • night driving: The Drivewise app considers any driving between 11 p.m. and 4 a.m. on weekdays or between 11 p.m. and 5 a.m. on weekends as night driving. Even if you are an excellent driver, other people on the road during this time may not be, increasing the risk of an accident.

Your speed and braking habits are mostly in your control, but it can be difficult to control what time you drive if you’re moving around at night. But since Allstate Drivewise won’t increase your rate, it doesn’t hurt to try the program and see if you get a discount.

Phone activity

Allstate Drivewise also tracks phone activity. This feature lets drivers know when and how often they use their phone while driving. It is designed to raise awareness and encourage safer driving behavior, and it does not affect the Drivewise discount.

How does Allstate Drivewise know you are driving?

Allstate Drivewise uses your phone’s GPS location service. As long as your phone is on and you have enabled physical activity and precise location permissions for the app, it will start recording a trip when a vehicle travels at least 15 mph for one minute.

You can delete rides in the app

Since the app automatically tracks your rides, it can track a ride when you are a passenger or using public transportation. To solve this problem, Drivewise allows you to edit your trip history and delete trips. This means that you can also delete certain trips to maintain a better driving score. However, there may be a limit to the number of trips you can delete in a certain amount of time, so be careful.

Driving Collision Detection

Allstate also offers an optional, free collision detection service through the Drivewise program. With this service, the app will send you a notification if it detects your vehicle hitting another object at 25 mph or more. From the notification, you can:

  • Call 911
  • Request Roadside Assistance
  • Submit a complaint
  • Refuse help or say it was a false alarm

Use Drivewise with a family font

You can use Drivewise with multiple people on an Allstate family auto insurance policy. However, each driver must make their own set of 50 trips to qualify for a discount. You will receive a partial reduction if only some of the drivers covered by the policy have completed 50 tracked journeys.

Allstate Milewise®

Allstate offers another usage-based program called Milewise. This is a pay-per-mile auto insurance program that charges a daily rate plus a per-mile rate. If you don’t drive very often, you could save a lot of money with Milewise. However, it is only available in 21 states.

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Insurance company retaliates in GW COVID droplet lawsuit – The GW Hatchet https://carinsuranceinmemphis.net/insurance-company-retaliates-in-gw-covid-droplet-lawsuit-the-gw-hatchet/ Thu, 17 Nov 2022 06:13:10 +0000 https://carinsuranceinmemphis.net/insurance-company-retaliates-in-gw-covid-droplet-lawsuit-the-gw-hatchet/ Media credit: Grace Hromin | Master Photo Editor GW sued Factory Mutual Insurance Company late last year in an attempt to force the company to pay hundreds of millions of dollars in COVID-related damages. An insurance company filed a document Monday asking the DC Court of Appeals not to consider whether the presence of COVID-19 […]]]>

Media credit: Grace Hromin | Master Photo Editor

GW sued Factory Mutual Insurance Company late last year in an attempt to force the company to pay hundreds of millions of dollars in COVID-related damages.

An insurance company filed a document Monday asking the DC Court of Appeals not to consider whether the presence of COVID-19 droplets causes “physical loss and damage” in the next stage of the GW’s lawsuit against the company.

GW last week asked the court to require a judge to decide whether the presence of COVID-19 droplets is considered damage for the purposes of an insurance policy GW purchased in 2019. GW sued Factory Mutual Insurance Company late last year in an effort to force the company to pay hundreds of millions of dollars in COVID-related damages after GW went online during the spread of COVID, but a judge ruled dismissed the case earlier this year, saying the COVID droplets did not constitute physical damage under the insurance policy.

GW appealed to the DC Court of Appeals last week to ask judges to consider whether COVID droplets constituted damages, but Factory Mutual hit back Monday, saying it wasn’t. necessary to consider the matter. Factory Mutual’s attorneys referenced District Court Judge Dabney Friedrich’s dismissal of the lawsuit in September, who ruled in favor of the company saying the droplets were not enough damage to be considered “tampering.” tangibles” of GW property for insurance purposes, as virus droplets can be cleaned from surfaces.

“This is not the rare exception requiring guidance from the DC Court of Appeals,” the motion states.

Last year, GW’s lawyers said COVID-19 droplets had “damaged” the buildings, rendering them unusable and falling under the physical damage insurance policy GW had purchased from the company. University officials said financial strains caused by the pandemic cost the university ‘hundreds of millions’ of dollars in last year’s lawsuit and separately said the pandemic caused a budget gap of $180 million in fiscal year 2021.

Factory Mutual defended Friedrich’s September dismissal in Monday’s motion, referencing the judge’s ruling that insurance coverage was not available to the University due to “unambiguous” texts and precedents. . The document states that despite the lack of DC precedent specifically addressing COVID-19 in the context of coverage, “hundreds” of other federal, district, and appellate courts have reached the same “good sense” than Friedrich, that COVID droplets do not cause physical harm.

“This argument is far from sufficient,” the document states. “This Court routinely resolves contract disputes in diversity cases and does not burden state courts with certified questions simply because there is no directly relevant factual precedent.”

The University’s motion earlier this month says there is undetermined DC law on whether COVID droplets present “physical loss and damage,” referencing similar cases reviewed in other courts. states like Maryland and Vermont, some of which ruled in favor of the insured.

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SECURITY NATIONAL FINANCIAL CORP – 10-Q – Management’s Discussion and Analysis of Financial Condition and Results of Operations. https://carinsuranceinmemphis.net/security-national-financial-corp-10-q-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations/ Mon, 14 Nov 2022 18:27:55 +0000 https://carinsuranceinmemphis.net/security-national-financial-corp-10-q-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations/ Insight The Company's operations over the last several years generally reflect three strategies which the Company expects to continue: (i) increased attention to "niche" insurance products, such as the Company's funeral plan policies and traditional whole life products; (ii) increased emphasis on the cemetery and mortuary business; and (iii) capitalizing on an improving housing market […]]]>

Insight

The Company's operations over the last several years generally reflect three
strategies which the Company expects to continue: (i) increased attention to
"niche" insurance products, such as the Company's funeral plan policies and
traditional whole life products; (ii) increased emphasis on the cemetery and
mortuary business; and (iii) capitalizing on an improving housing market by
originating mortgage loans. The Company has adjusted its strategies to respond
to the changing economic circumstances resulting from COVID-19.

Insurance operations

The Company's life insurance business includes funeral plans and
interest-sensitive life insurance, as well as other traditional life, accident
and health insurance products. The Company places specific marketing emphasis on
funeral plans through pre-need planning.

A funeral plan is a small face value life insurance policy that generally has
face coverage of up to $30,000. The Company believes that funeral plans
represent a marketing niche that is less competitive because most insurance
companies do not offer similar coverage. The purpose of the funeral plan policy
is to pay the costs and expenses incurred at the time of a person's death. On a
per thousand-dollar cost of insurance basis, these policies can be more
expensive to the policyholder than many types of non-burial insurance due to
their low face amount, requiring the fixed cost of the policy administration to
be distributed over a smaller policy size, and the simplified underwriting
practices that result in higher mortality costs.

In response to the COVID-19 pandemic, the Company's life insurance sales force
began using virtual and tele sales processes to market products. During the
third quarter 2021, the life insurance sales force returned to in person sales,
however, it continues to use virtual and tele sales where needed. Currently,
approximately 75% of insurance operations office staff work in the office with
the flexibility for hybrid-remote or completely remote working arrangements as
needed.

The following table presents the condensed financial results of insurance
three and nine month operations completed September 30, 2022 and 2021. See note
7 to the condensed consolidated financial statements.

                                                 Three months ended September 30                        Nine months ended September 30
                                                    (in thousands of dollars)                              (in thousands of dollars)
                                                                              % Increase                                           % Increase
                                            2022               2021           (Decrease)            2022             2021          (Decrease)
Revenues from external customers
Insurance premiums                      $     26,237       $     26,446                  0 %    $     78,491       $  74,755                  5 %
Net investment income                         17,562             14,116                 24 %          47,269          41,860                 13 %
Gains on investments and other assets         (1,538 )              931    
          (265 %)         (1,697 )         3,303               (151 %)
Other                                            857                546                 36 %           1,723           1,724                 (7 %)
Total                                   $     43,118       $     42,039                  3 %    $    125,786       $ 121,642                  3 %
Intersegment revenue                    $      1,724       $      1,757                 (2 %)   $      5,496       $   5,410                  2 %
Earnings before income taxes            $      4,234       $      3,721                 14 %    $      8,982       $  11,110                (19 %)



Intersegment revenues are primarily interest income from the warehouse line for
loans held for sale provided to SecurityNational Mortgage Company
("SecurityNational Mortgage"). Profitability for the nine months ended September
30, 2022 decreased due to (a) a $5,000,000 decrease in gains on investments and
other assets primarily due to a decrease in the fair value of equity securities,
(b) a $3,911,000 increase in selling, general and administrative expenses, (c) a
$1,620,000 increase in future policy benefits, (d) a $1,578,000 increase in
amortization of deferred policy acquisition costs primarily due to an increase
in the average outstanding balance of deferred policy and pre-need acquisition
costs, (e) a $1,268,000 increase in interest expense, and (f) an $2,000 decrease
in other revenues, which were partially offset by (i) a $5,409,000 increase in
net investment income, (ii) a $3,737,000 increase in insurance premiums and
other considerations, (iii) a $1,821,000 decrease in death, surrenders and other
policy benefits, (iv) a $198,000 decrease in intersegment interest expense and
other expenses, and an (v) $86,000 increase in intersegment revenue.

53





Cemetery and morgue operations

The Company sells mortuary services and products through its nine mortuaries in
Utah and three mortuaries in New Mexico. The Company also sells cemetery
products and services through its five cemeteries in Utah, one cemetery in San
Diego County, California, and one cemetery in Santa Fe, New Mexico. At-need
product sales and services are recognized as revenue when the services are
performed or when the products are delivered. Pre-need cemetery product sales
are deferred until the merchandise is delivered and services performed.
Recognition of revenue for cemetery land sales occurs when 10% of the purchase
price is received.

In response to the COVID-19 pandemic, the cemetery and mortuary's pre-need sales
force began using virtual selling processes to market its products and services
including some in home sales as local regulations permitted. During the third
quarter of 2021, the sales force returned mostly to in home sales, however, it
continues to use virtual selling where needed. Currently, the cemetery and
mortuary operations office staff works in the office with the flexibility for
hybrid-remote or completely remote working arrangements as needed.

The following table shows the condensed financial results of the cemetery and
mortuary operations for the three and nine months ended September 30, 2022 and
2021. See Note 7 to the condensed consolidated financial statements.

                                            Three months ended September 30                         Nine months ended September 30
                                               (in thousands of dollars)                              (in thousands of dollars)
                                                                        % Increase                                             % Increase
                                      2022              2021            (Decrease)            2022              2021           (Decrease)
Revenues from external customers
Mortuary revenues                  $     3,027       $     2,191                   38 %    $     9,899       $     6,124                 62 %
Cemetery revenues                        3,443             3,776                   (9 %)        11,027            12,104                 (9 %)
Net investment income                      681               826                  (18 %)         1,917             1,297                 48 %
Gains (losses) on investments
and other assets                          (640 )            (113 )                466 %         (1,615 )             913               (277 %)
Other                                      181                24                  654 %            218                74                195 %
Total                              $     6,692       $     6,704                    0 %    $    21,446       $    20,512                  5 %
Earnings before income taxes       $       901       $     1,747                  (48 %)   $     4,407       $     6,718                (34 %)


Profitability in the nine months ended September 30, 2022 decreased due to (a) a
$2,528,000 decrease in gains on investments and other assets primarily
attributable to a $579,000 decrease in gains on real estate sales and a
$1,949,000 decrease in gains on equity securities classified as restricted
assets and cemetery perpetual care trust investments primarily due to a decrease
in the fair value of equity securities, (b) a $2,510,000 increase in selling,
general and administrative expenses, (c) a $1,433,000 decrease in cemetery
pre-need sales, (d) a $748,000 increase in costs of goods sold, and (e) a
$173,000 increase in intersegment interest expense and other expenses, which
were partially offset by (i) a $3,775,000 increase in mortuary at-need sales,
(ii) a $620,000 increase in net investment income, (iii) a $356,000 increase in
cemetery at-need sales, (iv) a $143,000 increase in other revenues (v) a
$125,000 increase in intersegment revenues, (vi) a $54,000 decrease in interest
expense, and (vii) an $8,000 decrease in amortization of deferred policy
acquisition costs.

Mortgage transactions

The Company's wholly owned subsidiaries, SecurityNational Mortgage and EverLEND
Mortgage Company, are mortgage lenders incorporated under the laws of the State
of Utah and approved and regulated by the Federal Housing Administration (FHA),
a department of the U.S. Department of Housing and Urban Development (HUD),
which originate mortgage loans that qualify for government insurance in the
event of default by the borrower, in addition to various conventional mortgage
loan products. SecurityNational Mortgage and EverLEND Mortgage originate and
refinance mortgage loans on a retail basis. Mortgage loans originated or
refinanced by the Company's mortgage subsidiaries are funded through loan
purchase agreements with Security National Life, Kilpatrick Life and
unaffiliated financial institutions.

54






The Company's mortgage subsidiaries receive fees from borrowers that are
involved in mortgage loan originations and refinancings, and secondary fees
earned from third party investors that purchase the mortgage loans originated by
the mortgage subsidiaries. Mortgage loans originated by the mortgage
subsidiaries are generally sold with mortgage servicing rights released to
third-party investors or retained by SecurityNational Mortgage. SecurityNational
Mortgage currently retains the mortgage servicing rights on approximately 8% of
its loan origination volume. These mortgage loans are serviced by either
SecurityNational Mortgage or an approved third-party sub-servicer. In December
2021, the Company ceased operations in EverLEND Mortgage and merged its
operations into SecurityNational Mortgage.

Mortgage rates have followed the US Treasury yields up in response to the higher
than expected inflation and the expectation that the Federal Reserve will
continue to raise rates in the near term. As expected, the rapid increase in
mortgage rates has resulted in a decrease in loan originations classified as
'refinance'. Higher mortgage rates have also had a negative effect on loan
originations classified as 'purchase', although not as significant as those in
the refinance classification.

For the nine months ended September 30, 2022 and 2021, SecurityNational Mortgage
originated 8,886 loans ($2,837,349,000 total volume) and 14,898 loans
($4,157,704,000 total volume), respectively. For the nine months ended September
30, 2021, EverLEND Mortgage originated 260 loans ($85,368,000 total volume).

In response to the COVID-19 pandemic, mortgage operations integrated employee
work from home accommodations into its standard operating procedures. A large
percentage of fulfillment employees are in office however the flexibility
remains to accommodate in office or work from home functionality.

The following table presents the condensed financial results of the mortgage
operations for the three and nine months ended September 30, 2022 and 2021. See
Note 7 to the condensed consolidated financial statements.

                                           Three months ended September 30                       Nine months ended September 30
                                              (in thousands of dollars)                             (in thousands of dollars)
                                                                       % Increase                                           % Increase
                                      2022              2021           (Decrease)            2022             2021          (Decrease)
Revenues from external customers
Secondary gains from investors     $    28,825       $    55,441                (48 %)   $    103,220       $ 179,901                (43 %)
Income from loan originations            7,069            11,457                (38 %)         26,463          33,382                (21 %)
Change in fair value of loans
held for sale                           (4,131 )            (259 )            (1495 %)         (7,973 )        (8,320 )                4 %
Change in fair value of loan
commitments                             (3,271 )            (381 )             (759 %)         (2,843 )          (549 )             (418 %)
Net investment income                      360               151                138 %             583             408                 43 %
Gains on investments and other
assets                                       -               159               (100 %)            391             199                 96 %
Other                                    4,815             4,197                 15 %          14,396          11,744                 23 %
Total                              $    33,667       $    70,765                (52 %)   $    134,237       $ 216,765                (38 %)
Earnings before income taxes       $    (8,437 )     $     8,675               (197 %)   $     (7,518 )     $  27,348               (127 %)



Included in other revenues is service fee income. Profitability for the nine
months ended September 30, 2022 decreased due to (a) a $76,681,000 decrease in
secondary gains from investors, (b) a $6,919,000 decrease in income from loan
originations, (c) $2,294,000 decrease in the fair value of loan commitments, (d)
a $911,000 increase in intersegment expenses, (e) a $217,000 decrease in
intersegment revenues, and (e) a $32,000 increase in depreciation on property
and equipment, which were partially offset by (i) a $37,978,000 decrease in
commissions, (ii) a $4,918,000 decrease in other expenses, (iii) a $2,652,000
increase in other revenues, (iv) a $1,800,000 decrease in costs related to
funding mortgage loans, (v) a $1,019,000 decrease in personnel expenses, (vi) a
$1,154,000 decrease in advertising expenses, (vii) a $893,000 decrease in
intersegment interest expense and other expenses, (viii) a $778,000 decrease in
interest expense, (ix) a $347,000 increase in the fair value of loans held for
sale, (x) a $282,000 decrease in rent and rent related expenses, (xi) a $192,000
increase in gains on investments and other assets, and (xii) $175,000 increase
in net investment income.

55





Consolidated operating results

Three months completed September 30, 2022 Compared to the three months ended September
30, 2021

Total revenues decreased by $36,032,000, or 30.1%, to $83,477,000 for the three
months ended September 30, 2022, from $119,509,000 for the comparable period in
2021. Contributing to this decrease in total revenues was a $37,650,000 decrease
in mortgage fee income and a $3,156,000 decrease in gains on investments and
other assets, a $208,000 decrease in insurance premiums and other
considerations, which were partially offset by a $3,510,000 increase in net
investment income, a $503,000 increase in net mortuary and cemetery sales, and a
$969,000 increase in other revenues.

Mortgage fee income decreased by $37,650,000, or 56.8%, to $28,608,000, for the
three months ended September 30, 2022, from $66,258,000 for the comparable
period in 2021. This decrease was primarily due to a $26,500,000 decrease in
secondary gains from mortgage loans sold to third-party investors into the
secondary market a $3,872,000 decrease in the fair value of loans held for sale,
a $2,891,000 decrease in the fair value of loan commitments, and a $4,387,000
decrease in loan fees and interest income net of a decrease in the provision for
loan loss reserve.

Insurance premiums and other considerations decreased by $208,000, or 0.8%, to
$26,238,000 for the three months ended September 30, 2022, from $26,446,000 for
the comparable period in 2021. This decrease was primarily due to a decrease of
$497,000 in renewal premiums which was partially offset by a $289,000 increase
in first year premiums.

Net investment income increased by $3,510,000, or 23.3%, to $18,603,000 for the
three months ended September 30, 2022, from $15,093,000 for the comparable
period in 2021. This increase was primarily attributable to a $3,437,000
increase in mortgage loan interest, a $610,000 increase in real estate income, a
$521,000 increase in fixed maturity securities income, a $434,000 increase in
interest on cash and cash equivalents, a $146,000 increase in income on other
investments, and a $28,000 increase in equity securities income, which were
partially offset by a $1,087,000 increase in investment expenses, a $563,000
decrease in insurance assignment income, and a $16,000 decrease in policy loan
income.

Net mortuary and cemetery sales increased by $503,000, or 8.4%, to $6,470,000
for the three months ended September 30, 2022, from $5,967,000 for the
comparable period in 2021. This increase was primarily due to a $835,000
increase in mortuary at-need sales, which were partially offset by a $207,000
decrease in cemetery pre-need sales and a $125,000 decrease in cemetery at-need
sales.

Gains on investments and other assets decreased by $3,156,000, or 323.0%, to
$2,179,000 in losses for the three months ended September 30, 2022, from
$977,000 in gains for the comparable period in 2021. This decrease in gains on
investments and other assets was primarily due to a $1,512,000 decrease in gains
on equity securities mostly attributable to decreases in the fair value of these
equity securities, a $1,420,000 decrease in gains on other assets, and a
$224,000 decrease in gains on fixed maturity securities.

Other revenues increased by $969,000, or 20.3%, to $5,737,000 for the three
months ended September 30, 2022, from $4,768,000 for the comparable period in
2021. This increase was primarily attributable to an increase in servicing fee
revenue.

Total benefits and expenses were $86,780,000, or 104.0% of total revenues, for
the three months ended September 30, 2022, as compared to $105,366,000, or 88.2%
of total revenues, for the comparable period in 2021.

Death benefits, surrenders and other policy benefits, and future policy benefits
decreased by an aggregate of $1,213,000 or 5.1%, to $22,724,000 for the three
months ended September 30, 2022, from $23,937,000 for the comparable period in
2021. This decrease was primarily the result of a $1,478,000 decrease in death
benefits ($1,023,000 for COVID-19 related deaths), a $96,000 decrease in future
policy benefits, which were partially offset by a $361,000 increase in surrender
and other policy benefits.

56





Amortization of deferred policy and pre-need acquisition costs and value of
business acquired increased by $352,000, or 7.5%, to $5,062,000 for the three
months ended September 30, 2022, from $4,710,000 for the comparable period in
2021. This increase was primarily due to an increase in the average outstanding
balance of deferred policy and pre-need acquisition costs.

Selling, general and administrative expenses decreased by $18,346,000, or 24.8%,
to $55,657,000 for the three months ended September 30, 2022, from $74,003,000
for the comparable period in 2021. This decrease was primarily the result of a
$13,765,000 decrease in commissions, a $2,597,000 decrease in other expenses, a
$1,008,000 decrease in costs related to funding mortgage loans, a $729,000
decrease in personnel expenses, and $318,000 decrease in advertising expense,
and a $153,000 decrease in rent and rent related expenses, which were partially
offset by a $224,000 increase in depreciation on property and equipment.

Interest expense increased by $329,000, or 18.2%, to $2,137,000 for the three
months ended September 30, 2022, from $1,807,000 for the comparable period in
2021. This increase was primarily due to an increase of $423,000 in interest
expense on bank loans, which was partially offset by a decrease of $94,000 in
interest expense on mortgage warehouse lines for loans held for sale.

Cost of goods and services sold-mortuaries and cemeteries increased by $292,000,
or 32.2%, to $1,200,000 for the three months ended September 30, 2022, from
$908,000 for the comparable period in 2021. This increase was primarily due to a
$346,000 increase in mortuary at-need sales, which were partially offset by a
$30,000 decrease in cemetery pre-need sales and a $24,000 decrease in cemetery
at-need sales.

Nine month period ended September 30, 2022 Compared to the nine months ended September 30,
2021

Total revenues decreased by $77,448,000, or 21.6%, to $281,470,000 for the nine
months ended September 30, 2022, from $358,918,000 for the comparable period in
2021. Contributing to this decrease in total revenues was a $85,431,000 decrease
in mortgage fee income and a $7,335,000 decrease in gains on investments and
other assets, which were partially offset by a $3,736,000 increase in insurance
premiums and other considerations, a $6,205,000 increase in net investment
income, a $2,698,000 increase in net mortuary and cemetery sales, and a
$2,679,000 increase in other revenues.

Mortgage fee income decreased by $85,431,000, or 41.8%, to $118,983,000, for the
nine months ended September 30, 2022, from $204,414,000 for the comparable
period in 2021. This decrease was primarily due to a $76,565,000 decrease in
secondary gains from mortgage loans sold to third-party investors into the
secondary market and a $6,919,000 decrease in loan fees and interest income net
of a decrease in the provision for loan loss reserve, and a $2,294,000 decrease
in the fair value of loan commitments, which were partially offset by a $347,000
increase in the fair value of loans held for sale.

Insurance premiums and other considerations increased by $3,736,000, or 5.0%, to
$78,491,000 for the nine months ended September 30, 2022, from $74,755,000 for
the comparable period in 2021. This increase was due to an increase of
$1,996,000 in renewal premiums due to the growth of the Company's outstanding
policies in recent years, particularly in whole life products, which resulted in
more premium paying business in force and an increase of $1,740,000 in first
year premiums as a result of increased insurance sales.

Net investment income increased by $6,205,000, or 14.2%, to $49,769,000 for the
nine months ended September 30, 2022, from $43,564,000 for the comparable period
in 2021. This increase was primarily attributable to a $7,655,000 increase in
mortgage loan interest, a $1,617,000 increase in income on real estate, a
$544,000 increase in interest on cash and cash equivalents, a $446,000 increase
in fixed maturity securities income, a $262,000 increase in income on other
investments, a $37,000 increase in equity securities income, and a $33,000
increase in policy loan income, which were partially offset by a $3,800,000
increase in investment expenses and a $589,000 decrease in insurance assignment
income.

Net mortuary and cemetery sales increased by $2,698,000, or 14.8%, to
$20,926,000 for the nine months ended September 30, 2022, from $18,228,000 for
the comparable period in 2021. This increase was primarily due to a $3,775,000
increase in mortuary at-need sales and a $356,000 increase in cemetery at-need
sales, which were partially offset by a $1,433,000 decrease in cemetery pre-need
sales.

57






Gains on investments and other assets decreased by $7,335,000, or 166.2%, to
$2,921,000 in losses for the nine months ended September 30, 2022, from
$4,414,000 in gains for the comparable period in 2021. This decrease in gains on
investments and other assets was primarily due to a $5,849,000 decrease in gains
on equity securities mostly attributable to decreases in the fair value of these
equity securities, a $1,169,000 decrease in gains on other assets, and a
$317,000 decrease in gains on fixed maturity securities.

Other revenues increased by $2,679,000, or 19.8%, to $16,221,000 for the nine
months ended September 30, 2022, from $13,542,000 for the comparable period in
2021. This increase was primarily attributable to an increase in servicing fee
revenue.

Total benefits and expenses were $275,599,000, or 97.9% of total revenues, for
the nine months ended September 30, 2022, as compared to $313,742,000, or 87.4%
of total revenues, for the comparable period in 2021.

Death benefits, surrenders and other policy benefits, and future policy benefits
decreased by an aggregate of $201,000 or 0.3%, to $70,296,000 for the nine
months ended September 30, 2022, from $70,497,000 for the comparable period in
2021. This decrease was primarily the result of a $2,910,000 decrease in death
benefits ($2,339,000 for COVID-19 related deaths), which were partially offset
by $1,620,000 increase in future policy benefits and a $1,089,000 increase in
surrender and other policy benefits.

Amortization of deferred policy and pre-need acquisition costs and value of
business acquired increased by $1,570,000, or 13.2%, to $13,511,000 for the nine
months ended September 30, 2022, from $11,941,000 for the comparable period in
2021. This increase was primarily due to an increase in the average outstanding
balance of deferred policy and pre-need acquisition costs.

Selling, general and administrative expenses decreased by $40,698,000, or 18.2%,
to $182,398,000 for the nine months ended September 30, 2022, from $223,096,000
for the comparable period in 2021. This decrease was primarily the result of a
$38,089,000 decrease in commissions, a $3,311,000 decrease in other expenses, a
$1,800,000 decrease in costs related to funding mortgage loans, a $532,000
decrease in rent and rent related expenses, and a $409,000 decrease in
advertising expenses, which were partially offset by a $2,950,000 increase in
personnel expenses and a $493,000 increase in depreciation on property and
equipment.

Interest expense increased by $437,000, or 8.2%, to $5,764,000 for the nine
months ended September 30, 2022, from $5,327,000 for the comparable period in
2021. This increase was primarily due to a $1,215,000 increase in interest
expense on bank loans, which was partially offset by decrease of $778,000 in
interest expense on mortgage warehouse lines for loans held for sale.

Cost of goods and services sold-mortuaries and cemeteries increased by $747,000,
or 26.0%, to $3,628,000 for the nine months ended September 30, 2022, from
$2,881,000 for the comparable period in 2021. This increase was primarily due to
a $942,000 increase in mortuary at-need sales and a $42,000 increase in cemetery
at-need sales, which were partially offset by and a $237,000 decrease in
cemetery pre-need sales.

Cash and capital resources

The Company's life insurance subsidiaries and cemetery and mortuary subsidiaries
realize cash flow from premiums, contract payments and sales on personal
services rendered for cemetery and mortuary business, from interest and
dividends on invested assets, and from the proceeds from the sale or maturity of
investments. The mortgage subsidiaries realize cash flow from fees generated by
originating and refinancing mortgage loans and fees from mortgage loans held for
sale that are sold to investors into the secondary market. It should be noted
that current conditions in the financial markets and economy caused by COVID-19
may affect the realization of these expected cash flows. The Company considers
these sources of cash flow to be adequate to fund future policyholder and
cemetery and mortuary liabilities, which generally are long-term, and adequate
to pay current policyholder claims, annuity payments, expenses related to the
issuance of new policies, the maintenance of existing policies, debt service,
and to meet current operating expenses. As of September 30, 2022,
SecurityNational Mortgage was not in compliance with its warehouse line debt
covenants, but received waivers or amendments from the warehouse banks. In the
unlikely event the Company is required to repay the warehouse lines, the Company
has sufficient cash and borrowing capacity to do so and to continue to fund its
origination activities through other internal funding sources.

58






During the nine months ended September 30, 2022 and 2021, the Company's
operations provided cash of $109,318,000 and $128,891,000, respectively. The
decrease in cash provided by operations from the nine months ended September 30,
2021 to those ended September 30, 2022 was due primarily to decreased proceeds
from the sale of mortgage loans held for sale.

The Company's liability for future policy benefits is expected to be paid out
over the long-term due to the Company's market niche of selling funeral plans.
Funeral plans are small face value life insurance policies that payout upon a
person's death to cover funeral burial costs. Policyholders generally keep these
policies in force and do not surrender them prior to death. Because of the
long-term nature of these liabilities, the Company is able to hold to maturity
its bonds, real estate, and mortgage loans thus reducing the risk of liquidating
these long-term investments as a result of any sudden changes in their fair
values.

The Company attempts to match the duration of invested assets with its
policyholder and cemetery and mortuary liabilities. The Company may sell
investments other than those held to maturity in the portfolio to help in this
timing matching. The Company purchases short-term investments on a temporary
basis to meet the expectations of short-term requirements of the Company's
products. The Company's investment philosophy is intended to provide a rate of
return, which will persist during the expected duration of policyholder and
cemetery and mortuary liabilities regardless of future interest rate movements.

The Company's investment policy is also to invest predominantly in fixed
maturity securities, real estate, mortgage loans, and warehousing of mortgage
loans held for sale on a short-term basis before selling the loans to investors
in accordance with the requirements and laws governing the life insurance
subsidiaries. Bonds owned by the insurance subsidiaries amounted to $320,546,000
(at estimated fair value) and $259,005,000 (at estimated fair value) as of
September 30, 2022 and December 31, 2021, respectively. This represented 34.7%
and 31.5% of the total investments as of September 30, 2022, and December 31,
2021, respectively. Generally, all bonds owned by the life insurance
subsidiaries are rated by the National Association of Insurance Commissioners.
Under this rating system, there are six categories used for rating bonds. At
September 30, 2022, 2.2% (or $7,311,000) and at December 31, 2021, 3.9% (or
$9,991,000) of the Company's total bond investments were invested in bonds in
rating categories three through six, which are considered non-investment grade.

The Company is subject to risk-based capital guidelines established by statutory
regulators requiring minimum capital levels based on the perceived risk of
assets, liabilities, disintermediation, and business risk. At September 30, 2022
and December 31, 2021, the life insurance subsidiaries were in compliance with
the regulatory criteria.

The Company's total capitalization of stockholders' equity, bank and other loans
payable was $470,342,000 as of September 30, 2022, as compared to $551,054,000
as of December 31, 2021. Stockholders' equity as a percent of total
capitalization was 57.2% and 54.4% as of September 30, 2022 and December 31,
2021, respectively.

Lapse rates measure the amount of insurance terminated during a particular
period. The Company's lapse rate for life insurance in 2021 was 4.8% as compared
to a rate of 5.9% for 2020. The 2022 lapse rate to date has been approximately
the same as 2021.

The combined statutory capital and the Company’s life insurance surplus
subsidiaries was $90,667,000 and $82,823,000 of the September 30, 2022 and
December 31, 2021, respectively. Life insurance subsidiaries cannot pay a
dividend to their parent company without state insurance approval
Regulatory authorities.

59






COVID-19
During 2020, the outbreak of COVID-19 had spread worldwide and was declared a
global pandemic by the World Health Organization on March 11, 2020. COVID-19,
and its variants, pose a threat to the health and economic well-being of the
Company's employees, customers, and vendors. The Company continues to closely
monitor developments relating to COVID-19 and assessing its impact on the
Company's business. The continued uncertainty surrounding COVID-19 has had and
continues to have a significant impact on the global economy and financial
markets. Governments and businesses have taken numerous measures to try to
contain the virus and its variants, which include the implementation of travel
bans, self-imposed quarantine periods, social distancing, and various mask and
vaccine mandates. These measures have disrupted and will continue to disrupt
businesses globally. Governments and central banks have reacted with significant
monetary and fiscal interventions designed to stabilize the economic conditions.
Most monetary and fiscal interventions have been significantly curtailed.

Like most businesses, COVID-19 has impacted the Company, including the temporary
adoption of work from home arrangements and a restructuring of selling
techniques for its products and services. The Company also experienced increased
expenses for cleaning services of its offices. Throughout 2021 and 2022, the
Company continued to adapt to the impact of COVID-19 and its related economic
effects. The Company cannot, with any certainty predict the severity or duration
with which COVID-19 will impact the Company's business, financial condition,
results of operations, and cash flows. To the extent COVID-19 adversely affects
the Company's business, financial condition, and results of operations, it may
also have the effect of heightening many of the other Company risks. These
uncertainties have the potential to negatively affect the risk of credit default
for the issuers of the Company's fixed maturity debt securities and individual
borrowers with mortgage loans held by the Company.

The Company has implemented risk management, business continuity plans and has
taken preventive measures and other precautions, including some remote work
arrangements. Such measures and precautions have enabled the Company to continue
to conduct business.
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Is tenant insurance worth it? (2022) https://carinsuranceinmemphis.net/is-tenant-insurance-worth-it-2022/ Sat, 12 Nov 2022 03:36:34 +0000 https://carinsuranceinmemphis.net/is-tenant-insurance-worth-it-2022/ Some renters assume that because they don’t own their home, they don’t need home insurance. While it’s true that you can’t get home insurance as a tenant, you can and probably should get tenant insurance. In fact, some landlords require it as a condition of the lease. In addition to examining the best tenant insuranceWe […]]]>

Some renters assume that because they don’t own their home, they don’t need home insurance. While it’s true that you can’t get home insurance as a tenant, you can and probably should get tenant insurance. In fact, some landlords require it as a condition of the lease.

In addition to examining the best tenant insuranceWe at Home Media’s review team have compiled a guide to what a renter’s policy does and does not cover, whether renter’s insurance is required and what the alternative is.

What does renters insurance cover?

Renters insurance covers personal effects that are damaged, stolen, lost or destroyed by a covered event. He can pay either the actual cash value (ACV) of these items or the full replacement cost, depending on the policy. ACV coverage takes depreciation into account, while Replacement Cost Value (RCV) coverage does not deduct depreciation.

Common perils covered by tenant insurance include theft, vandalism, fire, smoke, explosion, lightning, wind, hail, falling objects, and cave-ins due to ice or snow. Mold and water damage may also be covered, depending on the terms of your policy.

In addition to the personal property coverage described above, a the renters insurance policy covers what follows:

  • Additional living expenses (loss of use): If a covered peril makes your home uninhabitable, your living expenses may temporarily increase. Renters insurance will help cover these additional expenses, such as hotel rooms and take-out meals.
  • Personal responsibility: You may be held liable for bodily injury or property damage occurring in your home. A renters policy will help cover the costs associated with these accidents.
  • Medical payments: If a guest is injured in your home, your tenant insurance will help pay for their medical expenses up to a predetermined amount.

Most companies offer additional coverage options, also called endorsements or add-ons, to cover items or risks that would otherwise be excluded. You can also adjust your coverage limits to ensure comprehensive protection.


What does renters insurance not cover?

All insurance policies have certain limitations and exclusions. When evaluating a tenant’s insurance policy, there are two main things to consider: the list of named or excluded perils and the coverage limits.

Risks not covered

Your tenant’s insurance policy documents will tell you what risks the policy does or does not cover. A named perils policy lists the perils it covers and excludes everything else, while an all perils policy lists the perils it excludes and covers everything else.

Most renters insurance policies do not cover damage caused by the following:

  • Earthquake
  • floods
  • Landslides
  • pests
  • Rodents
  • Chasms

Coverage limits

A policy’s coverage limits determine how much renters insurance will pay for different items or situations. Your tenants policy will have both an overall limit and sub-limits for individual items or categories. If the cost of your claim exceeds your policy limits, you will need to make up the difference, so make sure the coverage amounts match the value of your belongings.

Other exclusions

Tenant insurance is intended to cover the personal effects of the policyholder. This means it will cover the contents of your home, but not the structure. Only the owner can insure the building and all structural elements or common areas. Although renters insurance may cover personal effects that are stolen or damaged while in your car, it does not cover the car itself. Also, it won’t cover your roommate’s belongings unless their name is also on the policy.


Why should I buy tenant insurance?

Renters insurance can save you money in the event of an accident, theft or natural disaster. Here are some reasons to consider tenant insurance:

  • It’s surprisingly affordable. Compared to other policies, such as home insurance, tenant insurance is a bargain. Lemonade offers some of cheapest renters insurance policies with prices as low as $5 per month depending on your location, age of the property, and other factors.
  • It costs less than replacing your belongings. The cost of replacing your belongings after an accident, disaster or theft will cost far more than what you would spend on renters insurance.
  • He can pay medical and legal expenses. The liability insurance included in your renter’s policy will help pay for medical and legal expenses you may face after someone else is injured on your property.
  • It can help you save on car insurance. Most insurance companies offer a multi-policy discount for those who bundle their auto insurance with renter’s insurance.
  • It often pays off. With generous multi-policy discounts, you may be able to add renter’s insurance without seeing a change in your insurance premium.
  • It protects your savings. After a covered event, your renter’s insurance policy will help pay for expenses that might otherwise drain your savings account.
  • It may be required by your landlord. Some landlords require their tenants to purchase a tenant’s insurance policy as a condition of their rental agreement.

To find the best deal, we recommend that you collect renters insurance quotes from several companies. If you have auto insurance, checking to see if that provider also offers renters insurance is a good place to start. You can also ask about bundled discounts when you get renters insurance quotes to compare.

Is tenant insurance compulsory?

Most states require drivers to carry auto insurance, and mortgage lenders require borrowers to carry home insurance — but what about renters insurance?

Although renters insurance is not required by state or federal law, it may be required by the terms of your lease. Many landlords require their tenants to take out tenant insurance. This requirement can help landlords and their tenants avoid costly litigation when a tenant’s property is lost, stolen, damaged or destroyed.

Above all, having tenant insurance protects you, the tenant. Even if your landlord has insurance, you will be responsible for your own property. Your landlord’s insurance is supposed to cover the building itself and property belonging to the landlord. It may also include liability protection for accidents that occur on the property. However, it will not cover your personal effects.


What is the alternative to tenant insurance?

The alternative to tenant insurance is an emergency savings fund. Instead of paying a company to insure your belongings, you set aside enough money to cover them yourself.

While skipping your renter’s insurance premium might seem like a way to cut expenses, be sure to crunch the numbers before you choose to forgo it. You can take inventory of your belongings and calculate how much it would cost to replace them if you lost all of your belongings to fire, flood or theft.

If you don’t have enough emergency savings to replace your belongings to your satisfaction, you may not have a viable alternative to renters insurance.


The Bottom Line: Is Renters Insurance Worth It?

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected losses, renters insurance can be worth it. For a relatively low monthly cost, you can provide coverage for all your belongings and liability protection if someone is injured on your rental property.

If you already have a car or other insurance policy, you can save money by bundling it with renter’s insurance, which will make it even more affordable. Comparing renters insurance quotes from two or three different insurance companies will help you find the best deal.

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Insurers’ COVID-19 Notebook: What You Need to Know Now – Week of November 7, 2022 – Insurance Claims https://carinsuranceinmemphis.net/insurers-covid-19-notebook-what-you-need-to-know-now-week-of-november-7-2022-insurance-claims/ Wed, 09 Nov 2022 09:26:13 +0000 https://carinsuranceinmemphis.net/insurers-covid-19-notebook-what-you-need-to-know-now-week-of-november-7-2022-insurance-claims/ November 09, 2022 Crowell and Moring To print this article, all you need to do is be registered or log in to Mondaq.com. Courts Dismiss COVID-19 Business Interruption Claims On October 31, 2022, the District Court for the District of New Jersey granted American Guarantee and Liability Insurance Company‘s motion to dismiss a […]]]>

To print this article, all you need to do is be registered or log in to Mondaq.com.

Courts Dismiss COVID-19 Business Interruption Claims

On October 31, 2022, the District Court for the District of New Jersey granted American Guarantee and Liability Insurance Company‘s motion to dismiss a healthcare provider network’s COVID-19 business interruption request. . The court found that the plaintiff did not make a claim for business interruption due to communicable disease coverage because the COVID-19 executive order “restricted certain activities on the insured location but did not prohibit not access to the insured location as is necessary to trigger coverage under the [business interruption by communicable
disease coverage].” Order at 10. The case is Inspira Health Network c. Am. Gar. & Lib. Ins. Co.

On October 31, 2022, the District Court for the Central District of California granted the Federal Insurance Company‘s motion to dismiss a deli owner and operator’s COVID-19 business interruption claims. The court found that the “binding appeal authority” ruled that the losses related to the COVID-19 pandemic did not constitute physical loss or damage. Order at 5-7. The case is Roy Kavin, Inc. v. Fed. Ins. Co.

On October 27, 2022, the District Court for the Eastern District of California granted the Illinois Union Insurance Company’s motion to dismiss an eye care company’s COVID-19 business interruption claims. The court concluded that the plaintiff’s proposed reading of its coverage of “polluting conditions” would lead to “absurd results”. Order at 6. The court therefore found that the plaintiff had failed to demonstrate that his claim was covered and dismissed all causes of action. Identifier. at 7. The case is VisionServ. Map c. Ill. Union Ins. Co.

New lawsuits for business interruption by insurers:

Several insurers sued a resort management company in New Jersey (Cape May County) state court seeking declaratory relief in a COVID-19 business interruption dispute. The policy purportedly contains business income, additional expenses and entry or exit coverage and excludes loss or damage caused by “indirect or consequential losses of any kind” or by pollution or contaminants. Complaint ¶ 28. Insurers seek declaratory relief that policyholder is not entitled to coverage because coronavirus and corresponding stay-at-home orders did not cause “direct physical loss or damage” . Identifier. ¶ 53. The case is Swiss Re Corp. Solutions Capacity Insurance Co. v. Cape Resorts Management Co.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: United States Coronavirus (COVID-19)

Negligence is not enough/setting up tactics are not recommended

Sheppard Mullin Richter & Hampton

Over the past 10 years, policy limit claims with a myriad of conditions have become the norm. In many cases, conditions are imposed in the hope that the insurer will fail in its efforts to comply.

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How to protect your car from catalytic converter theft and what to do if it happens https://carinsuranceinmemphis.net/how-to-protect-your-car-from-catalytic-converter-theft-and-what-to-do-if-it-happens/ Sat, 05 Nov 2022 16:37:26 +0000 https://carinsuranceinmemphis.net/how-to-protect-your-car-from-catalytic-converter-theft-and-what-to-do-if-it-happens/ A brand new catalytic converter sits on the floor of Johnny Franklin’s Muffler in San Rafael, California. No state has seen more catalytic converter thefts than California, according to State Farm. Justin Sullivan/Getty Images How can motorists protect themselves from the wave of catalytic converter thefts that is sweeping the country? Claims for stolen catalytic […]]]>

A brand new catalytic converter sits on the floor of Johnny Franklin’s Muffler in San Rafael, California. No state has seen more catalytic converter thefts than California, according to State Farm.

Justin Sullivan/Getty Images

How can motorists protect themselves from the wave of catalytic converter thefts that is sweeping the country?

Claims for stolen catalytic converters doubled in the year ending June 2022, according to State Farm, the largest auto insurer in the United States, whose customers reported more than 43,200 stolen converters that year.

And since 2019, converter theft has increased by 1,215%, according to the National Insurance Crime Bureau, an industry group that tracks insurance-related crimes.

On Wednesday, the Department of Justice announced the arrest of 21 people in connection with a criminal network accused of making $545 million by trafficking stolen catalytic converters.

Catalytic converters – which help a car clean its exhaust fumes – have become a target of theft largely because of the price of precious metals, like palladium and platinum, which are used in parts.

And, crucially, their location outside the underside of a car makes them easy to steal, NCIB’s David Glawe told NPR earlier this year.

Stealing a converter only takes a few minutes and a battery-operated saw. “You slide under the car, shut off your exhaust system and get in and out typically in 30 seconds to a minute,” Glawe said.

Cars with enough tire clearance that a thief could easily slide under them, such as SUVs and pickup trucks, are particularly at risk. Hybrids are also attractive targets because their converters contain even more precious metals.

Replacing a stolen converter can cost thousands of dollars. Here are some precautions you can take:

How can I protect my car against catalytic converter theft?

Insurance companies, mechanics and police departments have recommended a wide range of anti-theft measures designed to deter a potential thief. “It’s a holistic approach,” Glawe said.

The easiest solution is to move your car away from public access when not in use. If you have access to a garage, keep your car there. Those who don’t have a garage should try to park their car in a well-lit area or where you can install a security camera.

But even a garage might not be enough to protect your car. Public parking spaces of all kinds have become a target of theft during the day, the Institute of Scrap Recycling Industries, a recycling industry trade group, has warned.

“[At] hospitals, it happens because people go to the hospital and either park up and visit, or they’re in the hospital for a long period of time, and their car is sitting there,” said Todd Foreman, director of group law enforcement awareness “It happens to big trucks, churches.”

Some cities have held workshops where car owners can have their vehicle identification number engraved on their catalytic converter for free – an indication to potential buyers that the converter has been stolen.

Foreman also recommends painting your converter with a brightly colored high-temperature paint, which can deter a thief who would have to scrape everything off before selling. “If they climb under a car and see it’s spray painted,” he said, “they know they’re more likely to be caught stealing those catalytic converters.”

Other solutions can cost a little money: homeowners can install alarm systems triggered by the vibration of a thief’s saw. Other more expensive anti-theft devices are designed to make a converter more cumbersome to remove. Mechanics can also weld on metal plates or rebar to protect the converter.

What should I do if it has been stolen?

If your converter has been stolen, you will probably notice it right away: Without the converter, your car will be much louder than usual.

Most cars will run without a catalytic converter, although it is not recommended to do so longer than necessary. Since the purpose of a catalytic converter is to reduce harmful emissions, cars without a converter will pollute significantly more than an undamaged car, and you could fail an emissions inspection in states that require it.

When thieves use a saw to remove a catalytic converter, they can also damage nearby parts of your car, such as the alternator or fuel lines. It is best to have your car checked by a mechanic as soon as possible.

And check your car insurance. Comprehensive coverage on a car insurance policy will cover damage to your car that occurs outside of a collision – including theft.

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

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‘Lawyers in the House’ Host Explains You Can Sell Your Life Insurance Policy to a Complete Stranger – 95.5 WSB https://carinsuranceinmemphis.net/lawyers-in-the-house-host-explains-you-can-sell-your-life-insurance-policy-to-a-complete-stranger-95-5-wsb/ Thu, 03 Nov 2022 10:39:06 +0000 https://carinsuranceinmemphis.net/lawyers-in-the-house-host-explains-you-can-sell-your-life-insurance-policy-to-a-complete-stranger-95-5-wsb/ Yes, you can sell your life insurance policy to a stranger, says AG Supreme Court The Supreme Court of Georgia rules that it is acceptable to take out a life insurance policy for yourself with the intention of selling it to someone else. Viatical settlements, or living settlements, are often used by people who need […]]]>

Yes, you can sell your life insurance policy to a stranger, says AG Supreme Court

The Supreme Court of Georgia rules that it is acceptable to take out a life insurance policy for yourself with the intention of selling it to someone else.

Viatical settlements, or living settlements, are often used by people who need money for medical bills. The case judges ruled on in October involved an HIV-positive man who took out a life insurance policy on himself in 1999 but did not disclose his HIV status. He bought it with the intention of reselling it to a third party. Kelly Couch sold it and had the $500,000 policy transferred to a “friend” he had in fact never met. This man, who knew Couch’s HIV status, paid the premiums and applied for the death benefit in 2005.

The Jackson National Life Insurance Company denied the claim and went to federal court to void the contract, calling it an illegal bet on human life.

The judges overturned a lower court’s decision and approved the practice, which is regulated. The notice also noted that the allegation of “illegal betting” was based on outdated law.

“In the 18th century it became popular in England to take out insurance on the lives of strangers – for example, elderly celebrities or defendants on trial for capital crimes – as a form of gambling,” the ruling said. “These policies were considered gambling bets, not insurance against all risk of loss, as those who purchased this ‘insurance’ had no interest in the underlying ‘asset’, that is- i.e. life at stake.”

President Bryan Freeman of Habersham Funding in Atlanta said a life settlement pays cash for a life insurance policy someone may not need or can no longer afford.

“In many cases, it’s the best financial option for someone, but a lot of people don’t know that,” Freeman says. “Over 90% of all life insurance policies expire before someone dies. So they don’t pay a death benefit.

A life settlement is then an option for people to withdraw money from their life insurance policy before they die or to let the policy expire if they cannot continue to make the payments.

Freeman says only the elderly or very sick can sell their policies. Life expectancy is a major factor, so generally someone under the age of 70 should have serious health issues. The seller receives an amount of money less than the total value of the death claim of the policy.

“People use it to pay their mortgage, their car bill, their medical bills,” Freeman says. “I’m doing a transaction right now with an elder who says instead of waiting to die to give the death benefit to his grandkids after he’s gone, he wants to be able to give them money during his lifetime and enjoy it.”

Freeman, who has dealt with these types of settlements for decades from his office in Buckhead, calls it “a real shame” that more people don’t know about them. He made one of the very first regulations of this type in 1989.

“It’s helped a lot of people in those decades that I’ve done, and I’ve been proud to be able to help people,” he says. “It’s been a fun business.”

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Has Ranveer Singh’s Aston Martin Fancy Blue insurance policy expired? https://carinsuranceinmemphis.net/has-ranveer-singhs-aston-martin-fancy-blue-insurance-policy-expired/ Mon, 31 Oct 2022 11:02:17 +0000 https://carinsuranceinmemphis.net/has-ranveer-singhs-aston-martin-fancy-blue-insurance-policy-expired/ Bollywood actor Ranveer Singh, who is also famous for his unique clothing choices, is often seen driving his expensive luxury cars around the city. He was recently under the scanner after reports claimed the insurance policy for his fancy blue Aston Martin, which is worth Rs 3.9 crore, had expired. News surrounding the car began […]]]>

Bollywood actor Ranveer Singh, who is also famous for his unique clothing choices, is often seen driving his expensive luxury cars around the city. He was recently under the scanner after reports claimed the insurance policy for his fancy blue Aston Martin, which is worth Rs 3.9 crore, had expired. News surrounding the car began when a netizen claimed the actor was driving the car without a legitimate insurance policy.

It came after Jayeshbhai actor Jordaar took to his wheels for a ride earlier in the month. Paparazzi spotted him driving from Mumbai airport which was parked there before he arrived.

Top showsha video

The Twitter user wrote in the now-deleted tweet: “Mumbai Police please take strict action against Ranveer Singh. Out of insurance car he was driving yesterday (sic)!” Soon after, the Mumbai Police responded and passed it on to the relevant department.

Upon fact checking, it was determined that the information was false and that Ranveer’s car had a valid insurance policy. According to the document, the latest policy issue date in the document shows that the insurance was renewed in July and is valid until next year.

Apart from Aston Martin, Ranveer is also the proud owner of other luxury cars such as Lamborghini Urus, Mercedes-Benz GLS, Jaguar XJ L, Audi Q5 and Land Rover Ranger Rover Vogue.

Earlier, the Bajirao Mastani actor landed in the legal soup after posing naked for a magazine. An FIR has been filed stating that the photos shared online are obscene and hurt women’s feelings.

Professionally, Ranveer Singh has some interesting projects in the works. He will next be seen in director Rohit Shetty’s Cirkus starring Pooja Hegde and Jacqueline Fernandez. He also has Karan Johar’s Rocky Aur Rani Ki Prem Kahani in which he will share screen space with Alia Bhatt. The feature film also stars Shabana Azmi, Jaya Bachchan and Dharmendra in key roles.

Read all Latest Movie News here

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The Evolution of Cyber ​​Insurance Policies: The Unintended Consequences of Ransomware https://carinsuranceinmemphis.net/the-evolution-of-cyber-insurance-policies-the-unintended-consequences-of-ransomware/ Mon, 24 Oct 2022 05:49:24 +0000 https://carinsuranceinmemphis.net/the-evolution-of-cyber-insurance-policies-the-unintended-consequences-of-ransomware/ The rise of ransomware over the past two years has been well reported as it has crippled organizations around the world. The rise of ransomware has led victim organizations to seek the cheapest and most legally compliant solution to an attack. Thus, many organizations have prioritized the adoption of cyber insurance programs. While cyber insurance […]]]>

The rise of ransomware over the past two years has been well reported as it has crippled organizations around the world.

The rise of ransomware has led victim organizations to seek the cheapest and most legally compliant solution to an attack. Thus, many organizations have prioritized the adoption of cyber insurance programs. While cyber insurance has developed alongside cyber risks, staying ahead of these risks and being able to predict outcomes has proven to be a difficult task and a unique challenge for underwriters and insurers. brokers.

Insurance market growth

As a result, the cyber insurance market has been valued at $3 billion and is expected to reach $25 billion by 2026. The industry is measured by gross written premiums and, given the steady increase in reliance With regard to an interconnected technological world, it is easy to understand how cyber insurance was once considered a profitable business. However, as ransomware increases steadily, so do the payouts accompanying these attacks, with the average ransomware payout reaching nearly $250,000 in 2021.

The common thread running through all of these attacks is that ransomware gangs are “suddenly everywhere, seemingly unstoppable and highly effective.” The insurance vernacular would qualify these attacks as “frequent and serious”. This is a measure that puts underwriters on high alert as corporate profits may be in jeopardy if the loss ratio starts to rise.

Cyberinsurers in this space do not have the same decades of actuarial loss data as other lines of business, such as environmental or property. This is a significant drawback when the severity of ransomware incidents reached a noticeable level in 2020 and has been increasing ever since. If and when there is not enough capacity in the market, and if claims payouts exceed policy limits, it becomes more difficult for underwriters to adjust pricing matrices, encapsulating the uncertainty of the market.

Cyber ​​assurance on security technology and processes

The best way to secure any organization and have the most relevant insurance policy in place is to ensure that cybersecurity best practices are in place. While many basic cybersecurity processes can go a long way in protecting organizations, the biggest hacks require substantial cybersecurity investments. However, disparities in this ideology occur when companies operate in a market that encourages purchases of cyber insurance policies at the expense of massive IT spending.

Cyber ​​insurance policies shouldn’t mean a business becomes complacent with its cybersecurity. Bad actors have learned about the rise of cyber insurance and in some cases use it against the victim. DarkSide, a successful ransomware gang, recommended Guess9, a recent target organization, “…use your insurance, which only covers this case.” The group went on to suggest that “…we don’t demand more than the amount of cyber insurance…” An example of this happened even more recently when ransomware group Hive demanded 500,000 £ after an attack on Wootton Upper School in Bedfordshire knowing that amount was the same amount covered by their cyber insurance premium.

These threat actors are now able to identify which companies will give in and which insurers are willing to fund these payments, adding a layer of complexity to double extortion methods.

The company no longer needs money to pay as long as hackers can access the data room, find the insurance policy, and demand a ransom that matches or is less than the policy limit. this. The question becomes, if you have a higher policy limit, will that increase the likelihood of someone taking advantage of you? This question underscores the absolute necessity of cybersecurity best practices, even with an insurance policy in place.

Unintended consequences

The severity of ransomware attacks is also pushing carriers to increase premiums and devise stricter underwriting guidelines. Price increases and restricted coverage may only be a short-term solution. However, designing stricter underwriting guidelines can be extremely effective as a long-term solution because it addresses one of the root causes that insurance is trying to help address: an unprepared organization.

By simply filling out a subscription application, an organization can learn a little more about best practices and risks. These apps have evolved to look more like an assessment. Certainly, with stricter underwriting guidelines, insurers, brokers, and even cybersecurity firms can take on the role of advisor or assessor. Indeed, insurers are now in a unique position and can play a leading role in helping to defuse ransomware claims.

In the future, new applications will have to meet much stricter requirements to obtain coverage via an insurance policy. These requirements may include implementing multi-factor authentication, managed detection and response tools, and 24/7 SOC capabilities, existence of backups, or proof that there are dedicated experts. such as CISOs or established relationships with external IR teams. Cybersecurity training and regular penetration testing may also be required. Some carriers add sub-limits, and some may even insert exclusions for damages or costs arising from certain known events, such as SolarWinds. Some may even require certain vulnerabilities such as Log4j to be mitigated before purchasing the policy.

Evolution of industry standards

Recently, Lloyd’s of London announced the latest development in the cyber insurance market, marking another unintended consequence of ransomware. As Lloyd’s has been a longtime leader in the insurance market and is known for creating innovative cyber policies covering complex risks, it would not be surprising to see other insurers follow suit, therefore this mandate is extremely impactful. The war risk exclusion announced on August 16 mandates specific exemption from coverage for losses “arising out of war”, as well as state-sponsored cyberattacks that “significantly affect a state’s ability to function” or which have an impact on the functioning of a State. security capabilities. Further require unions to have a clear system on how to attribute an attack to a state-based actor.

The decision to make the exclusion clear and unambiguous is an important step for the industry. However, since the onus is on the carriers to defend the exclusion, one must ask whether they have thought about the implications of this defence. The challenges are in making a confident award call and bringing together the most appropriate parties to assist in that call, as well as the competitive position each operator might take in crafting the process.

Government advice may be untenable for businesses

Governments around the world are consistent in advising victims not to pay ransoms, as this encourages future cybercrime. This position may become untenable over time as attacks are increasingly frequent with victims, often publicly, held hostage.

Most ransomware attacks are carried out by teams of experts and despite the protection that basic cybersecurity processes can offer, it is ultimately a substantial IT investment by the Council that will prepare organizations. Ransom demands, insurance premiums, forensic investigations and class action lawsuits are all increasing in frequency and cost. The expense has become unsustainable, especially for small and medium-sized businesses, where reputational damage can also be devastating.

Cyber ​​insurance should not just be a reactive policy

Organizations should champion cyber insurance as a core business program rather than a reactive policy. Cyber ​​threats are only on the rise and it is incumbent on private companies to seek methods that mitigate and prevent attacks. Strengthening the organization’s security posture becomes a critical way to access insurance premiums, working to maximize the cyber health of the business.


About the Author

Jennifer Mulvihill is Head of Business Development, Cyber ​​Insurance and Legal at BlueVoyant. BlueVoyant converges internal and external cyber defense capabilities into a results-based, cloud-native and single unified platform: BlueVoyant Elements.


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Quality Insurance Company Launches National Summit on Aging https://carinsuranceinmemphis.net/quality-insurance-company-launches-national-summit-on-aging/ Fri, 21 Oct 2022 04:47:35 +0000 https://carinsuranceinmemphis.net/quality-insurance-company-launches-national-summit-on-aging/ Quality Insurance Company (QIC) has launched its National Summit on Aging. The summit, the first of its kind, is organized in partnership with the Center for Studies in Aging at the University of Ghana. It is about raising awareness of why the needs of older people should be a priority in society. Scheduled for December […]]]>

Quality Insurance Company (QIC) has launched its National Summit on Aging.

The summit, the first of its kind, is organized in partnership with the Center for Studies in Aging at the University of Ghana.

It is about raising awareness of why the needs of older people should be a priority in society.

Scheduled for December 2022, stakeholders will hold discussions aimed at advancing reforms to improve the lives of seniors through the company’s Golden Age Comprehensive Insurance Policy.

Speaking to the media on the sidelines of the launch on Tuesday, October 18, 2022, Quality Insurance Company Managing Director Kwabena Addison said:

“As an insurance company, we are in this world to make a profit. But can we make profits with people who are not happy? Baby boomers who are all over 60 have the highest disposable income and this is the generation we are talking about. We need to make them happy so that we can also take advantage of some of this disposable income with our insurance products; Our car insurance, our retirement and our life insurance.

“That’s why we are here, that’s why we are the organizer. We decided that we wanted to enter this space. We launched it today and I am looking forward to the summit in December,” he added.

For her part, the director of the Center for Studies on Aging expressed concern about the delays with the passage of the Elderly Bill to help address the challenges faced by the elderly in the country.

“The rationale for this media launch is to raise awareness of the summit we plan to hold in December 2022 to highlight the needs, challenges and contributions of our older people in society,” he said. she stated.

She wanted the bill to be passed quickly so that the rights of these people would be respected.

“We think it needs to be passed now because it sets the framework within which the rights of older people would be upheld, because once you say society is responsible for older people, who and who should do what,” a- she indicated. .

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