Policyholder is defined in such a way that all family members are treated as one policyholder.
|
|
It might even sense when a policyholder is near the slopes and ask if the policyholder wants to activate the insurance.
|
|
For example, under the current rules, if a policyholder were to leave the federal program for any reason, including leaving to try the private market, that policyholder would lose any subsidy status they previously held with the NFIP should the policyholder choose to ever return to the NFIP.
|
|
Term life covers the policyholder for only the pre-determined period of time, and then expires after, say, 23 years, when the policyholder might no longer have dependents.
|
|
Some coverages also require the policyholder to meet a deductible and pay coinsurance.
|
|
A high-quality, fixed-income portfolio provides sufficient liquidity to meet policyholder obligations.
|
|
Its ratio of liquid assets to policyholder liabilities was 139% in 2015 (13: 140%).
|
|
While that may be horrible for the policyholder, the insurance company probably wouldn't mind.
|
|
This sum included $1.2 billion "financed by policyholder and annuity holder money," the complaint said.
|
|
The policyholder must maintain "continuous coverage" with the NFIP in order to maintain grandfather status.
|
|
" It would not cover "liability of the policyholder for his or her own intentional conduct.
|
|
The amount of money the policyholder will be reimbursed for is known as the daily limit.
|
|
In another common scam, it is the body shop — not the policyholder — that instigates the fraud.
|
|
Long-term care insurance covers expenses for nursing home or home care if the policyholder becomes incapacitated.
|
|
In unit-linked products, by contrast, the risks for the investment part are borne by the policyholder.
|
|
That and other "changes in policyholder behavior assumptions" accounted for about $1.5 billion in charges, the release said.
|
|
"Our network remains fully operational and we continue to service all policyholder needs, including claims," the spokesman said.
|
|
Ms Raggi says she knew nothing of the transactions and could only have profited if the policyholder had died.
|
|
One requires that a captive prove that no more than 20 percent of the premiums come from one policyholder.
|
|
Surplus notes are subordinate in right of payment to both policyholder and senior debt obligations of the insurance company.
|
|
In that case, it's possible to purchase a policy for the child, although the adult is still the policyholder.
|
|
A term life policyholder buys coverage that expires at the end of a term, usually one to 22 years.
|
|
"This policyholder was distraught having been in an accident that claimed the life of another person," Mr. O'Mara recalled.
|
|
"Our specific goal is to work with policyholder structures," David Torgerson, the president of Wildfire Defense Systems, told NBC.
|
|
This insurance supplements medical and disability coverage at work, providing a payout if the policyholder has a specific health condition.
|
|
And the industry should not lose sight of the policyholder, who has been saddled with past failures like Equitable Life.
|
|
The policyholder can set up an irrevocable bank account to funnel the proceeds of the sale directly to a care provider.
|
|
Cost-sharing is determined by the income of the policyholder and is a mechanism for reducing healthcare costs for lower-income households.
|
|
They provide some protection to those who enroll, generally paying a percentage of hospital and doctor bills after the policyholder meets a deductible.
|
|
So a higher actuarial value, all else being equal, means more paid out by the insurer and less paid out by the policyholder.
|
|
Along with the short-term plan, a policyholder could buy a supplemental policy to guarantee renewal in the future without a premium increase.
|
|
But it is a way to have both life insurance and a financial safety net in case the policyholder has an expensive medical incident.
|
|
If Erie's policyholder were to have purchased the headlamp at Home Depot, the judge acknowledged, Home Depot could be held liable for selling it.
|
|
Accelerated death benefitIf a Haven Life policyholder gets terminally ill, this rider allows them to begin taking a portion of their policy benefit early.
|
|
Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage.
|
|
Instead, they can put the buyer in charge, offering lower premiums and a range of financial inducements for the policyholder to try to live longer.
|
|
The Belarusian state has established strong support for Belgosstrakh in its legal framework, including direct guarantees on policyholder obligations and significant capital injections in previous years.
|
|
The insurance was meant to cover monthly payments if a policyholder were unable to make them because of a debilitating illness, job loss or other reason.
|
|
That triggered calls for a Royal Commission to investigate the banks, while this month the prudential regulator said it was reviewing how life insurers assess policyholder payouts.
|
|
Northwestern has flexibility to adjust policyholder dividend rates, which provides significant cushion to mitigate the impact of low interest rates and unexpected losses in its investment portfolio.
|
|
Whole life insurance policies consist of a death benefit — the amount the policyholder wants paid out to their beneficiaries upon their death — and a cash value component.
|
|
Still, the Banking Committee will consider possible changes, such as boosting coinsurance and increasing amounts the U.S. government may recoup through policyholder surcharges, Crapo said at the time.
|
|
Large insurance organizations are sifting through the hieroglyphics of massive collections of hundreds of millions of pages containing policyholder data using deep learning models from my company, Captricity.
|
|
LCCG, which bought its first UK life business last year, has operations in Britain, Ireland and the Isle of Man and policyholder assets of more than 30 billion pounds.
|
|
FAF's risk adjusted capital (RAC) score for year-end 2015 was 187%, up significantly from prior year due to an increase in policyholder surplus and reduction in affiliated investments.
|
|
"Some insurance companies may allow a homeowners or renters policyholder a short-term rental, assuming they've notified the company," said Loretta Worters, vice president of the Insurance Information Institute.
|
|
This one percent of the NFIP's policyholder base, could have been bought out or had their properties mitigated several times over when compared with the losses they have generated.
|
|
However, changes in circumstances or economic conditions may affect the capacity for payment of policyholder obligations to a greater degree than for financial commitments denoted by a higher rated category.
|
|
Reached for comment, a spokesperson for John Hancock did not respond to a request for specific details on how much policyholder data it would have access to under the program.
|
|
These plans provide more evidence of how insurers are having to respond to a squeeze on margins between investment income and policyholder returns as a result of low interest rates.
|
|
The offer aimed at reducing Ethias' exposure to interest rate risk associated with the First A products, under which guarantees are paid until the policyholder reaches the age of 99.
|
|
In those situations, the insurer may tell the policyholder to place some artworks at another site "to solve the aggregation problem by spreading the risk to different locations," he said.
|
|
Though they only make up two percent of the NFIP policyholder base, properties that have flooded three or more times account for more than 85033 percent of the program's losses.
|
|
The new profit-sharing mechanism would give insurers more flexibility in deciding when to realise gains, as they would no longer have to immediately convert all realised gains into policyholder guarantees.
|
|
They can also impose annual or lifetime limits, meaning they may only pay out a set amount -- often $1 million or less -- leaving the policyholder on the hook for the rest.
|
|
Fitch views the company's profitability as modest but in line with mutual peers, given its strategy of distributing excess earnings to its members through relatively high crediting rates and policyholder dividends.
|
|
Levine assumed that the typical annuity investor would generate an average annual return of 5 percent after fees and an index universal life policyholder would earn 6 percent a year after fees.
|
|
According to McKinsey, the policyholder surplus (crudely, the excess of assets over liabilities) available to pay claims in America's property and casualty sector doubled in real terms over the past 2999 years.
|
|
When a repetitive loss property's future cumulative claims exceed 150 percent of the maximum coverage amount, the policyholder would have to agree to implement to implement mitigation steps or risk losing coverage.
|
|
Like many wealthy Americans with assets to protect, Mr. Cosby had policies with enhanced "personal injury" clauses that provided coverage in a range of circumstances, including lawsuits that accuse the policyholder of defamation.
|
|
The 'AA' rating assigned to the surplus note reflects Fitch's standard notching from the company's 'AAA' Insurer Financial Strength (IFS) rating and considers the subordination of the surplus notes relative to policyholder obligations.
|
|
Before passage of the Affordable Care Act, the majority of insurance policies in the US, regardless of employer, had limits on spending based on the lifetime of the policyholder, annual limits or sometimes both.
|
|
However, we offer the State Farm Ridershare Driver coverage, which is an optional endorsement a policyholder can purchase which provides physical damage coverage for qualifying claims when driving for a TNC [transportation network company].
|
|
The plan may include measures to reduce Ethias's exposure to interest-rate risk associated with the capital intensive "First A" products, under which guarantees are paid until the policyholder reaches the age of 99.
|
|
Term policies (as opposed to whole-life policies) are fixed-rate policies that tend to be more affordable, and cover the policyholder for a set period of time — say, 30 years — before they expire.
|
|
Coverage on most LTC insurance policies kicks in once the policyholder needs help with two or more of the six Activities of Daily Living (ADLs): eating, bathing, dressing, transferring, using the toilet, and maintaining continence.
|
|
"When a policyholder contacts his/her insurer and verifies his/her identity, he/she can receive an advance payment for up to $5,000 on a flood claim, without an adjuster visit or additional documentation," FEMA said.
|
|
Under this legislation, for a single policyholder purchasing an illustrative benchmark plan (with an actuarial value of 0003 percent) in 2000, the deductible for medical and drug expenses combined would be roughly $218,211, the agencies estimate.
|
|
They must either prove that no more than 20 percent of the premiums come from one policyholder, or that an insured company is not wholly owned by one person and the captive by his or her heirs.
|
|
"Private client policies often allow for the policyholder to opt out of rebuilding and take a cash settlement to rebuild elsewhere — also a big benefit in devastated areas that might be the site of painful memories," Kelly added.
|
|
Axa, which has been increasing its dividend payouts for shareholders, projects that the premium increases will raise its profits by approximately $500 million, according to a lawsuit filed in federal court in Manhattan this year by a policyholder.
|
|
All of the objects stored at these facilities are insured by their owners, and insurance companies "are not required to report to the F.B.I. or to Interpol" if a policyholder is insuring a stolen object, Mr. Wittman said.
|
|
The Asset Management division's revenues increased, excluding the impact of policyholder positions in Abbey Life and one-off gains in 1Q16, reflecting higher management fees and net asset inflows across several products and geographies, after six quarters of outflows.
|
|
The actuarial value of an insurance plan is basically the proportion of the plan that is paid out by the insurance company versus what is paid out by the policyholder in the form of copays, deductibles, and the like.
|
|
We therefore believe many German life companies will have applied to the regulator for approval to use transitional measures to limit the initial impact of Solvency II. We expect rated German life companies to meet policyholder guarantees despite these risks.
|
|
Eventually, the cash value grows to equal the death benefit amount and the policyholder can dip into it to pay for retirement or take out a loan, for example, or leave it to be paid out, tax-free, to the beneficiaries.
|
|
Consequently, earnings contributions from underwriting and associated expenses have become more important as both are the result of conservative life insurance policy calculations and constitute a stable contribution to gross income, providing a further buffer for life insurance companies to finance policyholder guarantees.
|
|
It's the percentage, once you've paid your premium, it's the percentage of a plan that is paid for, if you have health care expenses, by the insurer versus the percentage that is paid for by the policyholder in the form of deductibles, copays, etc.
|
|
The following is a list of triggers that could lead to a downgrade: --An increase in the company's operating leverage, as defined by net written premiums to policyholder surplus, of 22016x or higher; --Material adverse reserve development; --A Prism capital model score below 'Strong' (currently 'Very Strong').
|
|
LONDON, Feb 19 (Reuters) - The high court in London ruled on Friday that life insurer Royal London on Friday should have allowed a policyholder to transfer her pension pot to a different pension scheme, in a case which lawyers said could have repercussions across the sector.
|
|
The legal battle began in the fall of 2017, when New York's Department of Financial Services launched an investigation into Carry Guard, a NRA-sponsored insurance policy that covers legal costs if a policyholder faces any civil or criminal liability in using a lawfully owned gun.
|
|
"Cancel for any reason" (CFAR) coverage, which can be purchased as a policy add-on, is 40% more expensive than a typical travel insurance policy and reimburses up to 75% of trip costs if the policyholder cancels the trip two to three days before departure, Squaremouth explains.
|
|
No. A CLUE report — short for Comprehensive Loss Underwriting Exchange — is also used in setting rates for homeowner policies, but it reflects the claims history of a property, rather than the credit history of the policyholder, said Robert Hunter, insurance director with the Consumer Federation of America.
|
|
RATING SENSITIVITIES Key rating triggers that could result in a downgrade include a fall in Prudential's Prism score to the low end of the 'very strong' category, triggered for example by rapid growth in the US VA business; Fitch-calculated financial leverage over 25% (end-2015: 17%); or material crystallisation of credit risk, longevity risk or adverse policyholder behaviour.
|
|
RATING SENSITIVITIES Key rating triggers that could result in a downgrade include: a fall in Prudential's Prism score to low in the 'very strong' category or in its US operations' regulatory risk-based capital ratio to below 400%; Fitch-calculated financial leverage over 15493% (end-1H15: 18%); interest coverage below 5x (10.3x in 2014); or material crystallisation of credit risk, longevity risk or adverse policyholder behaviour.
|
|
With on-demand accident insurance, the policyholder receives coverage the same day they apply for it. In addition, on-demand insurance providers may offer episodic insurance policies, which allow the policyholder to customize the term of the policy (i.e. the duration of coverage). The policyholder need only pay for coverage for as long as they need or can afford it.
|
|
Thus, we know in one case, premiums on a life insurance policy were overdue. The insurer's letter to the policyholder warning him of this fact was never received by the policyholder, who died shortly after the policy consequently lapsed. It was clear that if the notice had been received by the policyholder, he or his wife would have taken steps to ensure the policy continued in force, because the policyholder was terminally ill at the time and the coverage provided by the policy was something his wife was plainly going to require in the foreseeable future. Since the policyholder would have been fully entitled to pay the outstanding premium at that stage, regardless of his physical condition, the insurer (with some persuasion from the Bureau) agreed that the matter should be dealt with as if the policyholder had done so.
|
|
It will also provide legal representation and pay the cost of defense of the policyholder if the policyholder is sued as a result of being involved in an accident because losing the liability claim would be detrimental for the liability insurer since he would have to bear the financial consequences. The liability insurer, however, does not assist the policyholder to seek justice as a plaintiff in case he suffered a damage.
|
|
As the interest rates lowered, the policy did not earn as expected and the policyholder was forced to pay more to maintain the policy. If any form of loan is taken on the policy, this may cause the policyholder to pay a greater than expected premium, because the loaned values are no longer in the policy to earn for the policyholder. If the policyholder skips payments or makes late payments, they may have to make that up in later years by making larger than expected payments. Market factors relating to the 2008 stock market crash adversely affected many policies by increasing premiums, decreasing benefit, or decreasing the term of coverage.
|
|
Terminal Illness Insurance (known as Accelerated Death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis, by a physician who specialises in that illness or condition. Terminal Illness Insurance is a form of insurance that is often added to a life insurance policy or a Mortgage Life Insurance policy by the insurance company issuing the policy. Terminal Illness Insurance is not available as a separate insurance policy. If a life insurance policyholder also has terminal illness insurance, then he/she has the benefit of knowing that if he/she is diagnosed with a serious illness and is expected to die within 12 months of diagnosis, then the combined policy will pay out straight away rather than waiting for the policyholder to die (as would happen if the policyholder did not have terminal illness insurance).
|
|
Some cancer insurance plans have provisions that prevent the policyholder from receiving benefits during a period after initial enrollment; this length is frequently thirty days. Some plans stipulate that if a policyholder is diagnosed with cancer in the first thirty days of coverage, their benefits are significantly reduced and coverage will subsequently be terminated.
|
|
A Unit-Linked Insurance Plan is essentially a combination of insurance and an investment vehicle. A portion of the premium paid by the policyholder is utilized to provide insurance coverage to the policyholder and the remaining portion is invested in equity and debt instruments. The aggregate premiums collected by the insurance company providing such plans is pooled and invested in varying proportions of debt and equity securities in a similar manner to mutual funds. Each policyholder has the option to select a personalized investment mix based on his/her investment needs and risk appetite.
|
|
Money back policies are basically an extension of endowment plans wherein the policyholder receives a fixed amount at specific intervals throughout the duration of the policy. In the event of the death of the policyholder, the full sum assured is paid to the beneficiaries. The terms again might slightly vary from one insurance company to another.
|
|
The amount of income produced by the "income rider" will depend on several factors, primarily the age of the policyholder at the time they opt for income, the specified accumulation rate and the length of time the "income pool" has been given to accumulate. Each time an income payment is paid to the policyholder, the indexed annuity account value is decreased by that same amount. "Income riders" that provide lifetime income are generally used as a means of allowing a policyholder to supplement their income, especially in retirement, without the possibility of outliving their money because even if the indexed annuity's account value falls to zero, the income payment from the "income rider" will continue until the death of the policyholder. If the policyholder dies and funds remain in the indexed annuity account value, those funds would be paid to the beneficiary(-ies). Some of these income riders are offered with no fees, while others carry an annual fee (generally 1% or less) which is deducted directly from the indexed annuity account value.
|
|
This form of insurance is the most widespread. It covers those wishing to protect themselves against possible future claims and it is purchased before the prospect of any legal dispute. It supports the policyholder either by providing legal advice or even by representing the policyholder in-court or out-of-court. It also covers the costs and expenses of legal proceedings.
|
|
This system is also called a no-claim discount (NCD) or no- claims bonus in Britain and Australia. The fundamental principle of BMS is that the higher the claim frequency of a policyholder, the higher the insurance costs that on average are charged to the policyholder. This principle is also valid in an insurance arrangement consisting of a high maximum deductible which is common to all policyholders.
|
|
Generally, IFRS 4 permitted companies to continue previous accounting practices for insurance contracts, but did enhance the disclosure requirements. IFRS 4 defines an insurance contract as a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." The standard provides definitions to distinguish "insurance risk" from "financial risk." IFRS 4 exempts insurance companies from certain other IFRS standards, including IAS 8 on changes in accounting policies, until phase II is complete, but IFRS 4 does introduce its own requirements for changes in accounting policies.
|
|
In 2015, American soccer player and long-time NJM policyholder Carli Lloyd was announced as NJM's spokesperson. In 2018, NJM expanded its services to Pennsylvania residents.
|
|
Legal protection insurance (LPI), also known as legal expenses insurance (LEI) or simply legal insurance, is a particular class of insurance which facilitates access to law and justice by providing legal advice and covering legal costs of a dispute, regardless of whether the case is brought by or against the policyholder. Depending on the national rules, legal protection insurers can also represent the policyholder out-of-court or even in-court.
|
|
A part of the insurance premiums paid flow into a group fund, the other part to a third party insurance company. Minor damages to the insured policyholder are firstly paid out of this group fund. For claims above the deductible limit the regular insurer is called upon. When there is no insurance claim, the policyholder gets his/her share refunded from the group pool or credited towards the next policy year.
|
|
In insurance, a manuscript policy is one that is negotiated between the insurer and the policyholder, as opposed to an off-the-shelf form supplied by the insurer.
|
|
Public insurance adjusters help policy holders receive payment from insurance companies. Public adjusters represent the policyholder for a small percentage of the resulting settlement money from the insurance claim.
|
|
It also allows the insurer to claim that the policy offers protection against rises in premiums because of the policyholder acquiring health conditions even though that protection is limited.
|
|
Interest rate risk: UL is a complex policy with risk to the policyholder. Its flexible premiums include a risk that the policyholder may have to pay a greater than planned premium to maintain the policy. This can happen if the expected interest paid on the accumulated values is less than originally assumed at purchase. This happened to many policyholders who purchased their policies in the mid-1980s when interest rates were very high.
|
|
A point-of-service plan is like an HMO. It requires the policyholder to choose an in-network primary care doctor and to get referrals from that doctor if they want the policy to cover a specialist’s services. And a point-of-service plan is like a PPO in that it still provides coverage for out-of-network services, but the policyholder will have to pay more than if they used in-network services.
|
|
A form of limited pay, where the pay period is a single large payment up front. These policies typically have fees during early policy years should the policyholder cash it in.
|
|
Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation. The policy may require the policyholder to survive a minimum number of days (the survival period) from when the illness was first diagnosed. The survival period used varies from company to company, however, 14 days is the most typical survival period used.
|
|
Life insurance policies are long-term contracts, where the policyholder pays a premium to be covered against a possible future event (such as the death of the policyholder). Future income for the insurer consists of premiums paid by policyholders whilst future outgoings comprise claims paid to policyholders as well as various expenses. The difference, combined with income on and release of statutory reserves, represents future profit. Net asset value is the difference between the total assets and liabilities of an insurance company.
|
|
The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyholder by the issuing life carrier upon cancellation of the contract. This term is normally used with a life insurance or life annuity contract. To receive the cash value, the policyholder surrenders their rights to future benefits under the policy. Cash values are usually associated with whole life insurance or endowment life insurance and other forms of permanent life insurance.
|
|
These products may also waive surrender charges if the policy is annuitized (converted into an immediate annuity that would generate income payments over a specified period of time which is elected by the policyholder). Some annuities provide additional riders to have surrender charges waived (generally at no additional cost) in the event the annuitant is confined to a nursing home or is diagnosed with a terminal illness. In recent years, many indexed annuities can be issued with a rider designed to supply a lifetime income payment to the policyholder that does not require annuitization, thus leaving the policyholder in control of the balance of the account. These "income riders" are calculated separately than the indexed annuity itself, however, they use the same initial premium figures for each calculation.
|
|
Whether or not these events will occur is uncertain. If the policyholder discontinues coverage because he or she has sold the insured car or home, the insurance company will not refund the full premium.
|
|
On the other hand, many older policies (especially well-funded ones) benefit from the unusually high interest guarantees of 4% or 4.5%, which are common for policies issued prior to 2000. Policies from that era may benefit from voluntary increases in premium, which capture these artificially high rates. No-lapse guarantees, or death benefit guarantees: A well informed policyholder should understand that the flexibility of the policy is tied irrevocably to risk to the policyholder. The more guarantees a policy has, the more expensive its cost.
|
|
Accident insurance complements but does not replace health insurance. In the event of an accident resulting in an injury, a health insurance policyholder may still be responsible for out-of-pocket expenses. These may include copayments, deductibles, and coinsurance charges that must be paid by the insured before the health insurer pays any benefits. In the first half of 2018, almost half of Americans with health insurance had high- deductible plans--defined as plans with a deductible of at least $1,350 for an individual policyholder.
|
|
A whole life insurance plan covers the insured over his life. The primary feature of this product is that the validity of the policy is not defined so the policyholder enjoys the life cover throughout his life.
|
|
Long-term care (LTC) insurance reimburses the policyholder for the cost of long-term or custodial care services designed to minimize or compensate for the loss of functioning due to age, disability or chronic illness."Long-Term Care: Understanding Needs and Options," The Health Insurance Association of America, 2001, LTC has many surface similarities to long-term disability insurance. There are at least two fundamental differences, however. LTC policies cover the cost of certain types of chronic care, while long-term-disability policies replace income lost while the policyholder is unable to work.
|
|
This summary is based largely on the summary provided by the Congressional Budget Office about the substitute amendment for H.R. 3370 that was posted on February 28, 2014. This is a public domain source. H.R. 3370 would reduce federal flood insurance premium rates for some properties that are sold, were uninsured as of July 2012, or where coverage lapsed as a result of the policyholder no longer being required to maintain coverage. Excess premiums collected on these policies since the beginning of fiscal year 2014 would be refunded to the policyholder.
|
|
Mockenhaupt, B.D. (1998). For public adjusters, disaster means business. A public adjuster is a representative of the policyholder who advises, manages, and submits a claim to the policyholder's insurance company. A public insurance adjuster advocates exclusively for policyholders.
|
|
Expense and mortality investigations. 9\. Investment portfolio structuring and matching of assets with liabilities. 10\. Investment Management. ZB Bank Limited provide investment management services for all types of pension funds, ZB life assurance funds and individual policyholder funds.
|
|
The blaze consumed a number of other businesses, homes and a church in what amounted to the city's "Great Fire" to that date. With this first loss, began the Society's tradition of prompt and full payment to the policyholder.
|
|
NIMA generally applied to property and casualty insurance, consistent with the NRRA, but allowed a state to utilize the clearinghouse for non-property and casualty insurance too. NIMA also defined "principal place of business" and "principal residence" for the purpose of the definition of an insured's "home state", and provided that, if the insured's principal place of business or principal residence is located outside the United States, then the insured's home state is the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. NIMA further stated that when the group policyholder pays 100% of the premium from its own funds, the term "home state" means the home state of the group policyholder. When the group policyholder does not pay 100% of the premium from its own funds, the term "home state" means the home state of the group member.
|
|
Insurance rating bureaus. Journal of Insurance Regulation. This expedites compliance and allows the policyholder customers to compare policy forms more easily. Companies which do not use the standardized form exactly will often use it as a base with subtle modifications.
|
|
When discontinuing a policy, according to Standard Non-forfeiture Law, a policyholder is entitled to receive his share of the reserves, or cash values, in one of three ways (1) Cash, (2) Reduced Paid-up Insurance, or (3) Extended term insurance.
|
|
Insurance Commissioner George Dale: Dale launched his own investigation of the insurance industry and began with State Farm because they were the biggest insurance company in Mississippi. Dale claimed he was spurred on by policyholder complaints aired on local television.
|
|
The basic premise of a term insurance policy is to secure the immediate needs of nominees or beneficiaries in the event of the sudden or unfortunate demise of the policy holder. The policyholder does not get any monetary benefit at the end of the policy term except for the tax benefits he or she can choose to avail of throughout the tenure of the policy. In the event of the death of the policyholder, the sum assured is paid to his or her beneficiaries. Term insurance policies are also relatively cheaper to acquire as compared to other insurance products.
|
|
Typical critical illness insurance products refer to policies where the insurer pays the policyholder a pre-determined lump sum cash payment if the policyholder is diagnosed with a critical illness listed in the policy. However, alternative forms of critical illness cover provide direct payment to health providers to cover the high medical costs in treating critical illnesses such as cancer, cardiovascular procedures and organ transplants. The maximum amount is set out in the insurance policy and defined per episode of treatment. These critical illness insurance products generally pay hospitals directly to avoid policyholder’s incurring out of pocket expenses and lengthy reimbursement processes.
|
|
While it is not always clearCommunity Assisting Recovery, Inc (2006). A Public Adjuster may NOT be your best choice when a policyholder may benefit from hiring a public adjuster, the most benefit is likely to be realized if they are engaged immediately in case of a loss. Shortly after the insurance company receives notice of a loss, an adjuster representing the insurance company will visit the policyholder to gather facts about how the loss occurred, the magnitude of the loss, and the possibility of subrogation. Incorrect, incomplete or inadequately expressed answers to the adjuster's questions may reduce the amount that can be claimed.
|
|
How to Prepare to File an Insurance Claim in the Event of Disaster. However, there is a clear distinction between a loss adjuster, who works on behalf of an insurance company, and a loss assessor who works on behalf of a policyholder.
|
|
The organization's compensation for its departing CEO, Cleve Killingsworth, totaled $8.6million in 2010. When this was reported in 2011, public anger and a four-month investigation from the Massachusetts Attorney General followed. BCBSMA ultimately credited $4.2million, representing Killingsworth's severance, off policyholders' premiums (~$3 per policyholder).
|
|
Suppose a person dies with a valid life insurance policy in effect. The insurance company is ready, willing, and able to pay the policy proceeds in specified percentages to named beneficiaries as last directed by the policyholder, but becomes aware of a dispute among them and/or third parties as to who are the proper beneficiaries or the proper distribution of proceeds among the beneficiaries. Such a dispute commonly arises from interpersonal friction among the policyholder's survivors. One specific situation commonly seen in the reported cases is where the policyholder was allegedly murdered by a beneficiary (which would disqualify that beneficiary from receiving any proceeds).
|
|
Death benefit amounts of whole life policies can also be increased through accumulation and/or reinvestment of policy dividends, though these dividends are not guaranteed and may be higher or lower than earnings at existing interest rates over time. According to internal documents from some life insurance companies, the internal rate of return and dividend payment realized by the policyholder is often a function of when the policyholder buys the policy and how long that policy remains in force. Dividends paid on a whole life policy can be utilized in many ways. The life insurance manual defines policy dividends as refunds of premium over-payments.
|
|
Some policies also cover treatments in a person's home country often for a limited period of time. Those traveling abroad for shorter periods of time might wish to purchase a travel medical policy which can provide assistance during emergency medical situations abroad. These policies are less expensive as they are time specific rather than annual policies, this allows the policyholder to specifically tailor the plan to the exact length of their trip. A majority of international travel insurance policies will also allow the policyholder to be evacuated to the nearest center of medical excellence in the event of a serious illness or injury; it is also possible to obtain repatriation coverage.
|
|
David Hyman was selected as the representative policyholder. Hearings started in July 1999, and in September the High Court ruled in the Equitable's favour; but this was reversed by the Appeal Court in January 2000. The Equitable now sought a ruling by the House of Lords.
|
|
California Casualty's policyholder-owned organization is rated B++ (Good) with a stable outlook by A.M. Best Company. California Casualty does not carry any debt on its balance sheet and has no liquidity issues. Their conservative investment philosophy prohibits exposure to the kinds of risks that have shaken Wall Street.
|
|
Premiums paid by a policyholder are not deductible from taxable income, although premiums paid via an approved pension fund registered in terms of the Income Tax Act are permitted to be deducted from personal income tax (whether these premiums are nominally being paid by the employer or employee). The benefits arising from life assurance policies are generally not taxable as income to beneficiaries (again in the case of approved benefits, these fall under retirement or withdrawal taxation rules from SARS). Investment return within the policy will be taxed within the life policy and paid by the life assurer depending on the nature of the policyholder (whether natural person, company-owned, untaxed or a retirement fund).
|
|
This premium is non- guaranteed and may be adjusted in the future. According to Minister for Health Gan Kim Yong, about $2.6 billion have been collected in premiums for ElderShield, out of which around $100 million have been paid out in claims and $130 million in premium rebates from its inception in 2002 to end 2015. According to Gan Kim Yong, ElderShield collects premiums while the policyholder is aged 40 to 65, and provides lifetime coverage from age 40, even after the policyholder reaches 65 and stops paying premiums. The total amount of premiums collected exceed the amount of claims paid to-date because the premiums collected are meant to provide coverage against future claims throughout policyholders' lifetime.
|
|
Longevity insurance, insuring longevity, also known as a longevity annuity, Qualifying Longevity Annuity Contract or QLAC and deferred income annuity, is an annuity contract designed to provide to the policyholder payments for life starting at a pre-established future age, e.g., 85, and purchased many years before reaching that age.
|
|
The insurance company will ordinarily pay the judgment, up to the policy limits, once a court determines that an uninsured motorist was at fault. Some states' laws also allow additional insurance coverage to the insured policyholder through policy stacking provisions, whereby a claim may be made against multiple uninsured motorist policies.
|
|
Mr Hyman was a representative policyholder. At no point, however, were the GAR policyholders ever paid less per annum (and nor was there ever any intention by the directors of Equitable Life to pay them less) than their guaranteed fund (i.e. excluding the non-contractual terminal bonus) times guaranteed annuity rate.
|
|
As of December 31, 2014, the company has assets of more than $14 billion and a policyholder surplus of over $4.1 billion. Sentry was rated A+ by A.M. Best, the insurance industry’s leading rating authority, as of 2015. In 2017, Sentry Insurance was ranked 720 on the Fortune 1000 list of companies.
|
|
As of December 31, 2013, Sentry had assets of $13.2 billion and a policyholder surplus of $4.1 billion. The Sentry Group of Companies serves more than 1.1 million policyholders. The company offers life, group health, auto, and other property/casualty lines. Sentry's property and casualty companies are rated A+ by A. M. Best.
|
|
The Shenandoah Life Insurance Company is an insurance company based in Roanoke, Virginia, United States. Founded in 1916, the company operated until 2012 as a policyholder-owned mutual insurance company when it was sold to United Prosperity Life. In 2012, the company was demutualized into a subsidiary of Prosperity Life Insurance Group, LLC.
|
|
Volunteering to move a vehicle, for example, where another motorist had been taken ill or been involved in an accident, could lead to the "assisting" driver being prosecuted for no insurance if the other car's insurance did not cover use by any driver. To alleviate this loophole, an extension to UK Car Insurances was introduced allowing a Policyholder to personally drive any other motor car not belonging to him/her and not hired to him/her under a hire purchase or leasing agreement. This extension of cover, known as "Driving Other Cars" (where it is granted) usually applies to the Policyholder only. The cover provided is for Third Party Risks only and there is absolutely no cover for loss of, or damage to the vehicle being driven.
|
|
An "income rider" generally will provide a specified accumulation rate which is guaranteed for a certain period of years. The "income rider" calculations create an "income pool" which is strictly an accounting figure that cannot be accessed as a single lump sum by the policyholder or beneficiary. The "income pool" continues to grow annually at the specified accumulation rate until such time the guarantee period expires or the policyholder opts to begin taking "lifetime income payments" from the account. Once "lifetime income payments" begin, the "income pool" stops accumulating, and the value of the income pool is used to determine the amount of income that will be paid out annually (it can usually be paid monthly, quarterly or semi-annually as well).
|
|
Several states also have exceptions to the American rule in both statutes and case law. For example, in California, the Consumers Legal Remedies Act allows plaintiffs to recover attorney's fees,See subsection (e), and in insurance bad faith cases, a policyholder may be able to recover attorney's fees as a separate component of damages.
|
|
Public insurance adjusters represent the policyholder during the insurance claims process. These individuals or companies can inspect property damage, but cannot advise homeowners on questions of the law. They also help in building the case that is argued against the insurance company. Adjusters mostly represent clients who have been victim to property damage or loss.
|
|
Sir John, whose report was designed to compensate those who suffered "disproportionately", recommended a payment cap for each policyholder which would reduce total compensation to between £400m and £500m. Hoban said compensation would follow recommendations of the Parliamentary Ombudsman report and would take Sir John's findings into account, but might be affected by public spending cuts.
|
|
In order to pay the premiums on the policies, Equity Funding created additional bogus policies that they would also sell. Sometimes they would claim the bogus policyholder died and then receive the death benefits from the reinsurance company.22 Indicted By U.S. In Equity Scandal New York Times November 2, 1973 The company filed for bankruptcy in April 1973.
|
|
Here again, the fair outcome was to look at what would have happened if the insurer's normal practice had been followed. In such circumstances, the policyholder would plainly have still had a policy at the time of the accident. The insurer itself had not acted incorrectly at any stage. However, in the circumstances, it was equitable for it to meet the claim.
|
|
On July 15, 2014, a policyholder in Washington state filed a proposed class action lawsuit in the Superior Court of Pierce County seeking diminished value insurance benefits under their automobile insurance policies. The insurance company filed a notice to remove the lawsuit to federal district court on August 20, 2014. The case is titled Johnston v. United Services Automobile Ass'n.
|
|
A public adjuster engaged early in the process, before the fact-finding stage, will have more opportunity to help the policyholder receive a fair settlement for all losses legitimately covered under the insurance policy. However, any time during negotiations with the insurance company and even after a settlement has been received by an insured, a public adjuster may be able to negotiate for a higher amount.
|
|
Policyholders of insurance policies (that are not associated with separate accounts) do not have a legal or other direct interest or right to the assets or investments of the insurance company's general account but rather these obligations for benefits or claims are general obligations of the company. In this case, policyholders are subject to credit risk of the insurance company-- that is, should the insurance company fail or go bankrupt, the claims or cash values of policies are not directly backed or collateralized by the company's investments and other assets. In the U.S., state insurance departments examine (audit) insurance companies to evaluate many things, principally to see if the company is sound and policyholder interests are protected. A.M. Best is an example of an insurance rating agency who evaluates and rates many companies on various factors such as financial strength, claims-paying and other policyholder servicing experiences.
|
|
In the European Union precise rules govern legal protection insurance and explicitly define how insurers must organise their business and manage claims. These rules are included in the Solvency II Directive (Articles 198 - 205) Legal protection insurance should not be confused with the coverage often included in a liability insurance. Liability coverage is designed to protect the policyholder against losses resulting from acts or omissions that are negligent and that result in damage to another person, his/her property or interests. Therefore, the main scope of third party liability insurance is to protect others from the consequences of the policyholder’s wrong-doing. In other words, the third-party liability insurance reimburses the other party’s damages which were caused by a negligent act of the insured. It does not intervene to protect the property and interests of the policyholder, except against being held liable for the other party’s damages.
|
|
A segregated fund or seg fund is a type of investment fund administered by Canadian insurance companies in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death.404 - Page not foundglobeadvisor.com: Seg funds cut the risk -- but at what price? As required by law, these funds are fully segregated from the company's general investment funds, hence the name.
|
|
Aflac Inc. (American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States. The company was founded in 1955 and is based in Columbus, Georgia. In the U.S., Aflac underwrites a wide range of insurance policies, but is perhaps more known for its payroll deduction insurance coverage, which pays cash benefits when a policyholder has a covered accident or illness.
|
|
The consumer with the $12,700 deductible will have to pay $12,700.How 'affordable' are Obamacare plans? By Tami Luhby, CNN, November 21, 2013 Deductibles are normally provided as clauses in an insurance policy that dictate how much of an insurance-covered expense is borne by the policyholder. They are normally quoted as a fixed quantity and are a part of most policies covering losses to the policy holder.
|
|
A deductible should not be confused with a franchise. Where a deductible represents a part of the expense for which the insurer is not liable, the franchise is a pure threshold that, when exceeded, transfers liability for the entire expense to the insurer. For example, with a franchise of $20,000, a claim of $19,900 is borne entirely by the policyholder and a claim of $20,500 is borne entirely by the insurer.
|
|
The policyholder is usually protected for disputes in several areas of law such as contract, labour, consumer and family law (in rare cases including divorce). The premium is generally paid on an annual basis. The extent of the cover depends on the type of contract and is defined in the policy terms and conditions. When the policy is sold as part of a home, motor or travel insurance package (i.e.
|
|
When the insurance commences, the value of the insurance coverage must equal the capital outstanding on the repayment mortgage and the policy’s termination date must be the same as the date scheduled for the final payment on the repayment mortgage. The insurance company then calculates the annual rate at which the insurance coverage should decrease in order to mirror the value of the capital outstanding on the repayment mortgage. Even if the client is behind on repayments, the insurance will normally adhere to its original schedule and will not keep up with the outstanding debt. Some mortgage life insurance policies will also pay out if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis. Insurance companies sometimes add other features into their mortgage life insurance policies to reflect conditions in their country’s domestic insurance market and their domestic tax regulations.
|
|
Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured. For example, a $1,000,000 policy bought for $10,000 a year over a 30-year period would result in $300,000 being refunded to the surviving policyholder at the end of the 30 years.
|
|
For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.Mayhall, Van, III, Insurance: Defined , Insurance Regulatory Law.
|
|
As a result, the premiums may go up if they determine that the policyholder will file a claim. If a person is financially stable and plans for life's unexpected events, they may be able to go without insurance. However, they must have enough to cover a total and complete loss of employment and of their possessions. Some states will accept a surety bond, a government bond, or even making a cash deposit with the state.
|
|
He also got enacted legislation to provide that an insurance agent and company must not sell a policy that is not suitable for the policyholder. To limit the arbitrary cancellation of automobile policies, Hatch established a point system to determine when an automobile policy may be cancelled by an insurer.Feyder, "Insurance Industry Changes May Benefit Consumers," Minneapolis Star and Tribune, September 12, 2983, p. 5B He also implemented a set of regulations to stop misleading statements in insurance solicitations.
|
|
The trafficking of life insurance products is illegal in many Canadian provinces (the anti-trafficking provision was never enacted in Saskatchewan, New Brunswick, and Nova Scotia, while Quebec repealed it in 1974). At least one large Canadian insurer warns agents not to sell policies if the intent of the policyholder is to sell or immediately assign the policy to an unrelated third party with a non-insurable interest (other than a bank, used as collateral for a loan).
|
|
In most instances of this alternative to the lump sump critical illness insurance, policyholders may decide where they will receive treatment among a pre-selected group of hospitals. Some forms of critical illness insurance also offer policyholders the option to travel to highly specialised hospitals in other countries to receive treatment. These policies usually include travel and accommodation expenses for the policyholder and a companion, as well as other concierge services such as translators or personal nurses.
|
|
1906 San Francisco earthquake Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake loss.
|
|
In the federal court a jury found that State Farm had defrauded the government in a policyholder claim. State Farm was ordered to pay the Rigsbys attorneys $2.6 million plus expenses of just over $300,000. The Rigsby sisters were to each receive 15 percent of the $750,000 awarded to the government. The case involved the claim of Thomas and Pamela McIntosh only and the judge refused to allow any claims on other properties to be included.
|
|
Profit is made if the policyholder does not die, for example, and just contributes premiums over many years. Losses are possible for policies where the insured dies soon after signing the contract. And profitability is also affected by whether (and when) a policy might terminate early. An actuary calculates an embedded value by making certain assumptions about life expectancy, persistency, investment conditions, and so on - thus making an estimate of what the company is worth now.
|
|
As with other insurance, an insurance policy is part of the insurance transaction. In mortgage insurance, a master policy issued to a bank or other mortgage-holding entity (the policyholder) lays out the terms and conditions of the coverage under insurance certificates. The certificates document the particular characteristics and conditions of each individual loan. The master policy includes various conditions including exclusions (conditions for denying coverage), conditions for notification of loans in default, and claims settlement.
|
|
Black's Law Dictionary; Sixth Edition; Insurance; p. 802. For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.
|
|
TM Asia Life is a general and life insurance company. It has offices in Malaysia, Singapore and Brunei. The company's insurance plans include i-intellectual, a regular premium investment-linked policy; and TM Legacy Plus, a limited-payment whole life policy which has a minimum benefit feature that increases a policy's sum assured depending on the entry age of the policyholder. In Singapore, TM Asia Life is the only insurer that has never reduced its bonus rates for participating life insurance policies.
|
|
The death benefit coverage is paid for by mortality charges (also called cost of insurance). As long as these charges can be deducted from the cash value, the death benefit is active. The "no lapse" guarantee is a safety net that provides for coverage in the event that the cash value isn't large enough to cover the charges. This guarantee is lost if the policyholder does not make the premium as agreed, although the coverage itself may still be in force.
|
|
In other words, his widow was entitled to the sum assured less the outstanding premium. In other similar cases, however, it has not been possible to follow the same principle because there has not been sufficiently clear evidence that the policy would have been renewed. Another illustration of the application of this equitable principle was in connection with motor vehicle insurance. A policyholder was provided with coverage on the basis that she was entitled to a "no claims" discount from her previous insurer.
|
|
Jimmy is a conman who has been working for an insurance company in New York City that the FBI is investigating since it cannot pay policyholder claims following a hurricane. The mastermind of the scheme and his mentor, Marvin, is in Thailand. In Bangkok, Jimmy learns from Joseph Kaspar, a partner in the scheme, that Marvin is in Cambodia, where he is involved in a casino scheme. The roads are not safe so a guide takes Jimmy by back trail to Phnom Penh.
|
|
Master policies generally require timely notice of default include provisions on monthly reports, time to file suit limitations, arbitration agreements, and exclusions for negligence, misrepresentation, and other conditions such as pre-existing environmental contaminants. The exclusions sometimes have "incontestability provisions" which limit the ability of the mortgage insurer to deny coverage for misrepresentations attributed to the policyholder if twelve consecutive payments are made, although these incontestability provisions generally don't apply to outright fraud.Ellison JN. (2010). Emerging Mortgage Insurance Coverage Disputes .
|
|
Insurance may also be purchased through an agent. A tied agent, working exclusively with one insurer, represents the insurance company from whom the policyholder buys (while a free agent sells policies of various insurance companies). Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance company, if there is a claim the agent may advise the client to the benefit of the insurance company.
|
|
Some policies afford the policyholder a share of the profits of the insurance company—these are termed with-profits policies. Other policies provide no rights to a share of the profits of the company—these are non- profit policies. With-profits policies are used as a form of collective investment scheme to achieve capital growth. Other policies offer a guaranteed return not dependent on the company's underlying investment performance; these are often referred to as without-profit policies, which may be construed as a misnomer.
|
|
U.S. Department of Health and Human Services (HHS) Secretary Kathleen Sebelius sent a letter to WellPoint urging the insurer to immediately end their practice of dropping health insurance coverage for the women. The software technology used by Wellpoint as well as other major American health insurance companies"Nation’s Largest Insurance Reporting Agency Agrees To Expand Consumer Rights" FTC. is provided by MIB Group. The software automatically triggered a fraud investigation on every policyholder recently diagnosed with breast cancer and searched for conditions not disclosed in the application.
|
|
Coverage does not include criminal prosecution, nor all forms of legal liability under civil law, only those specifically enumerated in the policy. Some policies are more tightly worded than others. While a number of policy wordings are designed to satisfy a stated minimum approved wording, which makes them easier to compare, others differ dramatically in the coverage they provide. For example, a breach of duty may be included if the incident occurred and was reported by the policyholder to the insurer during the policy period.
|
|
The Gard group also provides covers for Marine Builder's Risks. This provides cover for the shipbuilding industry against the risks of building vessels (from “keel laying” to delivery) and for conversion projects. A range of covers related to the newbuilding process, such as towage, delay in delivery, non-delivery also fall under this business unit. Mortgage covers are also written for banks and financial institutions. These covers protect policyholder against the perils of non-payment of outstanding loans and interests in “sailing” vessels, i.e.
|
|
Insurance in Serbia refers to the market for risk in the Republic of Serbia. Insurance, generally, is a contract in which the insurer (joint-stock insurance company, mutual insurance company, or reciprocal, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium).Black's Law Dictionary; Sixth Edition; Insurance; p. 802.
|
|
Marketing Life Insurance, page 318. The National Loan also sold a deferred annuity product, which operated as a savings vehicle for persons willing to make regular payments to the company (and these payments could be made as frequently as weekly). At a pre-specified age, typically between 50 and 65, the policy would convert into an annuity that made regular payments back to the policyholder for the remainder of the policyholder's life. Here too loans could be taken out in amounts up to two- thirds of the premiums already paid.
|
|
730 Third Avenue In 1918, Andrew Carnegie and his Carnegie Foundation for the Advancement of Teaching, under the leadership of Henry S. Pritchett, created the Teachers Insurance and Annuity Association of America (TIAA), a fully funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals. The policyholders voted in 1921 to implement policyholder representation on the TIAA board so that educators would have a role in running the organization.
|
|
Mortgage life insurance is a form of insurance specifically designed to protect a repayment mortgage. If the policyholder were to die while the mortgage life insurance was in force, the policy would pay out a capital sum that will be just sufficient to repay the outstanding mortgage. Mortgage life insurance is supposed to protect the borrower's ability to repay the mortgage for the lifetime of the mortgage. This is in contrast to private mortgage insurance, which is meant to protect the lender against the risk of default on the part of the borrower.
|
|
In 1869 the New Zealand Government provided the capital for the creation of the New Zealand Government Life Insurance Department (better known simply as Government Life). It became TOWER Corporation in 1987 at a time when several New Zealand government departments and organisations were being corporatized or converted into state owned enterprises. Three years later, ownership of TOWER was transferred to policyholder as the business was mutualised. Being a mutual caused difficulties in raising capital and nine years later, in 1999, TOWER demutualised and listed on the stock exchange.
|
|
Between 1984 and 1986, the Manhattan Life parent company moved from a mixed stock and policy holder (mutual) model to a full stock ownership, moving Manhattan Life Insurance Company into the model with them. The company was formerly a subsidiary of the Manhattan Life Corporation. A 2009 New York State department of Financial Services report found a number of policyholder disclosure violations. A follow-up examination by the same department in 2014 revealed that subsequent actions were taken by the company to satisfy each of the citations in a manner acceptable to the Department.
|
|
The following day, Equitable announced that their President and seven non- executive directors would step down. Vanni Treves became Chairman in March 2001, with Charles Thomson as Chief Executive. On 4 February 2001 the Halifax agreed to buy Equitable's operating assets, salesforce and non-profit business for a payment of up to £1 billion into the with-profits fund, subject to policyholder agreement. On 20 September 2001, compromise proposals were published offering 17.5% increase for GARs in exchange for the guarantee and 2.5% for non-GARs in exchange for abandoning any legal claim.
|
|
That information was then forwarded to [a] Fortis Senior Underwriter...for review. [The underwriter]...recommended that [the plaintiff’s] policy be rescinded on the grounds that he had misrepresented his HIV positive status. A Reuters report on the ruling stated that Fortis had a company policy to target every recently diagnosed HIV-positive policyholder for an automatic fraud investigation as a pretext to rescind their policy, according to undisclosed records. As in that case, their insurance policies often were canceled on incorrect information, flimsy evidence, or for no reason at all.
|
|
Confirmation to this effect from the previous insurer was required. When that was not forthcoming, her coverage was cancelled by the brokers who had issued the initial coverage note. This was done without reference to the insurer concerned whose normal practice in such circumstances would have been to maintain coverage and to require payment of the full premium until proof of the no claims discount was forthcoming. Such proof was eventually obtained by the policyholder, but only after she had been involved in an accident after the cancellation by the brokers of the policy.
|
|
In order to serve as the Insurance Commissioner, a candidate must be at least twenty-five years old, a resident of the State for at least five years prior to their election, and have had at least five years' experience in the insurance industry in administration, sales, servicing or regulation. The Insurance Commissioner is forbidden from being financially interested, directly or indirectly, in any insurer, agency or insurance transaction except as a policyholder or claimant under a policy. The Insurance Commissioner serves a four-year term that runs concurrent with that of the Governor.
|
|
Wordings with major legal differences can be confusingly similar to non-lawyers. Coverage for "negligent act, error or omission" indemnifies the policyholder against loss/circumstances incurred only as a result of any professional error or omission, or negligent act (i.e., the modifier "negligent" does not apply to all three categories, though any non-legal reader might assume that it did). A "negligent act, negligent error or negligent omission" clause is a much more restrictive policy and would deny coverage in a lawsuit alleging a non- negligent error or omission.
|
|
Coverage is usually continued for as long as the policyholder provides covered services or products, plus the span of any applicable statute of limitations. Canceling the policy before this time would in effect make it as if the insured never had coverage for any incidents since any client could bring any case with regard to any such services or products that occurred before the statute of limitations cut-off point. A break in coverage could result in what is called a "gap in coverage," which is the loss of all prior acts.
|
|
The majority of international health insurance plans for expatriates are, however, globally portable. This allows foreign nationals overseas to move fluidly form one country to the next without periods of no cover. This is a significant difference from local health insurance plans and makes these policies attractive to many individuals. For the most part, however, an international health insurance policy will not cover an individual when they have returned to their home nation ("home country coverage"), making the investment practical only if the policyholder is planning to be overseas for an extended period of time.
|
|
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. Of the $4.640 trillion of gross premiums written worldwide in 2013, $1.274 trillion (27%) were written in the United States. Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium).
|
|
A liability insurance company's duty to settle is defined as an implied obligation to by the insurer to a policyholder and to a claimant to attempt "in good faith to effectuate prompt, fair, and equitable settlements of claims in which liability has become reasonably clear." § 790.03(h)(5) . To the surprise of many, a typical liability insurance policy makes no express contractual promise to settle.Typical language is: "We may, at our discretion, investigate any ‘occurrence' and settle any claim or 'suit' that may result." F-15 (Aspen Publishers Online 1997).
|
|
Each state may have differing opinions of DV. Example; The state of Georgia allows the insured party (the first-party Policyholder) to make a claim for their remaining economic loss for DV from their own insurance company while the neighboring state of Florida does not. Most states, however, allow the victim of another's negligence (third-party) to make a DV claim from the at-fault party. The length of time to collect Diminished Value will vary depending upon each state's statute of limitations for first party (contractual) claims and third-party (restatement of tort) claims.
|
|
The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.
|
|
An insured is thus said to be "indemnified" against the loss covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for a relatively few claimants – and for overhead costs.
|
|
The beginning of the 20th century brought significant change to the FM companies. Where once the mutual insurance companies focused primarily on the familiar business of textiles primarily within the Northeast region of the US, new companies began to form that sought business beyond the traditional geographical boundaries. These mutuals began branching out into other industries, such as shoe and rubber manufacturers, foundries and light, gas and power companies, while still maintaining their preference for low-risk properties. During the next 75 to 80 years, the need for more comprehensive policyholder coverage grew, forcing a series of consolidations among the FM companies.
|
|
Disability income (DI) insurance pays benefits to individuals who become unable to work because of injury or illness. DI insurance replaces income lost while the policyholder is unable to work during a period of disability (in contrast to medical expense insurance, which pays for the cost of medical care)."Disability Income Insurance: A Primer," The Health Insurance Association of America, 2002, For most working age adults, the risk of disability is greater than the risk of premature death, and the resulting reduction in lifetime earnings can be significant. Private disability insurance is sold on both a group and an individual basis.
|
|
In many organisations employees chose their own systems for storing files. Swank (2003: 125) cites an example of an insurance company where some employees filed according to policyholder (alphabetical), others by policy number (chronological) while others by date received. When employees were absent, substitutes sometimes found it hard to figure out where files were stored, so the process of retrieving files was delayed.Wener, R.E., "The Environmental Psychology of Service Encounters," in Czepiel, J.A., Solomon, M.R. and Suprenant, C.F. (eds), The Service Encounter: Managing Customer Interactions in Service Businesses, Lexington Books, 1985 To reduce this variation, the service firm has several options.
|
|
In addition, the unborrowed portion of the "two-thirds of paid premiums" was payable as a death benefit in the event the policyholder died prior to reaching the annuity-commencement age. This product was such a major element of the company's marketing strategy that its advertisements during the 1840s typically added the words "and Deferred Annuity" after "Assurance" to the company's name (although its legal name was never changed to reflect this).The basic operation of the deferred annuity product was set forth in most of the advertisements from this period. A detailed description of it appeared in the company's brochures.
|
|
Models project future hurricanes to be the strongest in recorded history. The PREPARE Act aims to minimize fraud in government response to natural disasters through the inclusion of language from the Flood Insurance Mitigation and Policyholder Protection Act. A 60 Minutes report found that engineers who were working for insurance companies that were operating under the Federal Emergency Management Agency altered damage reports of homes that were harmed by Hurricane Sandy. The engineers reported less damage than had actually occurred in changed reports, in attempts to decrease the amount of money given to homeowners who were desperate for repair funds.
|
|
The Homeowner Flood Insurance Affordability Act of 2013 () is a bill that would reduce some of the reforms made to the federal flood insurance program that were passed two years prior. The bill would reduce federal flood insurance premium rates for some properties that are sold, were uninsured as of July 2012, or where coverage lapsed as a result of the policyholder no longer being required to maintain coverage. The bill was passed in the United States House of Representatives during the 113th United States Congress. On March 21, 2014, President Barack Obama signed the bill into law, making it .
|
|
Payment Protection Insurance can be extremely useful; however, many policies have been mis-sold alongside loans, credit cards and mortgages. PPI mis-selling may leave the borrower with a policy of no use to them if they need to make a claim. Reclaiming PPI payments and statutory interest charges on these payments is possible either by the policyholder or via a lawyer or claims management company. If the borrower at the time of the PPI claim owes money to the lender, the lender will usually have a contractual right to offset any PPI refund against the debt.
|
|
In a participating policy (also "par" in the United States, and known as a "with-profits policy" in the Commonwealth), the insurance company shares the excess profits (divisible surplus) with the policyholder in the form of annual dividends. Typically these "refunds" are not taxable because they are considered an overcharge of premium (or "reduction of basis"). In general, the greater the overcharge by the company, the greater the refund/dividend ratio; however, other factors will also have a bearing on the size of the dividend. For a mutual life insurance company, participation also implies a degree of ownership of the mutuality.
|
|
A public adjuster is a professional claims handler/ claims adjuster who advocates for the policyholder in appraising and negotiating a claimant's insurance claim.United Policyholders, Public Adjusters: The Inside Scoop Aside from attorneys and the broker of record, state licensed public adjusters can legally represent the rights of an insured during an insurance claim process. Their technical expertise and ability to interpret sometimes ambiguous insurance policies allow property owners to receive the maximum amount of indemnification for their claims. Although seen many times as adversarial by the Carriers, public adjusters do (almost always) substantially increase the settlement value of the loss.
|
|
In many jurisdictions, the fee structure must be disclosed up front. It is important to note that a public adjuster cannot obtain more than the policyholder is legitimately entitled to, but public adjusters ―especially experts― generally recover a better financial settlement benefit than the fees charged to their clients, thereby leaving their clients with a net financial improvement of benefits recovery after fees are paid. The indemnity promised and provided for by an insurance policy, or the full potential financial recovery value of an insurance claim, is often not obtainable without professional assistance like that which comes from a very capable public adjuster.
|
|
For example: when a television is covered by a replacement cost value policy, the cost of a similar television which can be purchased today determines the compensation amount for that item. This kind of policy is more expensive than an Actual Cash Value policy, where the policyholder will not be compensated for the depreciation of an item that was destroyed. The total amount paid by an insurance company on a claim may also involve other factors such as co- insurance or deductibles. One of the champions of the replacement cost method was the Dutch professor in Business economics Théodore Limperg.
|
|
Premiums are not usually deductible against income tax or corporation tax, however qualifying policies issued prior to 14 March 1984 do still attract LAPR (Life Assurance Premium Relief) at 15% (with the net premium being collected from the policyholder). Non-investment life policies do not normally attract either income tax or capital gains tax on a claim. If the policy has as investment element such as an endowment policy, whole of life policy or an investment bond then the tax treatment is determined by the qualifying status of the policy. Qualifying status is determined at the outset of the policy if the contract meets certain criteria.
|
|
The policyholder may also be able to use the cash value as collateral on a loan. The cash value will often be similar or even equal to the reserve to be held by the insurance company for the net obligations from the contract. As such, the amount is usually invested and earns investment income for the insurance company which is to some extent forwarded to policyholders of participating contracts. Since often initial premiums are not invested but covering initial costs associated with selling the contract (up front or front-end fee), the amount available may be significantly lower than the sum of premiums paid for some time, initially even zero.
|
|
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.
|
|
There are three classes of insurance claims adjusters: staff adjusters (employed by an insurance company or self-insured entity), independent adjusters (independent contractors hired by the insurance company) and public adjusters (employed by the policyholder). "Company" or "independent" adjusters can only legally represent the rights of an insurance company.United Policyholders, Making the best choice when hiring a public adjuster, 2007 Outside the United States adjusters are commonly called (or translated into English as) "insurance loss assessors" (or simply "loss assessors") and staff adjusters or independent adjusters are called or translated as "insurance loss adjusters" (or simply "loss adjusters").wikiHow - The How-to Manual That You Can Edit.
|
|
In 1901, a group of German-Catholic immigrants to Texas who were united by faith, by language, by common concern for their fellow man and by their desire to protect their families, founded their own fraternal benefit society which is now known as Catholic Life. Originally called the Sterbekasse der Deutschen Katholiken von Texas, this group traces its roots to St. Mary's Church in High Hill, Texas. It was the first fraternal in Texas to admit both men and women as members, offer children's life insurance protection, and adopt the legal reserve system. Msgr. Henry Gerlach, longtime pastor of St. Mary's Church was the first policyholder of this new fraternal society.
|
|
Bermuda Form policies share certain similarities. For example, they exclude liability for asbestos and pollution. They also provide for multiple losses to be batched together into a single claim called an "Integrated Occurrence": batching claims in this way can allow a policyholder to make claims which would otherwise have been barred by the policy deductible (for example, in mass product liability litigation, each claim individually might be too small to exceed the deductible, but all claims taken together might exceed it). Bermuda Form standard policy wordings stipulate that they are governed by New York law (but sometimes the parties agree to change this to Bermudian or another governing law).
|
|
Houghtaling is the majority owner of Gauthier, Murphy & Houghtaling, a New Orleans law firm.2/28/05, CityBusiness Magazine, Cover: "Famed N.O. Practice Ruled by New Lawyer"12/2009, New Orleans Living Magazine, Cover: "John Houghtaling is Making His Mark" In 2005, Houghtaling served as special counsel to the Attorney General of Louisiana in the litigation of policyholder rights in the wake of Hurricane Katrina. In 2014, Houghtaling was appointed plaintiffs liaison counsel by the United States Federal Court for the Eastern District. He uncovered fraud within the FEMA Flood Insurance program which led to the arrest of a key insurance contractor, a seven figure Federal fine against the largest insurer, and defense counsel, in the NFIP.
|
|
Essentially, long term contracts (10+ years) tend to be qualifying policies and the proceeds are free from income tax and capital gains tax. Single premium contracts and those running for a short term are subject to income tax depending upon the marginal rate in the year a gain is made. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders. Therefore, a policyholder who is a higher-rate taxpayer (40% in 2005-06), or becomes one through the transaction, must pay tax on the gain at the difference between the higher and the lower rate.
|
|
An insurer may look to seek Article 75 status within RTA law if it transpires that the policyholder failed to declare an important fact (such as a drink-drive ban). In this case the insurer will cancel the policy as if it was never incepted (known as ab initio). To do so, an insurer must apply for a declaration under Section 152(2) of the Road Traffic Act 1988 through the court system. The benefit to an insurer in applying for Article 75 status is that there is no liability if there is another insurer with a higher status (contractual or RTA), and their driver has a meaningful degree of liability (even 1% of liability rests with another party).
|
|
If the experience of the plan is not as good as predicted, the account value at the end of the premium period may not be adequate to continue the policy as originally written. In this case, the policyholder may have the choice to either: # Leave the policy alone, and let it potentially expire early (if COI charges deplete the account), or # Make additional or higher premium payments, to keep the death benefit level, or # Lower the death benefit. Many universal life contracts taken out in the high interest periods of the 1970s and 1980s faced this situation and lapsed when the premiums paid were not enough to cover the cost of insurance.
|
|
Equity exposure was obtained by investing via a range of feeder funds into Allied Unit Trusts, whose manager was owned by Hambros; and property via Berkeley Hambro. As far as possible, Allied Dunbar avoided all direct financial exposure to policyholder funds and liabilities. The company took the minimum responsibility for its sales force, even after tied agents were regulated under the Financial Services Act 1986, and the hard-sell tactics of some of its self-employed "sales associates", soon gave it the soubriquet of 'Allied Crowbar'. The company's financial responsibility for the sales force, in the form of "indemnity commission" paid in advance to profits accruing from premium payments, was largely passed back to its self-employed sales managers.
|
|
1925: The AFL approves the creation of a union-owned insurance company. 1927: Union Labor Life opens for business on May 1, 1927, in Washington, D.C. Its first group policy was written for the Federal Employees Local 105 of Washington, D.C. 1932: Union Labor Life begins offering retirement annuities and issues its first stockholder and policyholder dividends. 1935: Company headquarters move to New York, New York. 1943: The organization begins offering group Accident, Health and Hospitalization insurance. 1946: Union Labor Life establishes company-paid-for insurance and pension plans for its own employees. 1957: The company purchases and merges with the American Standard Life Insurance Company, founded by the International Brotherhood of Electrical Workers in 1924.
|
|
A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured.
|
|
Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment. The policyholder may hire their own public adjuster to negotiate the settlement with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add-on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim.
|
|
In the original report, Wright's discussion of the actuarial factors is on pages xi–xiii (starting with the paragraph beginning "For the purpose of valuing the policies, ...") and the quote regarding "do well ... to await the same proof" is on page xxxvi. In the reprint, these items are at, respectively, pages 5–7 and page 30. Note that, although titled the "Fourth" report, this was Wright's first report to the Massachusetts legislature. Under any reserve methodology for life insurance policies, the actuarial liability under the policy is equal to the present value of the amounts expected to be paid on account of the policy, offset by the present value of the amounts expected to be received from the policyholder via future premium payments.
|
|
Many of Equitable's with-profits policies were designed to provide a pension for the policyholder on retirement, and the lump sum available to buy an annuity depended on the sum assured, the reversionary bonuses and the larger terminal bonus. Both types of bonus were allocated at the discretion of the directors in accordance with Article 65 of the Articles of Association, the total being intended to reflect the investment return earned over the lifetime of the policy, subject to smoothing. Between 1956 and the advent of Personal Pension Schemes in July 1988, Equitable sold policies with an option to choose at the retirement date between a fixed Guaranteed Annuity Rate (GAR) or the Current Annuity Rate (i.e. the market annuity rate at that time) (CAR).
|
|
Insurers have the right to rescind an insurance policy due to concealment, material misrepresentation, or material breach of warranty. Generally, to rescind, an insurer will send a notice to the insured and tender a check in the amount of the premium paid for the relevant policy period In health insurance and specifically the individual and small group insurance markets, rescissions have generally followed the diagnosis of an expensive-to-treat illness in the patient (policyholder), typically because of withheld information about a pre- existing medical condition. Public awareness of this practice increased during the 2009 US healthcare debate, when it was described colloquially as "cancel coverage when you get sick". The practice of health insurance rescission was partially limited starting September 23, 2010,HealthCare.
|
|
Level premium whole life insurance (sometimes called ordinary whole life, though this term is also sometimes used more broadly) provides lifetime death benefit coverage for a level premium. Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if the policy continues to average life expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash value reserve that is part of the policy and guaranteed by the company. This cash value can be accessed at any time through policy loans that are received income tax-free and paid back according to mutually agreed-upon schedules.
|
|
The statute states that Colorado's guaranty fund "provide(s) a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and financial loss to claimants or policyholders because of the insolvency of an insurer, to assist in the detection and prevention of insurer insolvencies, and to provide an association to assess the cost of such protection among insurers." Most guaranty funds were created in the 1960s when academics, state insurance commissioners, and lawmakers sought ways to provide new levels of insurance policyholder protection. Guaranty funds are active in every state, the District of Columbia, Puerto Rico, and the Virgin Islands. State laws require that all licensed property and casualty insurance companies belong to the guaranty funds in every state where the companies are licensed to do business.
|
|
The extremely high number of applications for the BadgerCare+ Core plan put undue stress on the program's budget, and Doyle suspended enrollments for that program in October 2009 with 21,000 individuals still on the waiting list. To assuage the thousands of Wisconsinites still seeking coverage, Doyle proposed an additional plan named BadgerCare+ Basic, targeted at childless adults. The income stipulations for BadgerCare+ Basic were $21,660 a year for a single childless individual and $29,140 for a childless couple. In contrast to Badgercare+ Core, coverage would be funded by a $130 premium to be paid by the policyholder, rather than taxpayers, and would cover up to 10 doctor visits, one inpatient hospital visit, five outpatient visits, and up to five emergency room visits in addition to some generic medications and discounts on other drugs.
|
|
A joint investigation by the DTI and the Serious Fraud Office focussed on commission payments between Walbrook and HS Weavers, an underwriting agency that is also part of the LUIS group. Investigations by the DTI found that between 1970 and 1989 around GBP 40 Million were wrongfully diverted to accounts in Liechtenstein and other locations and there were indications of some benefits derived by named individuals, but the investigations were inconclusive and no charges were brought. The report, however, resulted in debates amongst LUIS reinsurers. The failure of LUIS caused some controversy in the UK as the source of the collapse was thought to be the US business which was underwritten in London and with subsequent claims on the UK Policyholder Protection Act, which the US businesses had not funded.
|
|
An insurance company intends to predict "Average cost of claims" (variable name "claimamt") by three independent variables (Predictors): "Number of claims" (variable name "nclaims"), "Policyholder age" (variable name holderage), "Vehicle age" (variable name vehicleage). Linear Regression procedure has been run on the data, as follows: The omnibus F test in the ANOVA table implies that the model involved these three predictors can fit for predicting "Average cost of claims", since the null hypothesis is rejected (P-Value=0.000 < 0.01, α=0.01). This rejection of the omnibus test implies that at least one of the coefficients of the predictors in the model have found to be non-zero. The multiple- R-Square reported on the Model Summary table is 0.362, which means that the three predictors can explain 36.2% from the "Average cost of claims" variation.
|
|
1863 — Ship captain William Holdredge founded Fireman's Fund Insurance Company in San Francisco. Its first policy was one-half interest in 1,000 kegs of Boston syrup. The premium was $12 cash in advance. 1871 — The company paid all of its claims from the Great Chicago Fire – about a half million dollars' worth – within 60 days, nearly wiping out all of the company's capital. 1905 — The company had roughly 6,000 independent agents. 1906 — Fireman's Fund was the first company to provide nationwide auto insurance. 1906 — San Francisco earthquake destroyed Fireman's Fund's headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed. 1920s — Insured the first movies with sound.
|
|
On 20 July 2000 the House of Lords upheld the Appeal Court ruling. They concluded that GAR policies required that the guaranteed rate was applied to calculate the contractual annuity; and that the effect of the differential terminal bonus rates was that the annuity was calculated at current annuity rates, not at the guaranteed rate, and was not lawful. "The self-evident commercial object of the inclusion of guaranteed rates in the policy is to protect the policyholder against a fall in market annuity rates ... The supposition of the parties must be presumed to have been that the directors would not exercise their discretion [in Article 65] in conflict with contractual rights." Even before that stage, Equitable, which had long claimed to be more transparent than its rivals, had assets worth £3 billion less than communications with policyholders had indicated.
|
|
Certificate of Annuity (COA) - is a financial instrument/security issued by government agencies which guarantee the initial interest rate for funds on deposit for the entire length of the maturity of the security. Typical maturity/tenor for these deposit instruments are 1, 3, 5, 10 or 15 years. The main features of COA are liquidity, preserves principal, and stipulates a fixed rate of return. Following are the two options available for policy holder at maturity: (i) withdraw the funds without having to pay a surrender charge (it is important to note that taxes must be paid on the interest earned and there is a 10% penalty on the earnings if the policyholder is less than age 59½); (ii) roll the funds over into another annuity for a limited number of years or a product of longer duration.
|
|
In its broadest sense, no-fault insurance is any type of insurance contract under which the insured party is indemnified by their own insurance company for losses, regardless of the source of the cause of loss. In this sense, it is no different from first-party coverage. The term "no-fault" is most commonly used in the context of state or provincial automobile insurance laws in the United States, Canada, and Australia, wherein a policyholder and their passengers are reimbursed by the policyholder's own insurance company without proof of fault, and are restricted in their right to seek recovery through the civil-justice system for losses caused by other parties. No-fault insurance has the goal of lowering premium costs by avoiding expensive litigation over the causes of the collision, while providing quick payments for injuries or loss of property.
|
|
"Additional premium provision" means, in the context of finite risk insurance, a provision of an insurance or reinsurance contract that requires or strongly encourages the insured to pay the insurer some calculable amount as a result of losses paid or incurred under that insurance or reinsurance contract, excluding provisions for additional premium due to changes in exposure or policy audit. "Commutation provision" means a verbal or written agreement, whether or not formally incorporated into an insurance or reinsurance policy, that allows the policyholder to commute the policy, usually implying that all liabilities and rights created by that contract are extinguished in return for the balance of an experience account. Generally provisions such as "profit sharing" or "low claims bonus," which also produce a return of premium that can be reduced by claims payments, are not considered Commutation Provisions if they do not extinguish the contract. Loss-based return and additional premium provisions in conventional loss-based rating plans, e.g.
|
|
In the Queen's Speech following the formation of a Conservative-LibDem coalition government in 2010, the Equitable Life (Payments) Bill was announced. The bill sought to secure compensation for nearly a million policyholders (UK-wide) hit by the near-collapse of the insurer. The Government also announced that the final report from Sir John Chadwick in relation to Equitable Life would be received by mid-July. A statement on the HM Treasury website confirmed two elements of the design of the scheme: that there should be no means testing, and that the dependents of deceased policyholders should be included in the scheme. The July 2010 announcement by Mark Hoban, the Financial Secretary to the Treasury, offered compensation starting by mid-2011 to 1.5m savers. However, policyholder compensation would be limited to the "absolute loss they suffered" estimated by Chadwick at a total of £2.3-£3B, compared with the £4B-£4.8B returns that similar companies produced, as calculated by consultants Towers Watson.
|
|
It is available in Australia, Canada, and the UK. In the UK solicitors who take on, for example, personal injury cases on a "no win no fee" basis may require their clients, whether defendants or plaintiffs, to take out ATE insurance so that costs will be covered if the case is lost. The premium payments, especially in a no win no fee arrangement, may be deferred until the conclusion of the case; thus in most cases the premium itself is self-insured. This insurance is often offered by solicitors and claims management companies. The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (which came into force on 1 April 2013) introduced an important change regarding the recoverability of the premium: before the Act went into force the policyholder could recover the premium paid from the losing party whilst now the premium has to be paid by the client out of any damages received.
|
|
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O;) in the US, is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
|
|
Some in the debate used this statistic to argue that relatively few women seemed to use private insurance coverage to pay for abortion services, and therefore that absence of coverage would have minimal impact. The Institute responded that arguments based on the statistic alone misrepresented the situation: it omitted both women who paid for the procedure out of pocket, later seeking reimbursement from their insurance company, and those who had coverage but chose not to use it because they wanted their employer, insurer or primary policyholder (such as their spouse or parent) not to know that they obtained an abortion."Misuse of Guttmacher Statistic on Insurance Coverage of Abortion", Guttmacher Institute Media Center, November 11, 2009 An analysis published by policy researchers at the George Washington University Medical School Department of Health Policy concluded that the Stupak–Pitts Amendment would have the effect of eliminating coverage of medically indicated abortions for all women, not just those receiving subsidies or participating in the exchange.
|
|
On the eve of the historic health reform vote in Congress, on March 17, 2010, Reuters published a story by Waas, detailing how one of the nation's largest insurance companies, Assurant, had a "company policy of targeting policyholders with HIV" for cancelation of their policies once they were diagnosed. The story asserted: "A computer program and algorithm targeted every policyholder recently diagnosed with HIV for an automatic fraud investigation, as the company searched for any pretext to revoke their policy ... [T]heir insurance policies often were canceled on erroneous information, the flimsiest of evidence, or for no good reason at all." The Obama administration and members of Congress cited the report as a reason health care reform was needed. In a column appearing only a few nights before the vote, following up on his own blog post on the same subject from two days earlier, New York Times columnist Paul Krugman wrote that the actions of Assurant were representative of the "vileness of our current system" and illustrated why reform was necessary.
|
|