The Printed Owl Insurance

Insurance career websites

2011-12-24T09:39:00.001-08:00

According recent website traffic data compiled by Alexa, GreatInsuranceJobs.com is the most popular website by traffic rank among all insurance industry employment websites. The other top insurance employment websites include InsuranceJobs.com, InsuranceJobsBoard.com, UltimateInsuranceJobs.com and InsuranceWorkForce.com.
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Marsh & McLennan

2011-12-22T17:29:00.001-08:00

Marsh & McLennan is the world's largest insurance broker. According to annual rankings published by Business Insurance, Marsh & McLennan compiled revenue of nearly $10.5 billion, more than $3 billion more than its nearest competitor. Marsh & McLennan has been the top insurance broker by volume for 36 consecutive years.
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Title insurance

2011-12-21T17:50:00.001-08:00

Title insurance protects both the lender and the homeowner against loss resulting from any defects in the title or claims against a property not discovered in a title search. Title insurance premiums are usually paid in one lump sum at the time the policy is issued, and the policy remains in force until the property is sold. Mortgage lenders normally require that borrowers obtain title insurance.
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Life expectancy

2011-12-20T16:54:00.001-08:00

The life expectancy of Americans is nearly 78 years, according to the latest data released by the U.S. Census Bureau. This figure has increased from 69.6 years in 1965 and 75.8 years in 1995. The life expectancy of blacks was nearly five years less than for whites. According to the data, the top three causes of death for Americans were heart disease, cancer and stroke.
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Alien insurer

2011-12-19T16:07:00.001-08:00

An alien insurer is an insurance company formed according to the legal requirements of a foreign country. In order for an alien insurer to be able to carry on general operations and sell its products in a particular state in the United States, it must conform to that state's rules and regulations governing insurance companies.
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To Catch a Thief

2011-12-17T12:02:00.001-08:00

Alfred Hitchcock's 1955 film "To Catch a Thief" tells the story of a John Robie, a former jewel thief who attempts to prove his innocence during a rash of jewel heists. Robie's plan is to catch the jewel thief in the act. He enlists the help of insurance man H.H. Hughson, a reluctant provider of a list of the most expensive jewels on the Riviera. The film featured Cary Grant and Grace Kelly.
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Whole life insurance

2011-12-16T18:54:00.001-08:00

Whole life insurance is generally used when the need for life insurance is lifelong, or permanent. Whole life has a built-in savings element since you pay premiums and build up a cash value through the life of the policy. Premiums for whole life are initially higher than term insurance, but are smaller than the premiums you would pay if you were to keep renewing a term life insurance policy.
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Disability events

2011-12-15T17:58:00.001-08:00

Most people cannot afford to become disabled. Over 70% of Americans do not have adequate savings for emergencies, while 44% of American families report spending more than they earn. Financially, unexpected illnesses and injuries cause about 350,000 bankruptcies each year, while half of all mortgage foreclosures result from disability events.
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Low mileage discount

2011-12-13T17:59:00.001-08:00

Some auto insurers offer a low mileage discount to their customers. If you drive locally or less frequently, or you are in a car pool, you may be qualified for a low mileage discount. It costs nothing to call and ask your insurance agent if they offer this discount. Your savings can be as high as 5%.
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Teen driving

2011-12-12T17:21:00.001-08:00

According to research compiled by the Insurance Institute for Highway Safety, teen driving risks increase even more when other passengers are present in their vehicle. Teens tend to drive faster when other passengers are present. They also get distracted by other passengers. Over thirty states have enacted graduated driver license stipulations that include passenger provisions for teen drivers.
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Senior drivers

2011-12-11T06:45:00.001-08:00

There are more than 28 million licensed drivers age 65 years and older, a 17% increase from 1994. People age 65 and older represent the fastest-growing demographic in the United States. The numbers of senior drivers will increase significantly as the Baby Boom generation ages. By 2030, one in every four drivers will be 65 or older.
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Insurance fraud

2011-12-10T07:29:00.001-08:00

Almost half of all U.S. states classify insurance fraud or attempted insurance fraud as a felony. In states where it is not a felony, insurance fraud is often prosecuted as bribery, theft or forgery. At the federal level, most insurance fraud cases are prosecuted under mail and wire fraud statutes, for which the sentences include significant fines and/or jail time.
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A.M. Best

2011-12-09T17:37:00.001-08:00

Alfred M. Best published his first insurance industry supplement in 1899. Best's ratings of insurance concerns later appeared in 1906. Best's company grew along with the insurance industry through the 20th century. Today, A.M. Best is the largest and most recognized publisher of in-depth reports and financial-strength ratings about insurance organizations.
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Insurance Research Council

2011-12-08T16:51:00.001-08:00

The Insurance Research Council (IRC) is an independent, nonprofit research organization supported by leading property and casualty insurance companies and associations. IRC provides empirical research in subjects relating to all lines of property-casualty insurance, including coverages of automobiles, homes, businesses, municipalities, and professionals. IRC publishes its research on ircweb.org.
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Hurricane Deductible

2011-12-07T17:06:00.001-08:00

Insurance companies that sell homeowners insurance in hurricane-prone areas usually stipulate a "hurricane deductible". Typical homeowners insurance deductibles are a flat amount such as $500. A hurricane deductible is based on a percentage of the insured value of the home. Hurricane deductibles are put into place to limit the Insurer's exposure in these high-risk areas.
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Catastrophe insurance

2011-12-06T16:46:00.001-08:00

Insurers of high risk weather areas traditionally purchase catastrophe reinsurance for managing their potential risks. They may also issue investment bonds such as insurance-linked securities, weather derivatives or catastrophe bonds, to raise money in case of catastrophe. Investors purchase these investments for their relatively high yields and for portfolio diversification.
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The INA

2011-12-05T16:29:00.001-08:00

The Insurance Company of North America was established by John Nesbitt and Ebenezer Hazard in Philadelphia in 1792. The company sold marine insurance and a few years later fire and building insurance. The INA was the also noted for being first stock insurance company in America. The INA was later acquired by CIGNA, which later became part of ACE Group in 1999.
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Trip cancellation insurance

2011-12-04T05:59:00.001-08:00

Trips and vacations may be canceled for various reasons, such as death or illness, or if the tour or resort operator go out of business. Trip cancellation insurance covers your financial risk. A policy makes sense when you book an expensive vacation well ahead of time. The premium on a trip cancellation policy costs about five to seven percent of the price of the trip.
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A standard homeowners insurance policy

2011-12-03T06:38:00.001-08:00

A standard homeowners insurance policy provides financial protection for your home and other structures, personal property and personal liability. Most events are covered with some exceptions. A standard policy does not cover losses due to floods, earthquakes or maintenance damage. For floods and earthquakes, a separate endorsement or policy is required for protection.
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Dogs and insurance

2011-12-02T16:34:00.001-08:00

A dog bite liability can be claimed on your homeowners insurance. Some insurance companies will place you in a higher risk category or not underwrite you at all if you have a certain breed of dog, such as a Pit Bull or Rottweiler. This means higher premiums. Consider this when choosing a dog breed. You may avoid potential insurance headaches and save money.
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Variable annuity

2011-11-29T03:33:00.001-08:00

A variable annuity is a contract with an insurance company where you make a lump-sum payment or series of payments in return for future income earnings at some future date. The value of a variable annuity depends on the chosen investment option. Variable annuities offer tax deferred earnings, death benefit to a beneficiary, and the option of periodic or indefinite payment stream.
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"Dead janitors" life insurance

2011-11-28T14:50:00.001-08:00

"Dead Janitors" life insurance became big business during the 1990s. Companies began buying life insurance for their employees without disclosure. Corporations benefited from life insurance proceeds that were tax free. Some even borrowed against these life policies for leverage. The IRS subsequently cracked-down on this type of corporate-owned life insurance.
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Insurance loyalty

2011-11-27T07:05:00.001-08:00

A recent study of baby boomers found this group to be most loyal to insurance brands over all other purchased products. The brand survey of 30,000 U.S. boomers found them more likely to switch brands in products such as apparel, cars, prepared foods, and airlines. They were least likely to switch in categories such auto and home insurance, medical insurance, life insurance and banks.
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Insurance phrases

2011-11-26T07:40:00.001-08:00

There are several suggested glossary sources to look up an insurance phrase or term. For an online glossary, try the Insurance Information Institute at www2.iii.org/glossary, AM Best at ambest.com/resource/glossary.html, and Insure.com at insure.com/glossary.cfm. A suggested hard-copy insurance glossary is The Dictionary of Insurance Terms by Harvey W. Rubin.
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Loss ratio

2011-11-25T14:50:00.001-08:00

In the business of insurance, the loss ratio is a snapshot ratio of claim losses to premiums, usually calculated for a one-year period. For example, if losses total $800,000 and collected premiums equal $1,000,000, the loss ratio is 800,000 to 1,000,000 or 80%. The loss ratio can be calculated with different components of premiums and claims.
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Untraditional partnerships

2011-11-24T09:06:00.001-08:00

Insurance companies are seeking growth in countries such as India, Romania and Nicaragua. According to a recent Wall Street Journal article, insurance companies are selling in developing countries by educating new customers, selling unusual insurance policies, and by developing untraditional partnerships. Interestingly, local languages of some customers do not even have a word for insurance.
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Ancient Babylonia

2011-11-23T04:18:00.001-08:00

The concept of life insurance was first developed in ancient Babylonia. Merchants and investors devised a system of contracts that offered protection if a trader was robbed of his goods. The trader paid the lender for protection while the lender collected premiums from many traders. Later, this protection arrangement was extended to cover murder, the start of life insurance.
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The Million Dollar Round Table

2011-11-22T15:06:00.001-08:00

The Million Dollar Round Table was started in 1927 by 32 life insurance producers, each of whom had sold at least $1 million of life insurance. Today, MDRT is an independent association of the world's most successful life insurance and financial services professionals. New York Life Insurance has achieved the highest MDRT agent membership among all insurers for 53 consecutive years.
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Against the Gods

2011-11-21T16:12:00.001-08:00

Author Peter L. Bernstein's book "Against the Gods: The Remarkable Story of Risk" is a classic read on the subject of risk. Bernstein develops a comprehensive history of man's attempt to understand risk and probability; from ancient Greece through modern chaos theory. Bernstein also demonstrates the underlying importance of risk in everything from wine making to bridge-building.
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Laughter

2011-11-20T08:38:00.001-08:00

The health benefits of laughter include reduced stress, lower blood pressure and an enhanced immune system. Laughter provides a way for stressful emotions to be harmlessly released from your body. Researchers estimate that laughing 100 times is equal to 10 minutes on the rowing machine or 15 minutes on an exercise bike. Some researchers even believe laughter may add more years to your life.
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FICA

2011-11-19T06:23:00.001-08:00

The FICA deduction on your pay stub stands for Federal Insurance Contributions Act, which was enacted as part of the Social Security Act of 1935. FICA requires employers to withhold a set percentage of an employee’s pay check to fund retirement income, disability insurance, and medicare and benefits for survivors. The program began collecting taxes and paying benefits in 1937.
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The Equitable group policy

2011-11-18T15:32:00.001-08:00

The Equitable Life Assurance Society developed the first group insurance policy in the United States in 1911. The Pantoste Leather Company's 125 employees were underwritten in a group policy that required no individual application or medical examination. Equitable formalized its group policy product a year later. By 1919, nearly 30 companies in the U.S. were selling group insurance policies.
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Entrapment

2011-11-17T15:09:00.001-08:00

The 1999 drama "Entrapment" stars Sean Connery and Catherine Zeta-Jones. Working for an insurance firm, Gin Baker is tasked with capturing infamous art thief Robert McDougal. Baker entraps McDougal by convincing him that she is an art thief. The two pull off a major art heist as the plot twist reveals Baker is indeed a real art thief unbeknownst to her insurance firm employers.
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Most dangerous jobs

2011-11-16T15:49:00.001-08:00

Are you at risk for death or disability? According to the Bureau of Labor Statistics, the top ten most dangerous jobs are: timber cutters, airplane pilots, construction laborers, truck drivers, farm occupations, groundskeepers, laborers, police and detectives, carpenters, and sales occupations.
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Disabled Americans

2011-11-15T16:38:00.001-08:00

Social Security paid an average monthly benefit to about 7 million disabled Americans, according to recent statistics. The government considers a person disabled when they meet the following conditions: they cannot do work that they did before; they cannot adjust to other work because of their medical condition; and their disability has lasted or is expected to last for at least one year or to result in death.
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Insurable risks

2011-11-14T19:32:00.001-08:00

Insurable risks must meet certain standards in order be underwritten by insurance. A potential loss must be calculable, unlikely, and accidental in nature. It should be relatively costly and occur infrequently. Additionally, a large number of people must be exposed to the same type of loss, while those exposed should not sustain losses in large numbers at the same time.
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Dropping unnecessary coverage

2011-11-13T08:20:00.001-08:00

You can save money on your auto insurance by dropping unnecessary coverage. Determine the current value of your vehicle. If the value is less than $2,000, drop collision coverage from your policy and put the premium savings in your pocket. Also, save additional premium by raising your policy deductible to at least $500.
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Teen driving

2011-11-12T13:10:00.001-08:00

Night driving has been identified statistically as one of the biggest factors for teen driving crashes. These statistics have prompted states to enact night driving restrictions for teen drivers. According to a recent study by the AAA Foundation for Traffic Safety, states with nighttime and passenger restrictions recorded 20% fewer injury crashes among teens versus states without such provisions.
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Colorado's no-fault insurance

2011-11-11T16:29:00.001-08:00

The state of Colorado's 30 year-old no-fault auto insurance system expired on July 1, 2003. By 2007, a tort-based insurance system in Colorado saw auto insurance premiums go down by nearly 32%. Industry experts suggest the state's move from no-fault to tort-based insurance system resulted in less mandatory insurance and less duplication of coverages, which produced lower premiums.
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Healthcare fraud

2011-11-10T17:39:00.001-08:00

Fraud accounts for about 10% of all healthcare expenditures in the United States, according to the Government Accounting Office and National Health Care Anti-Fraud Association. Healthcare insurance fraud breaks down as follows: medical providers account for 80%, consumers 10% and the rest by other sources. Organized crime has also been found to be heavily involved in health care fraud.
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Uninsured drivers

2011-11-08T03:11:00.001-08:00

Although auto insurance is mandatory across the United States, the numbers of uninsured drivers continue to climb. Nearly 15% of drivers did not have auto insurance, according to data from the Insurance Research Council. The southwest region of the U.S. recorded the highest percentage of uninsured drivers while the northeast recorded the lowest.
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Cptive insurance companies

2011-11-06T08:03:00.001-08:00

Vermont has more captive insurance companies than any other U.S. state. A captive insurance company is an insurance company set up by a parent organization for the sole purpose of underwriting the parent organization's insurance needs. Vermont attracts these companies through favorable regulations. In 1981, Vermont passed a special law making it easier for captives to be set up in that state.
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The Friendly Society

2011-11-05T07:57:00.001-07:00

The first insurance company in America was established in Charlston, South Carolina in 1736. Operating under a Royal Charter from England, the Friendly Society covered fire losses of its members, who contributed directly to a fund that paid claims. The company was dissolved in 1738 after fire destroyed most of Charlston.
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Identity theft

2011-11-04T18:12:00.001-07:00

Identity theft occurs when someone wrongfully uses another person's personal data in some way that involves fraud or deception. According to Gartner, there were nearly 15 million American victims of identity theft last year, with an average loss of over $3,200. Identity theft insurance provides reimbursement to crime victims for the cost of restoring their identity and repairing credit reports.
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Life insurance rule of thumb

2011-11-03T16:50:00.001-07:00

Life insurance is a contract in which an insurance company agrees to pay money to a designated beneficiary upon your death. A general life insurance rule of thumb says purchase a policy valued at five times your current earnings, plus two times earnings for every dependent.
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Policy discounts

2011-11-02T14:56:00.001-07:00

Insurance companies commonly offer a discount up to 15% when you purchase two or more polices with them. For example, when you purchase homeowners and auto insurance policies. Take advantage of this discount by insuring your home and autos with the same insurance carrier. In addition to saving money, dealing with one agent or insurance representative will save you time.
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Benjamin Franklin

2011-11-01T16:18:00.001-07:00

Benjamin Franklin led the effort to create America's first successful fire insurance company. The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire was established in 1752 with a board of directors and seventy shareholders. The first insured property to burn was repaired for 154 pounds, nearly a third of the Society's assets.
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Long-term care insurance

2011-10-31T14:49:00.001-07:00

Long-term care insurance first appeared in the 1980s. Long-term care insurance offsets the risk of financial drain if one should need medical and custodial care for chronic conditions. Industry experts project that the need for protection from the financial consequences of requiring long-term care will grow dramatically over the next few decades.
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Subrogation

2011-10-30T08:06:00.001-07:00

Subrogation refers to the process where an insurance company seeks reimbursement from a person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured. According to the general rule, after paying the claim, your insurer is "subrogated" to the rights of your policy and can sue the negligent party on your behalf.
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Fastest-growing diseases

2011-10-29T05:24:00.001-07:00

Forbes Magazine recently compiled a list of the top fastest-growing diseases in the United States. Esophageal disorders topped the list growing by nearly 500% during the last decade. Other fast-growing diseases and conditions include: high cholesterol, hemorrhoids, anxiety disorders, and breast cancer. All were up by over 100% over the last decade.
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HMOs

2011-10-28T14:03:00.001-07:00

The Health Maintenance Organization Act of 1973 provided grants and loans to start or expand an HMO while requiring employers with 25 or more employees to offer federally certified HMO options alongside traditional health insurance. By law, HMOs would offer a specified list of benefits to all members, charge all member the same monthly premium, and be structured as a nonprofit organization.
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Retail clinics

2011-10-27T15:39:00.001-07:00

Retail clinics such as MinuteClinic are being established in CVS stores, Targets, Wal-Marts and other retail outlets around the country. Retail clinics treat common ailments and offer an alternative to expensive emergency rooms. Most are open evenings and weekends. Experts suggest the growth of retail clinics is a product of more health consumerism, less health care coverage and a more transient society.
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Burial insurance

2011-10-26T16:21:00.001-07:00

According to the National Funeral Directors Association, the average price of a traditional funeral is $5,000 to $6,000. This average cost is expected to double in the next 15 years as production costs rise and land becomes scarce. Life insurance or burial insurance will cover funeral expenses. Burial insurance is specifically designed to cover funeral expenses for single and family type coverage.
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Insurance underwriting

2011-10-25T14:54:00.001-07:00

Insurance companies earn profit through sound underwriting and investment management. Underwriting is the process of selecting risks to insure while deciding how much premium they pay. Collected premiums are put into reserves or invested. Specifically, profit equals the sum of earned premium and investment income less incurred loss and underwriting expenses.
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Insurance advertising

2011-10-24T15:16:00.001-07:00

Insurance advertising budgets have grown significantly in recent years, up more than 64% since 2000. The main factor behind this increase is Geico's transition from traditional direct mail to TV, radio and billboard advertising. Geico's gecko and cavemen have helped increase its market share. Insurance competitors have responded, resulting in a surge of insurance advertising.
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Property insurance

2011-10-23T08:16:00.001-07:00

The first use of property insurance occurred around 3000 BC in China. Chinese merchants would ensure their goods they shipped overseas through an insuring partner. In the event that a ship was lost at sea or pirated, an insuring partner would reimburse the owners of the ship and goods. In the event of a loss, the merchant would be held into slavery to the insurer until the debt was repaid.
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Most Admired Companies

2011-10-22T03:04:00.001-07:00

Prudential Financial ranked highest among insurance companies on Fortune Magazine's Most Admired Companies list. Fortune's annual survey ranks companies according to the following key attributes: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment and global competitiveness.
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The Human Life Value

2011-10-20T08:13:00.001-07:00

How much is a life worth? The Human Life Value concept is an insurance method for computing the life value of a person. This concept considers many factors including: annual income, active earning to retirement, personal expenses, inflation, and future salary. The Human Life Value concept was founded by Dr. Solomon S. Huebner in the 1920s.
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The Birthday Rule

2011-10-19T03:32:00.001-07:00

The Birthday Rule is an informal procedure used in the health insurance industry to help determine which health plan is considered “primary”, when children are listed as dependents on multiple health plans. Under this rule, the plan of the parent whose birthday occurs first in the calendar year is designated as primary, regardless of their birth year.
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Fraternal organizations

2011-10-18T04:03:00.001-07:00

Fraternal organizations such as The Knights of Columbus flourished in the U.S. from 1850 to 1930. Many of these organizations provided their members an array of benefits and services, including insurance, which was previously available only to the upper class. By 1920, there was nearly 9 million insured members. Fraternal organization membership declined after World War II.
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Double Indemnity

2011-10-17T05:40:00.001-07:00

The 1944 Hollywood crime drama "Double Indemnity" was nominated for several Academy Awards. Pacific All Risk Insurance agent Walter Neff develops a murderous scheme with a client's wife to collect double indemnity on her husband's insurance policy. The police accept the accidental death but Walter's friend Barton Keyes does not. Double cross ensues as Neff's affair and scheme unravel.
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Umbrella insurance policy

2011-10-16T06:50:00.001-07:00

An umbrella insurance policy provides an extra layer of liability protection beyond the basic limits of homeowners and auto insurance. Because most of the risk is assumed in your primary home and auto policies, umbrella policies are relatively inexpensive to purchase. Most insurers require underwriting your home and auto polices before providing an umbrella policy.
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Disability statistics

2011-10-15T07:54:00.001-07:00

Nearly 1 in 3 people between the age of 35 and 65 will experience a disability of at least 90 days during their work careers. Additionally, 1 in 7 people between the age of 35 and 65 can expect to become disabled for five years or longer. More people are better prepared financially for death than they are for a disability event even though the odds of experiencing a disability event are 3 to 5 times greater than dying.
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Health insurance

2011-10-14T03:55:00.001-07:00

You may save premium dollars by purchasing the appropriate health insurance product for your circumstances. There are many types of insurance programs, such as group, catastrophic, self-employed, HMO, and PPO, with varying coverage and premiums. Evaluate your insurance coverage each year and save money by selecting the best program for your budget and lifestyle.
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Flamingo Road and Pines Boulevard

2011-10-13T03:09:00.001-07:00

According to a recent analysis of State Farm's claims database, the intersection of Flamingo Road and Pines Boulevard in Pembroke, Florida is considered the most dangerous traffic intersection in America. Also making the list: Red Lion Road and Roosevelt Boulevard in Philadelphia and 7th Street and Bell Road in Phoenix, Arizona.
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Motor vehicle crashes

2011-10-12T03:54:00.001-07:00

Motor vehicle crashes are the leading cause of death for people age 15 to 20, according to the U.S. Dept of Transportation. Traffic and safety experts attribute the high rate to driver inexperience, driving at night, using devices such as cell phones while driving, and driving with other passengers. Graduated drivers license laws were enacted in the 1990s to reduce teen driving deaths.
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Motorcycle fatalities

2011-10-11T03:54:00.001-07:00

According to the U.S. Dept of Transportation’s National Highway Traffic Safety Administration, motorcycle fatalities rose 127% from 1997 to 2006, marking nine consecutive years of higher motorcycle deaths. Traffic safety experts attribute the increase to a large increase in motorcycle ownership, rollback of mandatory helmet laws, and an increase in inexperienced motorcycle riders.
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Auto insurance fraud

2011-10-10T04:37:00.001-07:00

Auto insurance fraud costs the property and casualty insurance industry about $14 billion in false claims a year, according to the Coalition Against Insurance Fraud. Insurance fraud studies estimate that up to one-third of all auto accident injury claims have some element of fraud. Exaggeration of injuries is the most prevalent type of fraud.
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Earthquakes

2011-10-09T08:08:00.001-07:00

Standard homeowners, renters and business insurance policies do not cover damage from earthquakes. Earthquake coverage is obtained as a policy endorsement or as a separate policy. Earthquake coverage includes a deductible, which runs from 2 to 20 percent of the property's replacement value. About 90 percent of the U.S. population lives in seismically active areas.
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The Great Chicago fire

2011-10-08T08:12:00.001-07:00

The Great Chicago fire is the most infamous fire to occur in the United States. Fire broke out at a farm on the evening of October 8, 1871, and quickly spread to other nearby buildings. The fire killed 300 people and destroyed more than 17,000 structures in 27 hours, including the entire downtown core of Chicago and most of its North side.
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Hurricane Andrew

2011-10-07T03:17:00.001-07:00

Hurricane Andrew was the first tropical depression of the 1992 storm season. Andrew hit Florida on August 24 with 175 mph winds and hit the coast of Louisiana two days later with 120 mph winds. Andrew is the biggest natural disaster to date. More than 60 people were killed and damages exceeded $20 billion. The devastating hurricane also left eleven property and casualty insurers in insolvent.
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Terrorism Risk Insurance Act

2011-10-06T04:04:00.001-07:00

The Terrorism Risk Insurance Act (TRIA) was enacted as federal law in 2002 and currently extends through 2014. TRIA was originally designed as a three-year program to provide reasonable terrorism coverage in the wake of the 9/11 events. TRIA is generally credited with stabilizing the private terrorism insurance market given the complex and unusual underwriting requirements involved.
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Insurance agents and brokers

2011-10-05T04:03:00.001-07:00

Insurance is generally sold through agents and brokers. Insurance agents work for an insurance company and maintain the best interests of the insurance company when they sell to customers. Conversely, insurance brokers represent insurance customers. They determine the appropriate insurance coverages for their client and look for the best terms and price.
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Wedding insurance

2011-10-04T04:04:00.001-07:00

A wedding insurance policy protects your financial investment in a wedding event. A basic policy costs between $125 and $500. A wedding may be canceled or postponed for reasons such as death or injury, military obligation, extreme weather or disaster. With the typical wedding costing over $25,000, wedding insurance policies have become more prevalent.
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Whole life vs. Term Life

2011-10-03T04:19:00.001-07:00

A general insurance planning rule of thumb says purchase whole life insurance for permanent needs (funeral, burial, estate liquidity) and term life insurance for temporary needs (mortgages, college costs).
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Homeowners insurance deductible

2011-10-02T07:53:00.001-07:00

The deductible amount on your homeowners insurance is the amount you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the less premium you pay. If you can afford to raise your homeowners insurance deductible to $1,000 from the usual $500, you may save as much as 25% off your homeowners insurance premium.
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Cell phone drivers

2011-10-01T07:18:00.001-07:00

Using a cell phone while driving your vehicle is dangerous. According to a University of Toronto study published in the New England Journal of Medicine, cell phone users were four to five times more likely to have crashes than non-users. Additionally, hands-free cell phone units were found to offer no further safety advantages over hand-held phones.
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Causa Proxima

2011-09-30T05:15:00.001-07:00

In insurance, the concept of "causa proxima" means that the cause of an insurance loss must be proximate or immediate and not remote. If the proximate cause of the loss is covered, the insured can collect. When a loss has been brought about by two or more causes, the question arises as to which is the causa proxima.
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Expensive medical conditions

2011-09-29T04:08:00.001-07:00

The Agency for Healthcare Research and Quality (AHRQ) recently tabulated the most expensive medical conditions to treat in the United States. Heart conditions took the number one spot, costing an estimated $76 billion to treat. Other chronic conditions that made the top 10 include cancer, which had a $69 billion price tag, diabetes, at $34 billion, and osteoarthritis, also at $34 billion.
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Parental enforcement bolsters safe driving

2011-09-28T04:02:00.001-07:00

A recent study conducted by Liberty Mutual found that parental enforcement bolsters safe driving habits. More than half of teens who said their parents are unlikely to follow through on a consequence if they break a driving law reported talking on a cell phone while driving, compared to only 36 percent of teens who believe their parents would indeed penalize them.
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Under-insured homes

2011-09-27T03:11:00.001-07:00

Home renovations and updates can cause a home to be under-insured. Your insurance agent should be notified of changes that affect your dwelling, such as new windows and doors, kitchen cabinets, custom counter tops, islands, flooring, and lighting—anything attached to the structure. You should also include new personal property, such as major appliances, furniture, and window treatments.
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Insurance sales agents

2011-09-26T04:27:00.001-07:00

Insurance sales agents are one of the toughest jobs to fill, according to online college career information website CollegeRecruiter.com. Jobs which are the hardest to fill vary from region to region, season to season, and year to year. Of the 25 jobs listed among the most difficult to fill, insurance sales agents ranked 19th. Sales managers ranked 5th and financial analysts ranked 9th.
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Identity theft

2011-09-25T08:16:00.001-07:00

A recent Federal Trade Commission report estimated that over 27 million Americans have been victims of identity theft since 1998. Since 1995, the frequency of identity theft has increased 250% to 300% each year. Industry experts estimate the average monetary cost of identity theft is about $1,178, and that it takes approximately 175 hours of time to restore your identity.
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Identity theft

2011-09-25T08:15:00.001-07:00

Yahoo Insurance

2011-09-24T05:57:00.001-07:00

Yahoo provides a comprehensive website devoted to insurance. The personal finance site for insurance is designed to educate and assist consumers by providing how-to guides, calculators, news and articles. The site features sections for auto, homeowners, life and health insurance. Additionally, expert opinion is provided by Suze Orman. Visit this resource at finance.yahoo.com/insurance.
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Yahoo Insurance

2011-09-24T05:55:00.001-07:00

Blanket insurance

2011-09-23T04:11:00.001-07:00

Blanket insurance is an insurance policy that covers one or more broad classes of persons or property, without identifying the specific subjects of insurance in the contract. A blanket policy can apply to one or more locations, for example a chain of stores. Blanket insurance is available for both personal and business needs.
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Top insurance companies

2011-09-22T04:00:00.001-07:00

According to annual data provided by Fortune as published on the Insurance Information Institute's website, ING Group of the Netherlands recorded nearly $160 billion in revenue, earning the top spot worldwide for insurance companies. Following the ING Group: AXA (France), Allianz (Germany), American International Group (United States) and Assicurazioni Generali (Italy).
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Compensatory and punitive damages

2011-09-21T04:02:00.001-07:00

Compensatory damages are paid to compensate a claimant for loss, injury or harm suffered by another's breach of duty. Punitive damages are awarded to a plaintiff in a legal suit to serve as a punishment for the defendant. Punitive damages are a modern phenomenon of the U.S. judicial system. While compensatory damages are insurable, punitive damages may or may not be, depending on the state.
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Annuities

2011-09-19T04:07:00.001-07:00

An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit.
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1840 Insurance Laws

2011-09-18T07:59:00.001-07:00

1840 was a pivotal year for life insurance in the U.S. Before then, few life insurance policies were being sold due to laws that prevented women from benefiting from their husband's death. Also, married women could not take out life insurance policies on their own. New York State passed legislation in 1840 removing legal constraints on women as life insurance policy holders and beneficiaries.
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"Sicko"

2011-09-17T05:06:00.001-07:00

Michael Moore's 2007 film "Sicko" looks at for-profit health care in the United States as compared to universal health care in Canada, the U.K and France. Moore presents interviews with patients and doctors, as well as media reports, to present a documentary analysis of the complex issues of health care insurance. The film received positive reviews and performed well at the box office.
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Medicare

2011-09-16T03:52:00.001-07:00

Medicare is a government-sponsored health insurance program administered by the Social Security Administration for individuals age 65 and over and for persons who are eligible for Social Security disability benefits. The Medicare program was signed into law by President Johnson in 1965 as part of his "Great Society" initiative. The premium for the first Medicare enrollees was $3 per month.
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Disability income

2011-09-15T04:30:00.001-07:00

The sources of disability income for most people include workers' compensation, social security, and employer and personal disability insurance. Workers' compensation provides income replacement if you are disabled on the job. Social security provides long-term disability income. Employer-sponsored and personal disability insurance provides supplemental coverage.
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Homeowners insurance discounts

2011-09-14T04:01:00.001-07:00

You may pay less for homeowners insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. You also may pay less insurance premium for a home with newer electrical, heating and plumbing systems. These key home features can save up to 15% on your insurance.
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World catastrophe events

2011-09-13T03:47:00.001-07:00

According to data provided by Swiss Re as published on the Institute for Insurance Information's website, the top five most deadliest world catastrophe events over the past twenty-five years were: Bangladesh flood (1970), China 7.5 earthquake (1976), Indonesia and Thailand tsunami (2004), Bangladesh cyclone (1991), and Pakistan and India 7.6 earthquake (2005).
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Insurance FAIR programs

2011-09-12T05:40:00.001-07:00

Fair Access to Insurance Requirements (FAIR) programs were first established in the 1960s to address property insurance availability for high risk cases. FAIR insurance pools sell property insurance to people who cannot get coverage in the voluntary market. They are funded by insurers operating in each state. Over two thirds of all U.S. states have some form of FAIR plan in operation.
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The World Trade Center

2011-09-11T07:15:00.001-07:00

The World Trade Center project was conceived in the early 1960s by Chase Manhattan Bank chairman David Rockefeller and his brother, New York governor Nelson Rockefeller. Construction began in lower Manhattan in 1966. The north tower opened in 1970 and the south tower opened in 1972. Over 50,000 people worked in the 110-story buildings. The complex had its own zip code, 10048.
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Staged auto accidents

2011-09-10T03:49:00.001-07:00

Staged auto accidents are intentional vehicle accidents carried out for fake insurance payoff. Staged accidents cost the insurance industry about $20 billion a year. The National Insurance Crime Bureau compiles national statistics and data regarding staged auto accidents. According to the NICB, the top staged accident cities are: Miami, Los Angeles, Houston, Chicago and Philadelphia.
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Earthquakes

2011-09-09T03:26:00.001-07:00

Relatively minor earthquakes are occurring constantly around the world. The west coast of the American continents, as well as the Pacific rim and the Middle East, experience earthquakes everyday. About 5,000 earthquakes are recorded in the United States each year. Since 1900, earthquakes have been recorded in 39 different states and have caused damage in every state.
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