The whole Federal Health Insurance Reform debate is out of control. Americans, Congressmen, insurance cannot be placed against a risk that has already been damaged. The only exception to that being auto liability insurance which is NOT covering any peril to property in your care, control or custody. Your body is your property (a physical being) in your care, control and custody just like your car. Ask any rebellious teenager if their body is not their property.
Health insurance companies make a profit from the premiums they charge. Some make much more profit than others and some are created as Not-For-Profit entities. Congress has attacked For-Profit health insurance companies on the grounds that they are creating 'excessive' profits. These health insurance companies are profiting on the backs of Americans health. How dare them!
Click here to read the full article.
Wednesday, January 13, 2010
Monday, January 11, 2010
Insurance Agents Help With Claims Processing
Your insurance agent can be a big help when it comes to filing and handling a claim against insured losses.
When something happens to you and your family, it is always reassuring to know that a phone call can make things better. Relying on your agent in crisis times is good sound advise. Agents can take down all relevent information to pass along to the carrier. Can notify you of what to do and expect next.
Your agent can also be your worst nightmare. If you are late with your premium payments and do not make an effort to work with your agent, your agent can recomend the carrier not collect earned premium and NOT cover the claim. This leaves you out in the cold to fend for yourself against a sure fire lawsuit.
Insurance is a contract designed to transfer risk of loss to a company in exchange for premium. If you do not pay the premium, you are in breach of contract giving the insurance company reason to cancel any obligation.
Keep your premiums current and stay in touch with your agent to make sure in the event of an accident, you will not be shouting bad language at your insurance agent.
Sean Kimbrough
When something happens to you and your family, it is always reassuring to know that a phone call can make things better. Relying on your agent in crisis times is good sound advise. Agents can take down all relevent information to pass along to the carrier. Can notify you of what to do and expect next.
Your agent can also be your worst nightmare. If you are late with your premium payments and do not make an effort to work with your agent, your agent can recomend the carrier not collect earned premium and NOT cover the claim. This leaves you out in the cold to fend for yourself against a sure fire lawsuit.
Insurance is a contract designed to transfer risk of loss to a company in exchange for premium. If you do not pay the premium, you are in breach of contract giving the insurance company reason to cancel any obligation.
Keep your premiums current and stay in touch with your agent to make sure in the event of an accident, you will not be shouting bad language at your insurance agent.
Sean Kimbrough
Thursday, December 17, 2009
Tiger Woods Creates New Insurance Policy
If you have no idea what is going on with Tiger Woods, then you must have been locked up in an Iraqi Prison. Because of his shinanigans, his corporate sponsors are dropping him faster than Jimmie Johnson racing around Daytona. Why are they doing this?
Copanies have images just like celeberties. When a company hires a celebery to be the face of the company and portray the company image, they expect that celeberty to maintain that image.
Tiger Woods was a perfect spokesperson for his top notch endorsemets like Accenture, Gillette, AT&T and Buick. Blue Chip companies using a Blue Chip athelete to promote their image. What happens when that Blue Chip spokesperson loses the Blue in his Chip? What does that do to the comapnies respective image? Can a image change of a spokeperson reduce revenues and company loyalty? You bet it can. What can companies do to recoup those losses?
Now they can buy insurance against such instances. Tiger Woods has created a new insurance poicy for large cap companies who rely on celeberties to promote their image. Celeberty goes in the tank, sponsor has no worry about loss to revenue. They can recoup the losses through transfering the risk to an insurance carrier.
Do we live in an ever changing society, or what? Thanks Tiger. You gave me another arrow in my insurance quiver.
Sean Kimbrough
Copanies have images just like celeberties. When a company hires a celebery to be the face of the company and portray the company image, they expect that celeberty to maintain that image.
Tiger Woods was a perfect spokesperson for his top notch endorsemets like Accenture, Gillette, AT&T and Buick. Blue Chip companies using a Blue Chip athelete to promote their image. What happens when that Blue Chip spokesperson loses the Blue in his Chip? What does that do to the comapnies respective image? Can a image change of a spokeperson reduce revenues and company loyalty? You bet it can. What can companies do to recoup those losses?
Now they can buy insurance against such instances. Tiger Woods has created a new insurance poicy for large cap companies who rely on celeberties to promote their image. Celeberty goes in the tank, sponsor has no worry about loss to revenue. They can recoup the losses through transfering the risk to an insurance carrier.
Do we live in an ever changing society, or what? Thanks Tiger. You gave me another arrow in my insurance quiver.
Sean Kimbrough
Tucson Gem Show Insurance Requirements From Pima County
This year may be the last year Tucson will host the world's largest gem and mineral show. The show is administered by the Pima County Stadium District, Kino Sports Complex/Tucson Electric Park. Due to political and fiscal controversy surrounding the show, event organizers are considering pulling the plug on one of Tucson's largest annual revenue generating events.
Please follow this link to read the entire article published at Ezinearticles.com
We offer insurance coverage for vendors that plan to participate in events throughout Arizona.
Please follow this link to read the entire article published at Ezinearticles.com
We offer insurance coverage for vendors that plan to participate in events throughout Arizona.
Not All Insurance Agents Are Created Equal
Agents have fiduciary duties to their clients requiring the agent to collect all relevant details of the risk to be insured. That involves asking several questions as to the characteristics of the risk which the insured wants to place insurance against. All the collected information needs to be translated to the underwriter of the carrier which the agent wishes to quote/place the policy so the underwriter can appropriately approve and bind coverage.
Follow this link to read the entire article published on Ezinearticles.com
The article was spawned out of a request to quote event insurance which was already submitted by another local agent to a wholesale broker he and I happen to have in common. We found out that the other broker was not asking all the appropriate questions regarding the insureds operatoins. When we discovered material facts that could effect the covered needed, the insured felt we were only trying to make the other broker look incompetent. That was not the case. We only wanted to make sure the insured was receiving adequate coverage to meet his risk.
Merry Christmas.
Follow this link to read the entire article published on Ezinearticles.com
The article was spawned out of a request to quote event insurance which was already submitted by another local agent to a wholesale broker he and I happen to have in common. We found out that the other broker was not asking all the appropriate questions regarding the insureds operatoins. When we discovered material facts that could effect the covered needed, the insured felt we were only trying to make the other broker look incompetent. That was not the case. We only wanted to make sure the insured was receiving adequate coverage to meet his risk.
Merry Christmas.
Saturday, December 12, 2009
Genral Contractors, Additional Insured Endorsement Downside
General Contractors (GC) have gotten into a bad habit of automatically requiring their Subcontractors to add the General Contractor as an Additional Insured on the Subcontractor's Commercial General Liability insurance policy without regard to the negative consequences.
Follow the link below to read the entire published article on eZines.com...
General Contractors...
Follow the link below to read the entire published article on eZines.com...
General Contractors...
Friday, December 11, 2009
Divorce Insurance, Prenumptual Agreement, Preperation for the end
Are we really goiong to see insurance policies covering the costs of divorce in the near future?
"A professor at the University of Illinois at Chicago says it would be feasible for insurance companies to offer divorce insurance."
"J. Christopher Westland, a professor of information and decision sciences, says he began sketching out the actuarial tables for such insurance as an exercise, prompted initially by watching a friend go through a messy divorce and its financial consequences. After a little work, he says he found the idea is possible."
'“It’s basically a workable business,” Westland says.'
According to Profesor Westland, divorce policies would cover the costs associated with legally divorcing. That would primarily include attorney fees and court costs. It would not include any money for settlements or living expenses afterwards.
What about the moral hazard of offering an insurance policy that could encourage a spouse to file for divorce early in a marriage?
"...David Hoffman, a law professor at Temple University and an expert in contract law, who has written about divorce insurance, says he is not sure there is any way around the moral hazard and that is the idea’s undoing."
"No insurance company is likely to touch it, he says. In some states, it may not be legal to offer insurance with a moral hazard."
'“Given the moral hazard, I just don’t see it as an insurance product,” he says.'
With 50 percent of all U.S. marriages ending in divorce within 30 years, the notion of insurance against the new peril of 'Divorce' is more like saving money to cover the inevitable. Insurance companies would have to charge a premium equal to 50 percent of the benefit if they expect to at least break even on these new policies unlike homeowners insurance which is designed to insure, primariliy, against natural distaters that connot be predetermined. Can a homeowner expect a 50 percent chance that his home will catch fire, be burglarized, or destroyed in a windstorm? No. There is not a moral hazard associated with homeowens insurance. Arson is not a covered peril in any homeowners policy.
If it happens, more power to the attorneys who are the ones who will obviously benefit the most from divorce insurance. It would gauruntee their fees would be paid up to the policy limit. If you've been through a divorce, the attorney fees can create more stress than the actual breakup.
Sena Kimbrough
Big Boy Toy Insurance
A portion of this article was reprinted from the following osurce:
http://www.insurancejournal.com/news/national/2009/12/11/105912.htm
"A professor at the University of Illinois at Chicago says it would be feasible for insurance companies to offer divorce insurance."
"J. Christopher Westland, a professor of information and decision sciences, says he began sketching out the actuarial tables for such insurance as an exercise, prompted initially by watching a friend go through a messy divorce and its financial consequences. After a little work, he says he found the idea is possible."
'“It’s basically a workable business,” Westland says.'
According to Profesor Westland, divorce policies would cover the costs associated with legally divorcing. That would primarily include attorney fees and court costs. It would not include any money for settlements or living expenses afterwards.
What about the moral hazard of offering an insurance policy that could encourage a spouse to file for divorce early in a marriage?
"...David Hoffman, a law professor at Temple University and an expert in contract law, who has written about divorce insurance, says he is not sure there is any way around the moral hazard and that is the idea’s undoing."
"No insurance company is likely to touch it, he says. In some states, it may not be legal to offer insurance with a moral hazard."
'“Given the moral hazard, I just don’t see it as an insurance product,” he says.'
With 50 percent of all U.S. marriages ending in divorce within 30 years, the notion of insurance against the new peril of 'Divorce' is more like saving money to cover the inevitable. Insurance companies would have to charge a premium equal to 50 percent of the benefit if they expect to at least break even on these new policies unlike homeowners insurance which is designed to insure, primariliy, against natural distaters that connot be predetermined. Can a homeowner expect a 50 percent chance that his home will catch fire, be burglarized, or destroyed in a windstorm? No. There is not a moral hazard associated with homeowens insurance. Arson is not a covered peril in any homeowners policy.
If it happens, more power to the attorneys who are the ones who will obviously benefit the most from divorce insurance. It would gauruntee their fees would be paid up to the policy limit. If you've been through a divorce, the attorney fees can create more stress than the actual breakup.
Sena Kimbrough
Big Boy Toy Insurance
A portion of this article was reprinted from the following osurce:
http://www.insurancejournal.com/news/national/2009/12/11/105912.htm
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