News Archives - Insurance Journal
|2 Big Cannabis Insurance Providers Say Losses from California Storms Not as Bad as Feared
Just how big an impact the recent historic California storms had on the state’s cannabis industry is still coming into focus, and while two of the biggest players in California’s cannabis insurance market are starting to see upticks in claims, …
POSTED JANUARY 27, 2023 8:12 PM
|Wisc. Court: Homicide Conviction Doesn’t Mean Baby’s Death Wasn’t an Accident
The mother of a baby girl who was killed by her father may pursue a claim against the father’s insurer because of unresolved questions, including whether the death was an accident, a divided Wisconsin Supreme Court ruled Thursday. In a …
POSTED JANUARY 27, 2023 5:53 PM
|Inszone Acquires Texas’ Austin Insurance
Inszone Insurance Services announced the acquisition of Austin Insurance. Established in 2005 by Cole Austin, Austin Insurance has provided insurance services in Grand Prairie, Texas for over a decade. Operations for Austin Insurance will continue under Inszone Insurance’s Dallas location. …
POSTED JANUARY 27, 2023 5:30 PM
|Illinois’ Miller Mid-America Joins VIAA
Springfield, Illinois-based Miller Mid-America Insurance Agency recently joined Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois. Founded in 2022, the veteran-owned and operated Miller Mid-America Insurance Agency was created …
POSTED JANUARY 27, 2023 5:21 PM
|Boeing Arraigned in Texas Court Over Max Jet Crashes
FORT WORTH — In an unusual proceeding for a corporation accused of a crime, Boeing officials were arraigned Thursday in a federal courtroom in Fort Worth for the company’s actions leading to two plane crashes in Indonesia and Ethiopia in …
POSTED JANUARY 27, 2023 5:13 PM
|January Reinsurance Renewals Were Most Challenging in 2 Decades: MMC’s Doyle
The most challenging January reinsurance renewals in nearly two decades saw global property catastrophe rate increases of 25% to 60% with loss-affected clients facing even higher prices, according to John Doyle, president and chief executive officer of Marsh McLennan Cos. …
POSTED JANUARY 27, 2023 5:02 PM
|Risk Strategies Deal for Tanenbaum-Harber Agency Includes California-based Firm
Risk Strategies, a national insurance brokerage, acquired Florida’s Tanenbaum-Harber, a risk management and insurance advisor. Based in Miramar, Florida, Tanenbaum-Harber traces its beginnings to 1860, the companies said in a news release. It is considered one of the largest independent …
POSTED JANUARY 27, 2023 5:00 PM
|New York Prosecutors Allege Workers’ Comp Premium Fraud in Two Schemes Worth $10M
Manhattan District Attorney Alvin Bragg, Jr. within the past week announced two separate indictments alleging workers’ compensation fraud, one totaling $7 million in premiums and the other, $3 million. In one case, Juan Escobar, and his drywall and carpentry companies, …
POSTED JANUARY 27, 2023 3:46 PM
|Worker Falls to His Death on Ship at Port of Los Angeles
A worker fell to his death on a ship at the Port of Los Angeles, authorities said. He fell about 50 feet from an upper deck to a lower one shortly before 5 p.m. on Wednesday, the Los Angeles Fire …
POSTED JANUARY 27, 2023 3:22 PM
|Dollar General Cited Again for Safety Issues: $15M in OSHA Fines Since 2017
Dollar General Corp. is once again facing stiff penalties for workplace safety violations, this time in Florida and Alabama. The U.S. Department of Labor said that just weeks after the nationwide chain of discount stores was hit with citations for …
POSTED JANUARY 27, 2023 3:13 PM
Life Insurance Information & Discussion
|Military service members and life insurance policies with war exclusions
| submitted by /u/mnpc
There is a life insurance policy with an exclusion for death as a result of war; it doesn't list any exceptions.
The life insurance salesman says don't worry about the exclusion because since you were already enlisted in the military at the time we would issue the policy, they wouldn't be able to enforce it. A pre-existing condition of sorts.
Is the salesman likely being shady, or is this an actual thing?
That kind of exception to the exclusion for presently enlisted isn't actually in the text of the policy. If I take his word for it and something were to happen, I obviously wouldn't be around to contest it.
POSTED JANUARY 28, 2023 5:37 AM
|Insuring my elders.
| submitted by /u/dogWEENsatan
My mom is 67 and my dad is 75. They are not insured. They live separately and i can afford a plan on each of them to help pay for their homes after they pass.
What are my best options for life insurance on them?
Is it too late?
Do they need to go to Dr for a check up?
Please and thanks in advance.
POSTED JANUARY 27, 2023 1:37 AM
|Question re rates
| submitted by /u/StSym
I'd like to get a life insurance policy on my stepmother. She is 61 years old, smoker, and not in the best health - No terminal or major illnesses. Can anyone give me a ballpark figure of how much a $100,000 and $250,000 policy would cost? Thanks!
edit Thank you all so much for the info. I know nothing about buying life insurance for someone else. I don't need it to be $100,000/$250,0000 but when I tried to Google info, those are the amounts that kept coming up. I really just want to make sure that funeral costs would be covered. We lost our dad a several years ago and couldn't afford to bury him. I'm just trying to make sure my half sisters don't end up in that same situation with their mother.
Thank you to everyone who provided info!
POSTED JANUARY 26, 2023 9:35 PM
|What is the interest rate of a Loan Policy?
| submitted by /u/PureRepresentative9
EDIT: excuse the word mixup in the title lol
Asking as a Canadian,
I've always seen that it's 5-8% interest rate, but now that I think about it, I think I've only seen American websites say this.
Asking my insurance company directly, they say they won't know until I actually have enough value to take out the loan after applying properly.
Does anyone have any experience? Burrowing against a universal policy if that matters.
How is the rate calculated? 'proprietary' or is it like a HELOC and prime+%? Is it based against bonds like fixed rate mortgages?
POSTED JANUARY 25, 2023 7:57 AM
|Immigrant parents with No life insurance
| submitted by /u/antares_00
This might be a shot in the dark as I’m trying to navigate my way through health plans and life insurance.
I recently became a Federal Employee and I would like to take care of my parents as the came to the US with the hope of me to become someone in life. Now, I might hit something good. I landed a job where they are offering me FEGLI, FEHB, FEDVIP, FSA, and LTC. Although the latter is suspended.
My question is if there’s a way for me to include them in my health or life insurance plan?
Or should I just buy private life insurance and health insurance to cover them.
Mom is in her 60s and Dad is in his 50s both quite healthy maybe a little overweight and Dad has been diagnosed with hypertension.
POSTED JANUARY 24, 2023 11:45 PM
|FL life insurance policy terminated. 5 days later individual passes away. Reinstatement possible?
| submitted by /u/sampleattack24
He requested termination and it was confirmed with the insurance company as terminated 5 days prior to his death. Insurance company won’t release policy details etc except to executor of estate, which he currently doesn’t have one as everything passes to wife as POD or via deed. Any options here or state law I should consider?
POSTED JANUARY 24, 2023 3:02 PM
|How long do insurers retain your medical records after underwriting?
| submitted by /u/gottahavesomelinux93
Hello! I am applying for life insurance and have answered all medical questions fully and honestly. While waiting for the underwriting to wrap up I have tried to find the answer to this question. I cannot find anything anywhere. I understand how MIB works in that they maintain codes for a person, as in they have you listed as having a heart attack in MAY2020 but they do not actually have the medical records for that incident. But what about the insurers themselves? In this case, USAA. Once they are done with underwriting, do they keep my medical records just hanging around the entire time I have a policy? Do they dispose of them after underwriting? Thank you in advance friends.
POSTED JANUARY 24, 2023 4:29 AM
| submitted by /u/Plastic_Report_656
Hi! I am a first time life insurance applicant. I have submitted an application and mentioned my past smoking, weed use, anxiety and sleep apnea. However, I have just remembered that I did not include that I’ve had migraines (haven’t had them for over a year now) and wrist pain. I have released all my medical records and now I am anxious that the insurance company will say that I committed fraud or something. Am I screwed? My anxiety is through the roof. This would ruin my life…
POSTED JANUARY 23, 2023 6:57 PM
|Reason why people won't get life insurance
| submitted by /u/Icy-Response6017
What are the reason why someone don't want to het life insurance?
POSTED JANUARY 23, 2023 5:54 PM
|Life insurance for myself and wife
| submitted by /u/Chosen_one184
Okay so basically as the header states I'm looking for insurance for myself and my wife. We had a recent death in the family and this has motivated us to handle this promptly. My question is what's the best company in terms of policies. We are both in late 30's with two kids and no real crazy health issues. I tried to reach out to I've company but that just felt very pushy and tried to pressure me into buying right away.
So I'm hoping someone can steer me in the right direction in regards to the process and how to navigate it.
POSTED JANUARY 23, 2023 12:54 PM
NHC Tropical Weather Discussion (Atlantic)
|NHC Atlantic Tropical Weather Discussion
AXNT20 KNHC 291203
Tropical Weather Discussion
NWS National Hurricane Center Miami FL
1205 UTC Sun Jan 29 2023
Tropical Weather Discussion for North America, Central America
Gulf of Mexico, Caribbean Sea, northern sections of South
America, and Atlantic Ocean to the African coast from the
Equator to 31N. The following information is based on satellite
imagery, weather observations, radar and meteorological analysis.
Based on 0600 UTC surface analysis and satellite imagery through
Caribbean Gale Warning:
The pressure gradient between high pressure over the western
Atlantic and the Colombian/Panamanian low will support pulsing
minimal gale force winds over the south-central Caribbean, near
the coast of Colombia early this morning, tonight and Mon night;
and possibly Tue and Wed nights. Seas will build to 10 to 12 ft
with the strongest winds. Marine conditions will improve slightly
during the day. Please read the latest High Seas Forecast at
https://www.nhc.noaa.gov/text/MIAHSFAT2.shtml and the Offshore
Waters Forecasts at https://www.nhc.noaa.gov/marine/offshores.php
for more details.
A monsoon trough enters the Atlantic Ocean along the African coast
near the Guinea-Bissau/Guinea border and extends westward to
10N20W. No significant convection is found near the trough. An
ITCZ continues southwestward from 10N20W across 03N35W to 01N49W.
Scattered moderate convection is seen up to 200 nm along either
side of the ITCZ.
...GULF OF MEXICO...
A surface ridge reaching west-southwestward from northern Florida
to near the Texas/Mexico border dominates the entire Gulf with
fair conditions. Recent buoy and coastal observations indicated
fresh winds are from the SE at the northwestern Gulf, and E at the
southeastern Gulf. Seas range from 5 to 7 ft at both areas.
Gentle to moderate ENE to SE winds with 4 to 6 ft seas prevail for
rest of the Gulf.
For the forecast, a 1029 mb high off the Georgia coast will
sustain fresh easterly winds across the northwestern Gulf and
Strait of Florida until later this afternoon. A weak cold front is
forecast to enter the northwestern Gulf this evening, then stall
and dissipate across the northern Gulf by Mon night. Afterward,
gentle to moderate easterly winds will prevail for the entire Gulf
through Thu. Winds and seas at the western Gulf should build by
Thu evening as a strong cold front arrives.
A Gale Warning remains in effect near the coast of Colombia.
Please see the Special Features section above for more details.
A fair trade-wind regime continues for the entire basin. Outside
the Gale Warning area, fresh to strong ENE winds with 6 to 8 ft
seas are present at the south-central and north-central basin,
including the Windward Passage and south of Cuba. Moderate with
locally fresh ENE to E winds and seas of 4 to 6 ft prevail for the
rest of the basin.
For the forecast, near-gale to gale ENE trades at the south-
central Caribbean Sea will continue until early this morning, then
become fresh to strong by mid morning. They are expected to reach
gale force again this and Mon evenings, and possibly on Tue and
Wed evenings. Fresh to strong easterly trades will prevail south
of Cuba until late this morning, and near the Windward Passage and
south of Hispaniola through midweek next week.
A weakening cold front extends from northeast of Bermuda across
31N60W to 28N66W, then continues as a stationary front to near the
Central Bahamas. Patchy showers are occurring near and up to 100
nm north of this boundary. An upper-level low near 24N40W is
triggering moderate scattered convection north of 16N between 30W
Despite gentle to moderate easterly winds, seas at 8 to 11 ft in
easterly swell are found north of 21N between 30W and 50W. To
the west, fresh NNE to NE trades with 6 to 8 ft seas exist north
of 19N between 50W and the aforementioned frontal boundary. From the
frontal boundary westward to the Georgia-Florida coast, gentle to
moderate E to ESE winds and seas of 4 to 6 ft are evident. Near
the Canary Islands, gentle to moderate NNE to NE trades with 5 to
7 ft seas are noted north of 20N between the northwest Africa
coast and 30W. Farther south near the Cabo Verde Islands, fresh
with locally strong NE trades and seas of 6 to 8 ft are present
from 08N to 20N between the central African coast and 40W. At the
central Atlantic, gentle ENE to SE winds and seas at 4 to 6 ft are
seen from 05N to 21N between 41W and the Lesser Antilles. Light
to gentle winds with 4 to 6 ft prevail elsewhere.
For the forecast west of 55W, the aforementioned frontal boundary
is anticipated to gradually dissipate Mon. A tight pressure
gradient will support fresh to strong easterly winds and building
seas across the Bahamas, including the Great Bahama Bank, and near
the Windward Passage and northeast of Puerto Rico through Tue.
Southerly flow will increase offshore northeastern Florida this
evening ahead of the next cold front forecast to enter the western
Atlantic by Mon.
POSTED JANUARY 29, 2023 12:03 PM