By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor 2020 was not just the year of the pandemic. It also brought record climate and weather-related disasters to the United States. In all, 22 such events caused at least $1 billion in damage each, with the Midwest derecho in August resulting in […]
Active and careful management is required
By Grace Bronstein & Ian Weinstock
Many trustees mistakenly believe that life insurance is a static financial instrument. However, trust-owned life insurance (TOLI) requires active and careful management. Recent case law provides a roadmap for how trustees can adequately manage TOLI pursuant to the Uniform Prudent Investor Act (UPIA). Trustees should be aware of their exposure to liability, as there’s been an increasing trend towards lawsuits filed against trustees for policy mismanagement.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Electric bikes or e-bikes are becoming increasingly popular. Although at first glance they may look like a traditional bicycle, they have a battery-operated motor to assist the rider in travel. E-bikes are not all the same, and their usage varies. Use […]
By Paul Ford Life insurance ownership across the nation has dropped by 9% in the last decade.(1) As of 2018, it was estimated that 27% of non-elderly adults in the United States had at least one pre-existing condition that would disqualify them from getting life insurance—that’s 53.8 million people.(2) According to NerdWallet, the average minimum […]
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor The pandemic has impacted the home buying process in numerous ways. Social distancing protocols and a super-hot home real estate market have created new challenges for residential buyers. Inspections have long been an important part of the home buying process, from both […]
By Mary McCutcheon and Shanti Eagle Two phrases combined in a single exclusion — “alleging, arising out of, based upon or attributable to any violation of any law…” and “as respects… unfair trade practices” could inspire carriers to make trouble for policyholders seeking coverage for consumer protection claims. Fortunately, a recent federal decision recognizes that […]
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Wearable technology, including fitness apps trackers and other wireless communication, gives everyone the ability to do things more efficiently. In 2020, 22.6 million smartwatches, the most popular wearable technology, were sold in the United States alone. Total sales of all wearables as […]
By Glenn Femminella The insurance climate today, as in years past, is all about servicing clients and their needs. Working in a collaborative environment, where ALL team members filter their thoughts on how to effectuate change to YOUR bottom-line. American Global has adopted this philosophy and it has become our culture, illustrated by our results. […]
By Nico van Zyl and Paul Edwards Hannover Re Understandably, there has been a focus in medicine and among governments on dealing with the devastating impact of the pandemic. However, there is less comment about the psychological effects of social isolation, the tsunami of grief as people cope with losses – all dovetailing with financial […]
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Weather impacts every homeowner and business owner and therefore their insurer. Insurance companies are in business to pay claims but also to make money for their members and/or stockholders. Insurers use a variety of methods to address weather, including policy conditions, underwriting […]
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