Moral Markets: New Concerns Carry Ethics to Next Level
Review
Do Markets Corrupt Our Morals?
By Virgil Henry Storr and Ginny Seung Choi
296 pp.; Palgrave Macmillan, 2019
Cover Story
Primer: Rescission of Insurance
An insurance policy is nothing more than a contract. It is a special type of contract because – by law – it contains an implied covenant of good faith and fair dealing. What that means is that neither party to the contract must do nothing to prevent the other from obtaining the benefits of the contract. When a prospective insured violates the covenant of good faith and fair dealing by misrepresenting or concealing a material fact that deceives an insurer to take on a risk that would not have been taken had the truth been known the law allows the insurer – upon a presentation of sufficient admissible evidence – to rescind the policy and treat it as if it never came into existence.
Independent Agencies Hit Hard by COVID-19
Agencies report decreased revenue and loss of commercial lines clients A national survey of Big “I” leadership agencies by the Independent Insurance Agents & Brokers of America (the Big “I”) has revealed that the COVID-19 pandemic continues to have a significant impact on the day-to-day operations of independent insurance agencies as the crisis lingers. Top […]
Insurability Issues Detour Truckers
By Doug Voss The trucking industry is faced with a crisis of insurability in the commercial automobile liability market. To a great degree, this crisis results from nuclear verdicts coupled with fewer insurance underwriters. Furthermore, while the trucking industry pursues various remedies to address nuclear verdicts, Congress is seriously considering an increase in truck liability […]
4 Reasons Insurers Should Adopt Artificial Intelligence in 2020
According to Price Waterhouse and Coopers & Lybrand (PwC), Artificial Intelligence has the potential to contribute $15.7 trillion to the global economy by 2030. While AI impacts nearly every industry, the insurance market is rife with the opportunity to leverage AI in business operations. Advanced technology such as this not only grants insurers a competitive […]
Big I, Namic, Apcia Unveil “Customer Focused” Federal Pandemic Protection Plan
The National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I”) unveiled a new customer-focused proposal for a federal program tailored specifically to help businesses meet the financial challenges from future pandemics. The industry-backed Business Continuity Protection Program (BCPP) would provide revenue replacement assistance for payroll, employee benefits, and operating expenses following a presidential viral emergency declaration.
Stress Inside and Outside the Workplace
Part I of III: Excerpted from the forthcoming book Stress in the American Workplace
by Don DeCarlo and Deborah H. Gruenfeld
In the opening chapter, Dr. Hans Selye first defined stress as the “non-specific” response of the body to any demand made upon it. With the passage of time, Dr. Selye came to define stress as “the rate of wear and tear on the body. Still later in his career, Dr. Selye was again asked to define stress and responded, “Everyone knows what stress is, but nobody really knows.” These words sound vaguely familiar to the comment of “I know it when I see it” first used by United State Chief Justice Potter Stewart in 1964 to describe his threshold test or obscenity in Jacobellis v. Ohio.
Paperwork Pandemic
COVID-19: Lawmakers Should Protect Businesses Filing Business Interruption Claims. Pre-emptive legislation could stem the tide of a massive amount of COVID-19 related paperwork that is about to flood the insurance sector, having no discernible purpose and many bad implications for business clients. The 130 year-old Insurance Advocate has called it the “Interruption Eruption.”
Potential Implications of COVID-19 for the Insurance Sector
How the Coronavirus Outbreak May Impact Insurers Operationally and Economically: COVID-19 is impacting the insurance industry in multiple ways—from employee and business continuity issues to client service considerations to the financial outlook. Here are some key issues insurers face and potential action steps they could take.
Coronavirus could affect medical malpractice rates, say experts
The coronavirus pandemic could lead to increased medical malpractice claims, but much remains uncertain at this point, including the possibility of federal and state governments acting to relieve health care provider liability, say observers.
