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Statistical Tools for Finance and Insurance

Statistical Tools for Finance and Insurance
By:Wolfgang Härdle,Rafał Weron
Published on 2005 by Springer Science & Business Media

Statistical Tools in Finance and Insurance presents ready-to-use solutions, theoretical developments and method construction for many practical problems in quantitative finance and insurance. Written by practitioners and leading academics in the field, this book offers a unique combination of topics from which every market analyst and risk manager will benefit. Covering topics such as heavy tailed distributions, implied trinomial trees, support vector machines, valuation of mortgage-backed securities, pricing of CAT bonds, simulation of risk processes and ruin probability approximation, the book does not only offer practitioners insight into new methods for their applications, but it also gives theoreticians insight into the applicability of the stochastic technology. Additionally, the book provides the tools, instruments and (online) algorithms for recent techniques in quantitative finance and modern treatments in insurance calculations. Written in an accessible and engaging style, this self-instructional book makes a good use of extensive examples and full explanations. Thenbsp;design of the text links theory and computational tools in an innovative way. All Quantlets for the calculation of examples given in the text are supported by the academic edition of XploRe and may be executed via XploRe Quantlet Server (XQS). The downloadable electronic edition of the book enables one to run, modify, and enhance all Quantlets on the spot.

This Book was ranked at 6 by Google Books for keyword Insurance.

Book ID of Statistical Tools for Finance and Insurance's Books is KpXIs3mBnfAC, Book which was written byWolfgang Härdle,Rafał Weronhave ETAG "teQxzJU3/HU"

Book which was published by Springer Science & Business Media since 2005 have ISBNs, ISBN 13 Code is 9783540221890 and ISBN 10 Code is 3540221891

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Catastrophe Insurance

Catastrophe Insurance
By:Martin F. Grace,Robert W. Klein,Paul R. Kleindorfer,Michael R. Murray
Published on 2003-06-30 by Springer Science & Business Media

1. THE PROBLEM OF CATASTROPHE RISK The risk of large losses from natural disasters in the U.S. has significantly increased in recent years, straining private insurance markets and creating troublesome problems for disaster-prone areas. The threat of mega-catastrophes resulting from intense hurricanes or earthquakes striking major population centers has dramatically altered the insurance environment. Estimates of probable maximum losses (PMLs) to insurers from a mega catastrophe striking the U.S. range up to $100 billion depending on the location and intensity of the event (Applied Insurance Research, 2001).1 A severe disaster could have a significant financial impact on the industry (Cummins, Doherty, and Lo, 2002; Insurance Services Office, 1996a). Estimates of industry gross losses from the terrorist attack on September 11, 2001 range from $30 billion to $50 billion, and the attack's effect on insurance markets underscores the need to understand the dynamics of the supply of and the demand for insurance against extreme events, including natural disasters. Increased catastrophe risk poses difficult challenges for insurers, reinsurers, property owners and public officials (Kleindorfer and Kunreuther, 1999). The fundamental dilemma concerns insurers' ability to handle low-probability, high-consequence (LPHC) events, which generates a host of interrelated issues with respect to how the risk of such events are 1 These probable maximum loss (PML) estimates are based on a SOD-year |return| period.

This Book was ranked at 16 by Google Books for keyword Insurance.

Book ID of Catastrophe Insurance's Books is TRYn1kY4SHQC, Book which was written byMartin F. Grace,Robert W. Klein,Paul R. Kleindorfer,Michael R. Murrayhave ETAG "uac0yw0Cwp8"

Book which was published by Springer Science & Business Media since 2003-06-30 have ISBNs, ISBN 13 Code is 9781402074691 and ISBN 10 Code is 1402074697

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Funding of insurance reopening provisions of Public law 88-664

Funding of insurance reopening provisions of Public law 88-664
By:United States. Congress. House. Committee on Veterans' Affairs. Subcommittee on Insurance
Published on 1965 by

This Book was ranked at 26 by Google Books for keyword Insurance.

Book ID of Funding of insurance reopening provisions of Public law 88-664's Books is 2qosAAAAMAAJ, Book which was written byUnited States. Congress. House. Committee on Veterans' Affairs. Subcommittee on Insurancehave ETAG "/GTUFw/lbaE"

Book which was published by since 1965 have ISBNs, ISBN 13 Code is and ISBN 10 Code is

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Minnesota insurance laws

Minnesota insurance laws
By:Minnesota,Minnesota. Dept. of Insurance
Published on 1915 by

This Book was ranked at 38 by Google Books for keyword Insurance.

Book ID of Minnesota insurance laws's Books is DSsPAQAAMAAJ, Book which was written byMinnesota,Minnesota. Dept. of Insurancehave ETAG "fU9WjSZ7T7A"

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The Development of the Principles of Insurance Law in the Netherlands from 1500 to 1800

The Development of the Principles of Insurance Law in the Netherlands from 1500 to 1800
By:J. P. Van Niekerk
Published on 1999 by Uitgeverij Verloren

Published in two volumes, the first part of this title covers the origin, recognition and distinguishing features of the insurance contract. The second part details the principles of pre-codified Dutch insurance law from general requirements to the termination of insurance contracts.

This Book was ranked at 5 by Google Books for keyword Insurance.

Book ID of The Development of the Principles of Insurance Law in the Netherlands from 1500 to 1800's Books is T7blffhVTYwC, Book which was written byJ. P. Van Niekerkhave ETAG "KlDy3dI2uxc"

Book which was published by Uitgeverij Verloren since 1999 have ISBNs, ISBN 13 Code is 9780702149207 and ISBN 10 Code is 0702149209

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Of marine insurance

Of marine insurance
By:Samuel Marshall
Published on 1810 by

This Book was ranked at 19 by Google Books for keyword Insurance.

Book ID of Of marine insurance's Books is dqM_AAAAYAAJ, Book which was written bySamuel Marshallhave ETAG "rdHulkDWqGE"

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From the HSA Files

I just learned something new (to me).

Recently, one of my small group clients had to let a long-time employee go. The plan itself is HSA-compliant, and the employer (very generously) funds each employee's account with $750 a year. He also covers the lion's share of the premium.

The unfortunate employee reached out to me to see what his options were. The group wasn't large enough to be subject to COBRA, but here in Ohio we have a so-called "mini-COBRA" law that guarantees (in specific circumstances) that the employee can continue his group plan for up to a year (paying the full freight, of course). One can imagine that this gets, as my dear departed sister used to say, "spendy:" in this case, upwards of $1,000 a month for the employee and dependents, all while he's between jobs.

Ouch.

One option we explored was a short-term medical plan, which would be much less expensive (under $300 a month) but which has its own limitations.

Here's where it gets interesting: I recalled that one could use HSA funds to pay for COBRA premiums, but wasn't sure if that would also include "mini-COBRA" state continuation plans.

So I reached out to our gurus of all things HSA (and FSA, and HRA) at FlexBank, who assured me that:

"HSA funds can be used to pay for Cobra and State continuation premiums. See attached list of qualifying expenses for the HSA under eligible expenses." [emphasis added]

[ed: that list is available to interested readers, just drop us a line]

Interesting!

So, I don't know yet which way the former employee will go (if at all), but at least he has another funding option.

Case File: Whole Life insurance dilemma

A few months back, we considered the case of the gentleman who had passed away after he'd let a policy lapse, and the implications thereof:

"I asked for the policy number to which it referred, and advised him that when the policy lapsed last year it created a taxable event, and that the balance due is being treated as taxable income (which would have also been the case if my client was still with us)."

That is, letting a policy with a substantial loan against it lapse is a sure-fire way to trigger a potentially hefty tax bill.

Flash forward to earlier this week, and I field a call from another agency client who had some questions about his life insurance policy. In this case, the policy was still in force, but also one he had bought from another agent long ago (and with a carrier we don't represent). So I of course offered to help as best I could (because he is an agency client) but that my answers would of necessity have to be pretty generic.

The facts were these: the gentleman, now in his late 70's, had purchased a whole life plan from XYZ Life while in his 30's. Over the intervening years, the policy's cash values had grown (substantially), and he had borrowed heavily against them, such that his original $200,000 death benefit is now reduced to about $20,000 (yikes). The problem is that the loan keeps growing, and if he doesn't at least freeze it, the policy will lapse.

Okay, so what? If he no longer needs that policy, what's the big deal with just letting it go?

Well, as mentioned above, that will trigger a pretty sizeable tax bill, one that he may well wish to avoid (being on a fixed income and all). So by paying the interest, in addition to the premiums, that should freeze the loan. The goal, I explained, was for him to die before the policy does. In that case, the loan, and potential tax bill, die with him.

Morbid, I know, but also honest.

He asked if he should pay all the interest, and I said that would be ideal, but even just paying some of it will help to forestall the inevitable.

To which he replied: "oh, I get it, paying some of the interest shows my good faith effort to the IRS."

Um, no: the IRS (and the carrier) couldn't care less about "good faith efforts," it's all about the Benjamins.

Pretty simple, that.

The lesson here? Consider all the long term implications, and ask questions, before stripping the cash out of a policy.

Efforts to combat fraud and abuse in the insurance industry

Efforts to combat fraud and abuse in the insurance industry
By:United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
Published on 1991 by Government Printing Office

This Book was ranked at 40 by Google Books for keyword Insurance.

Book ID of Efforts to combat fraud and abuse in the insurance industry's Books is V1oRAAAAIAAJ, Book which was written byUnited States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigationshave ETAG "JdJpzeid4hE"

Book which was published by Government Printing Office since 1991 have ISBNs, ISBN 13 Code is 9780160393495 and ISBN 10 Code is 0160393493

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Like a Viking!

Back in 'Aught 12, we noted that the Norwegian national health care scheme was starting to buckle:

"[T]he E.R. is simply not open at this hour ... What? There’s not always a doctor at the E.R.?"

That would be a 'no.'

And even that model of competence Sweden had begun feeling the pain:

"Swedes also complain about not being able to see their own regular general practitioner"

Life under government-run health "care."

But things are changing; co-blogger Mike alerts us to the newest developments:

"It’s intriguing that while socialists in America would rush to nationalize the health care system, Norwegians, Swedes, and Danes are all gradually increasing their use of private health insurance."

Wait, what?

How could this be?

Well, the numbers tell a very interesting tale:

"Between 2006 and 2016, the portion of the population covered by private insurance increased by 4% in Sweden, 7% in Norway, and 22% in Denmark."

Remember that when Medicaid4All proponents here tout the wonders of government-run health "care."

Climate Change and Insurance

Climate Change and Insurance
By:Christina M. Carroll,J. Randolph Evans,Lindene E. Patton
Published on 2012 by Amer Bar Assn

Climate change has become a significant issue in scientific, political, and legal circles, and this may have profound implications for the insurance industry. More frequent catastrophic events such as floods, droughts, fires, hurricanes, and the like, whether or not attributable to climate change, challenge the insurance industry's abilities to measure and predict risk.

This Book was ranked at 13 by Google Books for keyword Insurance.

Book ID of Climate Change and Insurance's Books is H1ToMgEACAAJ, Book which was written byChristina M. Carroll,J. Randolph Evans,Lindene E. Pattonhave ETAG "IfnOGuCBJpk"

Book which was published by Amer Bar Assn since 2012 have ISBNs, ISBN 13 Code is 9781614387336 and ISBN 10 Code is 1614387338

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Trump Executive Order and HSA's

One of the bullet points in yesterday's order focused on the use of HSA's for Direct Primary Care and Health Sharing Ministries. To those in these types of arrangements, you might want to dial back your enthusiasm.

Why do we say this?

One first must remember the requirements to fund an actual Health Savings Account. Straight from the IRS website...

To be an eligible individual and qualify for an HSA, you must meet the following requirements.

You are covered under a high deductible health plan (HDHP), described later, on the first day of the month.

So, to fund an HSA to pay for DPC or HSM you must pay premiums and purchase an insurance plan. Nothing like paying premiums for insurance so that you can set up an account to draw funds from said account to pay for more "insurance."

'Miss'

Via FoIB Holly R, this latest from the rascals at the MVNHS©:

"Coroner demands NHS 111 changes after six-year-old Sebastian Hibberd's death "

And what, you may ask, is the context here?

Well:

"Sebastian Hibberd died after staff failed to spot warning signs that part of his bowel had collapsed."

After which he experienced cardiac arrest while, and sit down for this, he awaited medical attention.

You don't say?

But what could possibly have led to this tragic outcome?

Would you believe ... math?

"[C]all handlers were not being "adequately assisted" by the algorithm used to assess patients over the phone."

Those darned algorithms will get you every time.

Cannot wait for us to implement that here.

#Medicaid4All

What is the Medicare Hospital Benefit?

Medicare Hospital benefit Part A covers medically necessary inpatient charges incurred and billed by the hospital. GA Medicare expert Bob Vineyard explains.

Original Medicare has a PER ADMISSION deductible. In 2019 the amount is $1364. Charges incurred during the next 60 days are covered by Medicare.

Most Medicare supplement plans, also known as Medigap, pay that deductible for you.

You may also incur OUTPATIENT charges in the ER and treatment or consult by medical personnel who are not on staff. These charges are applied to your Medicare Part B coverage.

Howdy Gramps, great to see ya!

We've written before about (so-called) Grandfathered Plans, most recently here:

"... as frustrating as it is, their current policy is the least bad alternative (at least until the next Open Enrollment period)."

A good blog-friend of mine recently wrote about her experience with her own grandfathered plan. She's a long-time MS patient, and had this to say:

"I finally received the hospital bill for my Feb 4th Rituxan infusion. That was my 36th infusion since Nov 2009. At first we tried stretching out the time between infusions, but I was still relapsing. After a relapse in Nov 2011, we went to the every-6-month schedule. I didn't relapse again until Feb 2016.

That's amazing!

So back to the bills. I'm a number cruncher and keep track of all sorts of things. For those 36 infusions, the hospitals have charged $539K in total. More than half a million dollars, folks! Insurance okayed charges of $458K of which $399K was for the Rituxan itself. Because of having a grandfathered individual insurance policy, my copay for infusions/drug has been limited to $22,857.24.

This is what I need to remember to appreciate my current monthly insurance premiums of $1028 (which will certainly go up again after my annual renewal in September). So from 2009-2019 (11 years), I will have paid at least $87,732 in insurance premiums, BUT my out-of-pocket maximum has been limited to $27,500, the most of which has been allotted to Rituxan infusions. (Vision, dental, and other prescriptions not included.)

So..... for $115,232, I have received half a million dollars worth of medical care for a single pharmaceutical treatment and have spent only about $5000 OOP for doctors, MRIs, or ER visits.

MOST IMPORTANTLY.......I'M STABLE!!

That's my gratitude thought of the day. The same day I worked outside in the yard for at least 4.5 hours this morning and experienced difficulty walking and gripping at times and really only want to sleep right now. Stable does not mean no symptoms or never any problems."

Well first: Baruch HaShem that she's not getting worse (which is always a danger with MS).

It also puts into perspective something that doesn't always get much play regarding ACA plans: not only do they tend to have very narrow provider networks, they also typically include restrictive formulary benefits for meds. As we've long noted:

"The stated reason for this business model is that it helps carriers to rein in the cost of medications, which make up a disproportionate percentage of claims."

But it presents a major challenge to folks with, for example, MS (let alone cancer or diabetes).

My friend continues:

"I'm very fortunate that my current treatment is an infusion therapy, otherwise it would be a very different story.

It does support the extra cost of keeping that grandfathered PPO plan tight within my grasp for as long as possible. The $100 deductible, 10% co-insurance, and $2500/year OOP max (for med coverage) are priceless. Good thing I'm not taking any expensive oral or self-injectable drugs; $1500 max coverage for pharmacy drugs doesn't go very far. All generics for me."

Bottom line: keep that legacy plan for as long as you can.

Medicare For Dummies

Medicare For Dummies
By:Patricia Barry
Published on 2015-08-18 by John Wiley & Sons

Medicare For Dummies, 2nd Edition (9781119079422) is now being published as Medicare For Dummies, 2nd Edition (9781119293392). While this version features an older Dummies cover and design, the content is the same as the new release and should not be considered a different product. Make your way through the Medicare maze with help from For Dummies America’s baby boomers are now turning 65 at the rate of about 10,000 a day. Yet very few have any idea about how Medicare works, when they should sign up, or how the program fits in with other health insurance they may have. Medicare For Dummies, 2nd Edition provides a detailed road map for navigating Medicare’s often-baffling complexities and helps consumers avoid pitfalls that could otherwise cost them dearly. In plain language, the new edition explains: How to qualify for Medicare, according to your personal circumstances, including new information on the rights of people in same-sex marriages When to sign up at the time that’s right for you, to avoid lifelong late penalties How to weigh Medicare’s many options so you can be confident of making the decision that’s best for you What Medicare covers and what you pay, with up-to-date details of the costs of premiums, deductibles, and copays—and how you may be able to reduce those expenses By conveying not only the basics but also how to troubleshoot problems and where to find assistance, Medicare For Dummies, 2nd Edition helps you to get the most out of Medicare.

This Book was ranked at 4 by Google Books for keyword Insurance.

Book ID of Medicare For Dummies's Books is zC5ECgAAQBAJ, Book which was written byPatricia Barryhave ETAG "x1M/VYeQE9U"

Book which was published by John Wiley & Sons since 2015-08-18 have ISBNs, ISBN 13 Code is 9781119079361 and ISBN 10 Code is 1119079365

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Property and Casualty Insurance License Exam Study Guide 2019-2020

Property and Casualty Insurance License Exam Study Guide 2019-2020
By:Trivium P&C Exam Prep Team
Published on 2018-08-06 by

You're probably thinking this is just another typical study guide. Because we know your time is limited, we've created a resource that isn't like most study guides. With Trivium Test Prep's unofficial Property and Casualty Insurance License Exam Study Guide 2019-2020: P&C Exam Prep and Practice Test Questions you'll benefit from a quick-but-comprehensive review of everything tested on the exam via real-life examples, graphics, and information. Our materials give you that extra edge you need to pass the first time. No state was involved in the creation or production of this product, is not in any way affiliated with Trivium Test Prep, and does not sponsor or endorse this product. Trivium Test Prep's Property and Casualty Insurance License Exam Study Guide 2019-2020 offers: A detailed overview of what you need to know for the property and casualty insurance license exam Coverage of all the subjects over which you will be tested Practice questions for you to practice and improve Test tips and strategies to help you score higher Trivium Test Prep's Property and Casualty Insurance License Exam Study Guide 2019-2020 covers: General Insurance Concepts Insurance Basics Property Insurance Basics Types of Property Insurance Casualty Insurance Basics Types of Casualty Insurance Other Types of Policies Insurance Regulation ...and includes a FULL practice test About Trivium Test Prep Trivium Test Prep is an independent test prep study guide company that produces and prints all of our books right here in the USA. Our dedicated professionals know how people think and learn, and have created our test prep products based on what research has shown to be the fastest, easiest, and most effective way to prepare for the exam. Unlike other study guides that are stamped out in a generic fashion, our study materials are specifically tailored for your exact needs. We offer a comprehensive set of guides guaranteed to raise your score for exams from every step of your education; from high school, to college or the military, to graduate school. Let our study guides guide you along the path to the professional career of your dreams

This Book was ranked at 27 by Google Books for keyword Insurance.

Book ID of Property and Casualty Insurance License Exam Study Guide 2019-2020's Books is xnbYuAEACAAJ, Book which was written byTrivium P&C Exam Prep Teamhave ETAG "A54596Gwvbo"

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Mutual Insurance 1550-2015

Mutual Insurance 1550-2015
By:Marco H. D. Van Leeuwen
Published on 2016-08-31 by Springer

In the modern Western world, we tend to be insured by the state or for-profit insurers. We have privileged this system over mutual or micro-insurance, whose long and rich history we tend to forget. Yet, mutual and micro-insurance is becoming increasingly important, both in the Western and in the non-Western world and bears re-examination. This book traces the track record of mutual insurance from 1550 to the present, examining provisions for burial, sickness, unemployment, old age, and widowhood. The author seeks to address such topics as the type of risks micro-insurance covered between 1550 and 2015; how it was organized throughout its history; who provided the coverage; and how contributions, benefit levels, and conditions have changed. Importantly, the author explores why this system has worked through, and endured, the test of time. Mutual insurance can, for instance, overcome classic insurance problems such as adverse selection and moral hazards. The author demonstrates that the study of the position micro-insurance historically assumed in mixed economies of welfare presents interesting lessons for today’s insurance market, as well as for today’s mutualism.

This Book was ranked at 22 by Google Books for keyword Insurance.

Book ID of Mutual Insurance 1550-2015's Books is h5TvDAAAQBAJ, Book which was written byMarco H. D. Van Leeuwenhave ETAG "hl0cTVZtyzA"

Book which was published by Springer since 2016-08-31 have ISBNs, ISBN 13 Code is 9781137531100 and ISBN 10 Code is 113753110X

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A Guide to Insurance Management

A Guide to Insurance Management
By:Stephen Diacon
Published on 2016-07-27 by Springer

This book makes a substantial contribution to the general level of management education in insurance by providing a comprehensive review of the main issues facing the management of insurance enterprises. Nineteen authors with considerable practical as well as academic experience have collaborated to give an international perspective in areas such as strategy, corporate planning, organisation and staffing, costing, underwriting and premium rating, marketing, reserving and investment, profit analysis, and regulation.

This Book was ranked at 9 by Google Books for keyword Insurance.

Book ID of A Guide to Insurance Management's Books is 6cK-DAAAQBAJ, Book which was written byStephen Diaconhave ETAG "hKxh2pq+K3w"

Book which was published by Springer since 2016-07-27 have ISBNs, ISBN 13 Code is 9781349074952 and ISBN 10 Code is 1349074950

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Insurance in Clinical Trials

Insurance in Clinical Trials
By:Janice Hedgecock
Published on 2005-07 by Inst of Clinical Research

This Book was ranked at 19 by Google Books for keyword Insurance.

Book ID of Insurance in Clinical Trials's Books is t5wOVpBCgpQC, Book which was written byJanice Hedgecockhave ETAG "dcT41bKGHm8"

Book which was published by Inst of Clinical Research since 2005-07 have ISBNs, ISBN 13 Code is 9780954934569 and ISBN 10 Code is 0954934563

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Insurance in Private International Law

Insurance in Private International Law
By:Francesco Seatzu
Published on 2003 by Hart Publishing

This book provides a much-needed analysis of this very important subject for international business lawyers, including discussion of the jurisdictional and choice of laws issues arising from cross-border contracts of insurance and reinsurance concluded by electronic means. This book is the first published in England to devote itself to a detailed analysis of the choice of laws rules in the E.C. Insurance Directives. The private international law rules of the E.C. Insurance Directives deal with the applicable law to insurance contracts covering risks situated within the EU. They do not deal with the applicable law to reinsurance contracts and insurance contracts covering risks situated outside the EU. This should be ascertained by reference to the choice of laws provisions in the 1980 Rome Convention on the law applicable to contractual obligations. Detailed discussion of these rules is also provided, and proposals for reform are suggested.

This Book was ranked at 2 by Google Books for keyword Insurance.

Book ID of Insurance in Private International Law's Books is 8vcyBtBd5PUC, Book which was written byFrancesco Seatzuhave ETAG "vgIj4tCAaKE"

Book which was published by Hart Publishing since 2003 have ISBNs, ISBN 13 Code is 9781841133355 and ISBN 10 Code is 1841133353

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Rx Heads' Up

If you have an ACA plan and take prescription meds, you'll want to be careful about using those now ubiquitous manufacturers' coupons:

New HHS Rule Regarding Manufacturer Drug Coupons Impacts ACA Cost Sharing Limits https://t.co/BUD5EGwSKQ
— Healthcare Reform (@Health_Reforms) June 17, 2019

The key is whether there's a generic equivalent available. The problem here, it seems to me, is that this ruling doesn't seem to take into account folks for whom the generic just doesn't work.

Caveat emptor.

From the P&C Files: Every step you take, every mile you drive....

Hard to believe but we first wrote about driver tracking and insurance over a decade ago:

"A high-tech monitoring device makes it possible to reduce insurance premiums for drivers who avoid jackrabbit starts and slam-on-the-brakes stops...The catch? Bad drivers who take a chance on the program may wind up paying a surcharge instead."

So a reasonable, if potentially risky, trade-off. But that was then, and this is now (11 years on). Surely we've ~~mined~~ collected enough data to determine the efficacy of these programs and devices, no?

Well, thanks to FoIB tsrlbke, the results are in, and they're (generally) positive:

"[A] new business study involving Washington University in St. Louis provides analytical theories showing that such driver-monitoring technology can not only prove beneficial to the bottom lines of some consumers, but also to insurance companies by alleviating moral hazards that affect the risks of accidents."

Which makes sense: careful driving motivated by potential insurance savings is obviously more likely to result in fewer accidents and tickets.

On the other hand, privacy-minded folks might want to take heed of this:

"They install it in your car, and it records all your driving patterns: Where you have been?"

Talk about trade-offs....

Business Interruption Insurance and Extra Expense Insurance

Business Interruption Insurance and Extra Expense Insurance
By:Henry C. Klein
Published on 1953 by

This Book was ranked at 39 by Google Books for keyword Insurance.

Book ID of Business Interruption Insurance and Extra Expense Insurance's Books is WUw-AAAAIAAJ, Book which was written byHenry C. Kleinhave ETAG "UvA2jxame7c"

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The Economics of Crop Insurance and Disaster Aid

The Economics of Crop Insurance and Disaster Aid
By:Barry K. Goodwin,Vincent H. Smith
Published on 1995 by American Enterprise Institute

This study is the first to provide a comprehensive and in-depth economic analysis of the origins and consequences of U.S. crop insurance and disaster relief programs. The authors investigate the policy options for disaster assistance and crop insurance, beginning with the recognition that current policies are unsatisfactory.

This Book was ranked at 36 by Google Books for keyword Insurance.

Book ID of The Economics of Crop Insurance and Disaster Aid's Books is e3lVWrsqKA8C, Book which was written byBarry K. Goodwin,Vincent H. Smithhave ETAG "wPUbC2zOC0Q"

Book which was published by American Enterprise Institute since 1995 have ISBNs, ISBN 13 Code is 9780844739083 and ISBN 10 Code is 0844739081

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Sunshine State Health Insurance Anecdata

So recently, had a client move to Orlando, and asked for a referral to a local health insurance agent (since I'm not licensed for Florida). I reached out to some folks who might be of help, including a couple relatives. One very helpful kin had this to say about the state of individual medical plans there:

"We don't have an agent. About 2 yrs ago Florida Blue, the only insurance provider in our area, drastically cut commissions so independent agents are almost non existent. Do you know where he is moving? Basically the way I approach it is to find the insurance company with the best network (in Florida there are only two main cancer centers - Shands and Moffett). If you get in a narrow network you could end up in trouble if you have an unusual health problem since the local expertise may not be that good.

I think Florida hospital is pretty good in Orlando but if you have something unusual you may need to go to Moffett in Tampa. I would just be sure the network includes Moffett. Florida Blue likely has plans in Orlando and basically you buy a policy from them using salaried agents on their staff. I would caution them against getting a narrow network plan that does not include Moffett or Shands. It will be cheaper but they could end up with a bad outcome from not having the right expertise on your side. With [your sister's] illness dealing with Shands was a pleasure. Not just the quality of care but no financial hanky panky which is common in Florida."

I mentioned that salaried carrier sales folks makes sense, since The Blues are (apparently) the only game in town, and got this reply:

"What happened is that they cut commissions to such a low level most agents quit selling health policies including mine."

Ah, yes, we're quite familiar with the concept.

Interesting, no?

Lectures on Insurance Models

Lectures on Insurance Models
By:S. Ramasubramanian
Published on 2009-01-01 by Amer Mathematical Society

Deals with Cramer-Lundberg model and the renewal risk model. This book describes their basic structure and properties, including the renewal theorems as well as the corresponding ruin problems. It is suitable for those in the field of applied probability.

This Book was ranked at 7 by Google Books for keyword Insurance.

Book ID of Lectures on Insurance Models's Books is I9tFPgAACAAJ, Book which was written byS. Ramasubramanianhave ETAG "9M++VYdw7wg"

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The Law of Liability Insurance

The Law of Liability Insurance
By:Malcolm A. Clarke
Published on 2013-07-24 by Taylor & Francis

This book provides an authoritative and comprehensive review of all aspects of the law that relate to liability insurance contracts. Taking an international comparative perspective, The Law of Liability Insurance covers all the major types of liability insurance, not just professional indemnity insurance, presenting the issues according to the general principles of contract law. The book begins by concentrating on the fundamentals of the liability insurance contract before moving on to cover conditions, defence, exclusions, and finally claims against and non-payment by the insurer. This book will be an invaluable reference tool for practitioners and professionals working in the commercial liability insurance industry, including those who operate globally, as well as being a source for academics and post-graduate students.

This Book was ranked at 5 by Google Books for keyword Insurance.

Book ID of The Law of Liability Insurance's Books is hbYpAAAAQBAJ, Book which was written byMalcolm A. Clarkehave ETAG "ihYNFv17Qds"

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CBD Oil: An Update

Regular readers may recall our post from last month on insurance and CBD oil:

"I had an interesting conversation with a doc who specializes in pain management and is a big fan of CBD oil and its pain-reducing abilities. He also claimed that taken topically (ointment) or even orally, one would likely not get flagged on a drug test."

Well, I recently received this in email from one of my group clients:

"Hi Hank!

Brought to my attention and I didn't know:

CBD oil/salves for anxiety/depression/pain management?

Has anyone asked you about these for HSA write offs?"

Which is a great question.

I did some research, and thought I'd found the answer:

"CBD products are probably not considered HSA- or FSA-eligible, though there hasn't been any formal guidance from the IRS on the matter. This is similar to medical marijuana, which is also not HSA or FSA-eligible even if you're taking it for a diagnosed disorder or to reduce the effects of chemotherapy"

But just in case, I also reached out to our own gurus of all things HSA/FSA/HRA. Their answer surprised me:

"Although we have received no official guidance, it’s seem reasonable that with the passing of the 2018 Farm Bill it can be reimbursed through FSA and HSA’s with a doctor’s note prescribing it for a specific diagnosis."

So there you have it: the key is in that little script fom the doc.

Sweet!

Insurance regulation and election law amendments

Insurance regulation and election law amendments
By:United States. Congress. Senate. Committee on the District of Columbia. Subcommittee on Business, Commerce, and Judiciary
Published on 1973 by

This Book was ranked at 24 by Google Books for keyword Insurance.

Book ID of Insurance regulation and election law amendments's Books is qQoRAAAAIAAJ, Book which was written byUnited States. Congress. Senate. Committee on the District of Columbia. Subcommittee on Business, Commerce, and Judiciaryhave ETAG "HpK0ZnzR1Tk"

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Paychecks and Playchecks

Paychecks and Playchecks
By:Tom Hegna
Published on 2011-12 by

|Paychecks and playchecks is a guide for retirement that is built for uncertain markets like the one we are in today. The strategy is a mathematically and scientifically proven approach that will enable you to create a secure retirement, no matter how long you live.|--Page 4 of cover.

This Book was ranked at 7 by Google Books for keyword Insurance.

Book ID of Paychecks and Playchecks's Books is KT5FnwEACAAJ, Book which was written byTom Hegnahave ETAG "jsNY6yJhMyM"

Book which was published by since 2011-12 have ISBNs, ISBN 13 Code is 9780984217380 and ISBN 10 Code is 098421738X

Reading Mode in Text Status is false and Reading Mode in Image Status is false

Book which have "240 Pages" is Printed at BOOK under CategoryBusiness and Economics

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When is a QSEHRA not a QSEHRA?

Regular readers may recall our post last year on the debacle that was Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs):

"Their reaction, once learning about the caveats and limitations, has been a resounding /crickets ... the devil truly is in the details."

In other words: a dud.

But that was then, and this is now:

"The Health and Human Services, Labor and Treasury Departments joined forces on a new initiative intended to provide affordable health careOpens a New Window. coverage ... The legislation will expand the use health reimbursement arrangements (HRAs), allowing employees use pre-tax health arrangements to buy insurance."

First impressions:

This sounds great on paper (maybe), but what differentiates this new effort from last year's failed version?

I reached out to our gurus of all thing FSA/HRA/HSA for their initial take, asking if this was just a QSEHRA re-hash. They graciously responded that it is not last year's iteration, but a new alphabet soup, almost 500 pages long, with a lot of details. They also pointed out that the original QSEHRA was a flop because of all of the rules, and that this version may be as well.

I would add something else that seems to have slipped under the radar in both instances:

Group plans have participation requirements; that is, a minimum percentage of employees must be on the group plan or it will go away (I've had this happen, and it's not pretty). To be fair, it's not usually enforced that rigidly, but I suspect that would change if carriers saw their groups suddenly shedding participants willy-nilly.

Now, as one who would ultimately like to see health insurance de-coupled from employment, this is not unappealing. But as a realist, I think this is playing a little too close to the edge of the envelope.

And there's this: pretty much all group plans are built on the PPO model (coverage in- and out-of-network). But all of the individual plans I've seen the past two cycles (and I have no reason to think this won't continue to be the case) are HMO's, meaning that there is essentially zero OON coverage.

What's that worth?

Oh, and one more thing: if your employer offers a group plan, then you likely won't qualify for a subsidy on that individual major med. And since ACA plans include pretty much all the things that make group coverage so expensive (guaranteed issue, pre-ex and maternity cover, for example) plus often (usually?) have much higher out-of-pocket limits, not seeing the savings.

Time will tell.

A License to Steal

A License to Steal
By:Philander Banister Armstrong
Published on 1917 by

This Book was ranked at 11 by Google Books for keyword Insurance.

Book ID of A License to Steal's Books is OJdBAQAAMAAJ, Book which was written byPhilander Banister Armstronghave ETAG "8b22+GJnrUM"

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The Additional Insured Book

The Additional Insured Book
By:Donald S. Malecki,Jack P. Gibson,International Risk Management Institute
Published on 2013-12 by

This Book was ranked at 34 by Google Books for keyword Insurance.

Book ID of The Additional Insured Book's Books is ZNSvoAEACAAJ, Book which was written byDonald S. Malecki,Jack P. Gibson,International Risk Management Institutehave ETAG "+IIzj0ydE/s"

Book which was published by since 2013-12 have ISBNs, ISBN 13 Code is 9781933686387 and ISBN 10 Code is 1933686383

Reading Mode in Text Status is false and Reading Mode in Image Status is false

Book which have "484 Pages" is Printed at BOOK under CategoryInsurance law

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Financial Models of Insurance Solvency

Financial Models of Insurance Solvency
By:J. David Cummins,Richard A. Derrig
Published on 1989-08-31 by Springer Science & Business Media

The First International Conference on Insurance Solvency was held at the Wharton School, University of Pennsylvania from June 18th through June 20th, 1986. The conference was the inaugural event for Wharton's Center for Research on Risk and Insurance. In atten dance were thirty-nine representatives from Australia, Canada, France, Germany, Israel, the United Kingdom, and the United States. The papers presented at the Conference are published in two volumes, this book and a companion volume, Classical Insurance Solvency Theory, J. D. Cummins and R. A. Derrig, eds. (Norwell, MA: Kluwer Academic Publishers, 1988). The first volume presented two papers reflecting important advances in actuarial solvency theory. The current volume goes beyond the actuarial approach to encom pass papers applying the insights and techniques of financial economics. The papers fall into two groups. The first group con sists of papers that adopt an essentially actuarial or statistical ap proach to solvency modelling. These papers represent methodology advances over prior efforts at operational modelling of insurance companies. The emphasis is on cash flow analysis and many of the models incorporate investment income, inflation, taxation, and other economic variables. The papers in second group bring financial economics to bear on various aspects of solvency analysis. These papers discuss insurance applications of asset pricing models, capital structure theory, and the economic theory of agency.

This Book was ranked at 26 by Google Books for keyword Insurance.

Book ID of Financial Models of Insurance Solvency's Books is Cb4ElArXcTYC, Book which was written byJ. David Cummins,Richard A. Derrighave ETAG "hmITlfsjw9I"

Book which was published by Springer Science & Business Media since 1989-08-31 have ISBNs, ISBN 13 Code is 9780792390183 and ISBN 10 Code is 0792390180

Reading Mode in Text Status is false and Reading Mode in Image Status is true

Book which have "363 Pages" is Printed at BOOK under CategoryBusiness and Economics

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From the P&C Files: ProActive CyberCover

A few weeks ago, we blogged on active shooter insurance cover:

"Beyond the obvious (wrongful death and medical and funeral expenses), there's counseling, biohazard cleanup, and destruction of property; in some cases, relocation and rebuilding expenses might also come into play."

And of course the list went on.

An active shooter in the workplace is obviously a deadly physical threat, but there are other attacks that can wreak significant damage (and also threaten lives). I recently received an email from an outfit called JGS Insurance, which offers what looks to be pretty comprehensive cybercrime coverage.

Um, what the heck is "cybercrime," Henry?

Well, Techopedia defines it as:

"[A] crime in which a computer is the object of the crime (hacking, phishing, spamming) or is used as a tool to commit an offense (child pornography, hate crimes). Cybercriminals may use computer technology to access personal information, business trade secrets or use the internet for exploitative or malicious purposes."

This is a fairly broad brush, but seems to pretty much sum up the phenomenon.

So, back to that "cyber warfare" coverage.

The JGS program identifies two specific parties:

First Party coverage includes response and other immediate costs, including legal and regulatory, as well as unauthorized funds transfer, plus system damage and even business interruption.

Third Party coverage would be for risks like network security and privacy liability (think of all the various database breeches we hear about, with personal and credit card info being stolen), media liability and even technology errors and omissions.

Yikes.

Something I really appreciated was this checklist of why businesses ought to be considering this type of plan:

• Cyber crime is the fastest growing crime in the world, but most attacks are not covered by standard property or crime insurance policies.

• Systems are critical to operating your day to day business but their downtime is not covered by standard business interruption insurance.

• Data is one of your most important assets yet it is not covered by standard property insurance policies.

And quite a few others, including penalties for loss or theft of data and the compliance costs of notifying those affected.

Scary, but interesting, and worth considering.

Oh!

They also point out that it's "it's not just big businesses being targeted by hackers, but lots of small ones, too."

Indeed.

Gibson vs Oberlin: Update (Breaking)

Yesterday, we wrote about the unfortunate case of the college versus the bakery:

"A jury has awarded Gibson’s Bakery and its owners $11 million in compensatory damages against Oberlin College, for libel, intentional interference with business, and intentional infliction of emotional distress."

We noted that the trial to determine whether (and for how much) punitive damages had started, and that these could amount to a tripling of the original amount.

We noted at the time that it's unlikely that these would be covered, should it come about.

Well, we're about to find out:

"Oberlin College hit with maximum PUNITIVE DAMAGES (capped at $22 million by law) in Gibson’s Bakery case"

That's gonna leave a mark.

Click the link for details.

La Plus Ca Change

Saw this on Twitter:

The next installment of the https://t.co/GzlcjJFLl5 mag is taking shape, with new perspectives from @LiisShea on #Estonia's open source system + @BrennenHodge on the need for an OS health operating system. Here's our working cover (by Patricia Nguyen)... pic.twitter.com/j1oYpxvn4X
— Juhan Sonin (@jsonin) June 11, 2019

Hunh:

"What if, instead of focusing on "consumer driven" or "people powered" health care, we turned our efforts instead to "Open Source Health Care?"

[ed: note the date]

What if, indeed?

Common Medicare Questions - GA Medicare Expert Answers

#GAMedicareExpert #CommonMedicareQuestions

Money. Wealth. Life Insurance.

Money. Wealth. Life Insurance.
By:Jake Thompson
Published on 2014-01-01 by Jake Thompson

America's elite have been using cash value life insurance to stockpile wealth for centuries. Used correctly, it is better described as a personal bank on steroids, and a financial bunker for tough times. To be clear, this book is not about the typical garbage peddled by most insurance agents. Rather, an alternative to the risky investment strategies taught by Wall Street. It details a highly efficient form of cash value life insurance designed to supercharge your savings and stockpile wealth. A product so powerful it's responsible for the success of Walt Disney, JC Penney, Ray Kroc, and thousands of others. Here's what you'll discover: How the wealthy use this vehicle to create more wealth, take less risk, and create predictable income down the road Why banks and corporations place billions of dollars in this powerful vehicle How I earned over 300 percent returns leveraging my life insurance policies How you can create a safe, predictable foundation to enhance every financial decision you make How to win with taxes and keep more of the money you make While the information compiled into this book is valuable, you'll also find three case studies that show you exactly how it works. You'll be able to visually see how it grows, how it's accessed, as well as the future income that can be taken. ______________ Influencers of this book are Nelson Nash, his book |Becoming Your Own Banker: Unlock the Infinite Banking Concept|; Pamela Yellen, her book |Bank on Yourself|; Dwayne Burnell, his book |Financial Independence in the 21st Century - Life Insurance * Utilize the Infinite Banking Concept * Compliment Your 401K - Retirement Planning With Permanent Whole Life versus Term or Universal - Create Financial Peace|; and my Father Dan Thompson, and his book |The Banking Effect: Acquiring wealth through your own Private Banking System.| I was introduced to these financial strategies at a young age, and this is book represents the effort and energy on both the part of everyone of my mentors, these authors here, as well as my own diligence in learning about and implementing these very same strategies into my personal finances. This book is designed to simplify some of the concepts surrounding cash value life insurance, such as Infinite Banking and Bank on Yourself, and make them easier to understand, stripping them down to the core benefits of cash value life insurance.

This Book was ranked at 36 by Google Books for keyword Insurance.

Book ID of Money. Wealth. Life Insurance.'s Books is zKzqAgAAQBAJ, Book which was written byJake Thompsonhave ETAG "yL4RDzLWZJc"

Book which was published by Jake Thompson since 2014-01-01 have ISBNs, ISBN 13 Code is 9781494896478 and ISBN 10 Code is 1494896478

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Oberlin Gets Schooled

As you may have seen, Oberlin College (a private liberal arts school in northeast Ohio) was recently successfully sued for trying very hard to put a local bakery out of business:

"A jury has awarded Gibson’s Bakery and its owners $11 million in compensatory damages against Oberlin College, for libel, intentional interference with business, and intentional infliction of emotional distress."

So how did this come about? Well, a couple years ago some yutes ... er ... underage Oberlin students tried to buy adult beverages, and when they failed to produce proper ID, decided to just help themselves. Even though they were arrested and eventually pled guilty, the college bureauweenies decided that this was obviously racially motivated by the shop's owners, and proceeded to act accordingly:

By passing out fliers accusing the business of racism, and urging customers to take their business elsewhere (the flyers helpfully included suggestions as to alternate merchants, aka competitors). In fact, at least one administrator was actively handing out these flyers.

The store sued the college, and has won a judgment of $11 million; yesterday saw the start of a hearing for an additional 22 million in punitive damages.

Okay, that's very interesting, Henry, but what the heck does it have to do with insurance?

I'm so glad you asked.

Turns out, at least one of the school's insurance carriers is likely to deny coverage:

"[I]t appears that the insurer, Lexington Insurance Company, is likely to disclaim coverage for the intentional torts which gave rise to the verdict."

Lexington had issued a commercial liability umbrella policy, which (as is typical of these plans), "does not provide coverage for “bodily injury” or “property damage” intentionally caused by defendants."

Think of it like this:

As we've pointed put before, one's homeowner’s policy is unlikely to cover the shooting of someone, even if that shooting was entirely lawful. It's that whole "intentional act" issue. And, as our guru of P&C Bill M points out, it doesn’t get more "intentional" than having your vice president and dean of students deliberately undermining a local establishment while calling its owners racist.

Bill also pointed out that coverage for the (expected) punitive damages may be in doubt, as well, since these are generally excluded.

R'unh r'oh.

Bill and I were also curious about the underlying coverage, which was not through Lexington, but by the "College Risk Retention Group, Inc. (“CRRG”) and an Educator’s Liability policy issued by United Educators (“UE”)."

Turns out, CRRG is "a privately held company in Burlington, VT and is a Single Location business."

How enlightening.

And what about UE?

Well, they provide "liability insurance and risk management services to more than 1,600 members representing schools, colleges, and universities throughout the United States."

No word yet on whether that includes intentionally sabotaging a local business.

It's Deja Vu All Over Again

Shot:

California will now be taxing it's citizens who choose to not purchase health insurance in order to pay to insure others who are in the US illegally. This is the individual mandate reinstated at the State level.https://t.co/qeqNi5b6SU
— Dutch Rojas (@DutchRojas) June 10, 2019

Chaser (from 2012):

"Many of those who refuse, or are unable, to prove they are citizens will receive free insurance paid for by those who are forced to buy insurance because they are citizens."

Heh.

Skin in the Game?

So, saw this the other day:

Skin cancer can affect sales of life insurance by making some otherwise healthy applicants difficult or impossible to get through underwriting.https://t.co/QE7kUxJDa7
— ThinkAdv Life/Health (@TA_LifeHealth) June 7, 2019

I've had a few cases over the years where there was either current or a history of skin cancers (usually benign), but wanted to confirm this claim.

So I reached out to the ever-helpful folks at Issue Insurance (our local experts on difficult cases), and FoIB Tana H replied:

"Certain types of skin cancers can be an issue, especially, malignant melanoma. There are definitely a lot of variable’s involved, such as size, level, stage, etc. Most can be written standard or with a flat extra for so many years."

The more you know....

The Theory and Practice of Bank-Owned Life Insurance

The Theory and Practice of Bank-Owned Life Insurance
By:Warren T. Wamberg
Published on 1995 by T. W. O. Pub

This Book was ranked at 39 by Google Books for keyword Insurance.

Book ID of The Theory and Practice of Bank-Owned Life Insurance's Books is 8EeEAAAACAAJ, Book which was written byWarren T. Wamberghave ETAG "3SYVAXn95aM"

Book which was published by T. W. O. Pub since 1995 have ISBNs, ISBN 13 Code is 9780964766402 and ISBN 10 Code is 096476640X

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Monday Transparency

Price transparency in health care has long been a recurring theme here at IB, going back to our earliest days:

"Recently, I had the opportunity to interview Dr Dexter Campinha-Bacote, Aetna Medical Director. He’s the “go to guy” for Aetna’s new transparency pilot program ... employers asked Aetna to develop tools that their employees could use to make “better informed decisions.” One of these tools is the pilot transparency program."

But we also know that for transparency to work, there has to be buy-in from health care providers, as well. And so:

"Makary is part of a movement of medical professionals who want healthcare to reflect the free market, with transparent pricing and clear information on quality, allowing patients to decide which entities succeed and fail, rather than the insurance companies"

The Free Market Medical Association (FMMA) now boasts over 20 chapters nationwide, and now offers "an online pricing tool where patients can find prices and quality information for cash pay physicians."

That last bit is important: I've never had a client ask about how to find the cheapest brain surgeon.

Pretty cool.

[Hat Tip: Brandon Dutcher]

Insurance Demystified - Reading Beyond The Lexicon

Insurance Demystified - Reading Beyond The Lexicon
By:Kailash Chandra Mishra
Published on 2005-07-29 by ICFAI Books

The first of its kind this book is a dictionary encompassing the lexicon of the insurance industry. Dr K C Mishra has compiled the lexicon after extensive research and a study of literature in India and abroad. It interprets insurance terminology and of

This Book was ranked at 15 by Google Books for keyword Insurance.

Book ID of Insurance Demystified - Reading Beyond The Lexicon's Books is aLACZkbdQ1YC, Book which was written byKailash Chandra Mishrahave ETAG "CeHpmFUTgeI"

Book which was published by ICFAI Books since 2005-07-29 have ISBNs, ISBN 13 Code is 9788178817118 and ISBN 10 Code is 817881711X

Reading Mode in Text Status is true and Reading Mode in Image Status is true

Book which have "327 Pages" is Printed at BOOK under CategoryInsurance

This Book was rated by 1 Raters and have average rate at "5.0"

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