June 16, 2021

Thu, 17 Jun 2021 05:08:24 +0000
PARIS – A French court on Tuesday ordered IKEA to pay a 1 million euro ($1.2 million) fine for spying on its French staff, after the world’s biggest furniture retailer was found guilty of improperly gathering and storing data on …
Thu, 17 Jun 2021 04:42:29 +0000
MEXICO CITY – Preliminary findings of an independent investigation into the deadly collapse of a Mexico City metro rail line last month showed the accident was caused by a structural fault, a senior city official said on Wednesday. Jesus Esteva, …
Wed, 16 Jun 2021 21:54:25 +0000
Aon’s proposed $30 billion acquisition of Willis Towers Watson has hit a major roadblock, with the U.S. Department of Justice suing to block the deal. The DOJ’s civil antitrust lawsuit argues that the merger, which would bring together two of …
Wed, 16 Jun 2021 17:16:09 +0000
Cornerstone Risk Solutions LLC, a Denver, Colo.-based subsidiary of IMA Inc., has acquired CLIC Management NV LLC, a managing general agent of group-based insurance programs for the legal cannabis industry. CLIC Management has offices in San Diego, Cal...
Wed, 16 Jun 2021 16:39:34 +0000
Michigan insurance regulators are reminding property/casualty insurers that relying on “zero-dollar claim” in their insureds’ loss history is not allowed. In Bulletin 2021-27-INS, issued by Michigan Department of Insurance and Financial Services Direct...
Wed, 16 Jun 2021 16:27:14 +0000
A San Marcos, Texas-based tortilla manufacturer has been cited for repeat and serious workplace safety violations, and faces penalties of more than $200,000, federal regulators say. The Occupational Safety and Health Administration said previous inspec...
Wed, 16 Jun 2021 16:19:21 +0000
California regulators have approved a plan by Farmers Insurance to assess wildfire risk by using a tool that combines artificial intelligence with high-resolution aerial photography. The carrier said the Z-Fire risk scoring model developed by Zesty.ai ...
Wed, 16 Jun 2021 16:09:41 +0000
UK-based Davies, a specialist professional services and technology business serving insurance and highly regulated markets, has agreed to acquire San Antonio-based IAS Claim Services (IAS). IAS provides a range of tech-enabled claims solutions includin...
Wed, 16 Jun 2021 16:02:32 +0000
A northern Illinois chemical plant that was rocked by an explosion and massive fires that prompted evacuations was inspected by a federal agency less than a month before the blast sent debris raining down onto nearby areas. Inspectors from the …
Wed, 16 Jun 2021 15:09:57 +0000
Swiss bank Credit Suisse has prepared its first insurance claims on losses stemming from its $10 billion of funds tied to collapsed finance group Greensill Capital, the Financial Times reported on Wednesday. Credit Suisse is attempting to recoup billio...
Wed, 16 Jun 2021 14:13:12 +0000
New York’s Jencap Group Promotes Maher to President Jencap Group LLC, a New York-headquartered national wholesale intermediary, has promoted Mark Maher to president. In his new role, Maher will work with the Jencap management team to develop strategic ...
Wed, 16 Jun 2021 14:07:42 +0000
Maine lawmakers want to strengthen lead testing in school drinking water. The Maine Legislature has been considering a proposal to decrease the standard for lead in drinking water from 15 parts per billion to four parts per billion. The Maine …
Wed, 16 Jun 2021 13:56:12 +0000
A New Hampshire bill aimed at strengthening penalties for repeat drunk drivers is headed to the governor’s desk. The House on Thursday agreed to the Senate’s version of Tyler Shaw’s Law, named for a 20-year-old Concord man who died in …
Wed, 16 Jun 2021 13:54:05 +0000
The Arizona Legislature will convene in special session this week to consider adding $100 million in funding for fighting wildfires and to boost the amount of money available to clear hazardous brush and deal with the damage of flooding from …
Wed, 16 Jun 2021 13:52:31 +0000
Transportation officials have reported nearly twice as many people died in alcohol-involved crashes on Utah roads last year compared to the year before, despite less commuter traffic during the coronavirus pandemic. The state Department of Transportati...
Wed, 16 Jun 2021 13:44:13 +0000
Insurer USAA is buying Noblr, an insurtech digital insurer offering behavior-based auto insurance. USAA, a Texas-based insurer focused on members of the U.S. military and their families, said the acquisition will help make it more competitive by modern...
Wed, 16 Jun 2021 13:17:15 +0000
Global insurance broker Arthur J. Gallagher & Co. has acquired Markham, Ontario-based Excess Underwriting Co., a property/casualty managing general agency (MGA) and Lloyd’s broker serving insurance brokers and their clients across Canada. Terms of the ...
Wed, 16 Jun 2021 12:58:54 +0000
Royal Caribbean Group said on Wednesday it would delay the inaugural sailing of its Odyssey of the Seas cruise liner by nearly a month after eight crew members tested positive for COVID-19. The news comes a week after two people …
Wed, 16 Jun 2021 12:08:07 +0000
JACKSON, Miss. — A managed care company has agreed to pay Mississippi $55.5 million to settle a lawsuit that accused one of its subsidiaries of overcharging the state’s Medicaid program for pharmacy benefits management. Attorney General Lynn Fitch an...
Wed, 16 Jun 2021 12:06:57 +0000
When the Los Angeles Department of Water and Power was hacked in 2018, it took a mere six hours. Early this year, an intruder lurked in hundreds of computers related to water systems across the U.S. In Portland, Oregon, burglars …
Wed, 16 Jun 2021 11:57:57 +0000
DETROIT (AP) — In a reversal from Trump administration policies, U.S. auto safety regulators say they will move to require or set standards for automatic emergency braking systems on new heavy trucks. The Department of Transportation, which includes th...
Wed, 16 Jun 2021 11:41:04 +0000
Centene Corp. agreed to pay settlements to Ohio and Mississippi to resolve claims that it inflated pharmacy costs, and the health insurer reserved $1.1 billion to resolve similar claims in other states. Centene, the country’s largest seller of Medicaid...
Wed, 16 Jun 2021 11:16:26 +0000
Investor groups have asked the U.S. Securities and Exchange Commission for more corporate disclosures on climate change and other environmental, social and governance (ESG) issues while business interests have pushed back, a Reuters review of correspon...
Wed, 16 Jun 2021 11:04:10 +0000
The COVID-19 crisis reduced overall global macro resilience – or the ability of societies to absorb shocks – by 18% in 2020 from 2019, according to a sigma report published by Swiss Re Institute. At the same time, the report …
Wed, 16 Jun 2021 07:43:08 +0000
Lockton Re, the reinsurance business of the world’s largest privately held independent insurance broker, announced the launch of its Bermuda office Lockton Re (Bermuda) Ltd., which will be led by Jonathan (Jonty) Davies as CEO. Davies joins from Aon Re...
Wed, 16 Jun 2021 07:19:47 +0000
Accounting firm PwC said on Tuesday it would invest $12 billion over five years to create 100,000 new jobs aimed at helping its clients grapple with climate and diversity reporting and also in artificial intelligence, as part of its new …
Wed, 16 Jun 2021 05:42:24 +0000
MJ Insurance MJ Insurance has hired Jacob Simon as risk transfer specialist and Ryan Miller as employee benefits consultant in the company’s Indianapolis headquarters. Simon comes to MJ from a local industry competitor, bringing a wealth of knowledge a...
Wed, 16 Jun 2021 05:40:59 +0000
Platinum Specialty Underwriters Platinum Specialty Underwriters, an XPT company, has added transportation expert Malcolm Gilreath as vice president of Underwriting. He is based in Platinum’s Plano, Texas office. Gilreath will lead the underwriting team...
Wed, 16 Jun 2021 05:30:31 +0000
Britain’s finance ministry called on the European Union to open talks on financial services, after the London Stock Exchange on Tuesday urged the bloc to avoid protectionism. Britain left the EU in December, largely cutting off the City of London’s …
Wed, 16 Jun 2021 05:00:42 +0000
LIBERTY, Miss. — On June 2, Tom Lewis left his office at Liberty Insurance Agency to serve as guide for a group of bear hunters. In this case, the “hunters” were researchers from Mississippi State University involved in a regional …


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Life FAQ's

Q:

How much life insurance should an individual own?

A:

Rough "rules of thumb" suggest an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account in determining a more precise estimate of the amount of life insurance needed.
Important factors include:
  • Income sources (and amounts) other than salary/earnings
  • Whether or not the individual is married and, if so, what is the spouse's earning capacity
  • The number of individuals who are financially dependent on the insured
  • The amount of death benefits payable from Social Security and from an employer sponsored life insurance plan
  • Whether any special life insurance needs exist (e.g., mortgage repayment, education fund, estate planning need), etc.

It is recommended that a person's insurance advisor be contacted for a precise calculation of how much life insurance is needed.

Q:

What about purchasing life insurance on a spouse and on children?

A:

In certain circumstances, it may be advisable to purchase life insurance on children; generally, however, such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). It is of utmost importance that the income earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of the required amount of life insurance before contemplating the purchase of life insurance on children or on a non-wage earning spouse. In a dual-earning household, it is important to protect the income earning capacity of both spouses. Life insurance on a non-wage earning spouse is often recommended for the purpose of paying for household services lost at this individual's death.

Q:

Should term insurance or cash value life insurance be purchased?

A:

Although a difficult question--one whose answer will vary depending on circumstances--several principles should be followed in addressing this issue.
It must first be recognized that in any life insurance purchasing decision, there are at least two basic questions that must be answered:
  • "How much life insurance should I buy?" and
  • "What type of life insurance policy should I buy?"

The question contained in (1) involves an "insurance" decision and the question contained in (2) requires a "financial" decision.

The "insurance" question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way in which this needed amount of insurance can be afforded is through the purchase of term insurance with its lower premium.

If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the "financial" decision--which type of policy to buy. Important factors affecting the "financial" decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g., 20 years or longer), and the rate of return on alternative investments possessing similar risk.

Q:

How does mortgage protection term insurance differ from other types of term life insurance?

A:

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods, e.g., 15, 20, 25 or 30 years. Although the face amount decreases over time, the premium is usually level in amount. Further, the premium payment period often is shorter than the maximum period of insurance coverage --for example, a 20-year mortgage protection policy might require that level premiums be paid over the first 17 years.

Q:

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

A:

Yes, the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured's death.
Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolidation. Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.