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<title>Auto Insurance Principles Should Apply to Health Insurance</title>
<link>https://coolandsmoothantigua.eu.org/auto-insurance-principles-should-apply-to-health-insurance/</link>
<comments>https://coolandsmoothantigua.eu.org/auto-insurance-principles-should-apply-to-health-insurance/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:55:49 +0000</pubDate>
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<description><![CDATA[Many Americans rely on their automobiles to get to work. No automobile means no job, no rent or mortgage money, no food. A single parent, struggling to make ends meet in the suburbs with 100,000 miles on the odometer, would presumably welcome the guaranteed opportunity for low-priced insurance that would take care of every possible [...]]]></description>
<content:encoded><![CDATA[Many Americans rely on their automobiles to get to work. No automobile means no job, no rent or mortgage money, no food. A single parent, struggling to make ends meet in the suburbs with 100,000 miles on the odometer, would presumably welcome the guaranteed opportunity for low-priced insurance that would take care of every possible repair on her auto until the day that it reaches 200,000 miles or falls apart, whichever comes first. Especially if the insurance is valid regardless of whether she even changes the oil in the interim.
So why aren’t the auto insurance companies writing such coverage, either directly or through used auto dealers? And given the importance of reliable transportation, why isn’t the public demanding such coverage? The answer is that both auto insurers and the public know that such insurance can’t be written for a premium the insured can afford, while still allowing the insurers to stay solvent and make a profit. As a society, we intuitively understand that the costs associated with taking care of every mechanical need of an old automobile, particularly in the absence of regular maintenance, aren’t insurable. Yet we don’t seem to have these same intuitions with respect to health insurance.
If we pull the emotions out of health insurance, which is admittedly hard to do even for this author, and look at health insurance from the economic perspective, there are several insights from auto insurance that can illuminate the design, risk selection, and rating of health insurance.
Auto insurance comes in two forms: the traditional insurance you buy from your agent or direct from an insurance company, and warranties that are purchased from auto manufacturers and dealers. Both are risk transfer and sharing devices and I’ll generically refer to both as insurance. Because auto third-party liability insurance has no equivalent in health insurance, for traditional auto insurance, I’ll examine only collision and comprehensive insurance — insurance covering the vehicle — and not third-party liability insurance.
Bumper to Bumper
The following are some commonly accepted principles from auto insurance:
* Bad maintenance voids certain insurance. If an automobile owner never changes the oil, the auto’s power train warranty is void. In fact, not only does the oil need to be changed, the change needs to be performed by a certified mechanic and documented. Collision insurance doesn’t cover cars purposefully driven over a cliff.
* The best insurance is offered for new models. Bumper-to-bumper warranties are offered only on new cars. As they roll off the assembly line, automobiles have a low and relatively consistent risk profile, satisfying the actuarial test for insurance pricing. Furthermore, auto manufacturers usually wrap at least some coverage into the price of the new auto in order to encourage an ongoing relationship with the owner.
* Limited insurance is offered for old model autos. Increasingly limited insurance is offered for old model autos. The bumper-to-bumper warranty expires, the power train warranty eventually expires, and the amount of collision and comprehensive insurance steadily decreases based on the market value of the auto.
* Certain older autos qualify for additional insurance. Certain older autos can qualify for additional coverage, either in terms of warranties for used autos or increased collision and comprehensive insurance for vintage autos. But such insurance is offered only after a careful inspection of the automobile itself.
* No insurance is offered for normal wear and tear. Wiper blades need replacement, brake pads wear out, and bumpers get dings. These aren’t insurable events. To the extent that a new car dealer will sometimes cover some of these costs, we intuitively understand that we’re “paying for it” in the cost of the automobile and that it’s “not really” insurance.
* Accidents are the only insurable event for the oldest automobiles. Accidents are generally insurable events even for the oldest autos; with few exceptions service work isn’t.
* Insurance doesn’t restore all vehicles to pre-accident condition. Auto insurance is limited. If the damage to the auto at any age exceeds the value of the auto, the insurer then pays only the value of the auto. With the exception of vintage autos, the value assigned to the auto goes down over time. So whereas accidents are insurable at any vehicle age, the amount of the accident insurance is increasingly limited.
* Insurance is priced to the risk. Insurance is priced based on the risk profile of both the automobile and the driver. The auto insurer carefully examines both when setting rates.
* We pay for our own insurance. And with few exceptions, automobile insurance isn’t tax deductible. As a result, the fear of increasing insurance rates due to traffic violations and/or accidents changes our driving behavior and we sometimes select our automobiles based on their insurability.
Each of the above principles is supported by solid actuarial theory. Although most Americans can’t describe the underlying actuarial theories, most everyone understands the above principles of auto insurance at the intuitive level. For sure, as indispensable automobiles are to our lifestyles, there is no loud national movement, accompanied by moral outrage, to change these principles.
Unsustainable Market
In contrast, similar principles are routinely violated in health insurance. To demonstrate this, let’s return to the same suburban mother from the opening paragraph. She’s busy working, driving to and from work, and driving her kids to school and activities. She ends each day exhausted, sitting on the couch with fast food. She’s obese, has a sedentary life, a bad diet, and hasn’t taken the time to go to the doctor in years. After a simple injury doesn’t heal for weeks, she turns up at the emergency room and learns she has type II diabetes. Although type II diabetes is controllable, changing diet and exercise habits and properly tracking her condition takes time and effort and she’s never quite successful in implementing the necessary lifestyle changes.
So the initial emergency room visit is only the first of a long list of health care related to non-controlled diabetes and other problems associated with obesity. Whether she has individual or group insurance, her insurance pays for each episode of care, without singling her out for a premium increase, and without charging her any more cost sharing than is charged to the healthiest and most medically diligent insureds. Her coverage continues until she voluntarily changes insurance companies and/or employers or becomes eligible for Medicare. If she’s covered under group insurance she may not even pay any premium. Her insurance continues unabated, even though the disease was caused by neglecting her body and she maintains her poor lifestyle even after the disease becomes known.
This just wouldn’t happen in auto insurance. This scenario is the auto insurance equivalent of guaranteed access to low-priced auto insurance that takes care of every possible repair, including damage already done, until the day the car falls apart so completely it’s unsalvageable (death) or reaches 200,000 miles (Medicare), regardless of whether she even changes the oil (takes care of herself) in the interim.
As a society, we don’t expect this in private-market auto insurance, but we expect it in private-market health insurance. Furthermore, there’s a chorus of national and state interests, which continuously pushes us further away from the auto insurance principles.
The current private health insurance market isn’t sustainable. Prices have been consistently increasing faster than inflation for decades. Each year, insureds use more health care than ever before and more people have no insurance at all. Most actuaries and other people in the private health insurance market don’t want national health insurance with its bureaucracy and one-size-fits-all benefits. Yet, we’re trying to sustain a private insurance system, which violates the very principles we know are necessary for private insurance markets.
Yes, health insurance involves the sacredness of human life and is therefore different from auto insurance. But if we’re to sustain a private-market solution to health insurance, actuaries need to explain to the larger society, in terms that society understands, the rationale for the following principles:
* As sacred as health care is, it’s still an economic transaction that has to be balanced by individuals and societies, against other economic choices. It can’t be unlimited. Sometimes it will be secondary to other choices. On a given day, for example, the mother in our scenario may value her car more than her health.
* Insurance premiums should be paid by the individual and tied to controllable risk factors. This will provide the best incentive for the control of risk factors.
* Although it’s hard to draw the line between abuse, neglect and ignorance, self-abuse shouldn’t be insured and we need to draw that line somewhere.
* The private market can’t provide unlimited, self-directed health insurance.
* Routine care and ongoing treatments of chronic conditions can be pre-funded, can even be subsidized, but they don’t constitute “insurable events.”
* Insurance can’t be expected to keep every human body in pristine condition. No amount of health care will prevent everyone’s ultimate death.
* Comprehensive, unlimited, non-subsidized private-market coverage isn’t possible for people with severely impaired health.
* The private health market can provide limited non-subsidized health insurance, such as protection from accidents, to even health-impaired individuals.
* Individuals who can afford to do so and who take good care of themselves should be able to “buy up” to better coverage. People have the option of buying up for everything else in life.
Discussion of these principles is lacking from most of the current health insurance debate. If society can intuitively understand how similar principles apply to health insurance, then they should be able understand the principles in the health insurance context. We need to initiate the debate.
This commentary is solely the opinion of its author. It does not express the official policy of the American Academy of Actuaries; nor does it necessarily reflect the opinions of the Academy’s individual officers, members, or staff
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<title>Guide To Help You Get The Best Online Insurance</title>
<link>https://coolandsmoothantigua.eu.org/guide-to-help-you-get-the-best-online-insurance/</link>
<comments>https://coolandsmoothantigua.eu.org/guide-to-help-you-get-the-best-online-insurance/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:55:14 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=30</guid>
<description><![CDATA[Online insurance is rapidly taking over the world, replacing the old traditional measures which in the past seemed to be the right way for obtaining insurance. Online insurance is growing, as IT is becoming increasingly important and outsourcing is being seen as a sensible option to deal with the challenges of the market in the [...]]]></description>
<content:encoded><![CDATA[Online insurance is rapidly taking over the world, replacing the old traditional measures which in the past seemed to be the right way for obtaining insurance. Online insurance is growing, as IT is becoming increasingly important and outsourcing is being seen as a sensible option to deal with the challenges of the market in the future. It is simply about what you are willing to pay out of your own pocket as against what you want the insurance company to provide.
Term Life Online insurance
Term life insurance, also referred to as `temporary` lifetime ins, safeguards a person against loss of life and covers a specified time, known as the `term`. Benefits of Term on line life insure. Almost all policies allow you to convert your Term insurance contract to a Permanent one. You have the option to terminate or give up the life coverage online insurance agreement anytime you`d like to, so that you can utilize the cash surrender value on whatever you want (or need) to. To help determine which type of lifetime online insurance is best suited to your needs and circumstances, it may be worthwhile to be familiar with some of the fundamentals of a permanent life insurance agreement:. Get the best rates with a term life insurance quote online.
When you purchase a short-term life insurance plan, you are getting insurance coverage for a definite time period. If in case you expire within the specified time period in your short-term life insurance plan, the insurance company will have to give your beneficiaries the par value of your policy. Moreover, unlike other kinds of lifetime online insurance, short term coverage accrues no cash value.
Auto Online insurance
Auto insurance is something that you must have. Getting a car insurance quote and buying an auto insurance policy is fast, convenient, and affordable. With in moments you can get your insurance quote and view comparison quotes from other auto insurance companies. Whatever the situation, it`s nice to understand some of the basics of insurance coverage online prior to deciding on acquiring a certain plan for your automobile.
Liability coverage generally insures the named insured on the insurance policy, the named insured`s spouse and children, any blood family member of theirs by marriage, and everybody driving the automobile with the insured`s permission.
Crash coverage insures motorists for the damage done to their own automobiles by an accident that they were responsible for. 
Collision coverage insures drivers for the damage occurred to their own autos by an accident which they caused. 
Drivers willing to disburse a higher premium could get online insure plans that will cover the substitute costs of the auto. 
When your automobile is leased, you`ll most likely need to carry gap insurance, which reimburses the difference between what your insurer pays and what you owe your creditor, in case your vehicle is a total wreck.
Online auto insurance is one of the greatest ways to find the auto insurance that you need. This is the ideal way to learn just how much you are going to pay for auto insurance and to determine just which of the auto insurance carriers will offer you specifically the lowest of rates. There are different laws inside every state, so while searching for auto insurance, look for these websites that verify insurance at each country.
Health Online insurance
Health insurance is a type of insurance whereby the insurer (private or government organization) pays the medical costs of the insured i. There are number of insurance companies offering affordable and cheap health insurances. Buying online health insurance is easy and convenient rather than visiting insurance agents or companies personally. By searching different health insurance websites, buyers can learn all about the health insurance; get free online health insurance quotes, compare health plan prices, and benefits side-by-side.
Travel Online insurance
If you are planning your holidays abroad, then it will be good to consider buying holiday insurance. During holidays, there are the possible chances of someone getting injured or ill, stolen baggage, lost baggage or any other issues. In order to learn additional info, it is best to look for the holiday travel insurance rate keyword with a well-liked search engine, for instance Google and also Yahoo. Buying online holiday insurance is much better as it is efficient, convenient and time saving procedure.
Online insurance is rapidly taking over the world, replacing the old traditional measures which in the past seemed to be the right way for obtaining insurance. Online insurance is a competitive market too, so you can be confident you’re getting a fair shake. online insurance is simply about what you are willing to pay out of your own pocket as against what you want the insurance company to provide.
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<title>Insurance Appraisal Process – A Policyholder’s Best Chance to Resolve an Insurance Claim Dispute!</title>
<link>https://coolandsmoothantigua.eu.org/insurance-appraisal-process-a-policyholders-best-chance-to-resolve-an-insurance-claim-dispute/</link>
<comments>https://coolandsmoothantigua.eu.org/insurance-appraisal-process-a-policyholders-best-chance-to-resolve-an-insurance-claim-dispute/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:54:38 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=28</guid>
<description><![CDATA[Many homeowners and business owners find themselves disagreeing with their insurance company’s analysis of their insurance claim. However, most are unaware that they can dispute the insurance company’s findings via the insurance appraisal process! Even though the policyholder (you) submits a contractor’s estimate, receipts for repairs or materials, or even photos showing damages that the [...]]]></description>
<content:encoded><![CDATA[Many homeowners and business owners find themselves disagreeing with their insurance company’s analysis of their insurance claim. However, most are unaware that they can dispute the insurance company’s findings via the insurance appraisal process! Even though the policyholder (you) submits a contractor’s estimate, receipts for repairs or materials, or even photos showing damages that the insurance company did not include for repairs… they still won’t budge.
Most policyholders are unaware of how to dispute and resolve their claim with the insurance company. Policyholders have a choice and a voice within their policy for this very purpose. It’s called The Appraisal Clause – also know as The Appraisal Provision. Now, don’t let this scare you. It may seem like a fancy clause that would take a law degree to understand. However, a simple way to understand it is that it’s the insurance industry’s version of arbitration. Although similar, the Appraisal Process is NOT an arbitration or mediation and the umpire is not an arbitrator, mediator, or judge. Insurance Appraisal, Mediation, and Arbitration are separate things.
In short; Arbitration requires attorneys and a legal process, where Insurance Appraisal does not require attorneys or a legal process. Arbitration is a dispute between two parties for any reason, where as, the Insurance Appraisal Process is a dispute between the “value or cost,” to repair or replace property only – bee it an automobile, plane, train, couch, house, commercial building, etc.
Most Policies Have the Appraisal Clause
If you feel you’re at a dead end with your insurance company and want to resolve your claim you’ll need to check your policy for the Appraisal Clause. Most policies will have the provision listed under the “What to do after a loss,” section or the “Conditions” section of the policy. Below, you will find a sample of a typical Insurance Appraisal Clause included in most policies. Keep in mind that policies can be different in each state. Therefore, you should read your own policy to see if this clause exists. It will say something similar to the following ;
“APPRAISAL – If you and we fail to agree on the amount of loss, either one can demand that the amount of the loss be set by appraisal. If either makes a written demand for appraisal, each shall select a competent, independent appraiser. Each shall notify the other of the appraiser’s identity within 20 days of receipt of the written demand. The two appraisers shall then select a competent, impartial umpire. If the two appraisers are unable to agree upon an umpire within 15 days, you or we can ask a judge of a court of record in the state where the residence premises is located to select an umpire. The appraisers shall then set the amount of the loss. If the appraisers fail to agree within a reasonable time, they shall submit their differences to the umpire. Written agreement signed by any two of these three shall set the amount of the loss.”
OK, But How Does the Insurance Appraisal Process Work? 
The Appraisal Process allows the policyholder (you) to hire an independent appraiser to determine the value of their damages. In turn, the insurance company will also hire their own independent appraiser. The two appraisers will then get together and select an umpire. The umpire is basically the arbitrator, or what you might call the judge. If a disagreement between the two appraisers arises, they can present their differences to the umpire who will make a ruling.
OK; so far so good, the basics of the insurance appraisal process are beginning to come together. We have an independent appraiser for the policyholder. We have an independent appraiser for the insurance company. Finally, there is an Umpire. These three individuals are known as The Appraisal Panel. The object of the Appraisal Panel is to set or determine The Amount of Loss. The Amount of Loss is the total dollar amount needed to return the damaged property back to its original condition, either by repair or replacement.
Once the Appraisal Panel is set, the policyholder’s chosen appraiser and the insurance company’s chosen appraiser will review the documents, estimates, and differences between them. The two independent appraisers will try to discuss and resolve the differences in damage and in cost. For example; the insurance company may determine that brick on a home does not need to be replaced. Where as, the contractor or appraiser for the policyholder says that it does have to be replaced. The two appraisers will discuss their reasons for their position and try to come to an agreement, first if it should be repaired or replaced, and secondly the cost to return the brick back to it’s original condition prior to the loss.
One benefit of the Insurance Appraisal Process is that the two independent appraisers have not been subject to the bickering and anger between the policyholder and the insurance company. Basically, it’s the hope that cooler heads will prevail. All the appraisers really have is the amount of the damage and the difference between the two estimate numbers. They do not have the previous baggage or anger that led up to the Appraisal. The process was designed so that these two individuals, who have no interest in the outcome, could discuss a settlement based on the facts presented to them.
Sometimes issues arrive where the two independent appraisers can’t agree on certain items. In this event, the two appraisers will submit their differences to the chosen umpire. The three will discuss the issues and try to reach an agreed settlement of the differences. As stated above; the settlement or final number is called The Amount of Loss. The final amount is known as the Appraisal Award. The Award is signed by the individuals who agree on The Amount of Loss. However, only TWO of the three individuals need to agree. (An agreement between the two independent appraisers, or the umpire and either appraiser) Once any TWO of the three individuals on the Appraisal Panel sign the award… the dispute is over! The amount on the Award binding and is paid by the insurance company, to the policyholder.
Can I Use An Insurance Attorney To Dispute My Claim?
The Appraisal Clause was initiated to lower the number of lawsuits filed against insurance companies. The courts found that many lawsuits were entering the legal system where the cost to repair or replaced damaged property was being disputed. In many cases the suites were being resolved when professional engineers and contractors could address the issues. The Appraisal Process was created to get such individuals together and keep these disputes out of the courtroom. Assuming you acquired an estimate of repair to your property for $100,000, from a contractor or insurance claims expert. Your insurance company has created an estimate for $30,000. This would be a clear dispute between the amounts of damage. This type of dispute is exactly what the Appraisal Clause was developed to resolve.
The clause allows parties on both sides of the insurance policy to dispute their differences using this less costly provision. Let’s face it; the courts are filled with lawsuits. The Insurance Appraisal Process allows for the dispute to be settled out of court. Using Insurance Attorneys and lawsuits can have insurance claims tied up in court for years. The Appraisal Provision was designed to keep these disputes out of court for a less costly and timelier resolution.
Insurance Claim Attorneys will usually represent policyholders for bad faith practices. Bad Faith is a whole other issue and sometimes happens after the Appraisal Process has been completed. Bad Faith claims are for much larger suites against insurance companies when it is alleged that they did not act with good faith of the policy they sold to the policyholder. In summary; disputes between the amount of damages and repairs will follow the Appraisal Process before entering into the legal system. Many Insurance Attorneys will also advise the policyholder to engage in the Appraisal Process before any lawsuits will begin.
How Do I know if the Insurance Appraisal Process is a Good Option for My Claim?
If the Appraisal Clause is in your policy then it is always an option. However, it’s wise to point out that Appraisal is usually an option when there is a substantial difference in the amount between the two estimate totals. For example; let’s say a fire completely destroys a house and the homeowner’s personal property within it (Know as the Contents). The differences between what the insurance company wants to pay and what you wish to receive is $5,000. In this situation, the Appraisal Process is not the best idea. After paying the fees involved for the appraisal, you may not end up with much of the $5,000 being disputed.
Now, if we take the same fire that destroys the property and the dispute between the policyholder and the insurance company is $40,000, appraisal should be considered. The policyholder now has a chance to recover substantially more money than originally offered.
Also, the Appraisal Clause is only applicable if a dispute arises from a covered loss. If the insurance company denied the claim as something not covered then this is not a dispute on the amount to repair, but rather a dispute on coverage. For example; homeowners and business policies due not cover floods. Flood policies are purchased separately. So, if there is no coverage for the flood damages then the Appraisal Process is not an option.
Simply put, the Insurance Appraisal Process is to determine the “amount of loss,” to property only. The Appraisal Panel is not to determine coverage, policy provisions, deductibles, how much was previously paid on the claim, etc. Let’s say there was an appraisal for a grand piano that fell off a delivery truck on the highway. The Appraisal Panel’s job is not to determine who’s at fault, the policy coverage limit, if the truck had a registration, or anything other than “How Much is the Piano Worth.”
As with our example earlier, if the insurance company offers a settlement of $10,000 to repair a roof and the policyholder has contractor bids for $15,000, then the Appraisal Process may not be the best option. The Appraisal Process may cost more than the $5,000 that’s being disputed. Unfortunately, the differences in repair/replacement costs are usually much greater. When an insurance company generates an estimate for a claim of $75,000 and the policyholder has acquired professional bids several contractors of $200,000 or more, its time to invoke the appraisal clause.
Beginning The Appraisal Process
Either party associated with the policy can invoke the Appraisal Process. However, such a request must be made in writing. Each policy will have a time limit of when this can take place. Even if a claim has been closed for many years, either party can still dispute the claim and reopen for review. It’s recommended that the request to invoke appraisal be sent via certified mail. Once the request to invoke the Appraisal Clause has been initiated, as explained earlier, each party, the insurance company and policyholder, appoints an Independent Appraiser. (If you wish to invoke the appraisal clause in your policy you need to submit a letter to your insurance company. Find more information at http://www.insurance-appraisal-services.com/invoke-appraisal.html )
Choosing An Independent Appraiser
It’s important to select an Independent Appraiser that has experience with the damages being disputed in the claim. A person with expert knowledge of insurance claims handling and firsthand knowledge of the damaged property and its replacement cost. For example; a person with expert knowledge of insurance claims handling and with expert knowledge of the Appraisal Process, with little experience on the costs to replace an antique grand piano may not be the best choice. In the case of a home or building fire; a good Appraiser is someone who can generate their own line-item detailed estimate to repair or replace the damaged property, can secure multiple bids from reputable contractors to back up their findings, knows building codes, and can articulate unforeseen costs of repairs. If a building has historic features with materials like, solid Adler doors, large detailed moldings, and custom cabinets, a great amount of research with a salvager may be needed. The Appraiser should have experience with building procedures, materials and the cost of such terms to create an accurate “amount of loss,” to return the property to the same condition it was prior to the loss. See, the policy provides coverage to replace the damaged property with those of like kind and quality. An Independent Appraiser that is not familiar with, or that does not have experienced contractors, engineers, and other experts to consult with about mold, demolition, cost associated with contents, and in some cases, additional living expenses, does not sound like a good candidate. You should choose your Independent Appraiser wisely. Look and interview someone with experience of the type of damage you have and with the type of property damaged, as well as a specialist when it comes to the Insurance Appraisal Process and also Insurance Claims Handling.
Many people confuse the words Independent Appraiser with that of a real estate appraiser. As you can see, a real estate appraiser is far from what is needed for an Insurance Appraisal. An Independent “Insurance,” Appraiser is an insurance claims expert on costs and processes to repair or replace damaged property. The next question is, “Who will have such knowledge?” People requesting assistance in the past have asked if the following experts with the following backgrounds are good choices ;
Structural Engineers: This person may be a structural expert and could probably provide a good estimate to replace a building, but what about the contents (furniture, food, etc.) damage? Do they know anything about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process? 
Construction Attorney: A Construction Attorney most likely has knowledge of construction contracts and issues that building contractors have. Do they know anything about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process, the contents damaged? (NOTE: If you retain an attorney as Appraiser, remember, there is NO attorney/client privilege because the attorney is being hired as an Appraiser, not as an attorney.) 
Construction Superintendent or General Contractor: Again, excellent choice for generating a structural estimate, but is most likely not familiar with insurance claims… and even more importantly, the Insurance Appraisal Process. 
Insurance Claim Attorney / Lawyer: Keep in mind that the process was designed to keep these types of disputes out of court. You can surely use an attorney as your appraiser; however, the fees can exhaust your reward. Attorney’s fees range between 30% and 40% of the amount collected. This will dig deep into the net amount you receive. An Insurance Attorney will also have expert knowledge of the policy. However, the Appraisal Provision clearly notes that no policy provisions will apply. Has the attorney represented their clients in many appraisals or mostly in court cases? How familiar are they with the Appraisal Process, building costs, construction practices, the contents damaged? Does the attorney know anything about the software used by insurance companies? (NOTE: If you retain an attorney as Appraiser, remember, there is NO attorney/client privilege because the attorney is being hired as an Appraiser, not as an attorney.)
Independent Insurance Appraiser: Doesn’t it make sense to hire an individual who is an expert of the process in which you are about to engage? You’ve heard the expression, “Would you go to your auto mechanic if you needed brain surgery?” It is highly recommended to use a qualified, professional, Insurance Appraiser. This professional will already know the Insurance Appraisal Process. They will also have qualified professionals (engineers, contractors, inspectors, etc.) at there disposal to back up their analysis.
Regardless of background, an Independent Appraiser will also require good communication skills and agree with the position they are defending. They should know about the insurance policy, the claims process, the software used by insurance companies, the Appraisal Process, contents damage, structural damages, building costs and processes, as well as materials and building codes. Makes sense, right?
Advantages to the Insurance Appraisal Process
There are several advantages to the Insurance Appraisal Process. The most obvious is costs. Insurance Attorney’s will usually charge 30% to 45% of the total award. On a $200,000 claim, the attorney’s fee would be in the range of Sixty to Ninety-thousand dollars ($60,000 to $90,000). That can hurt a policyholder trying to rebuild their life. Remember, the Insurance Appraisal Process was designed to keep these disputes out of the courtroom.
The advantage of invoking appraisal allows for a less formal or non-legal proceeding. An Independent Appraiser usually charges in the range of $125 to $200 per hour. Using the same example above with an award of $200,000; if the dispute took 25 to 50 hours, the cost would be in the range of Five Thousand to Ten Thousand dollars ($5,000 to $10,000). This can be a significant difference.
Another advantage is time. The courtroom can delay an insurance claim dispute for years, where the Appraisal Process usually only takes a few months. Sometimes it can last longer depending on the complexity of the claim. However, the courtroom will most certainly be longer. The result of less time and less cost becomes a less of a burden for both sides of the dispute.
Once an award is signed the insurance company has 30 to 60-days (depending on state) to settle the award.
Should I Invoke the Appraisal Clause For My Claim?
When the dispute is real and the damages are real, the policyholder usually see’s a greater return at the end of the appraisal. If the policyholder’s claim is supported by an Insurance Claims Expert, building or repair contractors, or an engineer – and the amount of money between the two estimates is large, the Appraisal Process is a no-brainer. However, if a contractor or Public Adjuster is trying to beef-up the damages for their own benefit, then it’s the policyholder that pays dearly for it. If you’re considering invoking appraisal on your claim you should consult an insurance claim expert to see if it’s worth your time and effort.
Being that the Appraisal Award is binding the policyholder should be sure before they cost themselves unwanted anguish. If the outcome of your Appraisal Award is not what was to be expected, both parties must live with the result. As stated, the Appraisal Award is binding on “both parties.”
At the end of the day nothing is risk free. There are no promises or guarantees with the outcome of any Appraisal. However, if you have a dispute over $20,000 you’re more than likely to have a result you can live with. Do your homework and remember to choose an Independent Appraiser that is educated and experienced with the type of damages you have, what caused the damage, and the type of property damaged. Keep in mind that this is “YOUR,” property and “YOUR,” insurance policy. Your policy protects you with the Insurance Appraisal Process, so that…
The Playing Field Remains Level, and The Process Works Fairly
For Both Parties… Not Just The Insurance Companies! 
Copyright of Insurance Claims Group, Inc. & Joseph P. Brennan: Joe Brennan is President and owner/operator of Insurance Claims Group, Inc., a national independent adjusting, appraisal, and umpiring firm. Joe has been in the property loss business for more than 24-years. His loss experience began as a contractor / builder, which included water and fire damage restoration repair services. After 20-years of insurance restoration estimating and repair experience, Mr. Brennan became a licensed independent insurance claims adjuster. Joe has maintained his IICRC Certification in both Fire and Water Restoration and also maintains active adjuster licenses in 10-states. Throughout his career, he has handled many multi-million dollar losses, both commercial and residential. The amount of combined experience and knowledge of new construction, damage repairs, and insurance claims handling has advanced his ability to act as a Dispute Appraiser and Appraisal Umpire. Mr. Brennan is highly educated with the appraisal process and has acted as an appraiser and umpire on dozens of claims.
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<title>Car Insurance Terms and Glossary</title>
<link>https://coolandsmoothantigua.eu.org/car-insurance-terms-and-glossary/</link>
<comments>https://coolandsmoothantigua.eu.org/car-insurance-terms-and-glossary/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:54:10 +0000</pubDate>
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<category><![CDATA[Uncategorized]]></category>
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<description><![CDATA[No car insurance resource would be complete without a comprehensive glossary of car insurance terms. We’ve compiled a list of terms and their definitions to better help you navigate the sometimes confusing world of insurance Accident – This is an unexpected sudden event that causes property damage to an automobile or bodily injury to a [...]]]></description>
<content:encoded><![CDATA[No car insurance resource would be complete without a comprehensive glossary of car insurance terms. We’ve compiled a list of terms and their definitions to better help you navigate the sometimes confusing world of insurance
Accident – This is an unexpected sudden event that causes property damage to an automobile or bodily injury to a person. The event may be an at-fault or not-at fault and it may be report or unreported. An accident involving two vehicles may be termed a collision.
Accident report form – This is the report filed by police, often called the police report, containing the important information regarding the vehicle collision. This report will include the names of all individuals involved, vehicles involved, property damaged and citations that were issued.
Adjuster – This is the person who will evaluate the actual loss reported on the policy after an accident or other incident. They will make the determination on how much will be paid on the auto insurance policy by the Insurer.
Agent – This is a licensed and trained individual who is authorized to sell and to service insurance policies for the auto insurance company.
At Fault – This is the amount that you, the policy holder, contributed or caused the auto collision. This determines which insurance agency pays which portion of the losses.
Auto Insurance Score – This is a score similar to credit score that evaluates the information in your consumer credit report. These scores are used when determining pricing for your auto insurance policy. Negative marks on your credit report can increase your auto insurance premiums. The use of this information to determine policy pricing does vary from state to state.
Automobile Insurance – This is a type of insurance policy that covers and protect against losses involving automobiles. Auto Insurance policies include a wide range of coverage’s depending on the policy holders needs. Liability for property damage and bodily injury, uninsured motorist, medical payments, comprehensive, and collision are some of the common coverage’s offered under an auto insurance policy.
Binder – This is a temporary short-term policy agreement put in place while a formal permanent policy is put into place or delivered.
Bodily Injury Liability – This is the section of an insurance policy that covers the cost to anyone you may injure. It can include lost wages and medical expenses.
Broker – This is a licensed individual who on your behalf sells and services various insurance policies.
Claim – This is a formal notice made to your insurance company that a loss has occurred which may be covered under the terms of the auto insurance policy.
Claims Adjuster – This person employed by the insurance agency will investigate and settle all claims and losses. A representative for the insurance agency to verify and ensure all parties involved with the loss, get compensated fairly and correctly.
Collision – The portion of the insurance policy that covers damage to your vehicle from hitting another object. Objects can include but are not limited to; another vehicle, a building, curbs, guard rail, tree, telephone pole or fence. A deductible will apply. Your insurance company will go after the other parties insurance policy for these cost should they be at fault.
Commission – This is the portion of the auto insurance policy that is paid to the insurance agent for selling and servicing the policy on behalf of the company.
Comprehensive – This is a portion of the insurance policy that covers loss caused by anything other than a collision or running into another object. A deductible will apply. This includes but is not limited to vandalism, storm damage, fire, theft, etc.
Covered loss – This is the damage to yourself, other people or property or your vehicle that is covered under the auto insurance policy.
Declarations Page – This is the part of the insurance policy that includes the entire legal name of your insurance company, your full legal name, complete car information including vehicle identification numbers or VIN, policy information, policy number, deductible amounts. This page is usually the front page of the insurance policy.
Deductible Amount – This is the portion of the auto insurance policy that is the amount the policy holder must pay up front before the Insurance Company contributes and is required to pay any benefits. This amount can be within a wide range in price and varies from approximately $100 – $1000. The larger amount you pay in a deductible the lower your normal monthly/yearly policy will cost. This is the portion of the auto insurance policy that would be applicable only to comprehensive or collision coverage.
Discount – This is a reduction in the overall cost of your insurance policy. Deductions can be given for a variety of different reasons including a good driving record, grades, age, marital status, specific features and safety equipment on the automobile.
Emergency Road Service – This is the part of an auto insurance policy that covers the cost of emergency services such as flat tires, keys locked in the car and towing services.
Endorsement – This is any written change that is made to the auto insurance policy that is adding or removing coverage on the policy.
Exclusion – This is the portion of the auto Insurance policy that includes any provision including people, places or things that are not covered under the insurance policy.
First Party – This is the policyholder, the insured in an insurance policy.
Gap Insurance – This is a type of auto insurance provided to people who lease or own a vehicle that is worth less than the amount of the loan. Gap auto Insurance will cover the amount between the actual cash value of the vehicle and the amount left on loan should the care be stolen or destroyed.
High-Risk Driver – If you have a variety of negative marks on your insurance record including driving under the Influences, several traffic violations, etc. you may be labeled as a risk to the insurance company. This will increase your insurance policy or may make you ineligible for coverage.
Insured – The policyholder (s) who are covered by the policy benefits in case of a loss or accident.
Insurer – Is the Auto Insurance company who promises to pay the policy holder in case of loss or accident.
Liability insurance – This part of an auto insurance policy which legally covers the damage and injuries you cause to other drivers and their vehicles when you are at fault in an accident. If you are sued and taken to court, liability coverage will apply to your legal costs that you incur. Most states will require drivers to carry some variation of liability coverage Insurance and this amount will vary state by state.
Limits – This is the portion of the auto insurance policy that explains and lists the monetary limits the insurance company will pay out. In the situation you reach these limits the policy holder will be responsible for all other expenses.
Medical Payments Coverage – This is the portion of an auto insurance policy that pays for medical expenses and lost wages to you and any passengers in your vehicle after an accident. It is also known as personal injury protection or PIP.
Motor Vehicle Report – The motor vehicle report or MVR is a record issued by the state in which the policy holder resides in that will list the licensing status, any traffic violations, various suspensions and./ or refractions on your record. This is one of the tools used in determining the premium prices offered by the insurance agency. This is also used to determine the probability of you having a claim during your policy period.
No-Fault Insurance – If you reside within a state with no-fault insurance laws and regulations, your auto insurance policy pays for your injuries no matter who caused the accident. No-fault insurance states include; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah and Washington, DC..
Non-Renewal – This is the termination of an auto insurance policy on the given expiration date. All coverage will cease as of this date and insurer will be released of promised coverage.
Personal Property Liability – This is the portion of the auto insurance policy that covers any damage or loss you cause to another person’s personal property.
Personal Injury Protection or PIP – This portion of an auto insurance policy pays for any lost wages or medical expenses to you and any passengers in your vehicle following an accident. PIP is also known as medical payments coverage.
Premium – This is the amount charged to you monthly, yearly or any other duration agreed upon by insurance company and policy holder and paid directly to the auto insurance company. A premium is based on the type and amount of coverage you choose for your vehicle(s) and yourself. Other factors that will affect your insurance premium prices include your age, marital status, you’re driving and credit report, the type of car you drive and whether you live in an urban or rural area. Premiums vary by insurance company and the location you live.
Quotation – This is the amount or estimated amount the insurance will cost based on the information provided to the agent, broker or auto insurance company.
Rescission.- This is the cancellation of the insurance policy dated back to its effective date. This would result in the full premium that was charged being returned.
Rental Reimbursement – This is the portion of the auto insurance policy that covers the cost of an automobile rental of similar size should the covered vehicle be in repair from a reported incident.
Replacement Cost – This is the amount of money it would cost to replace a lost or damaged item at it is actually new replacement value. This monetary amount would be based on a new identical item in the current local market.
Salvage – This is the auto insurance policy holders property that is turned over tot eh insurance agency in a loss final settlement. Insurance companies will sell the salvage property in hopes to recoup some of its monetary loss due to the loss and settlement.
Second Party – this is the actual insurance company in the auto insurance policy.
Surcharge – This is the amount added to your auto insurance policy premium after a traffic violation or an accident in which you were found to be at fault.
Third Party – This is another person other than the policy holder and auto insurance company who has faced a loss and may be able to collect and be compensated on behalf of the policy holder’s negligence.
Total Loss – This is complete destruction to the insured property of a policy holder. It has been determined that it would be a great sum of money to repair the item rather than replace the insured piece of property to its state prior to the loss.
Towing Coverage – This is the portion of the auto insurance policy that covers a specified amount for towing services and related labor costs.
Under insured Driver – This is the portion of an auto insurance policy which covers injuries to you caused by a driver without enough insurance to pay for the medical expenses you have incurred from the accident. This is portion of the policy can vary state by state as some states include damage to the car in this section.
Uninsured Driver or Motorist – This is the portion of the auto insurance policy which covers injuries to you caused by a driver who was without liability insurance at the time of the accident. Uninsured driver or motorist coverage comes in two different sections; uninsured motorist bodily injury and uninsured motorist property damage. Uninsured motorist bodily injury coverage covers the injuries to you or any passenger in your vehicle when there is an accident with an uninsured driver. Uninsured motorist property damage coverage covers the cost for the property damage to your vehicle when there is an accident with an identified uninsured driver. Uninsured driver or motorist coverage must be offered when you purchase the required liability coverage for your vehicle. You must sign a declination waiver if you decline Uninsured driver or motorist coverage. The majority of states require drivers to carry some form of uninsured motorist coverage. Some states include damages to your car in this coverage.
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<title>40+ Home Insurance Savings Tips</title>
<link>https://coolandsmoothantigua.eu.org/40-home-insurance-savings-tips/</link>
<comments>https://coolandsmoothantigua.eu.org/40-home-insurance-savings-tips/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:53:30 +0000</pubDate>
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<category><![CDATA[Uncategorized]]></category>
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<description><![CDATA[Your dwelling is often your most precious asset that you need to protect. We created a list of all savings opportunities associated with Home insurance. This list is the most complete perspective on home insurance savings tips. Numerous insurance brokers contributed to this list. So, let’s start! 1. Change your content coverage: Renting a Condo? [...]]]></description>
<content:encoded><![CDATA[Your dwelling is often your most precious asset that you need to protect. We created a list of all savings opportunities associated with Home insurance. This list is the most complete perspective on home insurance savings tips. Numerous insurance brokers contributed to this list. So, let’s start!
1. Change your content coverage: Renting a Condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture!
2. Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained dwellings are usually higher. Additionally, renovating only parts of your dwelling (e.g. the roof) can lead to insurance savings.
3. Pool: Adding a swimming pool to your house will likely lead to an increase in your insurance rates since your liability ( e.g. the risk of someone drowning) and the value of your house have increased.
4. Pipes: Insurers prefer copper or plastic plumbing – maybe it is a good idea to upgrade your galvanized / lead pipes during your next renovation cycle.
5. Shop around: Search, Compare, and switch insurance companies. There are many insurance providers and their price offerings for the same policies can be very different, therefore use multiple online tools and talk to several brokers since each will cover a limited number of insurance companies.
6. Wiring: Some wiring types are more expensive or cheaper than others to insure. Make sure you have approved wiring types, and by all means avoid aluminum wirings which can be really expensive to insure. Not all insurers will cover houses with aluminum wirings, and those that would, will require a full electrical inspection of the house.
7. Home Insurance deductibles: Like auto insurance, you can also choose higher home insurance deductibles to reduce your insurance premiums.
8. Bundle: Do you need Home and Auto Insurance? Most companies will offer you a discount if you bundle them together.
9. New Home: Check if insurer has a new home discount, some insurers will have them.
10. Claims-free discount: Some companies recognize the fact that you have not submitted any claims and reward it with a claim-free discount.
11. Mortgage-free home: When you complete paying down your house in full, some insurers will reward you with lower premiums.
12. Professional Membership: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies offer you a discount.
13. Seniors: Many companies offer special pricing to seniors.
14. Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they reward you lower premiums.
15. Annual review: Review your policies and coverage every year, since new discounts could apply to your new life situation if it has changed.
16. Alumni: Graduates from certain Canadian universities ( e.g University of Toronto, McGill University) might be eligible for a discount at certain Insurance providers.
17. Employee / Union members: Some companies offer discounts to union members ( e.g. IBM Canada or Research in Motion)
18. Mortgage insurance: Getting mortgage insurance when you have enough coverage in Life insurance is not always necessary: mortgage insurance is another name for a Life/Critical Illness / Disability insurance associated with your home only but you pay extra for a convenience of getting insurance directly when lending the money. For example a Term Life policy large enough to pay off your home is usually cheaper.
19. Drop earthquake protection: In many regions, earthquakes are not likely – you could decide not to take earthquake coverage which could lower your premiums. For example, in BC earthquake coverage can account for as much as one-third of a policy’s premium.
20. Wood stove: Choosing to use a wood stove means higher premiums – Insurance companies often decide to inspect the houses with such installations before insuring them. A decision to get rid of it means a lower risk and thus lower insurance premiums.
21. Heating: Insurers like forced-air gas furnaces or electric heat installations. If you have an oil-heated home, you might be paying more than your peers who have alternative heating sources.
22. Bicycle: You are buying a new bicycle and thinking about getting extra protection in case it is stolen when you leave it on the street e.g. when doing your groceries? Your Home insurance might be covering it already.
23. Stop smoking: Some insurers increase their premiums for the homes with smokers as there is an increased risk of fire.
24. Clean claim history: Keep a clean claim record without placing small claims, sometimes it makes sense to simply repair a small damage rather than claim it: you should consider both aspects: your deductibles and potential raise in premiums.
25. Rebuilding vs. market costs: Consider your rebuilding costs when choosing an insurance coverage, not the market price of your house (market price can be significantly higher than real rebuilding costs).
26. Welcome discount: Some insurers offer a so called welcome discount.
27. Avoid living in dangerous locations: Nature effects some locations more than others: avoid flood-, or earthquake-endangered areas when choosing a house.
28. Neighbourhood: Moving to a more secure neighbourhood with lower criminal rate will often considered in your insurance premiums.
29. Centrally-connected alarm: Installing an alarm connected to a central monitoring system will be recognized by some insurers in premiums.
30. Monitoring: Having your residence / apartment / condo monitored 24 hour can mean an insurance discount. e.g. via a security guard.
31. Hydrants and fire-station: Proximity to a water hydrant and/or fire-station can decrease your premiums as well.
32. Loyalty: Staying with one insurer longer can sometimes result in a long-term policy holder discount.
33. Water damages: Avoid buying a house which may have water damage or has a history of water damage; a check with the insurance company can help to find it out before you buy the house.
34. Decrease liability risk: Use meaningful ways to reduce your liability risk (e.g. fencing off a pool) and it can result in your liability insurance premiums going down.
35. Direct insurers: Have you always dealt with insurance brokers / agents? Getting a policy from a direct insurer (i.e. insurers working via call-center or online) often can be cheaper (but not always) since they do not pay an agent/broker commission for each policy sold.
36. Plumbing insulation: Insulating your pipes will prevent them from freezing in winter and reduce or even avoid insurance claims.
37. Dependent students: Dependent students living in their own apartment can be covered by their parents’ home insurance policy at no additional charge.
38. Retirees: Those who are retired can often get an additional discount – since they spend more time at home than somebody who works during the day and thus can prevent accidents like a fire much easier.
39. Leverage inflation: Many insurers increase your dwelling limit every year by considering the inflation of the house rebuilding costs. Make sure this adjustment is in line with reality and that you are not overpaying.
40. Credit score: Most companies use your credit score when calculating home insurance premiums. Having a good credit score can help you to get lower insurance rates.
41. Stability of residence: Some insurers may offer a stability of residence discount if you have lived at the same dwelling for a certain number of years.
Alex Saltykov is a Co-Founder of InsurEye Inc, a Canadian company that provides online tools for consumers to educate them about insurance, create transparency in insurance market place in Canada and connect consumer with insurance brokers in Mississauga, insurance brokers in Calgary and all across Canada.
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<title>A Brief Introduction to Captive Insurance</title>
<link>https://coolandsmoothantigua.eu.org/a-brief-introduction-to-captive-insurance/</link>
<comments>https://coolandsmoothantigua.eu.org/a-brief-introduction-to-captive-insurance/#comments</comments>
<pubDate>Thu, 06 Apr 2023 12:52:34 +0000</pubDate>
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<description><![CDATA[Over the past 20 years, many small businesses have begun to insure their own risks through a product called “Captive Insurance.” Small captives (also known as single-parent captives) are insurance companies established by the owners of closely held businesses looking to insure risks that are either too costly or too difficult to insure through the [...]]]></description>
<content:encoded><![CDATA[Over the past 20 years, many small businesses have begun to insure their own risks through a product called “Captive Insurance.” Small captives (also known as single-parent captives) are insurance companies established by the owners of closely held businesses looking to insure risks that are either too costly or too difficult to insure through the traditional insurance marketplace. Brad Barros, an expert in the field of captive insurance, explains how “all captives are treated as corporations and must be managed in a method consistent with rules established with both the IRS and the appropriate insurance regulator.”
According to Barros, often single parent captives are owned by a trust, partnership or other structure established by the premium payer or his family. When properly designed and administered, a business can make tax-deductible premium payments to their related-party insurance company. Depending on circumstances, underwriting profits, if any, can be paid out to the owners as dividends, and profits from liquidation of the company may be taxed at capital gains.
Premium payers and their captives may garner tax benefits only when the captive operates as a real insurance company. Alternatively, advisers and business owners who use captives as estate planning tools, asset protection vehicles, tax deferral or other benefits not related to the true business purpose of an insurance company may face grave regulatory and tax consequences.
Many captive insurance companies are often formed by US businesses in jurisdictions outside of the United States. The reason for this is that foreign jurisdictions offer lower costs and greater flexibility than their US counterparts. As a rule, US businesses can use foreign-based insurance companies so long as the jurisdiction meets the insurance regulatory standards required by the Internal Revenue Service (IRS).
There are several notable foreign jurisdictions whose insurance regulations are recognized as safe and effective. These include Bermuda and St. Lucia. Bermuda, while more expensive than other jurisdictions, is home to many of the largest insurance companies in the world. St. Lucia, a more reasonably priced location for smaller captives, is noteworthy for statutes that are both progressive and compliant. St. Lucia is also acclaimed for recently passing “Incorporated Cell” legislation, modeled after similar statutes in Washington, DC.
Common Captive Insurance Abuses; While captives remain highly beneficial to many businesses, some industry professionals have begun to improperly market and misuse these structures for purposes other than those intended by Congress. The abuses include the following:
1. Improper risk shifting and risk distribution, aka “Bogus Risk Pools”
2. High deductibles in captive-pooled arrangements; Re insuring captives through private placement variable life insurance schemes
3. Improper marketing
4. Inappropriate life insurance integration
Meeting the high standards imposed by the IRS and local insurance regulators can be a complex and expensive proposition and should only be done with the assistance of competent and experienced counsel. The ramifications of failing to be an insurance company can be devastating and may include the following penalties:
1. Loss of all deductions on premiums received by the insurance company
2. Loss of all deductions from the premium payer
3. Forced distribution or liquidation of all assets from the insurance company effectuating additional taxes for capital gains or dividends
4. Potential adverse tax treatment as a Controlled Foreign Corporation
5. Potential adverse tax treatment as a Personal Foreign Holding Company (PFHC)
6. Potential regulatory penalties imposed by the insuring jurisdiction
7. Potential penalties and interest imposed by the IRS.
All in all, the tax consequences may be greater than 100% of the premiums paid to the captive. In addition, attorneys, CPA’s wealth advisors and their clients may be treated as tax shelter promoters by the IRS, causing fines as great as $100,000 or more per transaction.
Clearly, establishing a captive insurance company is not something that should be taken lightly. It is critical that businesses seeking to establish a captive work with competent attorneys and accountants who have the requisite knowledge and experience necessary to avoid the pitfalls associated with abusive or poorly designed insurance structures. A general rule of thumb is that a captive insurance product should have a legal opinion covering the essential elements of the program. It is well recognized that the opinion should be provided by an independent, regional or national law firm.
Risk Shifting and Risk Distribution Abuses; Two key elements of insurance are those of shifting risk from the insured party to others (risk shifting) and subsequently allocating risk amongst a large pool of insured’s (risk distribution). After many years of litigation, in 2005 the IRS released a Revenue Ruling (2005-40) describing the essential elements required in order to meet risk shifting and distribution requirements.
For those who are self-insured, the use of the captive structure approved in Rev. Ruling 2005-40 has two advantages. First, the parent does not have to share risks with any other parties. In Ruling 2005-40, the IRS announced that the risks can be shared within the same economic family as long as the separate subsidiary companies ( a minimum of 7 are required) are formed for non-tax business reasons, and that the separateness of these subsidiaries also has a business reason. Furthermore, “risk distribution” is afforded so long as no insured subsidiary has provided more than 15% or less than 5% of the premiums held by the captive. Second, the special provisions of insurance law allowing captives to take a current deduction for an estimate of future losses, and in some circumstances shelter the income earned on the investment of the reserves, reduces the cash flow needed to fund future claims from about 25% to nearly 50%. In other words, a well-designed captive that meets the requirements of 2005-40 can bring about a cost savings of 25% or more.
While some businesses can meet the requirements of 2005-40 within their own pool of related entities, most privately held companies cannot. Therefore, it is common for captives to purchase “third party risk” from other insurance companies, often spending 4% to 8% per year on the amount of coverage necessary to meet the IRS requirements.
One of the essential elements of the purchased risk is that there is a reasonable likelihood of loss. Because of this exposure, some promoters have attempted to circumvent the intention of Revenue Ruling 2005-40 by directing their clients into “bogus risk pools.” In this somewhat common scenario, an attorney or other promoter will have 10 or more of their clients’ captives enter into a collective risk-sharing agreement. Included in the agreement is a written or unwritten agreement not to make claims on the pool. The clients like this arrangement because they get all of the tax benefits of owning a captive insurance company without the risk associated with insurance. Unfortunately for these businesses, the IRS views these types of arrangements as something other than insurance.
Risk sharing agreements such as these are considered without merit and should be avoided at all costs. They amount to nothing more than a glorified pretax savings account. If it can be shown that a risk pool is bogus, the protective tax status of the captive can be denied and the severe tax ramifications described above will be enforced.
It is well known that the IRS looks at arrangements between owners of captives with great suspicion. The gold standard in the industry is to purchase third party risk from an insurance company. Anything less opens the door to potentially catastrophic consequences.
Abusively High Deductibles; Some promoters sell captives, and then have their captives participate in a large risk pool with a high deductible. Most losses fall within the deductible and are paid by the captive, not the risk pool.
These promoters may advise their clients that since the deductible is so high, there is no real likelihood of third party claims. The problem with this type of arrangement is that the deductible is so high that the captive fails to meet the standards set forth by the IRS. The captive looks more like a sophisticated pre tax savings account: not an insurance company.
A separate concern is that the clients may be advised that they can deduct all their premiums paid into the risk pool. In the case where the risk pool has few or no claims (compared to the losses retained by the participating captives using a high deductible), the premiums allocated to the risk pool are simply too high. If claims don’t occur, then premiums should be reduced. In this scenario, if challenged, the IRS will disallow the deduction made by the captive for unnecessary premiums ceded to the risk pool. The IRS may also treat the captive as something other than an insurance company because it did not meet the standards set forth in 2005-40 and previous related rulings.
Private Placement Variable Life Reinsurance Schemes; Over the years promoters have attempted to create captive solutions designed to provide abusive tax free benefits or “exit strategies” from captives. One of the more popular schemes is where a business establishes or works with a captive insurance company, and then remits to a Reinsurance Company that portion of the premium commensurate with the portion of the risk re-insured.
Typically, the Reinsurance Company is wholly-owned by a foreign life insurance company. The legal owner of the reinsurance cell is a foreign property and casualty insurance company that is not subject to U.S. income taxation. Practically, ownership of the Reinsurance Company can be traced to the cash value of a life insurance policy a foreign life insurance company issued to the principal owner of the Business, or a related party, and which insures the principle owner or a related party.
1. The IRS may apply the sham-transaction doctrine.
2. The IRS may challenge the use of a reinsurance agreement as an improper attempt to divert income from a taxable entity to a tax-exempt entity and will reallocate income.
3. The life insurance policy issued to the Company may not qualify as life insurance for U.S. Federal income tax purposes because it violates the investor control restrictions.
Investor Control; The IRS has reiterated in its published revenue rulings, its private letter rulings, and its other administrative pronouncements, that the owner of a life insurance policy will be considered the income tax owner of the assets legally owned by the life insurance policy if the policy owner possesses “incidents of ownership” in those assets. Generally, in order for the life insurance company to be considered the owner of the assets in a separate account, control over individual investment decisions must not be in the hands of the policy owner.
The IRS prohibits the policy owner, or a party related to the policy holder, from having any right, either directly or indirectly, to require the insurance company, or the separate account, to acquire any particular asset with the funds in the separate account. In effect, the policy owner cannot tell the life insurance company what particular assets to invest in. And, the IRS has announced that there cannot be any prearranged plan or oral understanding as to what specific assets can be invested in by the separate account (commonly referred to as “indirect investor control”). And, in a continuing series of private letter rulings, the IRS consistently applies a look-through approach with respect to investments made by separate accounts of life insurance policies to find indirect investor control. Recently, the IRS issued published guidelines on when the investor control restriction is violated. This guidance discusses reasonable and unreasonable levels of policy owner participation, thereby establishing safe harbors and impermissible levels of investor control.
The ultimate factual determination is straight-forward. Any court will ask whether there was an understanding, be it orally communicated or tacitly understood, that the separate account of the life insurance policy will invest its funds in a reinsurance company that issued reinsurance for a property and casualty policy that insured the risks of a business where the life insurance policy owner and the person insured under the life insurance policy are related to or are the same person as the owner of the business deducting the payment of the property and casualty insurance premiums?
If this can be answered in the affirmative, then the IRS should be able to successfully convince the Tax Court that the investor control restriction is violated. It then follows that the income earned by the life insurance policy is taxable to the life insurance policy owner as it is earned.
The investor control restriction is violated in the structure described above as these schemes generally provide that the Reinsurance Company will be owned by the segregated account of a life insurance policy insuring the life of the owner of the Business of a person related to the owner of the Business. If one draws a circle, all of the monies paid as premiums by the Business cannot become available for unrelated, third-parties. Therefore, any court looking at this structure could easily conclude that each step in the structure was prearranged, and that the investor control restriction is violated.
Suffice it to say that the IRS announced in Notice 2002-70, 2002-2 C.B. 765, that it would apply both the sham transaction doctrine and §§ 482 or 845 to reallocate income from a non-taxable entity to a taxable entity to situations involving property and casualty reinsurance arrangements similar to the described reinsurance structure.
Even if the property and casualty premiums are reasonable and satisfy the risk sharing and risk distribution requirements so that the payment of these premiums is deductible in full for U.S. income tax purposes, the ability of the Business to currently deduct its premium payments on its U.S. income tax returns is entirely separate from the question of whether the life insurance policy qualifies as life insurance for U.S. income tax purposes.
Inappropriate Marketing; One of the ways in which captives are sold is through aggressive marketing designed to highlight benefits other than real business purpose. Captives are corporations. As such, they can offer valuable planning opportunities to shareholders. However, any potential benefits, including asset protection, estate planning, tax advantaged investing, etc., must be secondary to the real business purpose of the insurance company.
Recently, a large regional bank began offering “business and estate planning captives” to customers of their trust department. Again, a rule of thumb with captives is that they must operate as real insurance companies. Real insurance companies sell insurance, not “estate planning” benefits. The IRS may use abusive sales promotion materials from a promoter to deny the compliance and subsequent deductions related to a captive. Given the substantial risks associated with improper promotion, a safe bet is to only work with captive promoters whose sales materials focus on captive insurance company ownership; not estate, asset protection and investment planning benefits. Better still would be for a promoter to have a large and independent regional or national law firm review their materials for compliance and confirm in writing that the materials meet the standards set forth by the IRS.
The IRS can look back several years to abusive materials, and then suspecting that a promoter is marketing an abusive tax shelter, begin a costly and potentially devastating examination of the insured’s and marketers.
Abusive Life Insurance Arrangements; A recent concern is the integration of small captives with life insurance policies. Small captives treated under section 831(b) have no statutory authority to deduct life premiums. Also, if a small captive uses life insurance as an investment, the cash value of the life policy can be taxable to the captive, and then be taxable again when distributed to the ultimate beneficial owner. The consequence of this double taxation is to devastate the efficacy of the life insurance and, it extends serious levels of liability to any accountant recommends the plan or even signs the tax return of the business that pays premiums to the captive.
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<title>4 Prominent Benefits of Hiring a Tree Removal Service</title>
<link>https://coolandsmoothantigua.eu.org/4-prominent-benefits-of-hiring-a-tree-removal-service/</link>
<comments>https://coolandsmoothantigua.eu.org/4-prominent-benefits-of-hiring-a-tree-removal-service/#comments</comments>
<pubDate>Tue, 12 Jan 2021 16:47:21 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=15</guid>
<description><![CDATA[In summer, people get out to enjoy the beautiful warm weather while having a great time at their desired destinations. Some people complete their yardwork projects to turn their dream into reality. For instance, they can remove the dead tress from their backyard. Although trees look great, many of them can create problems. If you [...]]]></description>
<content:encoded><![CDATA[In summer, people get out to enjoy the beautiful warm weather while having a great time at their desired destinations. Some people complete their yardwork projects to turn their dream into reality. For instance, they can remove the dead tress from their backyard. Although trees look great, many of them can create problems. If you can’t remove a tree yourself, you can hire a professional tree removal service. Given below are some benefits of these services.
1. Saves tons of Time and Money
The biggest benefit of these services is that they can help you save tons of time and money. Although these services are paid, you can still save money as you won’t need to invest in the required tools and equipment. Additionally, if you do the job yourself, you may end up damaging something valuable in your house.
On the other hand, hiring a professional ensures the job is done properly and there are no chances of damage to anything. Plus, you can have the job done in a timely fashion.
2. No Safety Concerns
If you think that the roots of the trees may be damaging the foundations of your house, it’s better that you hire the services of a removal service for a long-term for regular trimming and pruning. This will ensure your property will be protected against possible damage down the road.
On the other hand, if you trim or prune your trees on your own, you may end up injuring yourself or other people around you. The thing is that professionals use the right tools and follow the right steps in order to get rid of unwanted dead trees. Therefore, the surroundings of your house will not be touched. In other words, there will be no safety concerns if you have an expert do the job for you.
3. They have the required equipment
Another prominent advantage of a professional service is that their employees are well equipped, which means they can use the right tools and other equipment for each job. Aside from this, they have years of experience using the equipment in order to perform the job and save you from injury. On the other hand, you may not have the required tools and equipment to carry out this type of dangerous jobs.
4. Neat and Clean Landscape
Although DIY projects are interesting, you may run into problems, especially if you have no idea how to go about bringing a tree down. Besides, even if you can cut a tree down, you may find it a pretty time consuming task to clean all the mess. On the other hand, professional services are ideal if you want to get the project done in a way that it keeps your backyard just like before, neat and clean.
Long story short, if you want to improve your property by getting rid of fallen or dead trees, we suggest that you check out the services of an experienced provider. Doing the job yourself can save you money, but may cost you more down the road or may cost you if the job is not done properly.
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<title>4 Tips to Help You Install a New Driveway</title>
<link>https://coolandsmoothantigua.eu.org/4-tips-to-help-you-install-a-new-driveway/</link>
<comments>https://coolandsmoothantigua.eu.org/4-tips-to-help-you-install-a-new-driveway/#comments</comments>
<pubDate>Sat, 12 Dec 2020 16:47:42 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=17</guid>
<description><![CDATA[If you want to make your property look more appealing, you can work on a new driveway. This is true whether you have a home or office. As a matter of fact, this is important if you want to maintain your property. In this article, we are going to share with you a few tips [...]]]></description>
<content:encoded><![CDATA[If you want to make your property look more appealing, you can work on a new driveway. This is true whether you have a home or office. As a matter of fact, this is important if you want to maintain your property. In this article, we are going to share with you a few tips that will help you install a new driveway.
Driveways serve a lot of functions. For example, they can prevent your guests from crushing the grass area. Apart from this, it will add to the curb appeal of your property. As a result, you will be able to create a great impression on your visitors.
Without further ado, let’s check out a few simple tips that will help you make the right choices when working on your driver project.
Color
Generally, most homeowners prefer grey or tan color for their drivers. However, you can choose any color of your choice. This choice should be dependent on your personal preferences. It is better that you go for a color that can look best on your property. After all, this is your chance to add to the curb appeal of your property.
If you be careful, you can make your driveway look exactly the way you want. So, you may want to choose the best color while making this choice.
Pattern
As far as choosing a pattern is concerned, you can go for lines that will allow you to expand the area in the winter.
You may choose a stamping to make your driveway look like it is made from bricks. Alternatively, you can ask for a different pattern based on your personal preferences. It all boils down to your likes and dislikes.
Texture
For better traction, it is better that you add some texture as well. This is even more important you live in an area where you get snowfall in the winter. Apart from this, you may find it a lot easier to drive if it has a little bit of texture. On top of this, the texture will help you keep your vehicle steady when parked.
After Construction
After the driveway is cured, you can start using it. However, you can also apply a seal coating. You need to apply this coat on top of the layer of concrete. The role of this coating is to prevent damage and cracks. Apart from this, this layer will also help you maintain the cleanliness of the concrete.
Seal coating can be applied on an annual basis. This way you can fill in the cracks and remove blemishes.
Long story short, we suggest that you follow these steps if you are going to work on your driveway project. By following these steps, it will be a lot easier for you to complete the project and get the most out of your driveway.
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<title>How to Design a Garden You Can Enjoy All Year</title>
<link>https://coolandsmoothantigua.eu.org/how-to-design-a-garden-you-can-enjoy-all-year/</link>
<comments>https://coolandsmoothantigua.eu.org/how-to-design-a-garden-you-can-enjoy-all-year/#comments</comments>
<pubDate>Thu, 12 Nov 2020 16:48:10 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=19</guid>
<description><![CDATA[The key to enjoying your landscaping all year-round isn’t sexy, exciting nor secretive-it’s planning and design structure. To succeed in having a four-season landscape design, we will need to understand design, color, and form-and how the techniques apply to create your home landscape. How Design, Color, and Form relate to our desired goal of enjoying [...]]]></description>
<content:encoded><![CDATA[The key to enjoying your landscaping all year-round isn’t sexy, exciting nor secretive-it’s planning and design structure. To succeed in having a four-season landscape design, we will need to understand design, color, and form-and how the techniques apply to create your home landscape. How Design, Color, and Form relate to our desired goal of enjoying your gardens year-round will rely on staggering our flowers, shrubs, and trees so we can take advantage of their natural life cycle. The goal is to “stagger” our plants so we will have things flowering in the Spring, Summer and as Fall comes around, we will have colorful leaf changes and moving into Winter, we can rely on the plants shape or Form to create something beautiful to look at while everything has either died or moved into its dormant life stage.
Starting with Spring, we can break the season down into two sections, plants that flower in early and late Spring. That way once your early Spring flowers and blooms start to fall away, your late Spring plants will begin their ascent into full bloom. Because of this staggered approach, we’re going to need to spread these plants throughout the entire design because we don’t want one section to pop off while the rest of your gardens lie dormant. If we don’t look at the bigger picture, we might get lucky and have things look nice naturally, but with proper foresight, we can take advantage of the different life-cycles to enjoy the flowers for as long as possible without the need for new plants as the season changes.
Once the long days of Summer are upon us, we won’t be seeing as many blooms as we did in Spring because this is the time to enjoy the literal fruits of our labors. Flower buds turn to fruits and trees are filled with the deep green hues we associate with Summer vacation. Here we could have fruit trees or flowers and grasses that thrive in the high heat and long days of high summer start to show off their goods.
As the days grow shorter and Fall begins to descend upon our yards and gardens, we are hard pressed to find any more flowering plants; instead, we can focus on the turning of the leaves for our colorful focal point. Now, we can rely on the trees, decorative grasses and shrubs because they are the power players regarding leaf-changing beauty. These plants will be our last stand regarding color that we’ll see this season because we know that Winter Is Coming and we will finally see what I meant by “Form,” as discussed earlier.
Leaves will drop and start to turn into a colorful mess, littering our yards and gardens. No longer is the air filled with sweet-smelling flowers, the scent of fresh cut grass nor the hum of bumblebees toiling the day away. However, that doesn’t mean that we are at a loss, because we have an ace in the hole -just as we chose flowering plants for a staggered bloom cycle and our bushes and trees for their beautiful color changing leaves. So too did we plant a few “sleeper” knockouts that only start to show off their gifts AFTER the leaves have fallen away.
All we will have to look at now is the actual shapes or “skeletons” of the bushes, trees, and shrubs we planted way back in Spring. Referring again to the Planning portion of the process where the goal was to see into the future and anticipate what the plants would look like in their barren state, from there using those plants as a focal point for the colder months. After the snow has fallen (if we’re lucky), we will be able to look upon our yard and see the beautiful shapes the snow creates on our hibernating lawns, gardens, and patios.
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<title>Eating For Better Health</title>
<link>https://coolandsmoothantigua.eu.org/eating-for-better-health/</link>
<comments>https://coolandsmoothantigua.eu.org/eating-for-better-health/#comments</comments>
<pubDate>Fri, 06 Nov 2020 09:03:24 +0000</pubDate>
<dc:creator>admin</dc:creator>
<category><![CDATA[Uncategorized]]></category>
<guid isPermaLink="false">http://coolandsmoothantigua.eu.org/?p=5</guid>
<description><![CDATA[These guidelines contain today’s best scientific advice on selection of foods for promoting health, preventing disease and maintaining or losing weight. These are general guidelines that apply to most healthy people. If you have a chronic disease or other special nutritional needs, contact a registered dietitian for specific recommendations. Aim for Fitness Maintain or work [...]]]></description>
<content:encoded><![CDATA[ These guidelines contain today’s best scientific advice on selection of foods for promoting health, preventing disease and maintaining or losing weight. These are general guidelines that apply to most healthy people. If you have a chronic disease or other special nutritional needs, contact a registered dietitian for specific recommendations. 
Aim for Fitness
 Maintain or work toward a healthy weight. 
Be physically active every day—return fun and play to your life. Get moderate to vigorous physical activity for at least 30 minutes a day 5 days a week. 
Healthy eating provides the sustained energy you need to be physically active. 
Learn to manage your stress with exercise, healthy eating, relaxation, and good coping skills.
Build Healthy Eating Habits 
photo: family having a healthy fruit snack
 Eat a variety of vegetables, especially dark green, red, and orange vegetables (3 or more servings a day). 
Eat a variety of fruits (2 or more servings a day). 
Eat whole-grain, high-fiber breads and cereals (3 to 6 servings a day). Reduce or eliminate refined or processed carbohydrates; most of the grains in your diet should be whole grains. 
Drink fat-free or low-fat milk and eat low-fat dairy products. 
Choose from a variety of low-fat sources of protein — including eggs, beans, poultry without skin, seafood, lean meats, unsalted nuts, seeds, and soy products. If you eat meat, eat white meat at least four times more often than red meat. 
Reduce intake of saturated fats and trans-fats (such as partially hydrogenated oil) as much as possible. 
Use vegetable oils (like olive or canola oil) instead of solid fats. 
Reduce daily intake of salt or sodium. Reduce to less than 1,500 mg. per day if you are older than 50, or have hypertension, diabetes or chronic kidney disease. 
Restrict or eliminate “junk food” — foods that contain refined white flour, solid fats or trans fats, added sugars, and are high in sodium. 
Restrict or eliminate sodas and other sugar-added drinks that are high in calories and contain few or no nutrients. 
If you drink alcoholic beverages, do so in moderation. Drink only when it doesn’t put you or anyone else at risk.
To Lose Weight
 Reduce the number of calories you eat daily. Eat smaller portions—don’t “upsize” your meals at fast food restaurants. 
Follow the dietary guidelines above. 
Eliminate all sugar-added drinks from your diet. You can drink 100% fruit juice, unsweetened, but limit servings to one or two a day. Drink more water. 
Decrease the amount of time spent in sedentary activities, especially watching television. Use your screen-free time working on hobbies, house cleaning, yard work, or engaging in fun activities. 
Get moderate physical activity (such as walking, bicycling, swimming, or using aerobic exercise machines) for 30 to 60 minutes a day, at least five days a week. 
Do muscle strengthening and toning exercises at least 2 or 3 days a week.
small 5-2-1-0 logo
For more information about the Dietary Guidelines and the latest nutrition information, visit the U.S. Government’s Nutrition Information portal.
Also visit the home page for our 5-2-1-Almost None educational campaign about nutrition and physical activity.
These tips for healthy eating are based on recommendations from the Dietary Guidelines for Americans 2010, a publication of the U.S. Departments of Agriculture and Health and Human Services, and The Harvard Diet. 
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