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PPC's attention is directed to the following Sections 1.http://www.bart.gov/docs/oac/060215_D.pdf.1 and 1.2, which sets forth the insurance requirements that the Contractor shall comply with during the duration of the Contract. The successful PPC must be prepared to submit a valid Certificate of Insurance that meets the requirements of Sections 1.1 and 1.2 for approval by the District prior to proceeding with the Work. The Certificate of Insurance evidencing coverage under 1.2 is not required until the commencement of the O&M Work. At or before execution of this Contract and at such other times as the District may request, the PPC shall provide the District with Certificate(s) of Insurance executed by an authorized representative of the insurer(s) evidencing the PPC's compliance with the insurance requirements in this Section 1.1. The contractor shall annually submit to the District’s Department Manager, Insurance, certifications confirming that the insurance required has been renewed and continues in place. Insurance Provided by selected PPC Required insurance shall apply to the selected PPC’s operations: i) away from the Project site, and ii) at the Project site. (2) Stipulation that the insurance is primary insurance and that no insurance or self-insurance of the District nor the Port nor ACTIA will be called upon to contribute to a loss. 1. The foregoing requirements as to the types and limits of insurance coverage to be maintained by the Contractor, and any approval of said insurance by the District is not intended to and shall not in any manner limit or qualify the liabilities and obligations otherwise assumed by Contractor pursuant to this 2. The ... Back in 2001 (the latest year available), the insurance industry contributed nearly $3.http://www.incontext.indiana.edu/2004/nov-dec04/articles/1_spotlight.pdf.8 billion to Indiana’s gross state product. Insurance premium tax receipts totaled more than $178 million in 2002, while Indiana insurance carriers paid Hoosiers an estimated $2.61 billion in direct income and $1.35 billion in indirect or induced income. Looking at the 25 largest Indiana industry sectors (as defined by three-digit NAICS codes) reveals that Indiana’s insurance industry is the highest-paying nonmanufacturing sector and the third best-paying sector overall, according to Covered Employment and Wage (CEW) data. In 2003, the average weekly wage for insurance workers in Indiana was $917, ranking it 15th among all reporting sectors and well above the Indiana average of $642. The insurance sector is made up of a variety of subsectors that fall into two main categories: insurance carriers (such as life, health or casualty insurance) and insurance agencies, brokerages and related services. Here are a few facts gleaned from the Current Employment Statistics (CES) survey: In 2003, the Indiana insurance industry employed 46,000 people, ranking it 14th out of the 35 three-digit industry sectors surveyed. Insurance employment in Indiana grew 6% since 1990 115 110 105 100 95 U.S. Indiana 90 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Since 1990, Indiana insurance employment grew 6 percent, compared to 12 percent for the United States (see Figure 1). Growth in Indiana’s insurance industry employment lagged behind the country through 1994, but then strengthened through 1997 ... Published elsewhere in a separate part of the Federal Register is a final rule requiring insurance companies to file Suspicious Activity Reports.http://www.fincen.gov/amlforinsurancecompany.pdf. Some insurance companies sell their products through direct marketing in which the insurance company sells a policy directly to the insured. Captive agents generally represent only one insurer or one group of affiliated insurance companies; independent agents may represent a variety of insurance carriers. The international community has focused on life insurance policies and those insurance products with investment features as the appropriate subjects of anti-money laundering programs for insurance companies. Insurance agents and brokers will play an important role in the effective operation of an insurance company’s anti-money laundering program. For example, reinsurance and retrocession contracts and treaties are arrangements between insurance companies by which they reallocate risks within the insurance industry and do not involve transactions with customers. That exception clarifies that insurance agents and insurance brokers are not required under the final rule to establish an anti-money laundering program. Permanent life insurance and annuity products are covered products, with the exception of group life insurance and group annuities. The definition also incorporates a functional approach, and encompasses any insurance product having the same kinds of features that make permanent life insurance and annuity products more at risk of being used for money laundering. Some commenters suggested that we should adopt a dollar threshold exemption for ... Yet insurance has experienced low penetration in Mexico, representing only 2 percent of the total GDP of Mexico, much smaller than the insurance market in the United States as well as in other Latin American countries such as Brazil and Chile.http://www.buyusa.gov/mexico/en/270.pdf. Nevertheless, the Mexican market provides significant opportunities for insurance companies to sell property and casualty, life, and health insurance products. Insurance is in its infancy in Mexico, however, so to be successful, U.S. companies must be willing to invest the time and resources to educate the end-users new to insurance, and adhere to strict oversight and regulation. The five largest insurance companies comprise 62.8 percent of the total market share, a slight increase in market share from 2002 (62.3 percent).1[1] With 19.1 percent of the market, ING Comercial America is the leading insurer in Mexico. Yet, much of the decrease in premiums was in life insurance, which suffered losses due to new regulatory laws and a re-classification of a product, which resulted in a previous life insurance product no longer labeled as an insurance product. Insuring one’s self and one’s possessions, with the exception of one’s automobile, is not common in Mexico, and many Mexican nationals perceive insurance as an expense, not an investment. The best potential growth areas for insurers in Mexico are in health, life, property and casualty, including auto insurance. According to Asociacion Mexicana de Instituciones de Seguros (AMIS), a private organization of insurance companies, life and property and casualty insurance sectors are expected to see notable growth in the next five years. ... The Legislature mandated that the Department of Administration (ADOA) self-insure state employee health insurance programs by October 1, 2003 during the 2002 Legislative session.http://www.asu.edu/provost/asenate/documents/HealthInsUpdate03.pdf. In response, the three universities formed a Tri-University Self-Insurance Work Group in July 2002, and selected consultant Watson Wyatt Worldwide (WWW) to help understand self insurance and to determine the economic feasibility of a university administered employee health benefits program. Watson Wyatt compared university active employee health claims against claims for state government and concluded that the cost of a university health insurance plan for active employees is likely to be no more expensive (and perhaps less expensive) than a comparable ADOA plan. The Legislature removed the self insurance October 1, 2003 mandate during the 2003 session, but prevented ADOA from self insuring during FY 2004. The ADOA renewed the fully insured CIGNA contract for FY 2004 at an overall 13% increase. For the first time in over a decade, ADOA did not use the lowest cost HMO plan as the basis for setting contribution rates across all plans and determined that the employer would assume the cost increases for all health premiums. ASU must absorb a $4 million health insurance costs increase. ASU must allocate an additional $4 million for health insurance in FY 2004 bringing the total estimated costs to just under $30 million. The ADOA is actively pursuing self insurance and hopes to complete work as soon as possible on contracts effective for October 1, 2004. The Legislature eliminated the FY 2003 Self Insurance mandate, but still permit self insurance when ... The insurance costs and benefits are hypothetical numbers supplied by Crescendo Interactive, Inc.http://www.cancer.org/downloads/DON/Unitrust_and_Insurance_Trust.pdf. and are not intended to serve as projections or predictions of actual results for a specific insurance contract or investment. After two lives, unitrust to charity and insurance plus extra income to family in II. The Flow Chart for this plan is a combination of the flow chart for a Charitable Remainder Unitrust and the addition of the irrevocable insurance trust. Since the donors desire to replace the principal transferred to the trust, which will eventually go to charity, an irrevocable insurance trust is established for family members. The funds are then available for the purchase of life insurance. There is one potential issue that some counsel choose to address in the insurance trust. Ordinarily, this latter provision will have little or no consequence to the income beneficiaries of the insurance trust. Insurance trusts usually acquire a whole life, universal life or variable universal life policy. The second-to-die policy makes distribution to children possible from the insurance trust at the same time that the remainder unitrust will be distributed to charity. It will be necessary to obtain a physical and to receive assurance that the insurance company is willing to underwrite the policy. If there is concern that insurance may not be available due to health reasons, then the insurance trust may be funded prior to creation of the remainder unitrust. This enables the acquisition of the insurance policy prior to making the irrevocable transfer to the trust. The total earnings over the years in some circumstances may be ... In May 2002, at the request of Senator Kim Elton, then Director Bob Lohr agreed that the Division of Insurance (Division) would undertake a review of the insurance industry’s use of a consumer’s credit history for underwriting and rating personal lines insurance policies in Alaska.http://www.dced.state.ak.us/insurance/pub/FINAL_credit_score_report.pdf. This report is based on a survey the Division sent to all insurers writing homeowners or personal auto insurance in Alaska. Based on the limited data received and evaluated so far, the use of insurance credit scoring in Alaska appears to have different effects on different groups of Alaskan insurance consumers. Some insurers do not allow the producer to provide a premium quote if the consumer does not have a high enough insurance credit score. When insurance companies outsource insurance credit scoring are they able to adequately oversee the practice so that consumer interests are not at risk? Under this provision, insureds have a right to know the insurer’s standards for calculating rates. An insurer may consider this an underwriting process primarily because the insurer is using the insurance credit score as an underwriting criterion that determines the company for which the consumer is qualified. Six additional insurer groups began using insurance credit scoring as a rating factor in 1999 and 2000. The Division has disapproved five filings proposing to use insurance credit scores for personal auto and three for homeowners because the insurers were unable or unwilling to provide adequate justification to support the use of credit history. Summary of Credit Scoring Survey The test of whether the use of credit history in insurance ... If you think someone is using deceptive sales practices to sell you insurance, you should: Get all rate quotes and other key policy information in writing before buying any insurance.http://www.insurance.va.gov/sgliSite/forms/brochure.pdf. This site includes tips for buying life insurance and protecting yourself against deceptive sales practices. You can also link from their Web site to the Web site of any state’s insurance department by clicking on “State Insurance Web Sites,” and then clicking on your state. This site educates consumers about insurance. Life insurance is an important purchase because it provides for your family’s financial needs in the event of your death. We want you to be informed about the Servicemembers’ Group Life Insurance (SGLI) coverage you have as a member of the military. However, we also want you to beware of deceptive insurance sales practices that have taken place recently on military bases so you can protect yourself and your family from them. SGLI is the official, government-sponsored life insurance program for the military. You can learn more about your SGLI and Family SGLI coverage by visiting VA’s Insurance Web site at Do You Need More Life Insurance? You should consider these benefits before you decide if you need additional insurance. Insurance Web site for an Insurance Needs Calculator that can help you figure out how much life insurance you need. See Get More Information on the back of this brochure for additional resources that explain the different types of insurance available. If you decide that you need more life insurance than SGLI provides, remember that you can get affordable coverage with one of the military benefit associations ... Insurance can often be difficult to understand.http://www.dupageco.org/seniorsvcs/directory/insurance.pdf. This section has been added to provide brief descriptions, and answer some of your questions about Medicare (an entitlement) and insurance that can be purchased for health and long term care needs. Medicare is a federal health insurance program that pays many hospital and medical expenses for people who are 65 and older, people with kidney failure and some people with disabilities under 65. Part A (hospital insurance) costs nothing for most Medicare participants. Everyone must pay a monthly premium to receive Part B (medical insurance). One is called “Qualified Medicare Beneficiary” (QMB) and pays Medicare premiums, deductibles and co-insurance. Medicare Supplemental Policies, or “Medigap”, refers to insurance policies designed to bridge the gaps (deductible and co-payments) in insurance coverage for Medicare beneficiaries. In 1991, new federal laws were enacted which prevent insurance companies from denying supplemental insurance based on pre-existing conditions to new applicants if they apply within the first six months after they apply for Medicare. In this case, however, the insurer can require a six-month waiting period before coverage begins. It is against the law for an insurance agent to sell you another policy when he knows you already have supplemental coverage. Long Term Care Insurance (LTC) may cover care in a nursing facility, as well as care in the community. If you have limited assets and are likely to become eligible for Medicaid after a short nursing facility stay, you probably don’t need long-term care insurance. Make sure that coverage is not duplicated by ... They include: Service-Disabled Veterans Insurance (SDVI) If VA has rated you for a service-connected disability, but you are otherwise in good health, you may apply for $10,000 in life insurance coverage at standard insurance rates within two years of the date VA noti-fies you of the rating.http://www.insurance.va.gov/inForceGliSite/forms/VMLIbrochure.pdf. Supplemental S-DVI If you carry basic S-DVI coverage and become eligible for a waiver of premiums due to total disability*, you can apply for and be granted additional Supplemental S-DVI of up to $20,000. You have up to one year after being notified of your eligi-bility for waiver on the basic policy to apply for the Supplemental S-DVI. No waiver of premiums due to total disability can be granted on Supplemental S-DVI coverage. If you are a recently discharged veteran, you can convert your Servicemembers Group Life Insurance (SGLI) to lifetime renewable term insurance under the Vet-erans Group Life Insurance (VGLI) pro-gram. You have 120 days from your date of discharge to convert to VGLI. If you are totally disabled* at the time of discharge, you can apply for a free one-year exten-sion of your SGLI. *For Insurance purposes, total disability is any impair-ment of mind or body which prevents the veteran from being gainfully employed. Photos: Decorated Vietnam veteran and retired U.S. Marine Corps Sgt. Dennis Best has continuously carried VMLI since 1976 and, in his words, is a true believer in the program. (VMLI) is a life insurance program designed to pay off the home mortgages of eligible veterans in the event of their death. VMLI is decreasing term insurance which reduces as the mortgage balance is reduced ... Repeat offenders are required to serve a four-month suspension in addition to paying the $100 reinstatement fee and providing proof of insurance.http://www.sos.state.il.us/publications/pdf_publications/insurance.pdf. Inquiries may be directed to: Illinois Dept. of Transportation Accident Records Section 3215 Executive Park Dr. Springfield, IL 62766 (217) 782-4516 Records Section of The Secretary of State's office does not maintain insurance information for all registered motor vehicles. Insurance information is available only from the motorist involved in the accident or from the report filed with IDOT. PURCHASING INSURANCE Contact an insurance agent to buy liability insurance for your vehicle. Some companies do not sell insurance to vehicle owners who have been driving uninsured. If you have problems buying insurance, ask your insurance agent about the Illinois Automobile Insurance Plan. Under Illinois law, liability insurance policies automatically include uninsured motorist coverage at the legal minimum requirements for bodily injury or death. The Illinois Department of Insurance regulates insurance companies, agencies and agents. It maintains a Consumer Services Division that can answer your questions about auto insurance. Mandatory vehicle insurance is a necessary consumer protection measure that helps protect motorists from the risks associated with owning and driving a vehicle. In Illinois, all motorists are required by law to be covered by liability insurance to defray the cost of injuries or damages caused to other persons or their property in a crash. Keep in mind that the required minimum liability coverage is only the foundation of any auto insurance policy. ... The most significant change from OTS’s prior policy on Bank Owned Life Insurance (BOLI) is that sepa-rate account BOLI may now be risk weighted based on the average risk weight of the underlying separate account assets, or 20 percent, whichever is higher.. The Interagency Statement requires an institution’s board of directors to approve any investment in cash value life insurance in excess of 25 percent of its capital. The guidance in this interagency statement for the pre-purchase analysis of life insurance applies to all BOLI contracts entered into after the date of this interagency statement. An institution may purchase multiple permanent insurance policies from the same insurance carrier with each policy having its own surrender charges. Consistent with prudent risk management practices, each institution should establish internal policies and procedures governing its BOLI holdings, including guidelines that limit the aggregate CSV of policies from any one insurance company as well as the aggregate CSV of policies from all insurance companies. When purchasing insurance on a key person or a borrower, management should consider whether the institution’s need for the insurance might end before the insured person dies. First, the institution must have an insurable interest in each individual to be insured under the new carrier’s policy. The compensation provided by the split-dollar or other insurance arrangement should be combined with all other compensation provided to the insured to ensure that the insured’s total compensation is not excessive. Prior to an institution’s purchase of a life insurance policy to be used ... This study examines state-by-state auto insurance premium data reported by insurance companies to the National Association of Insurance Commissioners.. The data suggest that the best way to lower insurance premiums is to repeal no-fault in its various forms, and institute stringent regulation of the insurance industry. When low rates fail to materialize in no-fault states, insurers defend the scheme with proposals to institute “choice” systems that maintain no-fault insurance and restrictions on lawsuits but allow consumers the alternative of purchasing a liability policy resembling a personal responsibility system. Determining whether no-fault insurance and related hybrid systems result in higher or lower auto insurance costs is of major importance in the debate over auto insurance reform. No-fault increases auto insurance premiums because it increases the overall costs of the auto insurance system. Serious insurance reform will mitigate the seemingly endless cycle of insurance rate escalation, in which insurance companies insist that restrictions on lawsuits will lower their prices. In this cycle, insurance premiums rise dramatically in conjunction with a broader economic downturn, as insurers’ investment returns falter. The problem of high insurance rates continues, customers have fewer rights, insurers remain unaccountable, and the insurance rate hike cycle begins again. California, a personal responsibility state, faced an “insurance crisis” with massive increases in the price of business, homeowner and auto liability insurance between 1985 and 1987. When an insurance industry-driven ballot initiative limiting ... The effort to combat insurance fraud must be a partnership among consumers, the insurance industry and government.http://www.insurancefraud.org/downloads/fraud_bureau_model.pdf. In the past several years, 28 states have created insurance fraud bureaus by statute to investigate suspect-ed fraudulent activity and to bring to justice violators of existing insurance fraud laws. In some cases, these bureaus have jurisdiction over all lines of insurance; in other cases, the bureaus have jurisdiction over spe-cific areas only, such as workers compensation or health insurance fraud. While the coalition recognizes the need for fraud bureaus in those states that clearly have an insurance fraud problem, the coalition encourages states to have a framework of insurance fraud laws in place prior to establishing a fraud bureau. It is the intent of the act to aggressively confront all forms of insurance fraud within the state by estab-lishing a Division of Insurance Fraud within the Department of Insurance. The coalition believes it is essential to have broad civil immunity to ensure that information concerning suspected insurance fraud is given to the bureau, and to ensure the fullest cooperation from the insurance industry. Drafting Note: Several states that have established insurance fraud units have placed them outside of the department of insurance. To review notices and reports of Insurance Fraud submitted by authorized Insurers, their employees, and agents or producers, and to select those incidents of alleged fraud as, in its judgment, require further investigation and undertake such investigation. Papers, records, documents, reports, materials or other evidence relative to the subject of an ... Contrary to what many people believe, very few property policies insure flood damage.http://www.harleysvillegroup.com/flo/PDFs/Flood_Insurance.pdf. On top of that, if you are uninsured and receive federal disaster assistance, you may need to purchase flood insurance to remain eligible for future relief. Compare these key differences between disaster relief and flood insurance, then decide (with the help of your agent) which is the better alternative for you. Flood Insurance • As long as a general condition of flooding exists, flood insurance claims are paid even if the President does not declare a disaster. Benefits are paid out of insurance premiums, not from federal tax dollars. • 25% of all NFIP (National Flood Insurance Program) claims involve damage that occurs outside of designated “Special Flood Hazard” areas. How flood insurance provides the help you need. Flood insurance provides coverage for expenses you incur to repair or replace your property (subject to policy limitations and exclusions), including: Walls and ceilings Permanently installed cupboards, bookcases, paneling and wallpaper Built-in dishwashers Ventilating equipment Central air conditioners You can purchase flood insurance (on an actual cash value basis) for damage to your contents, including: Clothes washers and dryers Portable dishwashers Air conditioning units Carpets, including wall-to-wall, over finished flooring Food freezers and their contents Portable microwave ovens Artwork, books, furs, jewelry, photographs, collectibles, memorabilia, Debris removal—After a flood loss, coverage pays (up to the policy limit) for costs you incur to have debris on, in or from insured The flood insurance pays up to ... | |
