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Kansas Family’s Insurance Didn’t Pay For Broken Scupture

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An Overland Park, Kansas, official admits he was mistaken about who paid for a $132,000 sculpture at the city’s community center that was damaged by a young boy. City spokesman Sean Reilly said in July that the insurance company for the family of a 5-year-old boy who damaged the sculpture paid for the damages. The Kansas City Star reports Reilly said Tuesday he misunderstood. He said the city’s insurance company paid the city $107,000 for damages to the sculpture.

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More regulation, changing compensation and the erosion of public trust are the top reasons many brokers/registered reps say they are considering striking out on their own via the independent channel. Nearly half of respondents to a new survey say they expect the brokerage channel to deteriorate.

A new report finds that third-quarter annuity sales totaled $51.3 billion, an 8.2 percent decline. What does it mean for the future of the industry?

Social media is a great place to start in encouraging people to discuss their coverage during Life Insurance Awareness Month.

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“Annuity illustrations are a basic table stakes tool in our business,” said R. Bruce Wallace, CLU, National Western Life’s Senior Vice President and Chief Marketing Officer. Using the projected renewal rates is a departure from what is commonly seen in the industry, “said Ayanna Burns, CFP, ChFC, National Western Life’s Vice President of Marketing Operations.

–August 15, 2018— There are two significant, opposing financial challenges in today’ s workforce: saving for retirement and paying off student loan debt. Employees often have a hard time planning for future retirement when they are focused on paying off their student loans. It is estimated that American employees are leaving approximately $24 billion in…

Fixed annuity sales for the second quarter of 2018 were up 22 percent as compared to the prior quarter, and increased 20 percent as compared to the same period last year, based on preliminary sales figures reported by Wink’s Sales & Market Report.

WASHINGTON- Architects and engineers are still in. With the proposed rules issued Wednesday, the Treasury Department and the IRS had worked for six months to bring clarity to Congress’ blueprint. But as with many aspects of the sweeping Republican tax law hustled through Congress last year, the requirements for the millions of “pass-through” businesses to score…

NEW YORK- Major U.S. indexes stood stock-still for the third consecutive day Thursday as gains for retailers were canceled out by losses for banks and other companies. Banks fell along with interest rates after the Labor Department reported that wholesale prices were little changed in July. That’s a sign inflation pressures weakened slightly, which could…

Jackson National Life Insurance Company ® generated a record $1.4 billion in IFRS pre-tax operating income during the first half of 2018, an increase of 0.8 percent over the first half of 2017. Jackson, an indirect wholly owned subsidiary of the United Kingdom’ s Prudential plc, recorded sales and deposits of $11.2 billion in the first half of the year, and…
Brett Kavanaugh takes the oath of office for the U.S. Court of Appeals for the District of Columbia.

Supreme Court nominee Brett Kavanaugh has expressed concern about federal agencies running amok. But his view that they should adhere strictly to laws passed by Congress worries liberals.

Top 10 South Carolina counties with flood insurance policies and total coverage in 2017:. Charleston- 67,829; $18.9 billion Beaufort- 51,692; $14.3 billion Horry- 46,577; $9.7 billion Georgetown- 8,457; $2.4 billion Berkeley- 7,493; $2 billion Dorchester- 3,507; $932 million Richland- 2,844; $656 million Colleton- 2944; $531 million Lexington- 1,429; $324 million…

Nationwide Insurance continues its commitment of more than $100 million of venture-capital investments for startup companies. “This investment aligns with our mission to help business owners protect what’s most important and plan for a secure financial future,” said Erik Ross, head of Nationwide’s venture capital team. The Redwood City, Calif.- based…

A seventh person died in a fire in northern California on Saturday. The Carr fire, burning about 162 miles north of Sacramento, killed a power company lineman, according to a CBS affiliate. President Trump has declared that a major disaster exists in California, paving the way for federal money and aid. “
The Affordable Care Act could be replaced by low-cost, low-coverage plans if the White House gets its way.

Democrats will try forcing a Senate vote on overturning President Donald Trump’s rule allowing insurers to sell short-term coverage that is cheaper but skimpier than policies allowed under the “Obamacare” health care law.
The Trump administration is promoting low-cost health plans as an alternative to the Affordable Care Act. Critics say the plans don't cover the things Americans need covered.

The Trump administration says it’s clearing the way for health insurers to sell short-term plans as a low-cost alternative to pricey Obama-law policies for people struggling with high premiums. But the policies for individuals have no guarantees of coverage for existing medical conditions and come with limited benefits.
New York Gov. Andrew Cuomo's administration is determined to protect the Affordable Care Act in New York.

Gov. Andrew Cuomo on Monday said he wants to codify the Affordable Care Act into New York law while at the same time directing the agency that oversees the insurance industry to reject proposed large health care rate hikes.

The strong economy contributed to health insurer Anthem losing Medicaid enrollees during the second quarter, company executives said Wednesday. The fall in Medicaid enrollment, as well as in the Obamacare market, caused enrollment to fall by 888,000 people compared with the same time last year. Anthem executives said the company expects to gain more…

–Exceptionally low housing supply and weaker affordability slowed the housing market in the first half of 2018, but total sales activity should still slightly top year-ago levels, according to Freddie Mac’ s July Forecast.. Heading into late summer, Freddie Mac expects market conditions to slightly improve, with added new home construction helping to…
The threat of U.S. interest rate hike by the Federal Reserve is affecting the global economy.

The global economic cycle may have peaked as businesses leaders globally are less optimistic about the economic outlook despite continuing rises in expected revenues, concluded the latest International Business Report.

To reach that bar, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. When imagining where America’s millionaires live, most people probably think of California and New York. It turns out there are numerous states with higher percentages of well-off…

US Personal Lines Pricing Up 2.5% in Second Quarter 2018 Auto Rates Continue to Increase Personal automobile insurance is expensive…

July 03– Despite the end of individual mandates and cost sharing payments to insurers, the individual marketplace for health care coverage under the Affordable Care Act will get more insurers and competition for consumers next year in Tennessee. Two new health insurers are planning to enter the Tennessee market in 2019, including a new competitor for the…

The U.S. Attorney for the District of Idaho, Bart M. Davis, issued the following new release:. Rick Guyon, a/k/a, Richard Guyon, a/k/a Rick Garrison, a/k/a Mark Thomas, 59, pleaded guilty yesterday to one count of wire fraud, U.S. Attorney Bart M. Davis announced. According to the plea agreement, Guyon’s scheme to defraud investors resulted in an actual loss of between…

The percentage of 16-year-olds nationwide with a license decreased from 46.2 percent in 1983 to 24.5 percent in 2014, according to a 2016 study by the University of Michigan. Thirty years later, almost half as many 16-year-olds are getting a license.

The U.S. Attorney for the Northern District of Ohio issued the following news release:. A Shaker Heights man was sentenced to three years in prison for defrauding an investor out of more than $287,000. James M. Unger, 51, previously pleaded guilty to two counts of wire fraud and five counts of filing false tax returns.

Futurity First Insurance Group – an independent, nationwide insurance distribution organization that specializes in retirement income and insurance protection solutions with $222 million in client assets – has joined Securities America, an independent advisory and brokerage firm.

UnitedHealth Group issued the following news release:. Of the 325 million people in the United States, employer-sponsored insurance covers 174 million, Medicaid and related State-based health programs cover 75 million, Medicare serves 58 million, Exchanges cover approximately 10 million, and more than 28 million people remain uninsured.

–New Jersey drivers can now pay per mile for their auto insurance. “A lot of my customers use public transportation as their primary way of getting around, yet they still own a car,” says Edgewater Allstate Agency Owner Peter Arcuri. “Milewise is great for people with a low-mileage lifestyle,” said Allstate Vice President of Product Transformation, Ginger Purgatorio. “

June 26– The federal government approved a $5 billion recovery plan to repair housing in Texas that remains damaged or destroyed 10 months after Hurricane Harvey made landfall. The U.S. Department of Housing and Urban Development gave Texas the go-ahead for the plan Monday, permitting the state’s General Land Office to begin administering grant programs to…

More than 70 percent of Americans over the age of 65 will need long-term health care services, according to the U.S. Department of Health and Human Services. Yet, according to the Employee Benefit Research Institute, only 13 percent of those who received professional home health care had long-term insurance policies, which can protect seniors from high…

In order to best protect assets from long-term care costs, pre-planning is always the best option. A wide array of planning strategies are available to help keep property in the family or to protect property for charitable beneficiaries. Because Medicaid eligibility requires less than $2,000 in assets, anyone with resources higher than that threshold will…

–Today, nonprofit Transamerica Center for Retirement Studies ® released A Compendium of Findings About American Workers, a multi-year study that finds 76 percent of workers in 2017 expressed concern that Social Security will not be there for them when they are ready to retire, a finding that is essentially unchanged since 2014*. “Most workers are counting on…

WASHINGTON, June 27, 2018/ PRNewswire-USNewswire/– Apple CarPlay and Google’ s Android Auto are less distracting to drivers when compared to built-in vehicle infotainment systems designed by automakers, according to new research from the AAA Foundation for Traffic Safety. David Yang, executive director of the AAA Foundation for Traffic Safety.

Minnesota- based Medica announced this week it has filed documents with the Missouri Department of Insurance to sell its Select plan in Cass, Clay, Jackson and Platte counties. Luke’s, “said Geoff Bartsh, Medica’s vice president and general manager of individual and family business. Major insurers like UnitedHealthcare and Blue Cross and Blue Shield of Kansas…

June 21– A former insurance agent who admitted to stealing more than $2 million dollars from his clients was sentenced Thursday to 15 years in prison and ordered to pay $3.5 million- plus in restitution and fines. Brian Smart, 41, agreed to an Orange County Superior Court offer requiring him to plead guilty to 15 felonies, including grand theft, theft from an elder…

Total new premium for life combination products (which combine life insurance with long-term care or chronic illness coverage) increased 18 percent to $4.1 billion in 2017, according to LIMRA’s 2017 Individual Life Combination Products Annual Review. This is the third consecutive year of premium growth.

Federal law requires insurance only on homes with federally backed loans that are in high-risk zones. That can give a false sense of security to people whose homes are not in high-risk zones.

June 20– Two Manalapan investment advisers were sentenced to federal prison for bilking $2.7 million from clients and for lying to the Internal Revenue Service. Shawn O’Sullivan, 60, who has lived in Palm Beach and in the Lake Worth area, on Tuesday was sentenced to 16 months in prison by U.S. Instead, O’Sullivan and Wivolin used the money to bankroll comfortable…

Amazon, JPMorgan Chase and Berkshire Hathaway are turning to well-known author and Harvard professor Dr. Atul Gawande to transform the health care they give their employees. The three corporate titans said Wednesday that Gawande will lead an independent company that focuses on a mission they announced earlier this year: figure out ways to provide high-quality, affordable care.