Daily Insurance Report - Walt Bernard Podgurski

Daily Insurance Report  
Walt Bernard Podgurski,  Editor,  440-773-1108, 

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Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.
  Friday, 06/07/19 - https://DailyInsuranceReport.com 

The "Daily Insurance Report" is now subscribed to by 25,000 elite insurance industry influencers who receive it Monday - Friday and have a quick overview of what is appearing in the media regarding the insurance industry; with an emphasis on life, health, and employee benefits.

The "Daily Insurance Report" publishes the life insurance, health insurance, and employee benefits news that matters.

Younger Workers Put Student Loan Aid Near Top of Desired Benefits
Help with loan repayment is valued more than 401(k) contributions
By Stephen Miller, CEBS / SHRM

Millennial workers and their younger colleagues just entering the workforce are more likely than older workers to choose—and stay with—employers that offer them financial security in an uncertain world, new research shows.

Health insurance, paid time off and student loan repayment aid—in that order—were the top three benefits identified by recent college graduates and those approaching graduation when asked what benefits they most value from an employer.

The findings, based on responses from 547 job seekers who graduated from college in the last 24 months, or who will graduate in the next 12 months, were released by the American Institute of Certified Public Accountants (AICPA).

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How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
At the Trump Doral outside Miami, payday lenders celebrated the potential death of a rule intended to protect their customers. They couldn’t have done it without President Donald Trump and his latest deregulator, Kathleen Kraninger.
by Anjali Tsui, ProPublica, and Alice Wilder, WNYC

Payday lenders viewed that rule as a potential death sentence for many in their industry. It would require payday lenders and others to make sure borrowers could afford to pay back their loans while also covering basic living expenses. Banks and mortgage lenders view such a step as a basic prerequisite. But the notion struck terror in the payday lenders. Their business model relies on customers — 12 million Americans take out payday loans every year, according to Pew Charitable Trusts — getting stuck in a long-term cycle of debt, experts say. A CFPB study found that three out of four payday loans go to borrowers who take out 10 or more loans a year.

Now, the industry was taking credit for the CFPB’s retreat. As salespeople, executives and vendors picked up lanyards and programs at the registration desk by the Doral’s lobby, they saw a message on the first page of the program from Dennis Shaul, CEO of the industry’s trade group, the Community Financial Services Association of America, which was hosting the convention. “We should not forget that we have had some good fortune through recent regulatory and legal developments,” Shaul wrote. “These events did not occur by accident, but rather are due in large part to the unity and participation of CFSA members and a commitment to fight back against regulatory overreach by the CFPB.”

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National health insurance coverage by the numbers

America's Health Insurance Plans released a state-by-state report on the role health plans play nationwide. Here are statistics on health insurance coverage in the U.S., according to the report.

The percentage of health insurance coverage by type:
Private: 56 percent
Medicaid: 21 percent
Medicare: 14 percent
Uninsured: 9 percent
Other: 1 percent

The number of covered lives by type:
Medicaid: 54 million
Large group: 42.3 million
Medicare Advantage: 20 million
Health savings account/high-deductible health plan: 15.6 million
Medigap: 13.5 million
Small group: 13 million
Individual: 13 million

The number of people employed by health insurers:
Insurance-related employees: 962,930
Health plan employees: 573,730

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7 financial gifts for the college graduate
by Amy Fontinelle / Blog, Mass Mutual

Graduation season is coming. Do you know what you’re giving your favorite college senior to congratulate them on earning their degree? Most young adults will appreciate cash, but if you’d like to give him or her something more satisfying, consider these options:

Roth IRA contribution
Student loan payment
Life or disability insurance policy
Seed investment in a mutual fund
Personal finance book
Certificate of deposit or U.S. savings bond
Meeting with a financial advisor

Read on to learn how these gifts can help grads start adult life on solid financial footing.

Billionaire Tom Siebel Is Offering His Employees The Most Generous Education Benefit Ever
Susan Adams, Forbes Staff / Forbes

Tom Siebel, whose fortune Forbes pegs at $2.9 billion, is announcing today that his company, C3.ai, will cover the total cost for employees to earn a master’s degree in computer science online. Those who complete the degree get three more big perks—a $25,000 cash bonus, a guaranteed 15% raise and a stock grant. “In this new economy where people are talking about digital transformation,” says Siebel, “for companies to stay at the top of their game they need to have state-of-the-art continuing education programs.”

Do you plan to retire by 50? Great, but can you cover your health care?
By Janna Herron / USA TODAY

USA TODAY's Janna Herron explains the theory behind the FIRE movement - Financial Independence, Retire Early

So you’re ready to sock away half your income, earn more through side hustles and aggressively invest so you can become financially independent and retire before age 50.

But a big obstacle threatens to keep you from joining the financial independence/retire early movement, popularly known as FIRE: the high costs of health care and health insurance.

Without a job and too young for Medicare, what health care insurance options remain for early retirees and their family?

A handful, it turns out.

“There are already tens of millions that provide their own health insurance whether they’re retired, freelancers or independent contractors,” says Leif Dahleen, 43, author of the blog Physician on FIRE and an anesthesiologist by trade. “It’s not any different. You just put it in your budget.”

The Business Benefit of Employee Assistance Programs
Companies want proof that EAPs add value — and vendors are starting to respond. Also, the Hot List for EAP providers.
by Sarah Fister Gale / Workforce

Employee assistance programs were originally created to address alcoholism and drug use in the workplace.

These programs have since matured to address a broad range of issues that can affect all aspects of employee performance and engagement. From the misuse of drugs and alcohol to stress, anxiety, sleep disorders and depression, they take on “virtually every problem an employee could have,” said Gregory DeLapp, CEO of the Employee Assistance Professionals Association.

This evolution has also changed who runs the programs, he added. In the beginning, most EAP leaders came to the role through the training department or because of their own recovery. But today, most EAP professionals have a social work background or mental health training.

“It reflects what’s being offered and when,” he said.

Today, mental health is a leading driver of EAP investments and the services provided, and thanks to the growing social dialog about depression and anxiety, employees are more open to taking advantage of these offerings, said Barbara Veder, vice president of employee support solutions for Morneau Shepell, an HR technology and consulting firm in Toronto. “That leads to more early engagement, which is always the focus for EAPs.”

City employees working without health insurance in Lumberton
Ashley Jackson / WDAM7

Many City of Lumberton employees are currently working without health insurance. Officials confirmed during Tuesday night’s Board of Aldermen meeting that city employees will have to pay out of pocket for health insurance.

Lumberton Mayor Quincy Rogers said that the city is undergoing major budget, cuts and health insurance was one of them.

“The board took away the health insurance because of monetary constraints," Rogers said. “So you know as for the city, the city is experiencing some issues with our budget so we had to make some cuts,” said Mayor Rogers.

It’s been three months since health insurance was cut, and many in Lumberton are still working day to day without insurance.

Stop Doing Stupid Sh*t: 18 Outdated Sales Tactics to Abandon in 2019
Dan Tyre / Blog.HubSpot
I’ve been selling for over 30 years, and it’s been a blast. I’ve seen some incredible changes, and I can say without a doubt that right now is the best time to invest in a sales career. Sales is fun, critically important to scaling businesses, financially lucrative, and intellectually stimulating.

But being a salesperson in 2018 is very different than being a salesperson in 1987. Buyers have changed, and top salespeople have to change with them. Although it’s arguably more difficult to sell effectively in 2018, it’s easier for top performers to differentiate themselves.

The first thing you need to do? Drop the 18 tactics below.
1. Cold calling
2. Getting on a plane to start a relationship
3. Overselling the product
4. Treating your product demonstration as the end-all, be-all
5. Telling, not asking
6. Pushing hard for a borderline deal
7. Moving too quickly
8. Ignoring the prospect relationship
9. Thinking that being on social media is enough
10) Treating Marketing like second-class citizens
11. Relying on Marketing to generate all your leads
12. Playing telephone tag with your prospects
13. Thinking you're too good to learn new things
14. Selling alone
15. Letting the grind wear you down
16. Trade shows
17. Blasting your aunt's, best friend's coworker on LinkedIn
18. Forcing every prospect through the same sales process

Don’t gamble on grandma, N.J. court says in life insurance dispute
By S.P. Sullivan | NJ Advance Media for NJ.com

“Betting on a human life in that way, with the hope that the person will die soon, not only raises moral concerns but also invites foul play,” Chief Justice Stuart Rabner wrote in the opinion.

Thirty states have laws explicitly banning STOLI policies, but New Jersey is not among them. Still, state law requires someone taking out a policy on another person’s life to have an “insurable interest” in their well being.

Nancy Bergman, who lived in New York state, was connected to at least five insurance policies that led to court disputes spanning several states, from South Dakota to New York, court records show. New Jersey’s Supreme Court became involved at the request of a federal court presiding over one such lawsuit.

According to the court record, Nachman Bergman established the trust in Lakewood in 2007 along with several investors who “were strangers to Ms. Bergman.”

Life insurance companies offer a range of coverage, but they typically require a financial justification for large policies. In Bergman’s case, according to court records, the insurance applications bearing her name inflated her net worth many times over, into millions of dollars.

Five weeks after establishing the trust, Nachman Bergman resigned and named the investors trustees, the records show.

After about two years, the trustees – who had been paying premiums for a life insurance policy in the name of a grandma they didn’t know – sold their stake to a financial firm for about $700,000. It changed hands a few more times until Wells Fargo bank obtained it in a bankruptcy settlement in 2011, according to the court records.

When Wells Fargo tried to cash in on the policy after Nancy Bergman died, the insurance company, Sun Life Assurance, investigated and discovered the alleged fraud.

The justices ruled that someone with a legitimate “insurable interest” can, “in certain cases,” later sell off the policy because “valid life insurance policies are assets that can be sold.”

But in the Bergman case, they found a clear intent to transfer the policy to strangers, which is against state law.

Brown & Brown, Inc. Announces the Asset Acquisition of Twinbrook Insurance Brokerage, Inc. and Twinbrook Insurance Agency, Inc.

J. Scott Penny, Chief Acquisitions Officer of Brown & Brown, Inc. (NYSE:BRO), and Joseph (“Joe”) P. Rizzo, the sole shareholder of Twinbrook Insurance Brokerage, Inc. and Twinbrook Insurance Agency, Inc. (collectively, Twinbrook Insurance), today announced that Brown & Brown of Massachusetts, LLC has acquired substantially all of the assets of Twinbrook Insurance.

Founded in 1960, Twinbrook Insurance provides property and casualty insurance products and services to customers throughout New England and Florida. The firm specializes in providing customized insurance solutions to businesses and individuals, with a large concentration in the hospitality and aviation industries.


Monday, 06/03/19 - JPMorgan Chase to pay $5 million settlement in parental leave case

Tuesday, 06/04/19 - 5 Workplace Benefits Today's Employees Want, but Don't Have

Wednesday, 06/05/19 - Pennsylvania Moves to Take Over Health Insurance Exchange

Thursday, 06/06/19 - CVS to open 1500 stores focused on healthcare

Friday, 05/31/19 - This is the Number 1 benefit new college grads seek at work — and it’s not debt repayment
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Walt Bernard Podgurski - - Editor