efinancial.com Launches A Fresh New Life Insurance quotes Website

The following is a paid review:



Efinancial offers Free life insurance quotes online. View quotes from top rated national companies. EFinancial - Insuring your future.

A result of a successful partnership, the new website boasts a new design technology. This facilitates not only a uniquely entertaining viewing experience for the user but also reinforces efinancial.com’s brand values.

efinancial.com, the portal to the Life Insurance quotes provided by the global Insurance group of companies, has replaced its three-year-old design with a customer experience that enables the navigation of the complex group through ‘customer Views’. According to Adam Insure, efinancial.com’s Website Development Manager, “When you are presenting a customer with the breadth of options that efinancial.com is able to do then being able to explore the site, make new connections and gain new perspectives in the way that is enabled by, massively enhances the customer experience.”

Continues Adam, “We have always been at the forefront of driving the customer experience and this latest re-development of our site puts us firmly in the lead when it comes to customer interaction whist constantly reinforcing efinancial.com brand values in every aspect of the look and feel of the site.”

Efinancial provides life insurance rates from top carriers online in a shop and compare format. Efinancial also has an extensive learning center for life insurance information. You can start the application process online by entering information on the site. Licensed phone agents expedite the process and complete the application and schedule an exam. Customers are kept in the loop throughout the approval process.

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Allstate Insurance Company

In my opinion, if everyone has to get insurance then it should at least be handled in a fair manner. I grew up in Michigan, where it is practically impossible to get by without a car. This meant that, to get from here to there, you have to get auto insurance. And naturally, I wanted to go with the cheapest rate. The best rate I could find was from the Allstate insurance company. Unfortunately, that is before they found out that I was a teenage driver.

Once they calculated that into their rate, it skyrocketed! Because I was a teenage boy, the Allstate insurance company rate was twice as bad as it would have been if I was a girl. My sister went with the Allstate insurance company, and actually got a decent rate. I don’t think this is fair. I don’t think that an auto insurance company should be able to calculate your age in to your insurance rate.

I have a friend who worked for a Michigan insurance company, and he knows the inner workings of the industry. It is a pretty shady business, if you want to know the truth. The Allstate insurance company or any other national insurance company for that matter can use all kinds of data to calculate your insurance rates. They can make you pay more because of your age, your gender, or even your credit history.

I have a lot of trouble seeing why credit history should have anything to do with how much the Allstate insurance company charges me. If I have a good driving record, why should they have the right to charge me more just because I have a bad financial record? They are not a financial lending institution. They are not there to guarantee my bank accounts. They are there to guarantee my driving, and my driving is flawless. Personally, I think we should establish a single Nationwide insurance company run by the government. This would solve a lot of these problems.

Right now, the Allstate insurance company has one way of calculating how much to charge for insurance coverage and AAA insurance has another way of doing it. If there were one national company, there would only be one way of doing it. A nationwide insurance company would be more likely to judge you on your driving record alone. They would not be in it to make the most money possible. They would be there to provide the best automotive insurance protection possible. It would be much better for everyone except the insurance companies.

Yes, Virginia, There is Auto Insurance Fraud

For years now the debate has been raging in the public media as to whether or not there is systemic fraud in the field of automobile accident and No-Fault insurance. Industry spokespersons have long been pointing to "phony" lawsuits and illegitimate claims pressed by felonious claimants and their dishonest lawyers and doctors, all with the purpose of invading the insurance policies that some of America's largest and most profitable corporations sell to drivers at exorbitant rates. These industry mouthpieces have all the while been saying that it is the `fraud' running rampant throughout these types of cases that is the driving force behind the rise in auto insurance rates to their present unconscionable levels, and that all that needs to be done to restore balance to the world of auto insurance - as well as fairer rates to the consumer - is to crack down on this fraud.


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Insurance claims up due to bad weather

Barclays Home Insurance, a division of Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642), has said that insurance claims from damage from cold, stormy conditions in the past two months have soared. Weather conditions in the UK during that period have included flooding, freezing snow, and a tornado in north London.

Storm damage to UK households was up by 158 percent in January, compared to the same month in 2006, the insurer said. The damages have included water damage, fences broken due to high winds, and even roofs blown off in the storms. According to the insurer, 60 percent of current home insurance claims are related to the bad weather since Holiday. Claims for the period total around £300 million, with the average policy paying out approximately £500.


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CHIP benefits may mirror other insurance programs

CHIP benefits may mirror other insurance programs

A measure to make the state’s insurance program for low- income children more like commercial products passed a Senate committee Tuesday. HB218, sponsored by Rep. James Dunnigan, R-Taylorsville, would slightly increase deductibles and co-payments for many of the families on the Children’s Health Insurance Program. Current CHIP benefits, which haven’t been modified since the program was established in 1998, are “very rich,” Dunnigan said. HB218, he said, “implements just a little bit more cost sharing” so the program can serve more children. Changes will be different for families at different income levels, with the very poorest Utah families facing very little increases, Dunnigan said. In response to concerns by advocates for the poor and the Utah Department of Health, Dunnigan has agreed to a phase-in of the changes.


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Some of Insurance Term Crucial To Understand

Principle of Indemnity

The purpose of insurance is not for the insured to make a profit but only to mitigate his losses when an insured event occurs. This is the main ground the principle of indemnity is based on.

Basically, the principle of indemnity asserts that an insured may not be paid an amount in excess of the loss incurred by him in the event the insured peril occurs. Indemnification henceforth is the restoration of an insured person to his or her approximate ,financial position prior to the occurrence of the loss.

The three supportive principles that are applied in the enforcement of the indemnity principle in insurance are discussed below


Insurable Interest

The legal right to insure a subject matter is basic to insurance and this is the basis the principle of insurable interest is formed. The principle states that an individual with insurable interest on the subject of insurance must stand to lose financially or suffer harm in some ways if the subject of insurance is damaged or destroyed or lost. Example, you have an insurable interest in your house since you stand to lose financially if it is burnt down or damaged in any way


Subrogation

This is another insurance principle that strongly upholds the indemnity principle. The subrogation principle is a process whereby the insurer is substituted for the insured for the purpose of claiming indemnity from a third person for a loss covered by insurance. This effectively means that the insurer is entitled to claim from a negligent third party any loss payments made to the insured on the case.


Double Insurance

To prevent incidence of the insured claiming from multiple policies issued on the same risk, there is a provision included in the policy to prevent the insured from claiming more than the quantum at risk. Commonly, there is a clause that provides for the sharing of the loss among insurers when the insured risk occurs, which is based on some pre-determined formulas.

John Hancock's Leading Edge Long Term Care Insurance Product Now Available in 42 States

John Hancock Life Insurance
Company's ground-breaking Leading Edge long term care insurance (LTCI)
product has been approved for sale in 42 states, including Florida and
Georgia, the company said today.

The product, introduced at the end of 2006, is now available in the
states listed in the chart below. Leading Edge, the industry's first LTCI
policy specifically designed to meet the needs and budgets of Baby Boomers,
significantly reduces the expense and complexity of buying LTCI.

"John Hancock's Leading Edge long term care insurance product is now
available to consumers across the United States to help them meet the
financial promises they have made to themselves and their loved ones," said
Laura Moore, president, John Hancock Long Term Care Insurance. "As Baby
Boomers age, they are realizing that long term care is a key part of their
retirement planning process and securing their financial future. Leading
Edge provides them with expanded coverage, reduced costs and a simplified
buying process. It enables them to secure long term care insurance
protection more easily and cost effectively than ever before."

Two Key New Features
With Leading Edge, Hancock simplified and reduced the cost of inflation
coverage, providing compound inflation protection linked to the Consumer
Price Index (CPI). Each year, the policy owner's benefit and total pool of
money increase in conjunction with the CPI.

Moore continued, "The CPI is a common measure of economic growth in the
United States, where you see pensions and social security payments linked
to the CPI. With respect to long term care, two of the primary components
of the CPI, labor and real estate, are the key drivers of increasing costs,
so the use of CPI makes much more sense than a flat percentage, which has
been the industry norm until now."

When the CPI increases, as it has done for more that 50 years straight,
the insured's benefits increase accordingly. And there is no maximum, so
during times of very high inflation as seen in the 1970s, the policy
benefits increase by the same amount, making it more likely that a policy
linked to CPI will keep pace with the cost of care. Even if the CPI goes
below zero (which hasn't happened since 1955), the benefit amount does not
decrease, rather it remains fixed at its current level until the CPI rises
again.

Another key feature of Leading Edge is the 5 Years plus $1 Million
Dollars benefit period. This new, less expensive option provides an
alternative to lifetime coverage and is designed for consumers who
anticipate needing long term care for a long time. If the pool of money
from a policyholder's 5-year benefit period runs out, an additional $1
million is added to the pool, allaying concerns about outliving financial
resources.

"Both of these innovative benefits are a result of our many years of
experience in the LTC insurance industry, and putting the needs of our
customers first," Ms. Moore said. "In addition, our proven history in this
industry along with our company's financial strength should provide a high
level of comfort to Baby Boomers or any individuals seeking long term care
insurance protection, and to producers who are offering our product to
their clients."

Ms. Moore noted several other key new features offered through Leading
Edge:

Caregiver Support Services
This feature is geared specifically to Baby Boomers who may face the
possibility of being called upon to provide care for parents and/or other
older relatives before they need care themselves.

With Caregiver Support Services, individuals have personalized
telephone and website assistance regarding caregiving questions or
concerns, access to quality reports and ratings on more than 90,000 nursing
home and assisted living facilities nationwide, and exclusive provider
discounts and care advisory services for family members. This benefit can
help the policyholders and their family members save between 7 and 35
percent on the cost of long term care provider services.

Total Homemaker and Stay At Home Services
Leading Edge offers options that help consumers stay at home for as
long as possible. First, it expands traditional home health care coverage
to include household duties, such as laundry, meal preparation, paying
bills, and having someone to watch over the policyholder to ensure
medications are taken correctly.

Second, it also covers home modifications, durable medical equipment,
caregiver training, home safety checks and medical alert systems.

There are a number of other popular options offered with Leading Edge,
such as:
* SharedCare -- enables couples to share their benefit pools
* 0-Day Elimination Period -- allows the elimination period (i.e.
deductible) to be waived for home care
* Lifestyle Benefit Changes -- provides the flexibility for policyholders
to increase or decrease their benefit amounts as needed

"Long term care insurance plays a critical role in the retirement
planning process, but we know that consumers are overwhelmed with other
priorities and sometimes put off planning for long term care," Ms. Moore
said. "We hope and expect that Leading Edge's simple structure, affordable
price and expanded home care coverage make it easier for consumers to
incorporate LTC insurance into their plans. In fact, it seems to be making
an impact already, as several of our top producers report that when they
give their clients a choice between Leading Edge and another policy, they
always choose Leading Edge."

States where John Hancock's Leading Edge LTCI product has been approved
for sale:

Alabama Alaska Arizona Colorado
Delaware District of Columbia Florida Georgia
Iowa Idaho Illinois Kansas
Kentucky Louisiana Maine Maryland
Michigan Minnesota Mississippi Missouri
Montana Nebraska Nevada New Hampshire
New Jersey New Mexico New York North Dakota
Ohio Oklahoma Oregon Rhode Island
South Carolina South Dakota Tennessee Utah
Vermont Virginia Washington West Virginia
Wisconsin Wyoming

Benefit availability and premiums may vary by state.

For more consumer information on the need for long term care and basics
of LTCI coverage, John Hancock maintains a consumer website at:
http://www.johnhancocklongtermcare.com .

About John Hancock Long Term Care Insurance
Today, John Hancock, a unit of Manulife Financial Corporation, is one
of the largest providers of LTC insurance overall with more than 969,000
clients and $1.1 billion of in-force premium.
Having entered the retail LTC insurance market in 1987, John Hancock is
the second-largest provider of individual coverage in the country. John
Hancock began selling group LTC insurance in 1988 and today is the largest
provider of employer-sponsored LTC insurance in the U.S.
In 2002, John Hancock and MetLife together were selected to administer
an LTC insurance program for federal employees, retirees and various family
members across the country. The program is the largest single employer-
sponsored LTC insurance program of its kind.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial
Corporation, a leading Canadian-based financial services group serving
millions of customers in 19 countries and territories worldwide. Operating
as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers clients a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds
under management by Manulife Financial and its subsidiaries were Cdn$414
billion (US$355 billion) as at December 31, 2006.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and
PSE, and under '0945' on the SEHK. Manulife Financial can be found on the
Internet at http://www.manulife.com .
The John Hancock unit, through its insurance companies, comprises one
of the largest life insurers in the United States. John Hancock offers a
broad range of financial products and services, including life insurance,
fixed and variable annuities, mutual funds, 401(k) plans, long-term care
insurance, college savings and other forms of business insurance.
Benefit selection may vary by state. Long Term Care Insurance is
underwritten by John Hancock Life Insurance Company, Boston, MA 02117

Car insurance fraud 'substantially up'

Car insurance fraud has risen substantially in recent years, with both organised crime and false claims from normally law-abiding motorists on the up, an insurance company has claimed.

According to insurance provider Direct Line, both premeditated and opportunistic instances of motor insurance fraud have increased significantly, pushing up premiums as a result.

Emma Holyer, a spokesperson for Direct Line, said that organised fraud rings that take out multiple policies on one car that they deliberately crash before claiming personal injury costs are rife today.

"They may crash into an 'associates' car and then they lie and say the car had passengers in it which also claim for PI costs," she explained.

However she said that motorists who otherwise obey the law are also driving the increase in insurance fraud by making dishonest claims when they do have an accident, such as a rear end shunt.

"They claim they have suffered injuries - such as whiplash - and claim from the other insured," she said.

The rise in car insurance fraud coincides with an increase in car insurance premiums. Figures from Sainsbury's Bank show that the average car insurance premium rose by 2.1 per cent over 2006 to £472.52.


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Buyout of Insurance Group Advances

DOVER, Del. — Delaware’s insurance commissioner gave conditional approval Tuesday to the proposed management buyout and eventual dissolution of the Royal and SunAlliance Insurance Group’s operations in the United States.

The decision by the commissioner, Matthew Denn, follows the recommendation included in a hearing officer’s report this month. Mr. Denn said he would stay his decision for five business days to allow opponents time to file a court appeal.

To ensure that American policyholders are protected, Mr. Denn said his approval of the buyout was conditioned on Royal and SunAlliance’s agreeing to submit to the jurisdiction of Delaware courts to resolve any claims brought by policyholders.

Kedar Bryan, a spokesman for the insurer’s American operation which is based in Charlotte, N.C., declined to comment on the developments.

Royal and SunAlliance said in 2003 that it did not consider its struggling United States business central to its main operations, and it stopped writing new policies with the eventual goal of exiting the American market it had served more than 150 years.


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The 10 costliest cars to insure

Yes, the cost of repairs has something to do with it, but who drives them and how fast they're driven also are huge factors. Here are the 10 costliest to insure -- and the 10 cheapest.

If you're shopping for a new car, chances are you're considering things such as gas mileage, vehicle size, comfort and even that all-important CD system. But have you checked on the cost of insurance?

A quick call to your agent might help you narrow your choices -- and avoid a second case of sticker shock after you drive your new car home.

The reason: Along with your own driving record, your ZIP code and the demographics of the drivers in your household, the make and model of your vehicle can have a big effect on your insurance bill, says Russ Rader, spokesman for the Insurance Institute for Highway Safety. Of all of those factors, the type of vehicle you put in your garage is the only variable you can change immediately.

"The choice of the car itself is going to affect, in particular, what you will spend for comprehensive and collision," says Jeanne Salvatore, senior vice president of public affairs for the Insurance Information Institute.

Why some cost more
Collision-damage costs are one of the main factors in differentiating the cost of insuring one type of car over another, says Rader. To a lesser extent, you also want to look at how attractive the car is to thieves.

Vehicles that top the insurance-cost list tend to be either high horsepower, high dollar or expensive to repair, Rader says. An expensive choice: "Sporty cars that are favored by young drivers who are risky drivers, so they are crashing a lot."

Higher horsepower means the driver is more likely to be going faster and getting into more accidents. That will send insurance rates up for everyone who owns a similar car.

Many of the vehicles that are expensive to insure "share a common problem, and that is horsepower," says Kim Hazelbaker, a senior vice president with the Highway Loss Data Institute, an affiliate of the Insurance Institute for Highway Safety.

Size matters
Some think that a smaller, more maneuverable car is able to outrun trouble and avoid crashes. It's a myth, Rader says.

"When you look at the statistics and insurance claims, small sports cars tend to be in more crashes," he says. Adding to the problem: "They tend to be engaged in faster driving."

From a statistical standpoint, the safest models tend to be the full-sized family sedan-type cars, he says.

A few other special circumstances can also send rates through the roof. If a car is a popular target for thieves, your insurance company might charge you higher rates.

If you're driving a high-priced car, it will likely cost more to fix after a collision. As a result, your insurance bill will go up when you add it to the policy, Rader says. Likewise, some luxury or high-end cars feature aluminum body panels that are more expensive to fix or replace than sheet metal, he says.

One other factor to consider: How much damage is your vehicle likely to inflict in a crash?

As sport utility vehicles have become more popular, insurance companies have had to study and factor that issue into premiums, Salvatore says. As a result, if you drive an SUV, your liability premium (which covers damage to other vehicles), could be higher because of the increased damage a vehicle of that size can cause in an accident, she says.

The 10 cars with the most expensive collision losses, starting with the most expensive, from 2002 to 2004 figures from the Highway Loss Data Institute are:

Most expensive models to insure
1
Mitsubishi Lancer Evolution

2
Mercedes CL-Class

3
Dodge SRT-4

4
Subaru Impreza WRX

5
Jaguar XK (convertible)

6
Lexus IS 300

7
Honda S2000

8
Acura RSX


9
Nissan 350Z

10
Jaguar XJ



Don't let the list scare you; insurance cost isn't necessarily a reflection of safety.

"A safe car is not necessarily the cheapest car to insure," Salvatore says. The car itself could also be expensive or just expensive to repair after an accident, which would increase insurance costs.

But a high rate is a red flag to ask a few questions. For instance, if a car has a lot of horsepower and is involved in a lot of crashes, that can also send insurance rates up, even if the car itself is relatively inexpensive.

So if you're getting ready to buy your teenager that dream model and the insurance rate comes back sky high, it may be a tip that it's time to search for another make and model.

The least expensive
Sometimes the driver really does make all the difference.

Insurance companies and crash analysts have noticed that vehicles most often associated with family transportation -- such as minivans, station wagons and family sedans -- get in fewer crashes than the high horsepower hotrods that appeal to young male drivers.

"It's pretty traditional to see things like station wagons and minivans there -- vehicles probably operated by soccer moms in non-aggressive fashion," Hazelbaker says.

In addition, many (but not all) of the vehicles that rank low in collision costs also tend to be "generally, not real expensive vehicles," he says.

The 10 least expensive models to insure, in terms of collision losses, starting with the least expensive are:

Least expensive models to insure
1
Volvo XC90

2
Chevrolet Malibu Maxx

3
GMC Safari

4
Buick LeSabre

5
Nissan Pathfinder Armada (2004 only)

6
Pontiac Montana (standard model)

7
Mazda MPV

8
Ford Thunderbird

9
Pontiac Montana (extended model)

10
Ford Taurus (station wagon)



Just as with the most costly picks, a variety of reasons can land a vehicle on the least expensive list. For instance, the Volvo XC90 and Chevy station wagon that make the top of the "best" list are "likely to be family vehicles, driven differently than the vehicles on the "worst" list," Rader says. And the Ford Thunderbird, he says, "tends to be a second or third car and is not driven as often."


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Car accidents: Who is most at risk?

What could make a bad car deal worse? A wreck that leaves you owing thousands on a car you don't own anymore.

If you did everything wrong while acquiring your last vehicle, you may still be able to do at least one thing right. And that's buying so-called "gap insurance."

Gap insurance kicks in when the amount your insurer would pay for your totaled or stolen car falls short of what you still owe on the loan or lease.

Chances are good you need gap insurance if:

You purchased a new car and didn't have a down payment of at least 20%.
You're leasing a car.

You're financing for more than four years.

You rolled debt from your last car into your current auto loan.

I outlined why these car-buying practices are usually bad ideas in "The real reason you're broke." They are, unfortunately, fairly common scenarios that typically leave people "upside down," or owing more on their cars than the vehicles are worth.

Yet gap insurance remains a relatively unknown product, said Patrick Olsen, managing editor of Cars.com.

"As soon as you drive off the lot, depreciation kicks in," Olsen said. "I don't think people are aware of the danger they could be in."

If you don't make a 20% down payment, for example, you'll be upside-down on the car from the minute you drive off the lot, and you'll typically stay that way for two to three years, depending on the length of your loan. If you get in an accident or the car is stolen during that time, you may be in trouble.

Video: Should you buy or lease?
"The insurance company will pay you what the vehicle is (currently) worth, and that's not necessary the same as what you owe," said Mike Meredith, financial editor for MSN Autos. "It could be a lot less."

You could be pushed over the edge
Here's an example. You buy or lease a car for around $25,000. Several months down the road, it's totaled, but your insurance check covers only the car's current value, which is about $20,000. Not only do you have to find new wheels, but you're on the hook to the finance or lease company for that $5,000 gap. It's not uncommon for cars to lose two-thirds of their value in just three years. (See MSN Autos' list of vehicles that hold their value best.)

If you rolled debt from your old loan into your new one, that amount you owe could be even larger. One out of four vehicles that are financed includes debt rolled over from a previous vehicle, according to vehicle research site Edmunds.com, and the average amount of so-called "negative equity" is more than $4,000.

If your finances are already shaky, the gap between what you owe and what you're paid could be enough to push you right over the edge.

"It could be the difference between staying afloat and having to declare bankruptcy," said Phil Reed, consumer advice editor for Edmunds.com and co-author of the book "Strategies for Smart Car Buyers." At a minimum, you could be saddled with expensive and unwelcome debt.

If you're not sure where you stand, you can use the Kelley Blue Book tool on MSN Autos to see how much your car is really worth and compare that to what you owe. Insurers typically pay an amount somewhere between the car's trade-in value and what you'd get in a private sale.

Not to worry
Now, there are two scenarios where underwater drivers don't have to worry about gap insurance:

If it's already included in your lease. In some states, including New York, leases by law must include gap coverage, Olsen said.
If your auto policy is written to cover the gap. This isn't the norm, but some auto policies promise to pay off a loan regardless of what the car's worth. You can try reading your policy to see if you're covered for any gaps, or simply call your insurer and ask.
If you don't have coverage already, the solution fortunately doesn't have to be that expensive. A premium of a few hundred dollars should cover you for the life of the loan or lease. You typically can buy the coverage:

From the dealershipor auto finance company. It's probably the most expensive choice, especially if you roll the cost into your monthly note. You'll be paying interest on it, plus paying for coverage even after you're no longer upside-down on your loan.
From your current auto insurer. It's usually the best choice, if your insurer offers the coverage. Farmers Insurance, for example, offers gap coverage at a flat rate of $25 every six months to Washington drivers. You can drop it once you're sure you're in the black.
From another insurance carrier. You can look for gap insurance providers; make sure they have top marks from one of the rating services such as A.M. Best, Standard & Poor's or TheStreet.com Ratings (formerly Weiss Ratings).
The best time to shop for coverage is before you even set foot on the dealer's lot, Reed said. He advises calling your insurer to get a quote for coverage as soon as you decide what car you're going to buy. But all isn't lost if you fail to plan that far ahead.

"It'll be cheaper through your agent than through a dealership," Reed said, "but you can always buy it (at the dealership) and cancel it later" once you've got coverage with your insurer.

Video: Should you buy or lease?
If you're a savvy enough negotiator, you may be able to get the dealership to lower its premium, Meredith said, particularly if you already know what coverage would cost through your insurer.Some dealerships and insurers require you to get the coverage when you buy the car, but others let you add it later. If you don't have gap coverage and need it, it's worth the effort to search for a company that will sell it to you.

Like most insurance, it's something you may never need, Meredith said, but "it's a really good thing to have if you need it."


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Vocabulary of Insurance

Coverage: A promise to pay a certain type of claim if it occurs (exammples include automobile liability coverage, theft coverage, and so on).

Deductible: The amount of a loss that you payout of your own pocket before insurance kicks in.

Liability: Your financial obligation to another person for injuries or property damage you cause.

Liability coverage: A promise in an insurance policy to defend you in court and pay what you owe another person for injuries or property damage you cause.

Peril: A cause of a loss (examples include windstorm peril and flood peril).

Policy: The legal contract between you and an insurance company in which the company agrees to pay covered claims when you have them in exchange for a monthly (or some other periodic) payment from you. Any given policy contains many coverages.

Premium: The price you pay for the insurance policy covering a defined time period - six months or one year.

Insurance is...

~ Insurance is mistakenly bought and sold primarily on price, ignoring the fact that insurance policies are complex legal contracts full of exclusions and limitations.

~ Alarmingly, the vast majority of consumers have at least one, and usuually several, major gaps in their coverage - leading to potentially disasstrous results at claim time.

~ Many of those gaps can be plugged without significantly increasing insurance costs, just by transferring premium dollars from relatively unimportant coverages to pay for the missing coverages.

NY Times Op-Ed Author's Secret Marketing Bridge

There's an interesting NY Times New York region op-ed that's supportive of marketing ventures most anywhere, like Geico's unsuccessful George Washington Bridge toll plaza marketing deal.

Titled "The Bridge to Prosperity," the op-ed written by Paco Underhill discusses how corporate sponsorships have long existed in philanthropy, such as the Metropolitan Opera selling naming rights to seats, and even civic institutions are working with corporations (think about the city's own Snapple deal) to make more money. Net net: Marketing is here to stay, so why freak out so much?

The last line of Underhill's op-ed reads, "Faced with the choice of looking at a cute lizard or paying an extra 25 cents to cross a bridge, what would you choose? If not Geico, another company will gladly fill the space." Which would compel most people to nod their heads and say, "Hey, I can deal with a lizard - especially a cute one - at the toll plaza!"

But there's a BUT. Underhill's credit line on the op-ed reveals, "Paco Underhill, a geographer, is the author of 'Why We Buy: The Science of Shopping.'" So most people reading the story might think, oh, that's nice, a geographer with a knowledge of consumer behavior wrote this. 2007_02_pacounder.jpgBut nowhere in the op-ed does it disclose that Underhill is the founder, CEO, and president of Envirosell, a "behavioral market research and consulting company" that is a "testing agency for Fortune 500 banks, stores, restaurant chains and consumer product companies."

So when Underhill writes, "And for that matter, why were Chase and Commerce Bank recently chastised for projecting advertising onto the sidewalks outside their city branches? Shouldn’t we applaud these companies for their creativity and bill them for the use of public space?" there's no mention or disclosure that one of his clients is in fact Chase. Could it be that geographer is less biased while geographer with marketing consulting company is not?

Gothamist has read "Why We Buy" and highly recommend to everyone it because it shows how fine-tuned observations can lead to better shopping experiences (which any and every company wants). We think Underhill is a smart guy, but we question why he and/or the Times didn't mention his possible other motives for writing the piece.

And about the Geico gecko not appearing at the GWB: While some preservationists were against the Geico-GWB sponsorship, the deal was quashed because there was concern that Geico's $3.2 million offer was too low and that the Port Authority didn't consult with the proper state authorities to discuss the deal, suggesting that future sponsorships may not be out of the question.


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Geico to hire 230 at call center

Insurance giant Geico said Thursday it is planning to hire about 230 policy-service and claim-service representatives at its Tucson office by the end of the year. The jobs start at $14 an hour, potentially more for candidates who can work evenings.
Geico opened its customer- service operations center at 930 N. Finance Center Drive in 2003, and it has grown to more than 600 employees.

In September, the company announced plans to add 600 Tucson jobs in a 15-month period. Since then, it has added more than 125 positions.

The 230 jobs announced this week are part of the previously announced expansion plan, said Charlotte Fick, human-resources manager at the Tucson Geico office.
"It's not as many as the 600 we originally thought about," she said. But the wages are higher than they've been, she said.

The company is starting customer-service workers at $14 an hour with a 10 percent shift differential for people whose shifts begin after 1 p.m., Fick said.
Though some firms have scaled back or eliminated their call-center presence in Tucson, the industry here is not shrinking, said Laura Shaw, vice president of marketing and communications for Tucson Regional Economic Opportunities.
"Most of the customer-service centers here seem to be expanding," Shaw said.
The closures are indicative of the stiff competition for employees, she said.
Such competition is good because it raises wages and benefits for these kinds of jobs, she said.

"Sometimes the lower-paying ones will shake themselves out, so to speak."
Call centers come to this region for a variety of reasons, she said, including the availability of a bilingual work force and the Mountain Time Zone that allows for more work hours as people work with customers on both coasts.
"For many Tucsonans, they're probably very good, solid opportunities," Shaw said.
Geico, originally an acronym for Government Employees Insurance Co., is the fourth-largest private passenger-auto insurer in the nation.


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GSI Hosts CavemansCrib.com for GEICO

KANSAS CITY — When GEICO sought an apartment for their prehistoric spokesperson that could accommodate unlimited visitors, they turned to GSI. The newly launched site, http://www.cavemanscrib.com, is housed in GSI's new state-of-the-industry AirWorld Technology Center in Kansas City, Missouri.

"GEICO came to us with a quick and aggressive turnaround schedule and GSI's network staff was ready to meet the challenge," explains Terry Madden, Vice President of Business Development for GSI.

GSI has a proven track record with hosting high-traffic viral and traditional marketing campaigns for top national and international brands. GSI founder and CTO Robin Greenhagen is excited to be a part of the new interactive campaign: "GSI consistently performs as Managed Hosting Service Provider for our brand-driven customers. We have delivered reliable solutions for top agencies and brands on these types of critical projects. We are happy to add GEICO as a client. I love the caveman concept and this innovative new site."

GEICO (Government Employees Insurance Company) is the fourth-largest private passenger auto insurer in the United States. It provides auto insurance coverage for more than 7 million policyholders and insures more than 12 million vehicles. GEICO, a member of the Berkshire Hathaway group of companies, is rated A++ for financial stability by A.M. Best Company. GEICO keeps its rates low by dealing directly with the customer. GEICO provides consumers with outstanding sales, service and claims capabilities on its geico.com Web site 24 hours a day, seven days a week. 15 minutes could save you 15% on car insurance. For more information, go to http://www.geico.com.

GSI (GreenSoft Solutions, Inc.) is one of the top managed hosting service providers in the advertising and regulated hosting industries. Headquartered in Kansas City, GSI has a roster of dozens of major brands and agencies in their portfolio. GSI continues to develop innovative and effective solutions that service the needs of high-visibility ad campaigns and security-conscious clientele. GSI operates four datacenter facilities from Kansas City, Missouri to New York, New York. For more information, go to http://www.gsihosting.com.

Insurer Plans to Expand Tucson Work Force

Insurance company Geico plans to add more than 200 new customer service employees at its Tucson call center by the end of the year, part of a planned expansion that has already added 125 workers since September.

Geico opened its Tucson customer service-operations center in 2003, and it has grown to more than 600 employees.

The 230 jobs announced this week are part of a previously announced expansion plan, said Charlotte Fick, human-resources manager at the Tucson Geico office. The company said in September that it planned to add as many as 600 new positions.

Starting pay for customer-service workers is $14 an hour, with a 10 percent bonus for shifts beginning after 1 p.m., Fick said.

Geico, originally an acronym for Government Employees Insurance Co., is the fourth-largest private passenger-auto insurer in the nation.


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Insurers report claims increase

STAUNTON — If you woke up Wednesday morning to property damage because of the ice storm that blew through the Valley, chances are you had a hard time getting in touch directly with your insurance agent's office.

Numerous offices were closed because of the weather. Many callers heard recorded messages to call back later or to contact the insurance carrier directly.

Augusta Insurance Agency was one that remained open. Co-owner Steve Marshall still was taking phone calls despite no electricity or heat at his office in Staunton.

"We're getting cold," he said good-naturedly. "We've got our coats on."

Marshall said his office fielded a few claims before 11:30 a.m. but that it wasn't as busy as expected. "Our lines have been fairly quiet," he said.

Discovering property damaging can be disconcerting. Marshall suggested those wanting to report damage "call an agent so they can get an adjuster out there." He noted that some major carriers — like Hartford Insurance — prefer you call the company itself, and they will in turn promptly dispatch an adjuster.

Once the damage is discovered, don't do too much clean-up until an adjuster has assessed the situation, Marshall said, although it's up to the property owner to prevent additional destruction. "So if you have a hole in the roof you need to try and get that repaired," he said.

One type of insurance that can come into play following ice storms is food spoilage coverage, Marshall said, which is typically carried by grocers and restaurants. But he said area claims because of spoilage are low because power companies usually have electricity back up and running within 24 hours.

"Our power companies do such a good job," Marshall said.

State Farm agent Dave Alexander said damage caused by lightening, high winds, ice and falling objects are covered under a homeowner's insurance policy. And if your ice-laden tree falls onto your neighbor's house? The neighbor, not the tree owner, needs to get in touch with his insurance carrier, Alexander said.

Alexander's State Farm office in Stuarts Draft took more than a half-dozen storm-related calls early Wednesday morning. "We'll probably get a few more," he said, adding, "For this type of situation, it's about normal."

With forecasters calling for high winds later in the day, Alexander said more insurance claims could come rolling in. "If we can get the ice thawed before the wind comes, we'll have dodged a bullet," he said.

E. Thomas Jennings, owner of Prosure Inc. on Greenville Avenue in Staunton, said most of the claims his office received Tuesday were for minor damage to homes and cars.

"Nothing serious," he said. "Mostly homeowners with fallen tree limbs."


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New co-op to provide insurance to farmers

More than three years after state officials passed legislation designed to help lower health- care costs for agriculture producers, a health insurance cooperative has been established to cover individual Wisconsin farmers as one group.

The Wisconsin Federation of Cooperatives is scheduled to launch The Farmers' Health Cooperative of Wisconsin today with the promise of comprehensive insurance plans at more affordable prices than the private coverage farmers receive on their own.

"It allows farmers to come together in a large group and use their enhanced buying power to negotiate a more favorable health insurance plan," said Bill Oemichen, WFC president and chief executive officer.

The cooperative's launch was preceded by the Co-op Care initiative, started by the WFC in 2003. State officials hoped to have some type of cooperative insurance in place by the end of 2004, but further clarification of the law was needed in 2005 and 2006 to ensure individual farmers would be recognized as part of a larger group.

The cooperative will be available to all farmers and their families, farm employees and those who serve agriculture such as feed mills or milk delivery drivers.

Oemichen said that under the cooperative's coverage plans - which will be insured through Aetna of Hartford, Conn., and administered by Agri-Services Agency of Syracuse, N.Y. - any type of workplace injury on the farm would be covered, something most farmers don't have coverage for. With six types of plans offered, ranging from low deductibles of $300 to a high of $5,000, the plans will also include drug coverage, $500 worth of preventative health-care per year per member, and a tax deductible health-savings account.

Oemichen would not say what individuals can expect to pay for the insurance because rates will vary widely by individual.

Patty Endres, who with her husband Dave operates an 800-head dairy farm in Lodi, is already paying premiums of $26,000 per year for coverage of the couple and their three children.

But despite the cost, Endres, who has had a heart transplant, is very happy with their coverage, which is under a group plan that includes the farm's 10 employees.

She's cautious of the new cooperative offering. For Endres, living without insurance isn't an option. "I'm anxious to see more about" the cooperative plan, she said. "We just have to make sure it works (and is sustainable) before we go on it. . . . We can't be without coverage."

When The Farmers' Health Cooperative plan becomes active April 1, it will have a network of 125 hospitals, 500 care facilities, 17,000 physicians and 24-hour nurse and 24 hour claims hotlines, Oemichen said.

With 18 percent of Wisconsin farmers uninsured and 41 percent unable to afford to insure every family member, Oemichen said many are leaving the farms altogether to get adequate coverage. "The number one reason (people get out of farming) is because of the lack of affordable, quality health insurance," he said.

Wisconsin Agriculture Secretary Rod Nilsestuen expects the program to partially alleviate what has become a major stress in farm life and has forced many families to find some work off the farm just to receive insurance.

"A $2,000-a-month premium is not unheard of for a dairy farmer," Nilsestuen said. "Well, these aren't CEOs. They don't have the bucks to pay that. . . . This is a product that has significant promise."

The cooperative has received a $72,000 start-up grant from the Department of Agriculture, Trade and Consumer Protection, a $450,000 grant from the Wisconsin Partnership Fund and a $10,000 grant from AgStar Financial Services. Federation of Cooperatives' members have invested about $600,000. The WFC also worked with Sen. Herb Kohl, D-Wis., and Rep. Dave Obey, D-Wausau, to secure $2.4 million in federal funding for the initial operating capital for the cooperative.


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Insurer plans to cut Florida policies

The Hartford Insurance Group is set to reduce both its commercial and homeowner insurance business in Florida. Tower Hill and American Strategic are also cutting back.

The Hartford Insurance Group has notified state regulators that it plans to cut its commercial and residential property insurance business in Florida in the next 18 months.

Two other insurers, Tower Hill Insurance Group and American Strategic Insurance, are paring back coverage.

In a letter sent to agents Thursday, Tower Hill said that as a result of the emergency order signed by Gov. Charlie Crist late Monday, it won't write any new business in 16 coastal counties -- from Breverd County on the east coast of the state and south of Pasco County on the west coast. That includes all three South Florida counties.

The emergency order ''was designed to place additional restrictions on insurers beyond those originally intended by the state's insurance law that resulted from the Legislature's special session held in January,'' Tower Hill said in its letter to agents.

American Strategic is not writing policies for homes built before 1995.

In the meantime, agents say they are getting inquiries from clients who have policies with rates that are more than 25 percent higher than what is being charged by Citizens Property Insurance, the state-run insurance pool. The new insurance law passed by the Legislature in the special session nearly two weeks ago allows homeowners who are quoted these higher rates to opt for a Citizens policy.

Some policyholders currently with The Hartford companies in Florida might eventually find themselves buying coverage from Citizens if they can't find an insurer in the private market. The Hartford companies will begin non-renewing policies in August 2008.

The Hartford, which has 10 subsidiaries writing commercial policies in Florida, will pare about 24 percent of its commercial coverage, further evidence that the state's commercial market is still in a crisis. These will be small and mid-sized business policies. It said about 126 of the 141 agencies that it works with in Florida will be affected.

It will shed nearly 23,500 commercial policies. Dropping these policies will represent a $118 million reduction in the commercial premium the company writes in Florida.

The company didn't specify how many homeowner policies will eventually not be renewed. These will be policies mostly through through agents. However, it will continue serving more than 80,000 AARP members with homeowners and other personal property insurance through the company's national program with AARP.

Like other insurers who have cut back their exposure in Florida since the 2004 and 2005 hurricane seasons, Hartford said this was business decision that ''will help to ensure that we meet our future obligations to the thousands of policyholders we continue to serve'' in this state.

In a letter to Florida's insurance commissioner, Kevin McCarty, the insurance company said its current commercial exposure in Florida exceeded ''its acceptable limit'' and didn't allow it to to make a sustainable long-term profit from its personal property insurance business in this state.

''We are not leaving the state,'' reiterated Joseph Loparco, a company spokesman.

Hartford submitted its plan to reduce some of its business in Florida to the Office of Insurance Regulation on Friday.

It won't run afoul of the emergency rule put in place Tuesday that prevents insurers from canceling or nonrenewing policies for 90 days. Regulators put in place the changes mandated by the massive insurance reform bill passed by lawmakers last week.

''We would prefer the company would be increasing their exposure rather than cutting it back, but it's doing so in a very orderly fashion,'' said Bob Lotane, a spokesman for the Office of Insurance Regulation.

The company says most customers whose policies won't be renewed will have 18 to 30 months to find a new insurer.


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Insurance regulators approve Liberty Mutual rate hike

Liberty Mutual insurance company won state regulators' approval today for an increase in its rates on Louisiana policyholders by an average of 13 percent, affecting about 24,000 homeowners.

The Louisiana Insurance Rating Commission voted, 2-1, to approve the hike. The 13 percent increase is a statewide average, meaning much higher hikes for policyholders closer to the hurricane-vulnerable Gulf Coast and possible reductions for those
further north.

Kelly Davis, Liberty Mutual's director of Louisiana operations, said the company has stopped writing new policies in storm-wracked parishes such as Orleans, but plans to continue insuring its existing customers along the coast.

At the request of Hartford Insurance Co. of the Midwest, the regulating panel postponed considering a homeowners policy rate
hike request from that company. The request, for an average increase of 35 percent, would affect 7,600 Louisiana policyholders.

The rating panel has authority to approve or reject any insurance rate increase of more than 10 percent. Insurers can increase rates by less than 10 percent without the panel's approval.

Gov. Kathleen Blanco has criticized the insurance industry in general for overreacting to Hurricanes Katrina and Rita, saying they are threatening the region's recovery by withdrawing coverage and charging exorbitant rates.

Blanco tried to assure more than 100 members of the Reinsurance Association of America that the state is on the right track, making Louisiana better protected against future storms.

The federal government has spent more than $1 billion to strengthen more than 100 miles of levees and floodwalls, Blanco said, and homes are more storm-resistant because the state has adopted its first statewide building code and the federal government has created new flood elevation maps.

NEW LOCAL: Liberty Mutual employees evacuated

Liberty Mutual Insurance Co. employees were evacuated from the Wilmington Road building yesterday when a computer electric system malfunctioned.

Neshannock Township Fire Chief John DiCola Jr. said he received the call around 5:30 p.m. as an alarm in the computer room. A malfunction in the electric system had caused the room’s extinguishing system to activate.

Although heat had built up, there was no fire, but the computer system was disabled. No injuries were reported, he said.

Liberty’s computer room is secured and has its own extinguishing system, which releases a gas to dissipate the oxygen, DiCola explained.

He said not many employees were working, but the building was evacuated.

“We got them back inside pretty quickly, because it was mighty cold outside,” DiCola said.

The company’s computer technicians were working to correct the system problems this morning, he added.


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He built a tiny insurance agency into a fortune

A businessman who dropped out of the University of Oregon to make his fortune in the insurance industry is now heading the school's athletic department.

Pat Kilkenny, who spent 22 years transforming a small San Diego insurance firm into a $1 billion business, was named Wednesday as the UO's new athletic director, succeeding Bill Moos.

Colleagues say Kilkenny's business acumen, ability to motivate and personal touch are skills that will serve him well in his new job.

"Building a business, you need a team," said Andrew Barile, an insurance consultant who advised Kilkenny early in his career and later went to work for him. "A team is a team. ... The concept is exactly the same: Get everyone on the same page working together."

Kilkenny said that when he was growing up in Eastern Oregon in the 1960s, people left their keys in their cars and their houses unlocked.

"I grew up in an environment where I trusted people," he said. "The same thing applied in the company I built. ... It's all about empowerment and delegation and trust. People want to work in a culture where they are given a lot of autonomy ... to go out and make a difference, where someone isn't constantly looking over their shoulder."

After graduating from Heppner High School in 1970, where he was student body president, Kilkenny attended the University of Oregon. Though described in past news stories as a 1974 graduate, Kilkenny left the UO in 1973 without a degree. He studied pre-law and journalism.

Kilkenny said he got a job in the insurance industry in December 1973. He enrolled for winter classes, but the job required him to travel frequently, and later to move - first to Seattle, then to San Francisco - so he never finished his studies.

From 1979 to 1984, he owned a majority interest in a Seattle firm that sold specialty insurance. In 1984, he acquired Arrowhead General Insurance Agency Inc. in San Diego. At the time, Arrowhead was a small company with $2 million in premiums for non-standard auto insurance, aimed at high-risk consumers.

Over the next 22 years, Kilkenny built Arrowhead into a nearly $1 billion business, underwriting and producing commercial, worker's compensation and personal insurance products for 19 national and specialty carriers. The firm is now the largest privately held insurance program manager in the country, CEO Frank Ruyak said.

Kilkenny sold his interest in the company last summer but retains the title of chairman emeritus. He said his net worth is "north of $100 million."

In 1988, Kilkenny turned to Barile, then a New York insurance consultant, to help him expand the company beyond personal insurance and into commercial. Barile advised him how to grow the business, find markets and structure deals.

"He had tremendous vision, and he learned fast," Barile said. "Back in 1988, he told me constantly he wanted to build a $1 billion premium agency. ... He never was afraid to take a risk."

He also had a can-do attitude that should help in his new job, Barile said. When he was trying to expand into commercial insurance, he had no agents, no underwriters, no information technology.

"His philosophy was, don't worry, we can make it happen," he said.

Ruyak, who has known Kilkenny for about 20 years, said Kilkenny made sure he surrounded himself with the right people, and was willing to delegate. "He is by no means a micromanager," Ruyak said.

Along the way, Kilkenny became one of the UO's biggest fans and boosters. His office at Arrowhead was festooned with UO memorabilia, Ruyak said.

Since 1998, he has given $1 million for the construction of the Moshofsky Center practice facility, $1 million for the expansion of Autzen Stadium and $1.5 million for architect's plans for a basketball arena.

Another Great Reason Why You Should Always Purchase Travel Insurance

You probably have heard it on the news these last few days - airport closures and long travel delays in the Midwest and Northeast because of heavy snow. Eastern regions of the United State and Canada are also expecting an additional 50 inches of snow to fall within the next few days.

This could have been you - stranded in an airport wondering if you are going to make your flight connections and get to your Caribbean cruise before it departs the New York port. Wouldn't that be a dreadful way to start your holiday?

What happens when you finally get to New York and your cruise has departed? Last minute hotels in New York is expensive. What about dinner? Is it possible to meet your cruise at the next port and how do you arrange a flight to get you there? I would be pulling my hair out trying to figure out what would be the next logical step. And all these added costs! All of a sudden my travel spending budget has been cut in half, if not a quarter, before my holiday even starts.

This is why you should always protect your travel investment with insurance. So what if your past cruise holidays have been uneventful? The law of probabilities will soon catch up to you. We can not control everything - the weather, the traffic and air schedule. The sooner you realize the importance of being able to have a hassle free holiday and purchase that much needed insurance, you will have a better peace of mind. And, they will help you get to the next port!

AIG Travel Guard, the largest provider of travel insuran