Brit Insurance Launches Package Policy for U.S. Higher Education Sector

Brit Insurance, the international general insurance and reinsurance group, has launched a new package policy designed specifically for the needs of the U.S. higher education community. This product will be distributed exclusively through the group’s U.S. service company, based in Chicago, Ill. and is underwritten on an excess and surplus lines basis on behalf of the company’s Lloyd’s Syndicate 2987.

The product provides property and liability coverage including auto, educators legal liability, campus security activities and student practices liability in addition to workers compensation and crime coverages in a single all lines aggregate program with clash coverage provided as standard. Enhanced property and liability terrorism cover is also available.

In addition, colleges and universities will receive automatic access to a tailored web-based risk management system that provides online content and training modules which reflect their own unique risks.  Provided by in2vate, this training platform known as TEAM (Train, Educate and Manage) allows risk management policies and procedures to be uploaded, EPLI and regulatory mandated training courses to be completed and accurate training records to be maintained.

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Michigan’s Davenport University Introducing Insurance Education Specialty

 Davenport University in Michigan announced it is introducing a new risk management and insurance specialty within its Bachelor of Business Administration in Management program beginning in the fall of 2012.

Farmers Insurance, which worked with Davenport to develop the curriculum, has also made a commitment to provide $10, 000 for the next three years toward student scholarships in Davenport’s Insurance Education Specialty.

With forecasts indicating growth in insurance industry employment opportunities, Davenport will begin delivery of in-seat insurance education courses at campus locations in Grand Rapids, Lansing and Livonia in the fall of 2012, with an online program launching in 2013.

“The insurance sector is important to the continued growth of the Michigan economy and Davenport is proud to help support that growth, with the support of insurance agencies and organizations, ” said Dr. Richard Pappas, president of Davenport University said in the announcement. “This special focus on insurance within an existing degree program demonstrates our ongoing commitment to help students get where the world is going in business, technology and health professions. We are especially grateful for the generous contribution from Farmers Insurance that will help students in this new specialty receive adequate financial support. ”

Steve Boshoven, president of Farmers Specialty Insurance noted that many of the company’s “employees are already seeking degrees from Davenport and enjoying a tuition discount. Our employees can now complete a degree in the industry in which they are already pursuing careers. ”

The curriculum will focus on the property/casualty segment of the insurance industry and is designed to prepare students for entry-level positions in insurance agencies and companies, leading to management positions.

This new program was developed in collaboration with Farmers Insurance and several other industry professionals. Davenport faculty members who teach management, finance, math and marketing were also involved in the development of this new program.

In addition to the Farmers Insurance funded scholarships, numerous other scholarships offered by insurance and risk management companies, associations and foundations will be available to full-time students enrolled in the risk management and insurance specialty.

A four-year degree completion program also is available, and up to 90 credits may be transferred from other fully accredited colleges or universities, the Insurance Institute of America and the American Institute for Chartered Property Casualty Underwriters.

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Should education, job dictate insurance rates?

Should your job or education level dictate how much you pay for car insurance? The Consumer Watchdog group is petitioning to get that practice stopped.

Auto insurance companies offer drivers all sorts of discounts : good driver, multiple vehicle, good student, to cite a few examples.

In a Wednesday news conference, the Consumer Watchdog group said insurance companies such as Allstate are offering another discount that is wrong and illegal under California's Proposition 103.

" Over the last few years, the staff at the state Department of Insurance have been informally approving insurance companies who have been proposing what they kind of sneakily call 'affinity groups, ' " said Harvey Rosenfield, CEO of Consumer Watchdog.

Consumer Watchdog says those affinity groups consist of doctors, lawyers, graduates of prestigious colleges and others ; and that those members get a discount, while others not in a group end up paying a surcharge.

" It turns out it's middle-income and low-income people who don't have fancy jobs or didn't get a fancy education who end up subsidizing the rich folks, " said Rosenfield.

But the Insurance Information Network of California says Prop. 103 indeed allows discounts to groups, and pointed out an excerpt from the Prop. 103 code.

" It doesn't say anything about having to come before the board, " said Pete Moraga, a spokesman for the Insurance Information Network of California. " It just says 'Any insurer may issue any insurance coverage on a group plan without restriction as to the purpose of the group, occupation or type of group. ' "

Consumer Watchdog would like the insurance commissioner to be on board with this, and filed a petition for him to take action.

In a call made to the commissioner's office, I was told he would consider it.

But in the meantime, a statement from his office's spokesperson said : " After a public hearing in which Consumer Watchdog was given the opportunity to present its arguments to an administrative law judge, the judge upheld the settlement allowing Allstate to have separate rates for affinity groups and found that the settlement was fundamentally fair, adequate, and reasonable. "

Consumer Watchdog says the insurance commissioner will have 30 days in which to respond to their petition. If he rejects or refuses it, then Consumer Watchdog plans to sue under Prop. 103.

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Basics To Know And Review About Your Insurance Policy

Type Of Policy

Is it health insurance, life insurance, long term care insurance, disability insurance, property and casualty insurance, or auto insurance? If you are reviewing or summarizing a life insurance policy, specify what type of life insurance policy it is : term life, whole life, universal life or variable life.

Insurance Carrier

Who is the insurance company that provides the insurance? Keep track of a customer service number you can call, or the contact information for your insurance agent.

Policy Number

You will always need your policy number when you call and ask questions about an insurance policy.

Date Issued

It is important to know the date the insurance was issued especially when it comes to life insurance, as term insurance has an expiration date, and permanent insurance will have a surrender charge that may apply if you cancel the policy in the first five to twenty years.

Premium Required

Always keep track of the premium you pay and how frequently it is paid. In the case of a whole life insurance policy, the policy could be paid up. In that case if you were creating a policy summary you would write " No premiums required at this time as premiums are being paid by the dividends inside the policy. " For other types of insurance, you might list something like “Premium of $225 per month paid by automatic deduction form checking account. ”

Insured

Who do the benefits apply to ; you, your spouse, a dependent child?

Once you understand the basic components, you can review the details of the insurance policy.

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Types of Insurance Policies You Don't Need

There are some types of insurance that you absolutely should have but there are just as many that you are probably better off without. Some of these policies may sound like a good idea when in reality all you are doing is wasting money on the premiums.

Mortgage Life Insurance
This type of insurance is receiving more media coverage lately but is probably a policy you can do without. Mortgage Life Insurance is a policy that promises to pay your mortgage payment in the event you become disabled or die. If you are married this sounds like a pretty good idea, right?

Well, not exactly. This is really only overlapping your existing life insurance policy that you likely already have through your employer or through a separate policy. With a standard life insurance policy the beneficiary receives the benefit that can be used for any reason they choose, including the mortgage. Why pay an additional premium for something that your life insurance policy can pay for?

This type of policy is very narrow in its coverage and therefore is probably not the best use of insurance premiums. You are generally far better to stick with a life insurance policy, or at least increase your coverage slightly to offset the mortgage if that is something you are concerned about.

Travel and Flight Insurance
These policies are another area that may simply require you to pay a premium for insurance that overlaps coverage you already have. First, check your current health and life policies to see how incidents resulting during travel or flight are covered. More than likely there is some sort of coverage included.

You will also want to check with your credit card if you use a card to book tickets or arrangements. Many credit cards automatically come with some basic coverage when they are used to purchase the tickets. If you find that you still need some additional coverage you can at least only purchase what you need that is above and beyond what you already have.

Cancer Insurance
Cancer insurance is becoming very popular recently but is it a good idea? The reason this is generally such a poor insurance choice is that first of all, your primary health insurance generally covers medical expenses related to cancer treatment.

The most shocking reason this can become a waste of money is that most cancer insurance doesn’t even cover skin cancer, the leading type of cancer. Not only that, but cancer insurance typically doesn’t even cover outpatient expenses related to the cancer treatment.

Unless your health insurance specifically does not cover cancer related expenses or you have a high likelihood of getting a specific type of cancer that could be covered by a policy, you are more than likely wasting money on a premium you could be using elsewhere.

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Types of Insurance Policies You Need

You can find an insurance policy to cover almost anything imaginable but only a handful of policies are actually ones that you need to have. You work hard throughout your life to build wealth and live a happy and comfortable life, so some types of insurance can protect your possessions, income and even provide for a loved one when you are gone.

Health Insurance
One of the most important types of insurance to have is health insurance. Your good health is what allows you to work and earn money and otherwise enjoy life. If you were to come down with a sickness or have an accident without health insurance you may find yourself unable to receive treatment or even in debt to the hospital.

Thankfully, many employers provide health insurance benefits to full-time and even some part-time employees. If you do not currently have health insurance coverage this is the first place to check as it will generally be the most affordable. If you are married, you may both be able to receive coverage under just one of the employer plans.

If your employer does not offer health insurance or you are self-employed you still need it. While it may not be cheap the fact remains ; what do you have if you don’t have your health? Even a basic hospital bill without insurance can run into the thousands of dollars. It isn’t worth risking financial ruin to save a few bucks on a health insurance premium.

Life Insurance
This type of policy is more important if you are married and/or have children. Your life is valuable because it is what allows you to work and earn an income to provide for your family. When you are gone you create an income gap which could put your spouse or children in financial trouble.

Death is hard enough ; don’t make it even harder by putting your loved ones in a financial jam if the unfortunate does happen. Funerals alone can be expensive and it creates even more stress on the family. At the very least you should have enough to cover basic funeral expenses and provide a cushion for your family, and at most it should provide a stream of income for your family that can replace what is now gone.

If you do not currently have life insurance your best bet is to check with your employer first. Many employers offer a basic life insurance as a benefit and some even allow you to purchase additional coverage at a very affordable rate. Outside of employer plans there are hundreds of insurance companies that can provide the right coverage for you.

Property Insurance
One type of policy that for most people that is actually mandatory to have is homeowners insurance when you have a mortgage. If you borrow money from the bank to purchase a home they will require the asset to be insured. For many people this insurance premium is built into the mortgage payment. For many people their home is their greatest asset so it is vital to adequately protect it.

If you rent instead of own, a renters insurance policy is just as important. Your belongings inside the dwelling can add up to a significant amount of money. In the event of a burglary, fire or disaster you should be able to at least have a policy that can cover most of the replacement costs.

Auto Insurance
Another type of policy that is often required is auto insurance. Most states require by law that you have basic auto insurance. While it may be a law, too many people still drive around without it.

The most common reason to have auto insurance is to cover the replacement of an expensive asset. Like a home, automobiles can be quite expensive and if it gets damaged you want to be able to repair or replace it. But there is more to auto insurance than just covering the car itself.

Most automotive insurance policies cover bodily injury or death of another person in an incident that you are legally responsible. While it generally pays for medical expenses related to the incident it can also cover legal defense costs. You will also generally find medical payment coverage that pays for medical treatment for you and your passengers during an accident regardless of who was at fault.

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Insurance Policy

What will your daily life insurance rate very mean? Those classifications mean-- along with titles for example " Super Preferred " and " Normal Plus” – is how insurance corporations categorize your risk of dying. They're much better referred to as lifestyle insurance risk classifications, based mostly on underwriting guidelines which each insurance company has. The actual carriers every have their very own criteria in rating you however the actual idea is identical – calculating your daily life expectancy. Right listed below we assist you much better perceive what these classifications mean, the way you could be rated and just how it translates into how a lot you'll spend forever insurance.

How can you tell that risk classification you qualify for?
Four primary elements are used to work out the entire premium – your age, the quantity of coverage, the amount of many a long time the actual coverage is guaranteed, and also the risk category. Each lifestyle insurance company differs somewhat with their underwriting guidelines, that confirm the speed category you'll qualify for. The actual insurance company will require into consideration the listed :

Personal medical history
Your height/weight profile
Smoker status
Outcomes of the medical exam
Your loved ones medical history (as well as cancer, heart disease, and so on.)
Traveling record
Some other hazardous activities you'll partake in


Discover a lot of details concerning how rate classifications/risk categories function, click right listed below.
In case you’re unsure of that risk classification you qualify for, how a lot coverage you'll need, or how lengthy the notion of ought to be, click begin a chat to link along with one among our knowledgeable reps instantly. You may also deliver us an e mail or contact our licensed agents in 1-800-521-7873. To compare quotes, merely click obtain a quote and you'll be taken to some page which asks you to finish a type.

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