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Exam Code: Property-and-Casualty Practice test 2022 by Killexams.com team
Property-and-Casualty Property and Casualty Insurance

TOPIC: Overview of Insurance Operations
1. The candidate will understand how insurance companies are organized, their goals, how success is measured, and their functions.
Learning Outcomes
The candidate will be able to:
a) Explain how insurers have organized to provide property-casualty insurance
b) Describe the major goals of an insurer
c) Describe the internal and external constraints that impede insurers from achieving their major goals
d) Describe the measurements used to evaluate how successful an insurer is at meeting its established goals
e) Describe the core and supporting functions performed by insurers

TOPIC: Insurance Regulation
2. The candidate will understand the reasons for and the types of regulation.
Learning Outcomes
The candidate will be able to:
a) Describe the effect each of the following acts and legal decisions have had on insurance regulation: Paul v. Virginia, Sherman Antitrust Act, South-Eastern Underwriters Association, McCarran-Ferguson Act, Insurance Services Office and the Attorneys General Lawsuit, and Gramm-Leach-Bliley Act
b) Explain how insurance regulation protects consumers, contributes to maintaining insurer solvency, and assists in preventing destructive competition
c) Identify the regulatory activities of state insurance departments and the duties typically performed by state insurance commissioners
d) Describe the arguments for and against federal regulation of insurance
e) Describe the licensing requirements for insurers and insurance personnel
f) Describe the methods that regulators use to maintain the solvency of insurers and to manage insolvencies, and the reasons why insurers become insolvent
g) Describe the goals of insurance rate regulation, the major types of state rating laws, and the reasons supporting and opposing rate regulation
h) Explain how the contract language contained in insurance policies is regulated
i) Explain how the market conduct areas in insurance are regulated and how regulatory activities protect consumers
j) Explain how organizations that act as unofficial regulators affect insurance activities

TOPIC: Insurance Marketing and Distribution
3. The candidate will understand the insurance marketplace and marketing and distribution systems.
Learning Outcomes
The candidate will be able to:
a) Describe the following attributes of the competitive property-casualty insurance marketplace: distinguishing characteristics of insurance customers, insurer marketing differentiations, and unique factors in the insurance marketplace
b) Explain how typical insurer marketing activities are performed and why they are performed
c) Describe the main types of insurance distribution systems and channels, including the principal characteristics that distinguish one distribution system from another
d) Describe the functions performed by insurance producers
e) Describe the key factors an insurer should evaluate during the distribution-system and distribution-channel selection process

TOPIC: The Underwriting Function
4. The candidate will understand the purpose, role, and function of underwriting.
Learning Outcomes
The candidate will be able to:
a) Describe the purpose of underwriting
b) Describe the underwriting activities typically performed by line and staff underwriters
c) Describe the importance of compliance with underwriting authority in individual account selection
d) Describe the constraining factors considered in the establishment of underwriting policy
e) Describe the purposes that underwriting guidelines and underwriting audits serve
f) Describe the steps in the underwriting process
g) Explain how an insurers underwriting results are measured and how financial measures can be distorted

TOPIC: Underwriting Property and Liability Insurance
5. The candidate will understand the different policy considerations in underwriting property and liability insurance policies. Learning Outcomes
The candidate will be able to:
a) Describe in detail each of the COPE factors used to evaluate property loss exposures
b) Explain how insurable interest, policy provisions for valuing losses, and insurance to value affect a loss payment amount under property insurance
c) Explain how underwriters use policy amount, amount subject, normal loss expectancy (NLE), probable maximum loss (PML), and maximum foreseeable loss (MFL) to measure potential loss severity
d) Describe the underwriting considerations for business income and extra expense coverage
e) Describe the underwriting considerations and risk control techniques associated with employee dishonesty and crimes committed by others
f) Describe the loss exposures and the underwriting considerations for commercial general liability insurance
g) Describe the underwriting considerations for personal and commercial auto insurance
h) Describe the key underwriting considerations relevant to the evaluation of submissions for workers compensation insurance
i) Describe the underwriting considerations for umbrella and excess liability insurance

TOPIC: Risk Control and Premium Auditing
6. The candidate will understand the purpose and function of risk control and premium auditing.
Learning Outcomes
The candidate will be able to:
a) Describe the goals of insurer risk control activities
b) Describe the risk control services provided by insurers
c) Explain how risk control cooperates with other insurer functions
d) Explain why premium audits are conducted
e) Describe the premium auditing process
f) Explain why premium audits must be accurate
g) Explain how premium auditing contributes to other insurer functions

TOPIC: The Claim Function
7. The candidate will understand the claim function and related elements.
Learning Outcomes
The candidate will be able to:
a) Identify goals of the claim function, the users of claim information, and the parties with whom claim personnel interact
b) Describe the claim department structure, types and functions of claim personnel, and claim personnel performance measures
c) Describe the key activities in the claim handling process: Acknowledging and assigning the claim, Identifying the policy and setting reserves, Contracting the insured or the insureds representative, Investigating the claim, Documenting the claim, Determining the cause of loss, liability, and the loss amount, and Concluding the claim
d) Explain how the law of bad faith relates to an insurers duty of good faith and fair dealing and how the legal environment affects the law of bad faith
e) Describe the elements of good-faith claim handling

TOPIC: Adjusting Property and Liability Claims
8. The candidate will understand the claim handling process for property and liability claims.
Learning Outcomes
The candidate will be able to:
a) Explain how and why the activities in the framework for handling property claims are accomplished
b) Describe the challenges of handling various types of property claims: Residential dwelling, Residential personal property, Commercial structure, Business income, Merchandise, Transportation and bailment, and Catastrophe
c) Explain how and why the activities in the framework for handling a liability claim are accomplished
d) Describe the challenges of handling various types of liability claims: Auto bodily injury liability, Auto property damage, Premises liability, Operations liability, Products liability, Workers compensation, and Professional liability
e) Given a claim, determine coverage for a loss using the framework for coverage analysis and the activities in the claim handling process

TOPIC: Reinsurance
9. The candidate will understand the function and types of reinsurance and its application. Learning Outcomes
The candidate will be able to:
a) Describe reinsurance and its principal functions
b) Describe the three sources of reinsurance
c) Describe treaty reinsurance and facultative reinsurance
d) Describe the types of pro rata reinsurance and excess of loss reinsurance and their uses
e) Describe finite risk reinsurance and other methods that rely on capital markets as alternatives to traditional and non-traditional reinsurance
f) Describe the factors that should be considered in the design of a reinsurance program
g) Given a case, identify the reinsurance needs of an insurer and recommend an appropriate reinsurance program to address those needs
h) Explain how reinsurance is regulated

TOPIC: Personal Auto Policy
10. The candidate will understand the role of automobile insurance in society and the contents of the Personal Auto Policy. Learning Outcomes
The candidate will be able to:
a) Evaluate various laws and systems regarding approaches to compensating automobile accident victims: Tort liability system, Financial responsibility laws, Compulsory insurance laws, Uninsured motorists coverage, Underinsured motorists coverage, and No-fault insurance
b) Describe no-fault automobile laws in terms of their types and required benefits
c) Explain how high-risk drivers may obtain auto insurance
d) Describe automobile insurance rate regulation in terms of rating factors, matching price to exposure, competition, and other regulatory issues
e) Summarize the sections of the Personal Auto Policy
f) Identify the types of information typically contained on the declarations page of a personal auto policy
g) For each of Part A – Liability Coverage, Part B – Medical Payments Coverage, Part C – Uninsured Motorists Coverage, and Part D – Coverage for Damage to Your Auto: Summarize the provisions; given a case describing a claim, determine if that part of the coverage applies and, if so, the amount the insurer would pay for the claim
h) Describe underinsured motorist insurance in terms of its purpose and the ways in which it can vary by state
i) Describe the insureds duties following a covered auto accident or loss as shown in Part E
j) Summarize each of the general provisions in Part F
k) Describe the Personal Auto Policy endorsements that are used to handle common auto loss exposures
l) Given a case describing a claim, determine whether the Personal Auto Policy would cover the claim and, if so, the amount the insurer would pay for the claim

TOPIC: Homeowners Coverage
11. The candidate will understand the contents of the ISO Homeowners Program and describe some specialty plans. Learning Outcomes
The candidate will be able to:
a) Describe how individuals and families can use the ISO 2011 Homeowners insurance program to address their personal risk management needs
b) Summarize the structure of the Homeowners Policy (HO-3), key changes in the ISO 2011 program revision, and factors important to rating homeowners insurance
c) Determine whether the 2011 HO-3 policy provisions in Section I – Property Coverages provide coverage for a given loss or loss exposure: Coverage A – Dwelling, Coverage B – Other Structures, Coverage C – Personal Property, Coverage D – Loss of Use, and additional coverages
d) Summarize the 2011 HO-3 policy provisions concerning Perils Insured Against and Exclusions
e) Summarize each of the 2011 HO-3 policy provisions in Section I – Conditions
f) Given a scenario describing a homeowners property claim, determine whether the 2011 HO-3 Policy Section I – Property Coverages would cover the claim and, if so, the amount the insurer would pay for the claim
g) Determine whether the 2011 HO-3 policy provisions in Section II – Liability Coverage provide coverage for a given loss or loss exposure: Coverage E – Personal Liability, Coverage F – Medical Payments to Others, and additional coverages
h) Determine whether one or more exclusions preclude the coverage provided by Section II of the 2011 HO-3 policy provisions in Section II – Exclusions
i) Summarize the 2011 HO-3 policy provisions concerning Conditions applicable to Section II and Conditions applicable to Sections I and II
j) Given a case describing a homeowners liability claim, determine whether the 2011 HO-3 policy Section II – Liability Coverage would cover the claim, and if so, the amount the insurer would pay for the claim
k) Compare the coverage provided by each of the following 2011 Homeowners policies to the coverage provided by the 2011 HO-3 policy: HO-2 Broad Form, HO-5 Comprehensive Form, HO-4 Contents Broad Form, HO-6 Unit-Owners Form, and HO-8 Modified Coverage Form
l) Summarize the coverages provided by the various 2011 ISO Homeowners policy endorsements
m) Given a case describing a homeowners claim, determine whether a 2011 HO-3 Policy that may include one or more endorsements would cover the claim, and, if so, the amount the insurer would pay for the claim
n) Describe the operation of the National Flood Insurance Program and the coverage it provides
o) Describe the operation of FAIR plans and beachfront and windstorm plans and the coverage they provide

TOPIC: Commercial Property Insurance
12. The candidate will understand the nature of Commercial Property Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial property insurance in terms of the major categories of loss exposures that can be covered and the components of a commercial property coverage part
b) Determine whether a described item of property qualifies as Covered Property under one or more of these categories in the Building and Personal Property Coverage Form: Building, Your Business Personal Property, and Personal Property of Others
c) Determine which of the additional coverages and coverage extensions of the Building and Personal Property Coverage Form apply to a described loss
d) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Basic Form or the Causes of Loss – Broad Form
e) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Special Form
f) Apply the Limits of Insurance and Deductible provisions of the Building and Personal Property Coverage Form to a described loss
g) Explain how each of the Loss Conditions and Additional Conditions affects coverage under the Building and Personal Property Coverage Form
h) Explain how each of the following optional coverages described in the BPP modifies the basic coverage of the BPP: Agreed Value, Inflation Guard, Replacement Cost, and Extension of Replacement Cost to Personal Property of Others
i) Summarize each of the Commercial Property Conditions
j) Explain how each of the conditions contained in the Common Policy Conditions affects coverage under a commercial property coverage part
k) Explain how each of these documents modifies the Building and Personal Property Coverage Form: Ordinance or Law Coverage endorsement, Spoilage Coverage endorsement, Flood Coverage endorsement, Earthquake and Volcanic Eruption Coverage endorsement, Peak Season Limit of Insurance endorsement, and Value Reporting Form
l) Identify the factors that affect commercial property insurance premiums
m) Given a case, determine whether, and for what amount, a described loss would be covered by a commercial property coverage part that includes the Building and Personal Property Coverage Form and any of the three causes of loss forms

TOPIC: Commercial General Liability Insurance
13. The candidate will understand the nature of Commercial General Liability Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial general liability insurance in terms of the types of losses that can be covered by general liability insurance and the components of a commercial general liability coverage part
b) Determine whether a described claim meets the conditions imposed by the Coverage A insuring agreement of the Commercial General Liability Coverage Form (occurrence version)
c) Determine whether any of the exclusions applicable to Coverage A of the Commercial General Liability Coverage Form eliminate coverage for a described claim
d) Determine whether a described claim meets the conditions imposed by the Coverage B insuring agreement of the Commercial General Liability Coverage Form and whether any of the Coverage B exclusions eliminate coverage for the claim
e) Determine whether a described claim meets the conditions imposed by the Coverage C insuring agreement of the Commercial General Liability Coverage Form and whether any of the Coverage C exclusions eliminate coverage for the claim
f) Summarize the supplementary payments of the Commercial General Liability Coverage Form
g) Determine whether a described person or organization is an insured under the Commercial General Liability Coverage Form
h) Explain how the following limits of insurance in the CGL Coverage Form are applied: Each occurrence limit, Personal and advertising injury limit, Damage to premises rented to you limit, Medical expense limit, General aggregate limit, and Productscompleted operations aggregate limit
i) Apply the Commercial General Liability Conditions to claims or other interactions between the insurer and the insured
j) Explain how the premium for CGL coverage is determined
k) Given a case, determine whether, and for what amount, the Commercial General Liability Coverage Form (occurrence version) covers a described claim

TOPIC: Commercial Auto Insurance
14. The candidate will understand the nature of Commercial Auto Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial auto insurance in terms of the loss exposures that can be covered and the components of a commercial auto coverage part
b) Select the symbols needed to provide a described organization with appropriate commercial auto coverage(s) under the Business Auto Coverage Form
c) Summarize the provisions contained in Section II – Covered Autos Liability Coverage of the Business Auto Coverage Form
d) Summarize the provisions contained in Section III – Physical Damage of the Business Auto Coverage Form
e) Describe the conditions contained in the business Auto Coverage form
f) Describe the following coverages that may added by endorsement to the Business Auto Coverage Form: medical payments, personal injury protection and added personal injury protection, and uninsured and underinsured motorists
g) Explain how private passenger vehicles and trucks, tractors, and trailers are rated for commercial auto coverage
h) Given a case, determine whether, and for what amount, the Business Auto Coverage Form covers a described claim

TOPIC: Workers Compensation and Employers
Liability Insurance
15. The candidate will understand workers compensation and employers liability coverages.
Learning Outcomes
The candidate will be able to:
a) Describe workers compensation statutes in terms of: Basic purpose, Benefits provided, and Persons and employments covered
b) Describe workers compensation statutes in terms of: Extraterritorial provisions, Federal jurisdiction, and Methods for meeting employers obligations
c) Summarize these sections of the Workers Compensation and Employers Liability Insurance Policy: Information Page, General Section, and Part One – Workers Compensation Insurance
d) Explain why employers liability insurance is needed and how the Workers Compensation and Employers Liability Insurance Policy addresses this need
e) Describe the purpose and operation of Part Three – Other States Insurance in the Workers Compensation and Employers Liability Insurance Policy
f) Describe the need for and the coverage provided by the Voluntary Compensation and Employers Liability Coverage Endorsement and the Longshore and Harbor Workers Compensation Act Coverage Endorsement
g) Explain how premium bases, classifications, and premium adjustments affect the rating of workers compensation insurance
h) Given a case, determine whether the Workers Compensation and Employers Liability Insurance Policy covers a described injury or illness and, if so, what types of benefits or what amount of damages is covered

TOPIC: Specialty Coverages
16. The candidate will understand various specialty coverages.
Learning Outcomes
The candidate will be able to:
a) Describe commercial excess liability insurance and commercial umbrella liability insurance in terms of: The three basic types of commercial excess liability insurance and The provisions commonly found in commercial umbrella liability policies that distinguish them from other types of commercial liability policies
b) Describe professional liability insurance and management liability insurance in terms of: How they differ from each other, How they differ from commercial general liability policies, and The common types of professional and management liability policies
c) Describe the purpose and characteristics of each of these types of environmental insurance policies: Site-specific environmental impairment liability (EIL) policies, Underground storage tank compliance policies, Remediation stop-loss policies, Contractors pollution liability policies, and Environmental professional errors and omissions liability policies
d) Describe aircraft insurance in terms of: The purpose-of-use categories that insurers use to classify aircraft and The coverages that can be included in an aircraft policy
e) Describe the types of losses that can be covered by each of the insuring agreements generally available in cyber risk insurance policies
f) Explain how an organization domiciled in the United States can insure foreign loss exposures that would not be covered under standard property and liability insurance policies
g) Summarize the purpose and provisions of the terrorism endorsements developed by Insurance Services Office, Inc., and the National Council on Compensation Insurance, Inc.
h) Summarize the guarantee provided by the particular types of surety bonds within the following bond classifications: Contract bonds, License and permit bonds, Public official bonds, Court bonds, and Miscellaneous bonds

Property and Casualty Insurance
P-and-C Insurance benefits
Killexams : P-and-C Insurance benefits - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty Search results Killexams : P-and-C Insurance benefits - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty https://killexams.com/exam_list/P-and-C Killexams : No quick fixes in turning around a P&C business, says JP Morgan

Last week’s edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix.

J.P MorganThe report states that P&C can be a cynical industry, even in the most vanilla products such as Motor Insurance, concluding that turnarounds take 2 to 3 years on average.

There are generally two major issues to correct in a turnaround. The first is the front book, which typically involves pricing improvements or reducing exposure. The second is the back book which can involve reserving actions to Excellerate the adequacy of reserves.

These actions are not mutually exclusive, with some companies choosing/needing to act on both the front book and the back book.

Past examples of companies reducing exposure have shown results, but it can be a difficult exercise. This can be done either via top-line reductions, exiting classes of business or the use of reinsurance.

Artemis London 2022 - ILS conference

Top line reductions and exiting classes of business can be a powerful tool, though the report cautions that it can take time for results to benefit for better priced or more profitable premiums to earn through the P&L, or for exposure reductions to become clear.

Alternatively, the report suggests companies can use reinsurance to reduce their exposures. This has been a powerful tool in recent years, especially during the softer stages of the pricing cycle.

Zurich engaged in this strategy in the mid-2000s to reduce the volatility in its earnings very successfully. However, the report argues that in today’s market, securing cover from the reinsurance market that eliminates volatility –such as aggregate covers- could either be prohibitively costly or simply unavailable making this previously preferable route a more challenging path.

The other means for insurers to turn around is to Excellerate the adequacy of reserves to address any mispriced business that they may have put on their books. Dealing with the problems of the past can involve either increasing reserves to deal with future claims or purchasing specific protection such as adverse development covers to pass the back book risk on to a third party.

Whichever path P&C insurers choose to follow, the evidence is clear that it takes around 2-3 years for results to be seen.

Sun, 07 Aug 2022 20:00:00 -0500 Kane Wells en text/html https://www.reinsurancene.ws/no-quick-fixes-in-turning-around-a-pc-business-says-jp-morgan/
Killexams : How insurance agents can reach major carriers

Home insurance group Hippo acquired the startup at the end of 2020 and has continued the company as a subsidiary. First Connect president Aviad Pinkovezky (pictured) explained that the platform gives independent agencies a valuable way to expand their reach.

“The relationship that First Connect has with different insurance carriers allows independent agencies to get access to those carriers without necessarily meeting production volume and so on, which in many cases could be difficult to obtain,” Pinkovezky said.

Pinkovezky was previously Hippo’s chief product officer, helping it to develop technology tools and products that bring its policies and services to market. The former LinkedIn executive and ex-Israeli intelligence officer was Hippo’s first employee and helped the company enter and expand in the US homeowners’ market. He became president of First Connect in February 2022.

Now the company has more than 40 carrier partners and thousands of independent insurance agency or agent customers. Pinkovezky is focused on helping both sides of the business grow, but with an asterisk.

“The focus here is not necessarily just [growth], because you want to make sure you have the right kind of carriers that provide … the availability of the insurance product in the best way that is possible, which means they are able to provide support for the scale of agents that we have,” Pinkovezky said. “Quality takes priority over everything else.”

Beyond home insurance, First Connect also provides carriers access to agents in auto, life and commercial insurance – part of its expanded reach after Hippo’s acquisition.

Earlier in July, First Connect added Cowbell Cyber to its platform – an MGA insurtech focused on providing cyber coverage to small- and medium-sized businesses.

“When I joined the leadership team of First Connect, we started to double down on growing the business, taking it further,” Pinkovezky said.

First Connect generates revenue by splitting agent commissions paid with the sale of carrier policies, a standard practice in the industry.

Agents pay zero access fees.

Quick connections

First Connect’s core technology centers around APIs and “quick connections” independent agents can make with different insurance carriers, Pinkovezky explained.

“Instead of going through different carriers, the agents have quick access to all of them from the first time, so they can manage their permissions and admissions and so on, and also track the commission payments,” he said. “They get the commission payment also handled by First Connect.”

API driven integrations with multiple insurtechs and carriers are a primary technology focus for First Connect. The goal is to create a better experience for agents so they can give their customers better service.

In other words, the key ingredients are APIs and the cloud-based access First Connect’s platform provides. Independent agents would not necessarily have the same tech capabilities, Pinkovezky said.

“Usually these are family-owned businesses that don’t have access to those cutting-edge technology resources, he said. “They are, in a way, left outside of the technology play because there is no solution in the market that connects the insurer” to them easily.

The value proposition, he said, comes from leveling the playing field nationally so smaller and medium-sized independent agencies can build their business by connecting to the platform. Carriers, he added, wouldn’t necessarily link with individual independent agencies on their own.

“Carriers won’t integrate with different agencies one by one, because of their size, obviously,” Pinkovezky said. “What we’re doing is providing these agencies [access] that usually [don’t] have the technology and don’t benefit from scale. We provide them with the same kind of experience, productivity and API integration that larger players would have access to.”

Carrier integrations

To integrate with carriers, First Connect initially focuses on how they provide access to agencies.  Based on those processes and preferences, First Connect provides an integration plan bridging from its portal to an API that provides the full suite of quoting and binding options with as few keystrokes as possible, Pinkovezky said.

After the technical integration, First Connect communicates the new addition to its agents and carrier panel. There are also tutorials and webinars co-hosted between the company and new carriers, introducing the new carrier option for agents.

Next, First Connect starts providing agents access to the new carrier based on their level of interest.

At that point, agents can connect with the new carriers, see quotes and reach into the carrier website seamlessly to service their customers.

Integration with carriers ranges from a few weeks to a few months, Pinkovezky said.

“It’s been a very streamlined and positive experience,” he added.

Fri, 29 Jul 2022 01:00:00 -0500 en text/html https://www.insurancebusinessmag.com/us/news/technology/how-insurance-agents-can-reach-major-carriers-414995.aspx
Killexams : Insurity Partners with MPX to Excellerate Mail, Print, and Digital Fulfillment Across P&C Insurance Interactions

Insurity customers will be able to reduce their operational costs and Excellerate productivity with MPX’s fulfillment platform, allowing them more time to focus on their core business functions

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its strategic partnership with MPX to streamline insurance interactions. MPX is a leading provider of cloud-based print and digital, outbound, and inbound communications solutions for property and casualty (P&C), workers’ compensation, and healthcare insurance carriers. The partnership will address all print and digital communication points with P&C carriers, brokers, and policyholders.

The insurance industry is well known for its complex communications requirements from internal departments, state compliance standards, data sources, and policyholder correspondence preferences, ranging from print to digital and even occasional hand delivery.

InsureLinq by MPX is a complete correspondence platform fully integrated with Insurity’s software. InsureLinq’s platform includes deep integration and full API library access, resulting in fewer vendors needed to support all digital and print stakeholder communications. One example of InsureLinq’s bi-directional APIs includes Correspondence Hub and online preference management. The Correspondence Hub allows immediate access to all outbound and inbound correspondence and metadata for review, reprints/re-emails, and analysis. The online preference management API enables recipients to control how they receive correspondence, even enabling hand delivery of checks and other especially critical materials.

“With this strategic partnership with Insurity, P&C carriers will benefit from a robust and flexible platform to ensure timely delivery of these complex communications, from strict compliance standards to policyholder correspondence preferences,” said Ryan Jackson, Chief Executive Officer at MPX.

“As the insurance industry continues to experience explosive growth, carriers, brokers, and MGAs need to be effective at communicating these rapid changes to their policyholders to remain competitive,” said Sylvester Mathis, Chief Insurance Officer, Insurity. “Insurity is looking forward to our customers benefiting from the operational efficiency and reduced costs that the InsureLinq platform enables.”

About Insurity

Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.

About MPX

MPX is a leading provider of cloud-based print and digital outbound and inbound communications solutions. InsureLinq is designed specifically for the complexities and expectations of leading insurers and their varied stakeholders. We all receive great service from Amazon and others, and now fully expect ease, peace of mind, and real time communications in our business interactions. Our mission is to provide the tools, know-how, and efficient integration to deliver the right client, broker, and policyholder experience.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20220804005712r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

Elizabeth Hutchinson
[email protected]

Source: Insurity

Thu, 04 Aug 2022 07:46:00 -0500 en-US text/html https://insurancenewsnet.com/oarticle/insurity-partners-with-mpx-to-improve-mail-print-and-digital-fulfillment-across-pc-insurance-interactions
Killexams : Hilb Group Acquires New England-based Business, Expands Market Presence

RICHMOND, Va., Aug. 8, 2022 /PRNewswire/ -- The Hilb Group announced today that it has grown its market presence in New England through the acquisition of a specialized book of business. The transaction became effective July 1, 2022.

The Hilb Group, LLC. (PRNewsFoto/The Hilb Group, LLC)

About Hilb Group: The Hilb Group is a leading property and casualty and employee benefits insurance brokerage and advisory firm headquartered in Richmond, Virginia. Hilb Group is a portfolio company of The Carlyle Group, a global investment firm. Hilb Group seeks to grow through strategic acquisitions and by leveraging its resources and expertise to drive organic growth in its acquired agencies. The company has completed more than 135 acquisitions with over 100 offices in 22 states. Hilb Group is rated as one of the Fastest Growing Brokers by Business Insurance, a Top P/C Agency by Insurance Journal, and one of America's Fastest Growing Private Companies in the Inc. 5000. For more information on Hilb Group's growth as well as career opportunities, please visit our website at http://hilbgroup.com.

Media Contact:
Peter Lobred 

M&A Contact: 
Ryan Havermann 


View original content to download multimedia:https://www.prnewswire.com/news-releases/hilb-group-acquires-new-england-based-business-expands-market-presence-301601077.html

SOURCE The Hilb Group, LLC

Mon, 08 Aug 2022 01:15:00 -0500 en-US text/html https://finance.yahoo.com/news/hilb-group-acquires-england-based-131500020.html
Killexams : What matters most to this insurance executive?

“Data is the underpinning of how effective any technology can be,” Galgali said. “We are using data for understanding of the customer, for understanding of what the customer really wants, and delivering the experiences, i.e. what the customer is expecting.”

Galgali, who is also a vice president at the Munich Re US P/C subsidiary, has held his current role since August 2017. He joined American Modern in December 2014 as the technical program lead on the company’s business transformation program.

That change has been quite successful, he said, which involved, in part, the implementation of Guidewire’s primary platform and technology to replace old legacy systems and processes. The company’s organization itself was in need of a serious revamp, he said.

“If there is one success factor it would be that,” he said. “It was a $100 million-plus implementation of the whole platform, but it also involved a successful conversion of over 1.2 million policies and our customers on to the new platform.”

The transformation

The conversion wasn’t just data migration, but also a non-renewal of policies in the old entity as they were converted over, he said.

American Modern had as many as five different technology systems running its entire business before the modernization, with that number now down to one. More than 50 product variations have been consolidated to 11 for personal lines, business cover and so on and American Modern also consolidated what was nine different legal entities from various states into a single one.

“I would say we have almost set up a brand new insurance company within American Modern,” Galgali said.

American Modern chose Guidewire for a wide range of services, including its policy, billing and claims center, data and information products. It also helped establish customer-facing digital technologies designed to boost customer self-service, among other advances.

Galgali has also enjoyed some successes in his current role, which focuses on driving innovation and digital strategies.

“In my current role … I would say it is [about] the whole culture of innovation and bringing in new technologies into the value chain, delivering to our customers,” Galgali said.

Using Guidewire’s platform has allowed American Modern to leapfrog into some cutting-edge technologies.

“They have data in a standardized way, which allows them to overlay AI and machine learning and informatics [products and services] on top of that,” he said. “Their data solutions are something that we adopted.”


Galgali explains he has been a technologist for much of his professional life, drawn to the field for elemental reasons.

“It solves problems in efficient ways that we’ve never seen before or were never even contemplated before,” he said.

An example of this was how the industry handled claims five years ago, where the industry would not have even considered using aerial imagery and being able to avoid in-person inspections for underwriting.

“Technology brings in new ways to do things that we wouldn’t have even thought about and makes it efficient and transforms things,” he said. “Technology is the underpinning, a core thread of how we’re going to do business going forward, and everything in our lives. That’s what excites me about technology, the fact that it can do things that were never contemplated before.”

With that in mind, American Modern has invested in its use of data to maximize the technology it now has.

American Modern and parent Munich Re invest heavily in their data assets and building up their data infrastructure, he said.

“It’s the governance aspect of data …. Understanding how you can get clean data and how we can pass it through the system [and] how we put analytics on it, because AI and machine learning will not work if you don’t have the right data underneath,” Galgali said.

Keeping up

Asked if the insurance industry was finally keeping up with the rapid advance of technology it can use and benefit from, Galgali said that it is, despite being a late arrival to the party.

Insurers dove deeper into technology with the emergence of modern insurtechs around 2015, he said, one of the last industries to turn to technology for business transformations.

“They had to play catch up and they have significantly advanced,” he said. “The incumbents obviously have realized that they are going to have to be part of the solution. They cannot be sitting out there and ignore it, and those who are going to jump on the bandwagon are going to embrace it with both arms open.”

Still, Galgali observed, many companies are still resisting a full embrace of technology.

“Companies are not ignoring technology, but they are ignoring the pace with which it is changing and transforming things,” Galgali said.

He asserts that companies are still apprehensive about widespread technological change and choose instead to sit on the side and let things evolve. Galgali advocates the opposite approach.

“We have to get up front. We have to learn about it, even if things fail. Failure is success because it teaches us things,” Galgali said.

He noted American Modern began its technology transformation relatively early even though executives were uncertain about some choices to make.

“We got into it. We learned and we went through the paces,” he said. “Some of those folks who are out there are kind of waiting for that perfect moment to adopt. I don’t think there’s going to be a perfect moment…”

Wed, 03 Aug 2022 00:50:00 -0500 en text/html https://www.insurancebusinessmag.com/us/news/technology/what-matters-most-to-this-insurance-executive-415484.aspx
Killexams : Steven M. Oser P.C Launches Car Accident Awareness Campaign: Helping Auto Injury Victims Seek Compensation

Steven M. Oser, P.C.

Suffolk, VA, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The most recent Commonwealth of Virginia research into automobile accidents exposed some worrying truths. In 2020, the number of motor vehicle accidents in the United States stood at a shocking 105,600, with more than 52,000 people suffering injuries.

Steven M. Oser, a leading auto injury attorney in Virginia, has launched a car accident awareness campaign that aims to shine a light on the unfathomable suffering that car crash victims experience due to the negligence of other motorists or defective seat restraints.

While Virginia car seat laws have recently become more stringent, the statistics remain alarming. The team at Oser Legal believes that more can be done to champion those who have had to endure physical, emotional, and financial stress from an auto accident in which they were not to blame.

Below, we detail the new car accident awareness campaign from Steven M. Oser P.C, and outline how Oser Legal is fighting insurance companies head-on for the benefit of auto crash victims:

The mental and physical suffering that car accident victims experience can be lifechanging – and they deserve monetary compensation

For over 30 years, Steven M. Oser, a leading Virginia car accident lawyer, has fought against insurance companies and helped car accident victims claim the maximum compensation they are entitled to by law. In that time, Steven and the team at Oser Legal have witnessed the impact that car accidents can have on lives first-hand.

The new car accident awareness campaign is designed to highlight how, quite tragically, many of the 105,600 auto accidents across Virginia in 2020, and those that continue to happen to this very day, could have been prevented. Many of these injuries occurred as a result of unsafe driving practices, negligence, or defective seat restraints.

For the victims, medical expenses, ongoing treatment(s), rehabilitation, lost wages, property damage, loss of consortium, and ongoing medical bills only add to the mental and physical suffering. Steve M. Oser P.C is renowned for his work in the state as a Virginia personal injury lawyer who ensures victims receive the monetary compensation they deserve.

This campaign not only aims to shine a light on the suffering car accident victims experience but to make it clear that compensation can be achieved.

The Commonwealth is one of a handful of US states where contributory negligence still applies. These strict laws often mean that without the help of an experienced auto injury attorney, it’s very difficult to achieve compensation. If the victim is assigned even a small percentage of blame – even just 1% – they cannot recover money.

For Steve M. Oser, rarely a week passes where he isn’t contacted to represent somebody as their car injury attorney or Suffolk Virginia truck accident lawyer. While the law is strict, Steven and the team at Oser Legal have a long and successful history of fighting the victim’s corner, providing exceptional customer support, and winning compensation.

The suffering that car accident victims experience is a worthy cause in itself. While bumps and bruises can be difficult enough to deal with, the damage is long-lasting and life-changing for many victims. Steve M. Oser is a renowned Virginia Auto Accident Attorney and has helped those who have experienced such trauma recover the money required for ongoing support, medical and lost wage expenses and rehabilitation.

Learn more about the car accident awareness campaign

Visit the Oser Legal website to learn more about the campaign and how Steven M. Oser has helped car accident victims receive monetary compensation.

More Information:

Steven M. Oser, P.C. is an experienced auto injury attorney representing those in Suffolk County and throughout Virginia. With a proven track record of successfully litigated cases and settlements, he is there to help you restore life with the maximum amount of compensation that is allowed by law. Learn more about the cases he takes on via the website: https://www.oserlegal.com/

Source: https://thenewsfront.com/steven-m-oser-p-c-launches-car-accident-awareness-campaign-helping-auto-injury-victims-seek-compensation/

CONTACT: Steven M. Oser, P.C. 312 N Main St Suffolk VA 23434 United States (757) 539 4127 https://www.oserlegal.com/
Mon, 08 Aug 2022 01:00:00 -0500 en-US text/html https://finance.yahoo.com/news/steven-m-oser-p-c-130000590.html
Killexams : Ohio Senior Health Insurance Information Program

Cincinnati-area residents are encouraged to tune-in for a live phone bank on July 28 from 4 p.m. to 6:30 p.m. for help understanding Medicare and Medicaid insurance coverage options and benefits. The Ohio Senior Health Insurance Information Program (OSHIIP) is hosting the phone bank with WCPO 9.

OSHIIP, a program of the Ohio Department of Insurance, provides Ohioans on Medicare with free, objective health insurance information and one-on-one Medicare counseling. Last year, through all of its services and outreach, OSHIIP saved Ohioans $24 million by helping identify suitable Medicare coverage options and financial assistance programs.

Call 513-719-4929 to ask questions during the phone bank on Thursday July 28, 4–6:30pm.

For more information about Medicare and OSHIIP, visit insurance.ohio.gov
The OSHIIP hotline to ask Medicare questions and get enrollment help is 800-686-1578.


Copyright 2022 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Thu, 28 Jul 2022 04:27:00 -0500 en text/html https://www.wcpo.com/marketplace/cincylifestyle/ohio-senior-health-insurance-information-program
Killexams : bolt insurance: IMG Partners With bolt to Offer Device Protection to Travelers

Partnership sets a first for embedding device protection seamlessly into travel medical insurance

NEW YORK, NY / ACCESSWIRE / July 28, 2022 / International Medical Group® (IMG®) an award-winning global insurance benefits and assistance services company, has partnered with bolt, the insurtech with the country's largest technology-enabled insurance exchange for P&C, to be the first-in-market to offer device protection with travel medical insurance. The partnership adds optional device protection to IMG's market-leading travel medical insurance, the Patriot Travel Series, providing the repair or replacement of travelers' smartphones if lost, stolen, or accidentally damaged during their trip.

IMG and bolt responded to the growing need for travelers to protect their smartphones when abroad by offering coverage for less than $0.60 per day. With bolt's device protection added to their travel medical insurance, IMG's customers can access comprehensive coverage with instant claims approval through the myIMG member portal from anywhere in the world.

"We know how indispensable devices like smartphones have become in nearly every phase of travel: housing boarding passes and tickets, communicating with friends and family, and documenting your travels while abroad," said Amanda Winkle, Chief Commercial Officer at IMG. "In partnering with bolt for device protection, we are taking another step towards providing products and services that meet nearly every traveler and expatriate need while away from home."

IMG selected bolt for its deep insurance industry knowledge, global footprint, and world-class technology integration capabilities. IMG plans to extend the add-on product to other insurance offerings in the future, offering device protection as an essential part of travel coverage.

Clayton Bodnarek, EVP of Alternative Distribution at bolt, commented, "This partnership acknowledges the importance of protecting wireless devices when customers need it the most, especially when they may be far away from home and rely on their smartphones to serve as a lifeline. Our work with IMG brings comfort to customers who are traveling, knowing that if there is an emergency and they need the connection a device brings, we'll be there for them."

Customers can purchase IMG's travel medical insurance with device protection at www.imglobal.com/travel-medical-insurance/patriot-travel-series.

About bolt

bolt is the leading insurance exchange for P&C, uniting distributors and providers on a single platform to transform the way insurance is bought and sold.

The result is the country's largest technology-enabled marketplace of insurance products, including two-thirds of America's leading carriers, helping industry participants expand market reach and Excellerate customer satisfaction.

For more information, visit boltinsurance.com

About International Medical Group® (IMG®)

International Medical Group® (IMG®), a SiriusPoint company, is an award-winning global insurance benefits and assistance services company that has served millions of members worldwide since its founding in 1990. The preeminent provider of travel and health safety solutions, IMG offers a wide range of insurance programs, including international private medical insurance, travel medical insurance, and travel insurance, as well as enterprise services, including insurance administrative services and 24/7 emergency medical, security, and travel assistance. IMG's world-class services, combined with an extensive product portfolio, provide Global Peace of Mind® for travelers, students, missionaries, marine crews, and other individuals or groups traveling, working, or living away from home. For more information, please visit www.imglobal.com.

Media Contacts:

bolt: Jamie Kemp, bolt@calibercorporateadvisers.com
IMG: Carly Miller, carly.miller@imglobal.com

Disclaimer: This is a summary of coverage and the genuine terms of coverage are governed by an issued policy.

SOURCE: bolt insurance

View source version on accesswire.com:

Thu, 28 Jul 2022 01:10:00 -0500 de text/html https://www.finanznachrichten.de/nachrichten-2022-07/56668658-bolt-insurance-img-partners-with-bolt-to-offer-device-protection-to-travelers-200.htm
Killexams : Is Buying Long-Term Care Insurance Worth It?

After a lifetime of hard work, you're ready to enjoy your golden years and live life to the fullest -- all without the burden of workplace drama or demanding deadlines. If everything goes according to plan, you'll live out the remainder of your life happy and healthy.

However, a lifetime of experience will likely have taught you that things don't always go according to plan. Even if you're in good health now, your circumstances may change -- and you may find yourself needing long-term care at some point later in life.

Image source: Getty Images.

Do you need long-term care insurance?

According to the AARP, it's estimated that nearly 3 in 4 seniors will require at least some long-term care in old age. Of those, a quarter will spend at least $50,000 in out-of-pocket costs over their lifetimes. Some will pay much more -- nursing homes can cost in excess of $150,000 per year.

Suffice to say, these costs are substantial. Unfortunately, they're not covered by Medicare, which is why you may want to consider purchasing a long-term care insurance policy to help insulate yourself against these expenses. Long-term care insurance is offered by companies like Genworth Financial or MetLife and covers the cost of assisted living facilities, nursing home care, in-home care, and adult day care.

However, long-term care insurance itself is also quite expensive. For instance, ConsumerAffairs notes that for a 65-year-old man with some health issues, annual premiums can top $2,100. For women of the same age, premiums are even higher, notching $3,100 a year.

In exchange for these upfront payments, your hypothetical policy would cover roughly $400,000 in benefits at the age of 85. If you were to need long-term care immediately, your policy would only cover a little over $160,000 in benefits -- barely enough for a year's worth of nursing home care.

Do some math before you buy

Keep in mind that your insurance policy will only remain active if you pay your premiums year after year. If you start paying at age 65 and don't need long-term care until you're 85, you'll have paid your long-term care insurance premiums for two decades before you use your policy.

At this point, you'll have paid more than $42,000 in premiums as a man, and over $62,000 if you're a woman. If you need long-term care in a high-intensity setting for the last few years of your life, that investment might pay off.

However, it's more likely that you might not face any costs at all. Notably, the U.S. Department of Health and Human Services estimates that 63% of retirees are expected to incur $0 in long-term care costs over their lifetimes, either because they won't need long-term care at all or because they'll have access to substitute care provided by relatives or loved ones.

In light of this fact, it may be worth considering what would happen if you simply saved the amount you would've otherwise paid in premiums. Assuming you save $2,100 annually and then invest it -- achieving a 7% compound annual growth rate -- you'll end up with over $86,000 after the same 20-year period between ages 65 and 85.

If you save $3,100 per year instead and manage to compound at the same rate, you'll be left with more than $126,000, enough to cover a substantial portion of your long-term care costs -- if they ever materialize.

To insure or not to insure?

Long-term care is expensive. But so is long-term care insurance -- so much so that you might be better off saving and investing the money rather than spending it on insurance premiums.

Long-term care insurance may still make sense if you expect to be among the small fraction of Americans who will incur substantial long-term care costs. But the overwhelming majority of retirees who face out-of-pocket expenses that fall under the lifetime cost of insurance premiums may be better served paying for care on their own.

By carefully considering your options and evaluating your health, family circumstances, and financial situation, you'll have a strong idea of how to arrange for your healthcare needs in old age -- long-term care insurance or not.

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Tue, 02 Aug 2022 22:00:00 -0500 en text/html https://pantagraph.com/business/investment/personal-finance/is-buying-long-term-care-insurance-worth-it/article_d012fa22-aa4a-54e3-8330-c8827735ac25.html
Killexams : Wigod & Falzon, P.C. Details Additional Practice Areas No result found, try new keyword!The prestigious Southfield law firm of Wigod & Falzon, P.C. is explaining additional areas where their attorneys can be of service to residents of the greater Detroit area. Southfield, MI – Many ... Wed, 03 Aug 2022 18:38:00 -0500 https://finance.dailyherald.com/dailyherald/article/getnews-2022-8-4-wigod-and-falzon-pc-details-additional-practice-areas
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