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Exam Code: Property-and-Casualty Practice test 2023 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 ensure 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 test
Killexams : P-and-C Insurance test - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty Search results Killexams : P-and-C Insurance test - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty https://killexams.com/exam_list/P-and-C Killexams : What Is No-Exam Life Insurance?

There’s a lot to consider when you’re buying life insurance, not to mention the hassle of getting a medical exam, which most policies require. If you’re looking for a simpler, quicker alternative, no-exam life insurance may be a good fit.

A traditional life insurance policy typically involves a battery of tests and may take more than a month to come into place. If you’re one of the 6 in 10 Americans that have a

chronic condition like diabetes or heart disease, you may end up paying thousands extra—if you can find a policy at all.

By contrast, no-exam policies can be done online usually in just a few days. “Medical exams can be off putting,” says Mark Scafaro, co-founder of Afficiency, an insurance technology company. “No-exam life insurance is a great alternative for customers who aren’t interested in completing a medical exam—or waiting weeks for an underwriting decision.”

To be sure, no-exam policies have their drawbacks. While it’s generally easier to get approved, there is no ensure you will be. Coverage limits also tend to be far lower. And because the insurance company has less insight into your health, you will almost certainly pay more.

Still it’s no secret these have become more popular. Here is what you need to know.

Types of no-exam life insurance

No-exam life insurance is usually a term policy, which means you typically pay a premium to be covered for a specific term such as 10, 20 or 30 years. Afterward the insurance ends. But there are whole life policies, which stay in place as long as you maintain premiums, available as well.

Here are several common types:

Simplified Issue

You can be approved for this type of life insurance policy with minimal medical questions and no exams. Coverage starts as soon as your application is submitted and you’ve selected a premium.

Guaranteed Issue

As its name suggests, guaranteed issue life insurance is a type of whole life policy that guarantees you won’t get denied when you apply. You’ll skip all the health-related questions as well as a medical exam. However, these policies tend to have a long waiting period of around two to three years and a lower death benefit ranging from $2,000 to $25,000.

Accelerated Underwriting

Accelerated underwriting relates to the process underwriters use to approve your application for insurance quicker. This is commonly used with no-exam life insurance and involves using third-party data and algorithms to determine a person’s approval rate and premium. Accelerated underwriting policies tend to have a coverage limit of $1 million and for anything higher, you’d need a medical exam.

When no-exam life insurance makes sense

No-exam life insurance may be a good choice if you are:

Healthy but you don’t want to see a doctor and be examined
Not in the best of health but you still want to get life insurance

Traditional life insurance typically requires an in-person medical test that involves drawing blood and collecting other samples, along with a review of your body-mass index, medical conditions and whether you smoke or drink alcohol. “It can be a rigorous process,” says Susana Zinn, an independent life insurance agent based in Miami. “Even an inch or two in your height could impact your BMI and premium rate during the medical exam,” she adds.

With no-exam life insurance you’ll still need to answer a few basic questions and disclose any medical conditions you have. No-exam life insurance doesn’t ensure coverage, but it’s more forgiving. “Having some major health issues or risk factors in your history such as nicotine use, high blood pressure or high cholesterol, can make you a strong candidate for no-exam,” says Zinn.

No-exam life insurance can also make sense if you are young and healthy–and simply looking for a hassle-free way to get insured quickly. While you may pay slightly more, your premiums are likely to be low regardless of what kind of insurance you pick, so the convenience may be worth the trade off. Keep in mind no-exam life insurance policies tend to have smaller coverage limits than traditional policies, so the option works best if you are looking for a policy that pays less than $500,000.

How much does no test life insurance cost?

With a term insurance policy—which is far more common for no-exam life insurance, your premium is often lower and fixed for the duration of the term length. With a permanent or whole life insurance policy, your premiums will be higher but stay the same so long as you keep the policy.

The cost of life insurance depends on several factors including your:

Age and gender
Medical and family history
Height and weight
Smoking and tobacco use
Where you live
Job and hobbies

Because life insurance pricing is based on so many individual factors, it’s difficult to find data about average prices. However, here are some representative quotes provided by Quotacy through Bestow Life Insurance.

Age	For a woman	For a man
30	$202	$297
40	$327	$462
50	$667	$882

Quotacy through Bestow Life Insurance

How to get no-exam life insurance

There are a few ways to shop for individual no-exam life insurance:

Online

Online is a great place to start, and you can quickly find quotes from well-known national brands, as well as startups like Bestow, Haven Life and Fabric, which are usually backed by major insurance companies. If you want guidance you can find Buy Side from WSJ’s picks for Best Life Insurance companies here.

Most of what you find online will be term life insurance options, but some major companies like Nationwide or Progressive will offer whole life insurance options as well. To get a quote, you’ll have to submit a form that includes some basic information about yourself including your name, ZIP Code, height and weight, and gender.

Experts recommend gathering at least three quotes to determine how much no-exam life insurance would cost based on your demographic. “No two life insurance companies are alike, meaning one company may rate someone a smoker if they use smokeless tobacco while another won’t,” says Brian Carden, a Brentwood, Tenn., insurance and financial advisor.

After receiving a quote, a representative from the insurer’s site may call you or you’ll be directed to continue completing an application form online.

Financial advisor

If you work with a financial advisor, your advisor should be able to consider all aspects of your financial life to pick a policy that works for you. But remember some financial advisors earn commissions for selling insurance so they will have an incentive to recommend certain insurers and policies.

Working with a fee-only and fiduciary advisor means they won’t earn a commission and are more inclined to prioritize acting in your best interest. It’s always wise to ask a financial advisor if they have specific partners or earn commissions for making certain recommendations early on.

Life Insurance Agent

A life insurance agent sells policies for a living, so they can be some of the most knowledgeable professionals out there. While insurance agents traditionally work in person, there are also online brokers like Sproutt, if you prefer a digital experience.

Like many financial advisors, insurance agents typically work on commission which means they might have an incentive to recommend products that pay the highest commissions. They earn a commission that can range from 40% to 100% of the first year’s annual premium, along with a 2% to 5% commission each additional year when the policy renews.

In addition, some life insurance agents work with only one insurer or a handful of insurers, meaning they may only present you with a narrow slate of options. Other agents are “independent” meaning they have a broader reach and can help you get a policy with any life insurance company.

Your employer

You may already have free no-exam life insurance through your employer. Check with your human resource department to see if life insurance is an employee benefit and what your coverage is.

Usually, your policy amount is equivalent to one year’s salary and your policy is only active so long as you remain an employee of the company. So keep in mind, if you need a higher coverage amount or don’t plan to stay at your job forever, this is when you should consider a policy from a private company.

Steps to sign up for no-exam life insurance

Once you pick a company and policy that you’re happy with, it’s time to move forward and sign up for life insurance. All in all, signing up for a no-exam life insurance policy should take one to three days at most. Here is how the process works in four steps.

This process starts with an application that you can submit either online or in person depending on the company.
You’ll need to enter your basic information such as your name, address, workplace and so on. You will also need to verify your identity by uploading a copy of your ID or driver’s license. During the application process, you may also be asked a few basic medical questions.
Once your application is submitted, it will go into underwriting. Remember, with a no-exam life insurance policy, underwriting is often accelerated or may even be automated.
When underwriting is complete and your application is approved, you’ll sign papers to confirm the policy so it will go into effect. At this time, you may make your first premium payment as well.

The advice, recommendations or rankings expressed in this article are those of the Buy Side from WSJ editorial team, and have not been reviewed or endorsed by our commercial partners.

Fri, 16 Dec 2022 01:32:00 -0600 en-US text/html https://www.wsj.com/buyside/personal-finance/no-exam-life-insurance-01670089737 Killexams : 6 Best No-Exam Life Insurance Companies of 2023 | Money No result found, try new keyword!Haven Simple is issued through C.M. Life Insurance Company, which is a subsidiary of the longstanding MassMutual, rated A++ by AM Best. Why we chose it: USAA’s no-exam life insurance policy is ... Fri, 07 Jul 2023 04:56:00 -0500 en-us text/html https://www.msn.com/ Killexams : Not Applicable: Connecticut High Court Interprets COVID-Era Executive Order Killexams : Not Applicable: Connecticut High Court Interprets COVID-Era Executive Order | Connecticut Law Tribune

Page Printed From:

https://www.law.com/ctlawtribune/2023/08/18/not-applicable-connecticut-high-court-interprets-covid-era-executive-order/

NEWS

"Even though the providers made that claim, it is apparent that the insurance carriers continued to charge premiums for malpractice," Robert C. Lubus Jr. of Grady & Riley said. "Here, the Connecticut Supreme Court made it clear that in order to use the executive order as a shield, the malpractice had to have some relation to COVID or to a lack of resources caused by COVID. The facts of our case are such that we are confident that the nursing home will never be able to sustain this burden."

August 18, 2023 at 12:18 PM

6 minute read

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The Connecticut Supreme Court ruled a COVID-19-era executive order, which granted immunity to health care professionals as the novel virus spread, did not apply in two medical malpractice cases.

The companion cases, Manginelli v. Regency House of Wallingford and Mills v. Hartford HealthCare, alleged wrongful death due to medical negligence.

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Fri, 18 Aug 2023 04:21:00 -0500 en text/html https://www.law.com/ctlawtribune/2023/08/18/not-applicable-connecticut-high-court-interprets-covid-era-executive-order/?slreturn=20230723150455 Killexams : 5 Best No Medical test Life Insurance Policies for August 2023

In the market for life insurance but want to skip the medical test for one reason or another?

Here are the best no-exam life insurance policies from highly rated U.S. companies. Some of these policies ensure acceptance regardless of your health, while others require you to answer a few health questions to qualify for coverage.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.

Best no medical test life insurance for August 2023

Our top picks for this category earned a NerdWallet rating of at least 4.5 out of 5 stars.

	5.0 NerdWallet rating	No test but you may have to answer medical questions.
	5.0 NerdWallet rating	No test but you may have to answer medical questions.
	4.5 NerdWallet rating	No test or medical questions (whole life). No test but you may have to answer medical questions. (term life).
	4.5 NerdWallet rating	No test but you may have to answer medical questions.
	4.5 NerdWallet rating	No test but you may have to answer medical questions.
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its no-exam insurance life policy specifically.

How we ranked the top life insurers

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

How we review life insurance companies

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Best no-exam life insurance policies in 2023

Learn more about each company in our top list by reading the brief summaries below and checking out the NerdWallet review links.

Best online experience

Haven Life

5.0

NerdWallet rating

Bottom line: The company’s website is informative and user-friendly, making it easy to buy coverage online.

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term & no-exam

Known for its user-friendly website and quick application process, Haven Life offers no-exam term policies up to $1 million. Like many no-medical test policies, you may still need to answer questions about your health and lifestyle.

Best online experience

Haven Life

5.0

NerdWallet rating

Bottom line: The company’s website is informative and user-friendly, making it easy to buy coverage online.

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term & no-exam

Haven Life no-exam policy details

Policy name: Haven Simple.

Coverage: $25,000 to $1 million.

Application: No exam, but you may have to answer questions about your health.

Best for temporary coverage

USAA

5.0

NerdWallet rating

Bottom line: If you need quick, temporary coverage, USAA’s Essential Term Life policy renews annually and offers $100,000 of coverage without an exam.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

If you need a life insurance policy quickly, but for only a short period of time, you may want to consider USAA’s Essential Term Life Insurance policy. This no-medical test policy renews each year up to age 39, giving you increased flexibility.

Best for temporary coverage

USAA

5.0

NerdWallet rating

Bottom line: If you need quick, temporary coverage, USAA’s Essential Term Life policy renews annually and offers $100,000 of coverage without an exam.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

USAA no-exam policy details

Policy name: Essential Term Life Insurance (not available in Arizona or New York).

Coverage: $100,000 (renews each year to age 39).

Application: No exam, but you may have to answer questions about your health.

Best for senior members

AARP

4.5

NerdWallet rating

Bottom line: Great option for senior AARP members. Older applicants can get coverage without answering any medical questions or taking an exam.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

For senior applicants, AARP stands out for offering whole insurance with guaranteed coverage, which means you won’t have to take a medical test or answer health questions. AARP also offers simplified issue term life insurance, if you’re willing to answer health questions.

Best for senior members

AARP

4.5

NerdWallet rating

Bottom line: Great option for senior AARP members. Older applicants can get coverage without answering any medical questions or taking an exam.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

AARP no-exam policy details

Policy name: Level Benefit Term Life Insurance.

Issue age: 50 to 74 for AARP members (45 to 74 for partners and spouses).

Coverage: $10,000 to $150,000 (up to $100,000 for New York residents).

Application: No exam, but you may have to answer questions about your health.

Policy name: Guaranteed Acceptance Life Insurance.

Issue age: 50 to 80 for AARP members and 45 to 80 for partners and spouses (50 to 75 for members and spouses in New York).

Application: No health questions or exam.

Best for customization

Country Financial

4.5

NerdWallet rating

Bottom line: A range of life insurance riders can be added to both term and whole life policies so you can customize your coverage.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

If you want a no-medical test policy you can customize to your liking, Country Financial might be right for you. The company sells no-medical test term and whole life with several riders you can add-on, including accelerated death benefits and child term insurance.

Best for customization

Country Financial

4.5

NerdWallet rating

Bottom line: A range of life insurance riders can be added to both term and whole life policies so you can customize your coverage.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

Country Financial no-exam policy details

Policy type: Simplified term or whole life insurance.

Issue age: 50 or younger.

Coverage: Up to $100,000.

Application: No exam, but you may have to answer questions about your health.

Best for accessibility

Nationwide

4.5

NerdWallet rating

Bottom line: The issue age range for this policy is 80 and younger — a relatively broad age range for this type of coverage.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

Unlike most other no-exam life insurance, Nationwide’s Simplified Whole LIfe policy offers coverage for customers younger than 20 years old. The company issues policies to applicants 80 years old or younger.

Best for accessibility

Nationwide

4.5

NerdWallet rating

Bottom line: The issue age range for this policy is 80 and younger — a relatively broad age range for this type of coverage.

Financial strength rating

Exceptional

Online purchase

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

Nationwide no-exam policy details

Policy name: Nationwide Simplified Whole Life.

Issue age: 80 or younger (75 and younger in Minnesota, Mississippi, North Carolina, and Pennsylvania).

Coverage: $10,000 to $50,000 ($25,000 to $50,000 in Washington).

Application: No exam, but you may have to answer questions about your health.

Find the right life insurance plan for you

Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners.

What is no-exam life insurance?

With traditional life insurance policies, applicants typically have to fill out a questionnaire about their health and lifestyle and take a medical exam. It's similar to an annual physical. A medical professional measures your height, weight, blood pressure and cholesterol and usually takes a blood, urine and saliva sample.

No-medical test policies remove the test from the application process. Depending on the type of policy you apply for, you might still need to answer questions about your health and lifestyle — but some policies skip that part, too.

These policies tend to appeal to those with serious health conditions or healthy people who want to speed up the life insurance application process.

Alternatives to no medical test life insurance

In general, policies that don’t require an test can be more pricey than ones that do. So if you’re young and healthy, you may want to consider a policy with full medical underwriting. If you’re looking for a quick application process, you may want to consider instant life insurance, which uses big data and complex algorithms to calculate risk and reserves the right to ask for an exam.

More about buying life insurance as a senior

More about top-rated life insurance companies

Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:

More about buying life insurance with a health condition

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

Thu, 01 Jun 2023 16:52:00 -0500 en-US text/html https://www.nerdwallet.com/article/insurance/life-insurance-no-medical-exam Killexams : Back-to-school scramble is on for child vaccines. Florida drops to 10-year low in completing shot regimen

The scramble is on in South Florida to get children vaccinated for the new school year.

Health departments, pediatricians and mobile clinics are slammed with children who still need the required vaccines to start school for the first time, or to enter the seventh grade. During the pandemic, many Florida children fell behind on yearly well-checks and vaccine schedules. Now, parents are trying to catch up to prevent their children from missing school.

On Friday, Latoya Brown said she is one of those parents. She brought her 9-year-old daughter Kaylie to get a wellness test and vaccines at the Joe DiMaggio Children’s Mobile Health Center parked outside the Boys and Girls Club in Davie.

“She was up to date before the pandemic but she never got back on schedule,” Brown said.

The Hollywood mother said she lost private insurance coverage for Kaylie during the pandemic, but wants her daughter to be protected from diseases. She learned about the mobile clinic from her daughter’s summer camp, just in time for the start of the new school year. “It’s less daunting for parents and it’s free of charge,” she said.

Florida’s required immunizations protect against diseases including tetanus, diphtheria, measles, mumps, rubella, varicella, hepatitis B and polio. Some of the shots are a series of boosters spaced apart. Immunization forms are required to start kindergarten and again in seventh grade when additional shots are needed.

“A lot of children are behind on vaccines but they will get what they need to get into school with the understanding that they will need to catch up on boosters after school starts,” said Dr. Lisa Gwynn, medical director for the UHealth Pediatric Mobile Clinic for uninsured children. She also is Program Director for the School Health Initiative, nine pediatric clinics in Miami-Dade County schools.

The 2020-21 school year marked a more than 10-year low for Florida’s kindergarten and seventh-grade students completing all doses of required immunizations, according to a Florida Department of Health report.

About 91.7% of kindergarten students statewide completed the required vaccines and 94.3% of seventh-grade students. The state goal is for 95% of students to have received all doses of required vaccines. The statewide immunization rate is not available yet for the 2022-23 school year.

Florida pediatricians are pushing harder this school year, concerned that childhood diseases nearly wiped out through vaccinations could come back if immunization rates further decline.

“This is a busy time for pediatricians trying to get kids into our clinics who are behind on mandated vaccine requirements,” said Dr. Thresia Gambon, a Miami pediatrician and president of the Florida Chapter of the American Academy of Pediatrics. “Pediatricians in all areas of the state are attending health fairs, doing promotion on social media … we are all promoting back-to-school immunizations and hoping kids come in and get them.”

Across South Florida, health departments are holding free immunization clinics, and mobile clinics are going into neighborhoods to reach families who are uninsured or underinsured. At Joe DiMaggio Children’s Hospital in Hollywood, a Back-to-School Health Fair on Aug. 5 drew 150 children who received physical exams and vaccinations.

Dr. Michelle Smith, a pediatrician with Joe DiMaggio Children’s Hospital, says parents have more questions this year about vaccines. “They want to know which vaccines are absolutely needed, what they cover and what are the possible side effects.”

Smith, who works on the Joe DiMaggio mobile clinic and oversees pediatric residents at the hospital, says for most part childhood vaccines are well-tolerated. “These are not new vaccines. They have been around a long time. The most common side effect is redness or swelling at injection site.”

Palm Beach, Broward and Miami-Dade counties all have immunization vans that travel into neighborhoods with a higher rate of uninsured families. In Broward County, the Joe DiMaggio mobile health unit travels throughout South Broward.

Kizzy Moreira and her sons check in for their back to school physical exams at the Joe DiMaggio Children's Mobile Health Center on Aug. 11, 2023 — Kizzy Moreira and her sons check in for their required school physical exams at the Joe DiMaggio Children’s Mobile Health Center on Friday. The family has just arrived from Venezuela. (Cindy Krischer Goodman/South Florida Sun Sentinel)

“Our mobile van is a full-fledged clinic,” said Soraya Hernandez, director of community services for Joe DiMaggio Children’s Hospital.

Hernandez said children don’t need an appointment to get their shots at the mobile clinic, but can schedule one if desired.

“The last few weeks have been very busy,” she said. “This week we have been going to YMCAs or places that have camps going on. We get there in the morning and stay all day. Yesterday we saw 30 children.”

Because Florida keeps an electronic record of shots, Hernandez said a pediatrician in the mobile clinic can see exactly what vaccines a child needs and afterward can provide the required form for school. This year, she said, they are seeing children arrive from out of the state or out of the country who need multiple vaccines.

Kizzy Moreira arrived in Miramar from Venezuela last month, eager to get her two children enrolled in public schools.. Her sons Silvano Castillo, 10, and Santiago Castillo, 4, both needed required shots and physical exams. Friends had told her about the mobile van and on Friday, Moreira arrived with her boys for a walk-in appointment.

“It was so easy,” she said after she received the paperwork she needed. “They are ready to start school.”

Silvano Castillo gets ready to start school in Broward County with a physical test from Valerie Boyd at the Joe DiMaggio Children's Mobile Health Center on August 11, 2023. — Silvano Castillo,10, gets an examination from Valerie Boyd at the Joe DiMaggio Children’s Mobile Health Center on Friday. He will be a new student in Broward County. (Cindy Krischer Goodman/South Florida Sun Sentinel)

Broward County Public Schools takes a tough stance on vaccine requirements and a doctor’s exam. Their rule is students without a completed Certificate of Immunization will not be allowed to attend classes until the document is provided. The absence is considered unexcused. School starts Aug. 21. However a spokesperson for the district said students new to Broward County Public Schools have 30 days to get into compliance with the vaccination requirements.

Palm Beach County requires shots and a physical. School started in Palm Beach County on Thursday. The school district says students must show a Florida Certification of Immunization before they can attend school.

Pediatricians say they are concerned about the rise in students who get exemptions from immunizations. Students can get a medical exemption signed by a doctor, or a religious exemption. These exemptions now account for 8.2% of Florida’s kindergarten students, according to state health records. The number of students who opted out of vaccinations for religious reasons in particular has risen and last year accounted for about 7,913 children.

“It’s important for kids to get vaccinated to protect them from diseases that can be a threat to their health,” Gwynn said. “We still see outbreaks of these diseases when immunization rates get below a certain threshold. Even cases of polio still exist.”

Florida pediatricians worry that the controversy over the COVID-19 vaccine created a spillover effect for childhood immunizations.

“At the Florida Chapter of the American Academy of Pediatrics we really try to promote wellness vaccines and point to their long standing safety profiles,” Gambon said. “We try on a individual basis to talk to the parents and the kids about importance of vaccines to keep them healthy as well as to keep others healthy.”

Sun Sentinel health reporter Cindy Goodman can be reached at cgoodman@sunsentinel.com.

Getting vaccines

Healthcare organizations are helping parents complete the vaccine requirements for their children to enter school. Here are some events and locations that can help.

Broward County

The Department of Health-Broward Immunization clinic is located at the Children’s reading Center and Museum, 751 SW 121st Ave., Davie. The current hours of operation are 8 a.m.–5 p.m. Tuesday, Wednesday, Friday and 10 a.m.-7 p.m. on Monday and Thursday.

DOH-Broward back-to-school immunization events:

Aug. 12, 10 a.m.–2 p.m., Hope Church of Christ, 1800 N. State Road 7, Hollywood.
Aug. 21, 9 a.m.-12:30 p.m., Pompano Beach Elementary School, 700 NE 13th Ave., Pompano Beach.

Joe DiMaggio Mobile Health Unit offers free exams and vaccines: Here’s a link to the calendar where the van will be in August. To make an appointment call 954-276-5548.

In addition to a pediatrician or the county health department, your child also can get back-to-school immunizations at a local Federally Qualified Health Center clinic. In Broward County, that includes Care Resource, Central Broward Community Health Centers and Broward Community and Family Health Centers.

In addition to pediatricians, pharmacies like Walgreens also provide childhood vaccinations.

Palm Beach County

This year, all Department of Health-Palm Beach immunizations are by appointment only. Call 561-625- 5180 to schedule an appointment in Lantana or West Palm Beach. The Immunization Outreach Van travels around the county providing vaccinations to children. Call 561-840–4568 to locate a van and get your child vaccinated.

In addition to a pediatrician or the county health department, your child also can get back-to-school immunizations at a local Federally Qualified Health Center clinic. In Palm Beach County, that includes Foundcare, Genesis Community Health, C L Brumback Primary Care Clinics and Florida Community Health Centers.

In addition to pediatricians, pharmacies like Walgreens also provide childhood vaccinations.

Sun, 13 Aug 2023 22:09:00 -0500 Cindy Krischer Goodman en-US text/html https://www.orlandosentinel.com/2023/08/14/back-to-school-scramble-is-on-for-child-vaccines-florida-drops-to-10-year-low-in-completing-shot-regimen/ Killexams : How To Get A Fortune 100 Company To Partner With Your Startup

How to Get Fortune 100 Companies to Partner with Your Startup

Image courtesy of Hourly

Striking a deal with a Fortune 100 company can catapult your startup from obscurity to a recognized brand. However, getting that first top commercial partner or client is far from straightforward.

So, how does an unknown startup capture the attention of industry kings and queens? I recently had the opportunity to announce Hourly’s partnership with Nationwide, a top U.S. insurance carrier and Fortune 100 company. Based on my experience, here's a blueprint of what you should do to get your first big win.

A Warm Intro Gets The Ball Rolling

First start by mapping your network.

Actively seek out networking opportunities by attending industry events, conferences, and seminars where you can meet new people and expand your network. Afterwards, send personalized messages or emails to continue the connection.

Don’t be shy about asking your connections, investors and colleagues to make introductions to executives at Fortune 100 companies. Personal introductions can open doors faster than cold calls or emails.

And remember, networking is a two-way street too. So support others in the field and share your expertise to build mutually beneficial relationships.

In short: Your connections can get you a warm intro to a Fortune 100.

Take A Top-Down And Bottom-Up Approach

Successfully courting a large organization often involves a top-down and bottom-up approach. Engage C-suite executives and directors who have the authority to validate a partnership while also cultivating relationships with the operational teams who will directly use your product or service.

The latter can become internal advocates, influencing decision-makers from within. Don’t sidestep this part—continuous courting across the board is pivotal for pushing your product and deal forward.

In short: Get to know executives and ops teams at a Fortune 100 to help push your deal through.

Get that Elevator Pitch Down

If you really want to make an impression on people, develop a concise introduction about yourself and your work. This helps people remember who you are and lets you clearly communicate your value proposition.

In short: Make a great first impression with a compelling pitch about your business.

Be Their Sandbox

Positioning your startup as an experimental playground for a large brand can make for a very compelling pitch. Unlike startups, large companies are often ill-equipped to “move fast and break things” or experiment with new technologies. They need agile, tech-savvy partners to test new ideas and strategies.

For example, I knew insurance executives would never suddenly stop what they are doing and start building a platform that connects workers’ comp, payroll and time tracking, no matter how much they needed it. But what if someone already did that for them?

With that in mind, I offered Nationwide the use of our platform, a solution designed to dramatically Improve underwriting results without increasing their workload. I emphasized how this would be both low-risk and high-reward (since we were spending all the investment and development time). P.S. It worked!

In short: You take on the risk of creating a new technology. The Fortune 100 benefits.

Good Timing Isn’t Only For Comedians

The adage, "timing is everything," holds significant truth in the realm of business, much like it does in the world of comedy. The timing of introducing your solution to potential partners can greatly impact its reception and success.

If you present your idea too early, it might be dismissed as unrealistic or premature. Conversely, if you wait too long, you run the risk of missing out on a golden opportunity.

Closely monitor potential partners and their business landscape. Keep an eye on their activities, industry trends, and market dynamics. This opportune timing could align with a strategic shift in the company, the launch of a new initiative, the occurrence of a market crisis, or even a global catastrophe.

By ensuring that your offering aligns with the current needs and priorities of potential partners, you increase the likelihood of a successful collaboration.

In short: You should solve a pressing issue the Fortune 100 is facing.

Cold Leads Can Warm Up

It goes without saying that in business, especially in startups, a cold lead could unexpectedly turn warm again. Sometimes a previous “no” might be resuscitated into a “yes” when teams within a company change.

We experienced this first hand while we were working on creating a deal with a company for nearly a year. Given the long sales cycle and bureaucracy, this time frame was expected. But at some stage, we were told that the deal was put on hold due to a leadership change. It was frustrating, but we kept a good relationship and an open line of communication with their team anyway.

To our surprise, less than six months later, we received a call from the company. They had undergone a series of changes, including a shift in management. This new team opted back into the deal, and I’m convinced it’s because we stayed friendly and not resentful.

So, remember not to burn bridges or dismiss people. Everyone wants to feel important and we’ve all experienced the “pay your dues” phase. So, stay humble, keep your cool and treat everyone like an important part of your network.

In short: The company that said no before might change its mind later on. Stay friendly.

Expect It To Fall Apart

Deals fall apart all the time in business. Just like timing is everything, it's important to keep your expectations realistic to save yourself unnecessary stress. Unfortunately, it happens.

Before Nationwide was even in the picture, we were working on a deal with another company that loved our product. Their executives were gung-ho about Hourly, but it turned out their technology was too antiquated and would require a tremendous amount of manual work. We had to walk away.

That was a very important learning experience for me—there is a limit to how much you can try to convince a legacy company to change their tried-and-true processes. Sometimes, you walk away and move on to a business that wants to flex with the changing times.

So while it saves you the stress to not expect anything, it also means you can quickly jump back into pursuing other options. Which is exactly what we did, and how we ultimately partnered up with Nationwide, who has been actively investing in their digital infrastructure for the past ten years so they can stay ahead.

In short: Deals fall apart. Stay open to new opportunities.

Becoming The Next Big Thing

The art of courting big brands is just that—an art. Master it, and your startup could write an unprecedented success story.

It requires a well-thought-out strategy, smart networking, great timing, a friendly approach, and a value proposition that resonates.

Practice these things and you may be the next big thing that everyone’s talking about.

Wed, 16 Aug 2023 05:30:00 -0500 Tom Sagi en text/html https://www.forbes.com/sites/tomsagi/2023/08/16/how-to-get-a-fortune-100-company-to-partner-with-your-startup/ Killexams : Kemper Corporation (NYSE:KMPR) Q2 2023 Earnings Call Transcript

Kemper Corporation (NYSE:KMPR) Q2 2023 Earnings Call Transcript August 7, 2023

Operator: Good afternoon, ladies and gentlemen, and welcome to Kemper’s Second Quarter 2023 Earnings Conference Call. My name is JP and I will be your coordinator today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded for replay purposes. I would now like to introduce your host for today’s conference call, Karen Guerra, Kemper’s Vice President of Investor Relations. Ms. Guerra, you may begin.

Karen Guerra: Thank you, operator. Good afternoon, everyone, and welcome to Kemper’s discussion of our second quarter 2023 results. This afternoon, you’ll hear from Joe Lacher, Kemper’s President and Chief Executive Officer and Chairman; Jim McKinney, Kemper’s Executive Vice President and Chief Financial Officer; and Matt Hunton, Kemper’s Executive Vice President and President of Kemper Auto. We’ll make a few opening remarks to provide context around our second quarter results, followed by a Q&A session. During the interactive portion of our call, our presenters will be joined by John Boschelli, Kemper’s Executive Vice President and Chief Investment Officer. After the markets closed today, we issued our earnings release and published our earnings presentation, financial supplement and Form 10-Q.

You can find these documents on the Investors section of our website, kemper.com. Our discussion today may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the company’s outlook and its future results of operations and financial conditions. Our genuine future results and financial condition may differ materially from these statements. For information on additional risks that may impact these forward-looking statements, please refer to our 2020 Form 10-K as well as our second quarter earnings release. This afternoon’s discussion also includes non-GAAP financial measures we believe are meaningful to investors.

In our financial supplement, earnings presentation and earnings release, we defined and reconciled all the non-GAAP financial measures to GAAP were required in accordance with the SEC rules. You can find each of these documents on the Investor section of our website, kemper.com. All comparative references will be to the corresponding 2022 period unless otherwise stated. I will now turn the call over to Joe.

Joe Lacher: Thanks, Karen. Good afternoon, everyone, and thank you for joining us today. The industry continues to operate in, what I believe, is the most disrupted personal lines environment we’ve ever experienced. accurate competitors’ earnings reports underscore this. While our financial results through the first half of 2023 fell short of our targets, we believe the actions we’ve taken and continue to take had positioned us to succeed in this difficult environment. Before talking about our results, I want to take a moment to explain a bit about this operating environment. Traditional historical patterns are used by the industry to predict future behavior – excuse me, used by the industry to predict future behavior and they are producing patterns outside their historical norms.

This variance is seen in broad aspects of consumer behavior. A few examples include buying triggers, price elasticity and changes in driving patterns, propensities to file claims, seek medical treatments and repair vehicles and their willingness to litigate. These pattern changes are exacerbated by subsequent broad swings in competitors’ action. We believe this environment will continue for at least the next couple of years. Correspondingly, it has created a hard market that will likely persist for an extended period of time. Our specialty market expertise and our nimble and efficient operating model position us to effectively navigate this environment. We’re continuing to evolve our capabilities. This includes investing in broad enhancements and business intelligence and accelerating the speed that we digest and execute on insights.

We have and continue to increase the forward-looking predictive analytics we used to operate our business. At the same time, we’ve increased our execution margin of safety. Our ultimate priority is to achieve target returns and we are continuing to focus ourselves and our business to facilitate this. And ultimately, to position ourselves, to grow profitably and safely at the right time. Against this backdrop, let’s discuss our results. Turning to our presentation, I hope you’ll take away the following. First, we had strong sequential improvement in the underlying profitability of each of our businesses. Second, the strategic initiatives we announced last November, are on track to realize their anticipated benefits and produce meaningful value for our stakeholders.

Third, we reiterate our guidance. We expect to achieve an underwriting profit in the second half of 2023. And for 2024, we expect to generate a return on equity equal to or greater than 10%. Moving to Page 4, the consolidated results included strong underlying profitability improvement against the backdrop of elevated catastrophe losses and adverse prior year development, largely related to the second half of 2022. The six-point sequential improvement in Specialty P&C was the result of accelerating impacts of earned rate and non-rate actions exceeding loss trend as well as the normalizing of the episodic items we experienced last quarter. This improvement demonstrates that our actions are taking hold and producing the anticipated benefits. One final financial highlight I’d like to point out is our accurate approval of approximately 30 points of rate by the California Department of Insurance for our Specialty P&C private passenger auto book.

The collaborative effort between our teams and the CDI enabled the successful outcome. The rate change was effective August 4th. I’d like to now move to our strategic projects. As a reminder, last November, we announced a series of initiatives to unlock additional shareholder value. All these programs are on track to be completed on time and produce or exceed their financial targets and operational benefits. Key updates on these initiatives include we received approval from the Illinois Department of Insurance for the formation of our reciprocal, Phase 2 of our Bermuda optimization effort is outperforming initial benefit projections. We completed the strategic review of our Preferred P&C segment and announced our decision to exit that business.

This action will enhance our return on capital and support profitable growth in our core businesses. And finally, we are achieving the expected expense savings with our cost structure initiatives. We are highly focused on maximizing shareholder value and this begins with returning the business to profitability. The solid progress we achieved this quarter is proof that the actions we’ve taken are generating the intended outcomes. All the while, we are advancing our long-term initiatives to enhance Kemper strategic and financial profile. I’ll now turn the call over to Jim to talk about more details.

Jim McKinney: Thank you, Joe. I’ll begin on Page 5 with our consolidated financial results. We are pleased that each of our segments had strong underlying improvements that position us for profitability in the back half of the year. Several factors offset this progress including goodwill impairment, catastrophes and prior year development. For the quarter, we had a net loss of $1.52 per diluted share and an adjusted consolidated net operating loss of $0.26. The net loss included approximately $46 million of goodwill impairment charge connected to the strategic review of the Preferred P&C segment. The non-cash charge represents the full value of the goodwill associated with this business. The net loss and adjusted consolidated net operating loss included $39 million of current year catastrophe losses, the result of a very active cat quarter for the industry and $26 million of adverse reserve development.

Turning to the prior year reserve development on Page 6. The adverse development was primarily driven by bodily injury and property damage activity that occurred during the second half of 2022. This was caused by pattern changes between the second and the third quarters of 2022. These include an extension in claim reporting timelines and more claims closing with payment. The first quarter of 2023 and accident quarters prior to the third quarter of 2022 generally aligned with over favorable to our prior loss selections. The short tail nature of our business and the speed with which we collect and assess data provide us with high confidence in our reserving processes and their continued ability to react quickly to evolving conditions. Turning to Page 7, as Joe mentioned, we are reiterating our previous financial guidance.

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Despite the dynamic environment, we are committed to producing an underwriting profit in the second half of 2023 and achieving an ROE equal to or greater than 10% in 2024. Turning to Page 8, here we outlined Specialty Autos path to underwriting profitability. Our second quarter underlying combined ratio guidance was 103% to 107%. We reported an underlying combined ratio of 102%, slightly below the low end of our range. In the third quarter, we expect further improvement and to generate an underlying combined ratio between 99% and 101%. Assumptions and risks are outlined on Pages 7 and 8. Pages 9 and 10 provide an update on our strategic initiatives. Each program is on track to be completed on time and produce or exceed its targeted financial and operational benefits.

Starting with the reciprocal, the Illinois Department of Insurance approved the formation of Kemper Reciprocal. We expect to write business within the reciprocal in the third quarter. We will provide additional program schedule details during our third quarter call. Our Bermuda Optimization initiative launched in 2022 is expected to unlock a higher amount of life dividend to the parent. We expect at least $200 million to be released before year end, up from $100 million as previously indicated. As Joe mentioned, we recently completed our review of the Preferred P&C segment. The business will be wound down and the focus will be on our people, policyholders and working with our regulators to achieve the best possible outcome. The wind down of the business will enable the redeployment of more than $300 million in capital to our core segments.

This will simplify the business and enhance capital deployment efficiency. As a result, starting in the third quarter, our segment reporting will only reflect our Specialty P&C and Life and Health businesses. And finally, our cost reduction initiatives are on track to produce their intended benefits consistent with our timing expectations. Since the programs’ inception, we have achieved approximately $117 million in run rate savings, a roughly 80% of the intended run rate savings goal previously anticipated to be achieved by 2025. Once completed, we expect these initiatives will significantly enhance Kemper’s financial profile including enhancing cash flow generation and reducing volatility. Moving to Page 11, our insurance companies are appropriately capitalized and have significant sources of liquidity.

At the end of the quarter, we had approximately $1 billion in availability. We continue to have the capital needed to navigate this environment while continuing to appropriately invest in advancing our core capabilities. Further, as previously disclosed, we are committed to reducing debt outstanding by $150 million and bringing our debt to capital ratio back to our long-term target of 17% to 22%. Moving to Page 12. Net investment income for the quarter was $106 million. Our pretax equivalent annualized book yield was 4.5%. Average investment grade new money yields for the quarter were 5% to 6%. I’ll now turn the call over to Matt to discuss the Specialty P&C business.

Matt Hunton: Thank you, Jim, and good afternoon, everyone. Moving to Page 13 in our Specialty P&C business. We closed the second quarter with an underlying combined ratio improvement of 6 points. This was driven by the combination of incremental earned rate, tightened underwriting actions, the normalizing of episodic items and expense efficiencies. We observed loss trend continuing to moderate, frequency was flat year-over-year and severity was up 2% sequentially. Catastrophe losses in the quarter were elevated to 2 points or $17 million we experienced was above average and included a higher level of events from Florida flood to Texas hailstorms. Including the accurate California rate approvals Joe mentioned, the cumulative written rate since the second quarter of 2021 is expected to increase to 54 points next quarter.

Of this rate, 17 points have earned in and that will increase to approximately 23 points by the end of the third quarter. We expect earned in rate to accelerate as the California book renews in future quarters. We will continue to file for additional rate in all states as needed. Shifting to the commercial vehicle business, our underwriting and rate actions are continuing to positively impact loss performance. In the second quarter, the underlying combined ratio was 93.9%. The business is expected to deliver strong underwriting profits in the second half of 2023. The loss environment continues to be volatile and we are being appropriately cautious in writing new business. We expect to continue to suppress new business throughout the third quarter.

In the fourth quarter, we plan to selectively write incremental new business to test new customer cohort buying and claim behavior. Particular items of interest include price elasticity, reporting patterns and treatment and repair propensity. This will enhance our ability to optimally manage customer acquisition in a more disruptive operating environment. We will make monthly and quarterly evaluations on the gradual expansion of new business based on, first, our current view of underwriting profitability as well as the learnings from these tests. In summary, we expect a continued volatile operating environment for at least the next couple of years. We believe our actions will provide continued improvement to underwriting performance, delivering on our profitability targets during the second half of 2023 and 2024.

Through this period, we will continue a test and learn approach to safely and profitably managed new customer acquisition. I will now turn the call over to Joe to cover the Preferred and Life businesses.

Joe Lacher: Thanks, Matt. Moving to Page 14 and our Preferred P&C segments. This quarter, the benefits of profit restoration actions, including the continuation of lower frequency from non-rate actions offset higher catastrophe losses of $21 million. Both auto and home and other had sequential improvement in their underlying combined ratios. Through the second quarter, our personal auto book had 10 points of rate earned that will increase to approximately 14 points in the third quarter. As previously discussed, our strategic review is complete. Going forward, the segment will be noncore. Turning to our Life and Health business on Page 15. I think we’re all still getting used to how to read and interpret Life financial statements post LDTI adoption.

To help provide clarity and items that impact distributable cash flow trends, my comments will focus on the drivers that impact this measure. These items had not been impacted by LDTI adoption. This quarter, we saw the lowest level of mortality frequency in at least the last 10 years. It is 12% below the 2018 and 2019 averages. Year-over-year, the average incurred gross death benefit is down over 1%, issued premium is up 0.5%, life persistency is aligned with pre-pandemic levels. The combination of these items positions the business for continued improved profitability and attractive distributable cash flow. Turning to Page 16. In summary, I’ll leave you and remind you of this. The strong sequential results we generated this quarter demonstrate a meaningful step in the right direction.

I continue to be confident about our ability to return the business to underwriting profitability in what is a difficult and dynamic operating environment. Highlights for the quarter again include significant rate progress in the State of California receiving approximately 30 points of specialty personal auto rate, strong progress in our strategic initiatives including our Bermuda Optimization effort and the establishment of the reciprocal exchange, the realization of over half of the desired benefits from the restructuring and integration initiatives and the completion of the strategic review of our Preferred P&C segment. In closing, I’d like to thank our entire Kemper team for their continued dedication to executing our strategic priorities to generate consistent long-term shareholder value.

With that operator, we may now take questions.

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Operator: [Operator Instructions] Your first question comes from the line of Greg Peters from Raymond James. Your line is now open.

Greg Peters: Okay. Good afternoon, everyone. So I’ll ask a couple of questions [technical difficulty]

Joe Lacher: Greg, I’m not sure – unfortunately, we can’t hear you.

Operator: It seems like Greg’s line got removed from the podium. [Operator Instructions]

Joe Lacher: So why don’t we go ahead and move to the next question and we’ll get Greg back in queue when he is back.

Operator: Okay, thank you. Your next question comes from the line of Paul Newsome from Piper Sandler. Your line is now open.

Paul Newsome: Hello. Thanks for the call. So, I was hoping you could talk a little bit more about the impact of non-rate actions in the quarter on the underlying business, whether we’ve seen the full impact there? It’s just going to be sort of impact of rate prospectively or if there’s some other things that are happening under the hood that would be helpful?

Joe Lacher: Sure, Paul. And maybe I’ll take a start and we’ll tag team this a little bit. I’m going to provide you a broad comment and then you guys can talk a little bit specifically. We’re going to continue to have a set of non-rate actions that are going on and they’re going to have different potential impacts. As an example, we significantly slowed down new business last quarter and we’ll likely have that slow down largely in the third quarter. That provides – it’s a non-rate action that provides an immediate benefit to calendar year losses. When we think about a cohort or its experience, it tends to have higher losses in its first year and lower losses in subsequent years. So if you slow that new business down in the period to do it, it gives you a little juice.

Eventually we’re going to be writing more new business and that will expand. Matt was very careful in his comments and so was I that we are likely to do some gradual expansion in the fourth quarter, but very much with a test and learn orientation to look at the patterns of what’s going on in the environment. That may provide a nominal pressure, but we’re going to be focused first on underwriting profitability and making sure that it’s not a significant driver there and that we’re using it to learn what patterns are going on. That will likely cause us to add underwriting tools to our toolbox or how we use them given the volatile nature of the current environment. So I’m going to expect we’re going to continue to find different non-rate actions to manage things going forward.

I think what you’re asking is how to model in what you’re looking for. And what I might guide you to is, you might want to take an earned rate measure for improvement for a while until we target or we get close to target profitability. And then you’re going to work off our guidance from there. The measures should be focus you on our guidance and the timing that comes from that. As we hit those targets, we don’t anticipate dropping to a 75 combined ratio. We anticipate that once we’ve clearly and solidly and comfortably gotten there with our expanded margin of safety, we’ll move towards growing. Again, I’m not signaling a growing in the third or the fourth quarter, but we’ll move in that direction, so it will start offsetting some of that.

Paul Newsome: Makes sense.

Jim McKinney: Yes, Paul, this is Jim. The only thing I would add on to what Joe said is, I think you have a couple, a little bit of incremental benefit that you might see coming in, in the third quarter from underwriting actions. But most of what you’re going to see at this stage is going to be incremental earned rate that will flow into the book. And that will again similar aligned with Joe’s comments, that will begin to offset and take the place of some of the underwriting actions that have been put in place today to help us get to this position as we move forward.

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In basic terms, life insurance is an agreement between you, the policyholder, and an insurer. In exchange for premiums, the insurer agrees to pay your designated beneficiaries a sum of money if you die while your policy is in effect. However, many types of life insurance policies cater to various life situations. It’s important to understand the differences between each policy type to select the right one for your needs.

Term Life Insurance

Term life insurance offers affordable and simple coverage that expires after a set period of time. This period, or term, often lasts 10 to 30 years, and some policies are renewable annually after the term ends. It’s designed to cover the prime years of your life when you have the greatest financial obligations, such as a mortgage or your kids’ college education.

This type of policy features fixed premiums or monthly payments and a death benefit, which is the amount paid out when a policyholder dies. Some insurance providers offer riders to customize the policy to your needs, such as accelerating the death benefit for chronic illness. Unlike permanent life insurance, term life insurance does not offer an investment or savings component accessible to the policyholder while they are alive.

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Permanent life insurance provides lifelong coverage, as the name suggests, so long as you pay the policy’s premiums. In addition to the death benefit, permanent policies include an investment component called cash value that typically accumulates based on a minimum interest rate. In most cases, policyholders can withdraw, borrow against or pay premiums with their accumulated cash value before death.

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A no-exam life insurance policy doesn’t require applicants to complete a medical test to be considered for approval and uses accelerated underwriting to approve applicants quickly. Common no-exam options include term life, whole life and final expense, among other policies.

There are two main types of no-exam life insurance. Simplified issue life insurance policies don’t require a medical test but do ask questions about your health and base approval on your answers. Guaranteed issue life insurance policies allow you to skip the test and any health questions entirely, meaning eligible applicants are guaranteed coverage.

If you’re panic about the effect that chronic illness or other health issues might have on your policy premiums, or you’ve been denied regular coverage in the past, no-exam coverage might be your best option. However, it is costlier than a regular policy due to the increased risk the insurer takes on by not knowing your medical records and history.

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