Wackiest Insurance Claim Stories

High Heels, Leaf Blowers, Toilet Paper Factor Into Eye-Opening Claim Scenarios

All in a day’s work: claims adjusters step up when unusual claims fall in their laps

It seems each year, in seeking out the weirdest and most wacky insurance claims, animals have a starring role in circumstances that lead to strange calls to insurance companies.

This year is no different—animals again feature prominently. But the most unusual claims this year also involve toilet paper, invisibility potion, and an unfortunate incident involving a high-heeled shoe and an eye.

“We have clients that, you can say, like to throw some wild parties,” says Pete Pietrowski, head of claims for Chartis Private Client Group, an insurer of high-net- worth clients. Apparently, one party had many guests, both upright and horizontal.

“One of the guests, a woman in high heels, stepped back and onto the face of a guy who I guess was passed out,” Pietrowski continues. “He lost the eye.”

Pietrowski’s stories illuminate a point: money does not equal brains, but it can amount to big payouts for Chartis, even if the company does everything it can to prevent it.

Property RISK MANAGEMENT GONE BAD

The company works with clients to fortify homes against windstorms, and it worked brilliantly with one policyholder whose house did survive a bad storm, Pietrowski says. That is, until he chose to light some candles after the storm since the power was out. Then he went out.

“The windows were opened and the curtains swayed in the breeze,” he tells. “The house survived the storm, but not the fire. The guy has backup generators now.”

Another policyholder after a storm decided to try and drive through some flood water. He made it, but the inside of his car was soaked.

“He thought it would be a good idea to use a leaf blower to dry the floor mats,” Pietrowski says.

The insured propped the gas-powered blower up inside the car aimed at the floor and went in the house to take a shower. Some time elapsed and, in the end, Chartis was paying a $3 million claim for damages to the car and the home, Pietrowski says.

The leaf blower caught fire, and the car was parked in the garage. By the time the policyholder smelled smoke, a wing of his home was charred.

CLAIMS GO TO THE DOGS

Speaking of garaged, expensive cars (and returning to yearly animals-make-for-good-unusual claims stories):

“An insured went out of town and let his friend stay at his house to watch his dog,” says American Collectors Insurance via e-mail. “The insured had a 1969 Camaro with a very shiny new paint job. The dog got into the garage and, seeing his reflection in the car, started to scratch at the car frantically—apparently perceiving his own reflection to be another dog.”

“The dog scratched around the car, damaging both door panels and the front and rear quarter-panels, while trying to get at his reflection,” continues the insurer of collector vehicles and collectibles.

Pet health insurance provider Veterinary Pet Insurance Co., part of the Nationwide Insurance group of companies, gives out the Hambone Award each month to the policyholder with the quirkiest claim. The award is named after an insured dog that got stuck in a refrigerator and ate an entire ham while waiting to be freed.

Last year one dog, prone to snapping at the vacuum, lawn mower and other loud equipment, met its match when she attempted to take a bite of a running chainsaw. A happy ending later, Darci lucked out with a few stitches. No word on whether she learned her lesson.

Half A Cow, Multiperson Underwear

Sometimes it isn’t the circumstances of the claim but the actual items that are allegedly lost or damaged that cause a rising of the eyebrow, a smirk and a giggle.

Enservio of Needham, Mass., helps carriers and adjusters valuate and replace content items. In doing so it racks up enough scratch-your-head items to come up with a yearly top-10 list of weirdest content claims.

The list in 2010 included invisibility potion, 3.7 miles of plastic wrap, multiperson underwear (motto: “Half the fun is getting in them…the other half is up to you.”) and a flamethrower.

The list also includes half a cow and a “tub of melted stuff.” The firm could not elaborate on which half of the bovine or what kind of “stuff.”

Flies, Drag Queens

Unusual claims are not limited to personal property. Liability claims provide more than enough fodder for seekers of a claims-related chuckle.

“An individual walking on a sidewalk filed a claim and said the ice and snow was not adequately removed from an apartment complex, which caused him to break his ankle,” recalls Melanie Elias, director of claims for Burns & Wilcox and its in-house third-party administrator, Minute Man Adjusters. “He left out the fact that he was dressed in drag and high on cocaine.”

In another case, a man out to dinner with his wife in Texas said he saw a fly in his wife’s salad and filed a claim because he became ill after seeing the fly.

“I thought it was a joke at first,” says Alda Southard, senior adjuster with York Risk Services Group of Parsippany, N.J. “He claimed he suffered from hypertension and anxiety—that he couldn’t eat anymore at restaurants.”

The wife, says Southard, also allegedly suffered damages since she got nauseous.

“We denied the claim, based on the fact there was no injury,” Southard concludes. “No one actually ate the fly.”

Iveley Donat, casualty adjuster with York, says he recently denied a claim from a man claiming he got whiplash in a restaurant when he turned quickly after a server dropped a tray.

Donat also denied a claim from a man who sliced his finger while cutting into a steak at a restaurant.

“He claimed the knife was jagged and too sharp,” deadpans Donat.

Yet the winner from York might be the woman who filed a claim and said she received injuries when a roll of toilet paper fell on her lap while she was…well…you know.

Yeah. Claim denied.

 

Article originally published on JUN 10, 2011 | BY CHAD HEMENWAY

original link PropertyCasualty360.com

Buying A Car on the Weekend

Get a good rate with an agent at BenTrust Insurance Miami.

As originally printed on All State.

Make Sure You Have Liability Coverage

Every state except New Hampshire requires drivers to have liability coverage, according to the Insurance Information Institute (III). Typically, liability coverage helps protect you, as the driver or policyholder, if you’re at fault for an accident and you hurt someone or damage someone’s property as part of a covered incident, according to the III. (In New Hampshire, drivers must show they have sufficient funds to cover any losses in an “at-fault” accident.” In Florida, the required insurance includes property damage liability and personal injury protection.)

Can You Apply Your Current Policy?

If you decide to purchase a car during the weekend and your insurance agent isn’t available to set up coverage for your new auto, you should be able to take possession, under the following conditions, according to Laura Peterson, communications coordinator at the National Association of Insurance Commissioners (NAIC):

• You already own a vehicle;
• You are paying cash;
• You have a clause in your policy granting a 30-day window to report a new purchase.

If you only carry liability for your old vehicle, you will not have collision coverage nor comprehensive coverage for the new one until you add those coverages, says Peterson. The coverage on your new vehicle will match that on your old vehicle.

Find Out Coverage Requirements for Financing or Leasing

The scenario may change for those who are financing or leasing a car. Typically, you will have to show proof of insurance to your dealer to be able to take possession, according to David Kelleher, senior property and casualty insurance specialist at the NAIC. In this case, a weekend purchase could delay your ability to drive home in your new vehicle if you have not arranged specific coverage for that vehicle in advance.

If you only carry liability coverage on your current vehicle, the dealer is likely to require you add collision and comprehensive to help ensure the lender’s risk is sufficiently covered, says Peterson.

Get a quote from BenTrust today www.bentrust.com

Read the Fine Print for Your Loan or Lease

Leasing contracts also may contain a so-called “forced place” clause. This allows the leasing company to arrange for insurance and add it to your monthly fee, if you don’t provide proof of insurance within a specified window, says Kelleher.

You may also want to consider buying GAP coverage if you’re financing or leasing your car. This type of coverage can cover the difference between what you owe on your vehicle and what your vehicle is worth at the time of an accident or theft.

When it comes down to it, if you know you’re in the market to buy a car and you’re planning on visiting a dealership over the weekend, consider talking to your insurer to confirm that you’re prepared to make a purchase should you find that perfect vehicle.

Renters Insurance – Its The First Of the Month

Those who are looking for renters insurance in Miami, FL and surrounding counties,can find BenTrust Insurance Agency offers the right polices for everyone.

More and more landlords are requiring their tenants to have their own renters insurance in Miami. With this kind of policy, landlords get to have additional protection should an injury or accident happen on their property. BenTrust Insurance Agency is the premier provider of this special policy in Miami-Dade, Broward, Palm Beach and beyoned.

It can be very unfortunate every time a renter experiences an unexpected tragedy of a fire or break-in and things can get worse if they do not have insurance protection. This is something that no one wants to experience and there is no reason for you to go through this, especially now that renters insurance in Miami, FL is already made available. Easy, fast and affordable, this policy can bring a host of benefits to each and every renter around the area.

There are a lot of reasons why it is highly recommended to consider getting a renters insurance. For starters, renters are prone to different risks for their personal property such as theft, vandalism, fire, hurricanes and so much more. The best renter’s package will be able to render the highest level of protection for this kind of risks. This also eliminates the need to spend more for the replacement of clothes, computer, furniture, stereo, and other valuables that can get stolen or destroyed.

Renters also face the risk of lawsuits as the result of injury that they can cause to other renters. Good examples include an accidental slipping and falling on wet floor or your pet biting another tenant.

We offer you better peace of mind in knowing that your property is well insured. For those who are interested in getting a quality renter’s insurance policy, the perfect place to start is to visit our website www.benTrust.com for a same day response.

Consumer Guide To Group Health Insurance

What is employer group health insurance coverage?

Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees’ family members) as a benefit of working for that company. A group health insurance plan is a key component of many employee benefits packages that employers provide for employees. The majority of Americans have group health insurance coverage through their employer or the employer of a family member. One of the advantages for employees in a group health plan is the contribution most employers make toward the cost of the health coverage premium – in many cases, employers pay one-half or more of the monthly premium for an employee. Another advantage is that most employers have established Premium Only Plans (often called POP plans) that allow employees to pay any employee-required contributions to premiums on a pre-tax basis. Between the employer contributions, which aren’t taxable for employees, and the POP plan, employer-provided health insurance is significantly subsidized due to these tax breaks.

Are all employer group health insurance policies the same?

Historically, insurance has been regulated in large measure by each state. Therefore, the laws regarding health insurance offered by the different types of employers can vary significantly from state to state. However, with the implementation of the Affordable Care Act (ACA), the federal government also regulates insurance. This is particularly true for individuals purchasing coverage on their own as well as for smaller employers with 50 or fewer employees.

Also, different types of employers may offer different benefit plans. Millions of Americans work for small employers, which for health insurance purposes are generally those with 50 employees or less. Millions of other Americans get their health insurance coverage through large employers. Generally, those are businesses with more than 50 employees. The laws about how coverage can be issued to large groups are different than those for small groups, and the way that premium rates are determined is also different.

What are the coverage requirements for small employer plans?

At this time, small employers are not required to offer health insurance to employees. Many do so because they believe that health insurance coverage is a valued employee benefit that helps employers attract top employees and retain them. State and federal laws apply to varying degrees – again based on factors including the number of employees, the type of business and whether an insurance company is providing the coverage.

The Affordable Care Act requires that insured small group plans offer health plans that meet certain benchmarks. The benchmarks are represented by the metal levels of platinum, gold, silver and bronze. Each metal level tier plan is designed to provide the same average level of benefit to an enrollee.

The tiers are based on the percentage the plan pays of the average overall cost of providing essential health benefits to members:

• Platinum plans are the most generous and more expensive. These are designed to pay as much as 90% of medical expenses
• Gold plans are designed to pay 80% of medical expenses
• Silver plans are expected to pay 70% of medical expenses
• Bronze plans are expected to pay 60% of medical expenses.

It’s important to note that the metal tiers reflect what the plans will pay on average. These percentages are not the same as coinsurance, which calls for an individual to pay a specific percentage of the cost of a specific service.

There are other myriad requirements that apply to group health in addition to those required by the ACA. There are laws that address benefit communications (ERISA), claims appeals (ERISA) and portability of coverage (HIPAA) among others.

Both the ACA and the federal HIPAA law mandate that no matter what pre-existing health conditions small employer group members may have, no small employer or an individual employee can be turned down by an insurance company for group coverage. This requirement is known in the insurance industry as “guaranteed issue.” In addition, each insurance company must renew its small employer health plan contracts every year, at the employer’s discretion, unless there is non-payment of premium, the employer has committed fraud or intentional misrepresentation, or the employer has not complied with the terms of the health insurance contract.

Small employers may purchase insurance plans that are provided through the new SHOP markets operating in each state or in the market outside the SHOP. Health insurance plans that are offered in the SHOP exchange are generally also available in the market outside of the SHOP. It’s important to note that an employer that wishes to claim the Small Business Health Insurance Tax Credit must purchase a SHOP-based plan.

Your state’s Department of Insurance or other state agency that regulates insurance in addition to a professional insurance broker licensed to sell and service insurance in your state is also a good resource for information.

How are premium rates determined for small group employers?

Premium rate determination with the advent of the ACA is significantly different than has been the norm in many states prior to the ACA law. Small group insurance plans are now rated as modified community rating.

With modified community rating, health plans may vary the community rate based on limited factors such as age, geography or smoker status.

Example:

With modified community rating with a variation for age, the rate is higher to insure the 55-year-old male smoker with cancer and a heart condition. However, the insurer would have to use the same rate when calculating premiums for the healthy 27-year-old male as it would for a male employee who is the same age but suffers from juvenile diabetes.

Depending on the rules applicable in a state, employers may be able to provide their employees with choices of different insurance companies; different plans within a metal tier or choice of different plans at different metal tiers.

What are the coverage requirements for large employer groups?

Large group health insurance contracts also have to be offered on a guaranteed-issue basis, so a health insurance company cannot reject a large employer group based on its claims history. No individual employee who is eligible for benefits can be excluded from large group coverage based on medical history. Federal law mandates all group insurance contracts, including large group contracts, be renewed every year at the employer’s discretion, unless there is non-payment of premium, the employer has committed fraud or intentional misrepresentation, or the employer has not complied with the terms of the health insurance contract.

How are premium rates determined for large employer groups?

Large group health insurance is medically underwritten at the time of purchase, with rates based on employee participation and prior claims experience, if available. In a large group employment situation, employees are not generally asked to fill out a medical questionnaire prior to obtaining coverage. The employees may be asked some limited medical questions depending on the employer size and whether the employer has a record of claims experience. The health insurance company bases annual premium changes for large employer groups primarily on the claims experience of the group in past years, as well as any overall increases in the cost of providing health insurance coverage. An example of such costs would be changes in laws that may impact operating expenses.

Who regulates employer group health insurance plans?

Many employer-based health insurance plans are fully insured by a health insurance company. This means the employer contracts with a health insurance company to provide its employees benefits, pays premiums for such coverage, and the insurance company assumes all claims risk. The states regulate fully insured group plans. Implementation of the ACA gives the federal government more authority over larger group health insurance plans than has previously been the case. ACA governs provisions ranging from employee waiting periods before coverage begins to the types of preventive services that a plan must offer.

However, larger group health plans (usually several hundred employees or larger) may choose to either fully or partially self-insure their group benefit plans. This is also called self-funding. This means that instead of paying health insurance premiums to a company, the employer sets a pool of funds in reserve and assumes the risk for health benefit claims. Companies that self-insure generally buy what is known as a stop-loss insurance policy to protect the employer’s assets against losses above a certain threshold. They also contract with either a third-party administrator or a health plan to administer benefits and handle claims.

Many employees of companies that self-fund coverage do not even realize that their plan is self-funded by their employer. Self-funded – and in fact, all employer-provided health benefit plans – are regulated federally by the Department of Labor under the Employee Retirement Income Security Act of 1974 (ERISA), so they are sometimes known as ERISA plans. If employees are uncertain whether they are covered by a fully insured (and state-regulated) plan or a self-funded (and federally regulated) plan, they should ask their employer.

A self-funded plan does not have to meet all of the insurance laws and requirements imposed by a state. If a state mandates coverage for a medical service or treatment, e.g., in vitro fertilization, a self-funded plan providing coverage to employees in that state would not have to provide the in vitro fertilization coverage.

Is employer group health insurance available to sole proprietors?

Some states define a small employer group as those that have 1-50 employees, but most states require companies to have at least two employees to qualify for group coverage. Insurance companies and the individual states often have specific and strict requirements for very small employer groups to document that they actually are legitimate businesses and have the appropriate number of eligible employees to prevent fraud. Employers generally have to provide payroll tax documentation validating who is an employee.

In the past, some states that allowed sole proprietors to purchase group coverage were often referred to as states that guarantee coverage for “business groups of one.” The ACA has eliminated this option of “business groups of one.” Instead, these business owners have been directed to purchase coverage in the individual market whether through the marketplace or outside the marketplace.

What rights do I have if I lose access to my employer group health insurance coverage?

Millions of people who lose their group health insurance coverage due to a job change, divorce, job loss or other reasons are able to keep their group coverage, at least temporarily. Most people who are able to continue their group health insurance benefits are eligible to do so according to the federal Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). However, COBRA does not apply to all employers, and many states have mandated other continuation-of-coverage options for people who are not covered by COBRA. In some states, continuation coverage mandated by the state may be more generous than COBRA. The benefit summary booklet provided by the employer may provide details about continuation coverage or who to contact for additional information.

Also, many people leaving group insurance will have the option to enroll in individual coverage. Depending on the individual’s circumstances, they may be able to qualify for a special enrollment period to enter the individual insurance exchange and apply for a subsidy. However, once a person enrolls in COBRA or state continuation, their options to purchase individual coverage are more limited. Once COBRA coverage has begun, a person can only enroll in individual coverage during the individual annual open enrollment period or at the end of their COBRA coverage.

10 HR Trends You’ll See In 2016

The rise of technology and social media have completely redefined the role of Human Resources around the world.

To understand what the future holds for HR professionals around the world, at P World, we spent the last month talking with over 60 international HR experts, discussing their ideas and predictions for the year ahead.

The conclusion- 2016 is going to be one of the most complex years in the global HR world.

1. Data driven recruiting.

Data-driven recruiting will definitely be a trend that will gain more traction in 2016. Access to data is getting easier and cheaper with new technology and professional network platforms. Talent acquisition leaders can arm themselves with data and become very strategic in their decisions. For instance, build talent pools using data helps recruiters enhanced their understanding of the market and be more efficient.(Maud Durand, Strategic EMEA Sourcer, Facebook)

2. Relationships not programs.

HR continues to be about relationships rather than programs and a deep understanding of the business. The key skill set for future HR people will be how to effectively understand and manage the impact of mergers, demergers and globalization. These changes have profound impact in the workplace. (Jenny Arwas MBE, Formerly Director, BT Group Functions HRBT)

3. Keeping the skills of your workforce up to date.

In 2016, keeping the skills of your workforce up to date in this fast-changing world

will be more important than ever. Many companies immediately turn to an external training firm but it is worth thinking about the expertise and experience already in your company and how you can tap into this for the benefit of the rest of your staff. Your younger employees, for example, probably have knowledge of social media which an older generation might struggle with, reversing the traditional hierarchy of skills. Harnessing this peer to peer learning can be an efficient and cost effective way of increasing skills, and the knowledge transferred is likely to be relevant because it is delivered by people who understand your organisation’s culture. (Anne Morrison, Chair, British Academy of Film and Television Arts)

4. Employee engagement and culture as top priority.

The new era of change is expected. Current economic climate demands smarter operational methods of business. The challenge to stay ahead of global demographical shift and growing competition seems to lean towards one common theme, Employee Engagement interconnected to Culture. The fact that Employee Engagement may have not been the center piece historically has a distinctive strategic place in business today. Executives must place Employee Engagement and Culture as their top most priority in 2016. This growing necessity has benefits and those that embrace will be victorious. Secondary to this theme is Leadership, having the right people that know how to lead teams, inspiring them on a journey to success and on the way creating an exemplary brand. Further, learning and development which forms the foundations of the brand has an equal foothold in this highly commercialized world. This triangulated theme is NEW revised HR Trend in 2016. Be in it to win it!” (Ravi Singh, Founder of Bluefin Consultancy [Bridging Knowledge and Performance])

5. Improving the employee experience.

I believe that HR is starting in new journey in terms of focusing. We have been dealing with HR transformation for the last 10 years, implementing new technology to streamline our processes. The time has come to focus on improving the Employee Experience.

Marketing and sales departments have to improve & develop the customer experience in order to increase market share and revenue. Our employees at every level have seen this improvement and are now looking forward to seeing this improvement not only

focus on external customer but also internally to improve their journey.

Every function has implemented new processes without looking at the big picture in terms of employee journey and it has become a painful process between financial / HR / IT / Procurement / Benefits processes. All those departments are using different technology / workflow and documentation to perform the task that they have transferred in the last decade. Improving the Employee Experience in a challenging environment will drive engagement and retention. (David Lamy, Lecturer Human Resources, Paris-Sorbonne University)

6. Focus on well being and resilience.

Wellbeing and resilience continues to be a big area of focus for us. For us this means physical, emotional, mental and purposeful wellbeing. We even provide free counseling with an external expert provider for employees and their dependents.

As Europe becomes even more volatile and uncertain in terms of socio economic indicators, the pressure on individuals becomes even more challenging. Individuals are pushed to deliver ambitious growth targets at work and at home there can be struggles with unemployment (partner or child), financial pressures like the mortgage, loans etc.” (Julie Hudtohan, Global HR for HR Director, Unilever)

7. Developing the human side of the business.

Most organisations with the ability to thrive in today’s dynamic business environment are struggling because they don’t empower people or tap into their full potential. While success in the 20th century was driven by process, structure and encouraging people to function more like machines, success in the future requires us to make more

of the human side of business. Humans have evolved to deal with uncertainty through collaboration, cooperation and using conflict in a constructive manner. Businesses need to encourage their people to develop mindsets geared towards connection, conversation and experimentation. Curiosity is crucial: we need to continually question whether we are doing things simply because that’s how they’ve always been done and seek new perspectives to identify potentially better solutions. While different departments and reporting lines provide clarity of role and accountability, they also create artificial barriers that block progress. Organising people into silos of similar skills and functions reinforces the patterns required to solve simple and even complex problems, but discourages them from working with other departments or people outside of the business. It does nothing to encourage the kind of conversations required to solve the major problems we face today. Businesses also need to redefine how they view fear and failure. Most of us allow fear to control of our lives. The key to eliminating it is to take back that control and look behind the self-imposed curtains our fears create. ( Annemie Ress, Former Global HR Director, eBay and Skype))

8. Big data analysis.

The biggest HR Trend 2016 will be predictive data analysis. We’ve talked about big data for some time and now it’s time to start to act on that data and put it to use.(Johannes Sundlo, HR Controller, Spotify)

9. Consolidation of businesses.

As for the HR Trend for next year I believe that Consolidation of Businesses will continue and the envrionment will stay challenging for most of the industries. As such HR effectiveness and effectivity paired with analytics on the one hand and on the other hand I believe we are going to have more and more challenges with Generation Y and how to become the most attractive employer for the future workforce. ( Kerstin Knapp, HR Director, Richemont)

10. Reinventing performance reviews.

I think the hottest topic now is reinventing performance reviews, including dropping performance ratings. A number of companies like Accenture, Deloitte and others have already done it. GE is piloting. Another one is abolishing individual bonus. GSK have also done some very interesting things. (Bjarte Bogsnes, Vice President Performance Management Development, Statoil)

Originally published on Huffington Post and written by Kosta Petrov.

Keeping New Year’s Resolutions Could Lower Your Life Insurance Costs

While most people make New Year’s Resolutions when the first day of January rolls around, not everyone sticks to these resolutions all year long. But maybe people would try harder to keep their resolutions if they it could save them money by lowering their life insurance costs!

People make a large variety of resolutions, but in this article we will focus on three of the most common New Year’s resolutions and explain how keeping them may lower your life insurance rates.

Weight Loss – It Can Save You Money on Term Life Insurance

Most life insurance companies take your basic build into consideration when determining insurance costs. Your build is your height to weight ratio; if you weigh too much for your height, you may find that your rates will be higher. However, take this in moderation. Being 10-15 pounds overweight (if you have no other risk factors) is unlikely to affect your costs. But, if you are more than 30 pounds over the ideal weight (as determined by the American Medical Association) for your height, your life insurance costs will probably be significantly higher.

With the percentage of American adults that are considered overweight is increasing at an alarming rate, it is more important than ever to keep yourself fit and healthy. Nearly 20% of U.S. adults are considered obese, and obesity, along with other underwriting factors such as blood pressure and cholesterol, can lead to a number of serious health problems–not to mention higher health insurance rates.

To be considered for preferred term life insurance rates, it is important to keep your height to weight ratio at or near the normal range for your body type. If you have lost weight and kept it off, be sure to let your company know. If they won’t lower your rate after you’ve dropped a few pounds, it might be time to shop around for a policy that will by comparing free term life insurance quotes at InsWeb.com.

Reduced Alcohol Consumption and Life Insurance Rates

Alcohol’s impact on your life insurance costs is a bit harder to determine than some other underwriting factors. First of all, many people may not consider themselves alcoholics or even heavy drinkers, and therefore will not disclose their drinking on the application. Also, while most life insurance companies have a specific definition for an alcoholic, many don’t clearly define a “heavy drinker.” Both conditions carry the possibility of higher life insurance costs.

There are a few ways insurers find out whether your drinking is heavy enough to negatively influence your health. They start off by looking at your application. For example, on a life insurance application, the first question that refers to alcohol asks whether you’ve been convicted for driving under the influence in the last five years.

DUIs and Life Insurance Coverage

If you’ve been convicted of a DUI, it is obviously a major red flag to life insurance companies. When applying for life insurance, keep in mind that the life insurance company will check your driving record to see if you’ve been convicted of a DUI, so it’s important to be truthful on the life insurance application. Even worse, if you pass away and it is found that your application contained false information, your policy may be terminated, in which case your beneficiaries will not receive benefits.

Another way insurers find out if your use of alcohol is negatively impacting your health is through your life insurance medical exam. Medical exams, which are used by insurers to evaluate your overall health, are always scheduled before your new life insurance policy takes effect. These medical exams usually include a blood test, and most insurers will screen for extremely elevated liver enzymes, which can signify heavy drinking (elevated levels of liver enzymes aren’t always caused by alcohol, they can also be caused by certain illnesses and prescription drugs).

If you are undergoing treatment and successfully combating your alcoholism, your rates can level out over time, especially if there has been no history of–or treatment for–alcohol abuse in over 10 years (in fact, if this is the case, you may even qualify for preferred rates). If you are considered a heavy drinker but your liver enzyme levels are not elevated and you’ve never been convicted for driving under the influence, you may notice no increase in your costs, especially if you shop around for coverage.

Group of New year Resolutions written on Post it Notes

 

Kicking the Smoking Habit and Life Insurance Savings

When is a consumer considered to be a smoker? Again, while this can differ from company to company, most people are considered a smoker if company-determined levels of nicotine are found in the urine of the applicant (urine tests are a part of all mandatory paramedical exams a consumer must undergo before a life insurance policy can be issued). While some companies mandate that any amount of nicotine found in the urine classifies a consumer as a smoker, other companies do not count trace amounts of nicotine that can be found from smoking the occasional cigar or tobacco pipe or from chewing tobacco.

When is a Term Life Insurance Consumer Considered to be a Non-Smoker?

Some companies may offer consumers who smoke less than 12 cigars a year or occasionally chew tobacco preferred rates. Among cigarette smokers, some companies differentiate between moderate and heavy usage, and charge moderate or light users less than they would heavy users. Many use the differentiation of “standard” and “preferred” tobacco users. You’ll usually fall into the preferred category if you smoke but are otherwise healthy (with regard to weight, blood pressure, and cholesterol, etc.).

What if a Smoker Eventually Quits? Term Life Insurance Benefits?

Each company has its own guidelines for how long a consumer must be free of tobacco to qualify for non-smoker rates. Some offer graduated scales, with rates that drop the longer you stay tobacco-free. At many companies, smokers who get insurance and then quit may be able to qualify for non-smoking rates after a certain amount of time passes (the length of time required varies by company, but can be as short as one year). If you have been tobacco-free for a year or longer, it might be a good idea to shop for a new term life insurance policy. Not only could you qualify as a non-smoker and see preferred or standard non-smoker rates, but life insurance prices have been decreasing over the past several years, and you might just be surprised by just how low your rates could be!  Find out what rates you can get for you and your business; call us at 305-444-8350.

Tis the Season!

From all of us at BenTrust we wish you a Merry Christmas and Happy New Year!

Merry Christmas and Happy new Year!

Why You Should Buy Life Insurance During The Holidays

 

Have you ever considered Life Insurance to be a gift?

No it doesn’t come wrapped in a box with a big bow. And it’s not all that exciting. But, in my opinion, it really is the gift that keeps on giving.

Life Insurance has gifted families in so many ways. After the loss of a breadwinner, children have been able to go to college without debt. Parents have been able to stay at home with their children without needing to go back to work. Homes have been paid off and long-term dreams have been realized.

All because a family member made the decision to purchase life insurance.

No one wants to think about this coverage, but if there is someone out there counting on your income and support right now…then you need it.

And we can help you make it extremely easy and affordable. In fact, studies have shown that most people overestimate how much life insurance by as much as 10x it’s actual cost! There are options for everyone.

So why think about it now?

If you currently don’t have any life insurance or you only have it through you work, then it’s time to come in and talk with us. We can look at all of the options and find the best solution for your family.

And if you’re struggling with what gifts to buy at Christmas….then look no further! Your family members don’t need another sweater they’ll never wear or a new set of pots and pans. They need long-term peace of mind and protection.

Let us help you gift that today. Email us today info@bentrust.com or call 305-444-8350.

10 Steps to Protect Your Business During The Holidays

The holidays aren’t just an important time for many small businesses, they’re downright essential. And unfortunately, along with the holiday rush comes an increase in risks from a variety of angles. Both security and safety concerns are more pressing not only with customers, but from your employees as well. But don’t take our word for it, we’ve put together the following list our 10 favorite articles to help you prepare for the worst, so you can make the most out of your business this holiday season:

1.  Maximize holiday sales and profits – There’s a good reason we put this article first: Because first and foremost, if the holiday shopping season means a lot to your business, you can’t afford to focus on anything else until you’ve optimized the core of your business for the holidays. But perhaps more importantly, once you’ve maximized your business efficiency for this time of year, taking care of security and safety concerns is made that much easier. If you haven’t already, start here – http://www.bentrust.com
2. Focus on customer service – Next on our list still isn’t a matter security or safety as it is a reminder that your customers always come first. Safety and security are great, but when they’re at the cost of customer service, you still lose. This Q & A is a smart article that provides great tips and ideas for ways to keep your customers happy and can serve as a reminder that safety, security, and customer satisfaction aren’t antonymous.
3. Take safety measures to prevent injuries – Obviously winter conditions add ice and snow into the mix during the holidays for some geographical areas, but other than that the biggest concern for safety is with the potential for large crowds. Because every business must deal with the specifics of this challenge in their own way, we enjoyed this article for providing three basic ways a business must prepare in order to have a smooth and safe holidays for both customers and employees alike.
4. Prevent shoplifting and employee theft – Because of added crowds and inventory, the holidays are ripe with opportunities for theft. Not only from shoplifters, but from employees as well. Holiday theft is at a high point during the holiday season. This article is one of our all time favorites for taking active measures to prevent your business from being effected by such activity.
5. Tips for thwarting shoplifters during the holidays – From the article: “The National Retail Federation estimates that retail theft now accounts for more than $40 billion per year in losses” That’s why we also included this article with some more great tips for dealing specifically with shoplifters during the holidays. It’s that important.
6. Beef up store security for the holidays – Shoplifters aren’t the only things you need to be wary of. Because of robust inventories, burglars have a greater temptation to try and take on retail stores during the peak of the holidays. Improving security can both deter and prevent burglaries as well as those pesky shoplifters as well.
7. Beef up website security for the holidays – More and more shoppers are turning to online stores to get their holiday shopping done. And as this trend continues, so will the increased need for online security measures for those stores. Hackers are on the lookout for easy ways to steal identities, credit cards, and even cash or merchandise. Whatever they can get their hands on. If you have an online presence, especially if you rely on it for your holiday profits, you can’t afford to skimp here.
8. Prevent employee embezzlement – Employee theft is a big problem during the holidays as well. But more than just merchandise theft, employees have access to other major assets (like cash) too. The need for money means that the holidays doesn’t just provide extra opportunity but additional motive for theft. And because we aren’t just talking about merchandise, it isn’t limited to just retail shops. This article provides some great advice for preventing and catching this unfortunate situation.
9. Awareness and prevention of other types of fraud – Theft isn’t the only way criminals attempt to take from a business. There are a number of scams and frauds that people (and groups) will try to get the better of your good graces, especially during the holidays. The first step to stopping these kinds of advanced crimes is to be aware of them. Then, take proactive steps to make sure you and your employees don’t fall victim. Here are some of the more common types of fraud you may see during the holidays.
10. 2 more tips for protecting your business during the holidays from the NFIB – Finally, during our research for this post we came across this article by the National Federation of Independent Business that we felt we needed to include. The first two tips in the article we’ve already covered, but the last two: identity theft and charity scams are certainly areas that businesses need to be wary of more this time of year than any.

Always remember BenTrust Insurance is here to help you understand the importance of good insurance coverage for you and your business.
Give us a call today to find out more 305-444-8350.

Happy Holidays!

Happy Hanukkah from BenTrust Insurance

From our family to yours, we wish you a very Happy Hanukkah!

The eight-day Jewish celebration known as Hanukkah or Chanukah commemorates the re-dedication during the second century B.C. of the Second Temple in Jerusalem, where according to legend Jews had risen up against their Greek-Syrian oppressors in the Maccabean Revolt.