Insurance News

Rescuers Sue Ohio Woman Saved from Flaming Vehicle

posted Aug 3, 2011, 10:09 AM by Ryan Lange

Two Ohio men honored as heroes for their actions after a 2009 car crash are now suing the woman they rescued from a burning vehicle.

The Columbus Dispatch reports the suit filed in central Ohio’s Marion County by David Kelly and Mark Kincaid claims Theresa Tanner was at fault and that saving her left the men with disabling injuries. They’re each seeking upwards of $25,000 in damages.

Kelly tells the newspaper the smoke and fire did so much damage to his lungs that he can no longer carry a laundry basket upstairs in his home. He says he saw hair melting on Tanner’s head and is haunted by those memories.

Court records don’t list an attorney for Tanner. Her husband told the Dispatch the family isn’t commenting.

Life Insurance

posted Apr 9, 2011, 11:52 PM by Ryan Lange   [ updated Aug 3, 2011, 10:06 AM ]

By Sandra Block, USA TODAY
The percentage of U.S. households with life insurance coverage is at its lowest in 50 years, leaving millions of families without a safety net, industry experts say.

Only 44% of households have an individual life insurance policy, and 30% have no individual or employer-provided life insurance, according to a recent survey by LIMRA, an industry-sponsored group. Some 11 million households with children younger than 18 — viewed as families with the greatest need for coverage — have no life insurance.

The drop in insurance coverage comes at a time when premiums for term life insurance are significantly lower than they were a decade ago. For example, a 35-year-old healthy man can purchase a $500,000, 20-year term policy for about $25 a month, according to ING, a financial institution that sells life insurance. Behind the decline:

Allstate Reports High Catastrophe Losses, Increased Revenues for Q2

posted Apr 9, 2011, 11:50 PM by Ryan Lange

Allstate Corp. reported improved underlying profitability across all business lines for the second quarter quarter, but those gains were more than offset by $2.3 billion in record second quarter catastrophe losses.

Allstate reported a net loss of $620 million, compared to a year-earlier profit of $145 million.

The company’s combined loss ratio for the first six months of 2011 was 88.7. However for the second quarter, it was 123.3, reflecting the catastrophe losses of $2.3 billion, or 36.2 points. During the period, Allstate experienced 33 catastrophe loss events including five tornadoes, three wildfires and 25 wind/hailstorms.

“Our key profitability benchmark continued to improve,” said Thomas J. Wilson, chairman, president and CEO. “We also advanced our strategy of broadening our profitable protection relationships by offering differentiated products tailored to the needs of specific customer segments.”

The company said its strategy of raising prices in New York, Florida and elsewhere to improve profitability has hurt growth in policies but this was expected. Allstate Protection’s policies in force declined slightly when compared to the prior year quarter, as a 0.6 percent reduction in Allstate brand standard auto and a 3.9 percent reduction in homeowners were only partially offset by increases in specialty lines and Canada.

Premiums written declined 0.9 percent for the second quarter of 2011 compared to the prior year second quarter, reflecting declining policies in force and lower average premiums. Policies in force declined by 0.6 percent compared to the second quarter of 2010, as the level of new policies issued was not sufficient to make up for policies not renewed. New issued applications declined 5.2 percent in the quarter when compared to the prior year quarter, while retention improved to 89.2 from 89.0 in the second quarter of last year. Average gross premium decreased 0.5 percent in the second quarter of 2011 when compared to the second quarter of 2010, in part due to customers electing lower coverage options.

Allstate brand standard auto combined ratio was 98.2, or 3.7 points higher than the second quarter of 2010 due to a 4.7 point increase in the impact of catastrophe losses. Allstate brand standard auto underlying combined ratio was 93.6 in the second quarter of 2011, compared to 94.1 in the second quarter of 2010.

Allstate brand homeowners premiums written increased 2.6 percent in the second quarter of 2011 compared to the same period a year ago, as a 6.0 percent increase in average gross premium was partly offset by a 3.9 percent decline in policies in force. Rate increases averaging 6.0 percent were approved in 18 states during the second quarter, as Allstate continued to take actions to improve homeowners returns. Catastrophe losses impacted the Allstate brand homeowners combined ratio by 123.2 points in the second quarter of 2011.

On July 18 the company announced that the president of its Allstate Protection auto and home subsidiary was leaving the company immediately. The company gave no explanation for the departure of Joseph Lacher, a former Travelers executive who led the unit selling auto and homeowner’s insurance since November 2009.

posted Jan 25, 2011, 8:19 AM by Ryan Lange   [ updated Aug 3, 2011, 10:08 AM ]

A New Way To Rob You

posted Jan 25, 2011, 8:03 AM by Ryan Lange   [ updated Jan 25, 2011, 8:23 AM ]

You approach your vehicle from the passenger side to place a computer bag in the front passenger seat. When you reach to open the door you notice there is a hole right under the door handle. Your first thought may be, "someone has shot my vehicle!"

What has actually happened is that a thief used a punch and placed it right under the door handle, knocked a hole through the door, reached in and unlocked it. Just as if they had the key. No alarms, broken glass, or anything. This thief has done the most subtle of break-ins. You may not have noticed anything missing. Your GPS is still mounted on the dash, the CDs in their place, and your other belongings all accounted for. You think nothing of it. But what really happened is that this thief was so subtle that you don't even realize he looked at your GPS to see where "home" is. Now he knows what you drive and where you live.

The thief goes to your home, and if your vehicle isn't there assumes you aren't and breaks into your home. He leaves a purse or wallet and only takes one or two credit cards. By the time you realize there has been a theft, he may have already had a couple of days or more to use them.

These types of crimes are on the rise. Periodically walk around your car and inspect it. You’ll want to especially do this after you park in a shopping center or other large parking area. This technique is usually performed on the passenger side of the vehicle so it may not be immediately noticed. And because of how it is done, the thief almost always relocks the vehicle. If you are a victim of this type of crime remember to report it immediately to the police and insurance company. Check your bank for missing check numbers and fraudulent activities with your checking and credit cards.
Please see the attached picture of the hole punch in the car door.

posted Jan 25, 2011, 8:03 AM by Ryan Lange   [ updated Jan 25, 2011, 8:39 AM ]

Ohio Home Care Costs Rising In Line with National Levels, Increases in Assisted Living Facility Costs Outpace National Rate

posted May 4, 2010, 10:26 AM by Mike Braun   [ updated Sep 19, 2010, 7:55 PM by Ryan Lange ]

 According to Genworth's 2010 Cost of Care Survey, home care costs in Ohio are rising at a rate in line with national levels. Costs have risen 2 percent annually both in Ohio and nationally over the past five years. However, assisted living costs have risen 10 percent annually over the same period in Ohio. This compares to a rate of 7 percent nationally(1) (see also Genworth Financial).

This is important to note given that a majority of Americans prefer to receive care in the home. According to another Genworth survey conducted earlier this year, when asked to identify the setting most preferred to receive long term care, 78 percent chose the home; 18 percent chose assisted living, and only 2 percent selected a nursing home.(2)

"Long term care is not just about nursing homes anymore," said Buck Stinson, President, U.S. Life Insurance Products at Genworth. "For many Ohio residents, the ability to live independently is critical to maintaining quality of life. Preparing for the expenses associated with one's preferred type of care is a key factor in retirement planning," he added.

Now in its 35th year of providing Long term care insurance to American families, Genworth's annual Cost of Care Survey helps raise public awareness of the costs associated with various care options across the U.S. In Ohio, the survey includes information on long term care costs in 13 regions.

Ohio Cost of Care Survey Findings

Home Health Aide Services (Licensed)

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