INSURANCENET.INFO

Nov. 23–HINTON — A representative from the West Virginia Association of Counties, Paul White, appeared before the Summers County Commission Monday to discuss the benefits of life insurance for county employees.

White told commissioners that the association has endorsed additional insurance programs starting in 2000 with self-funded vision and dental.

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Banks and life insurance companies stepped up lending on commercial properties in the third quarter of this year, according to the most recent survey from the Mortgage Bankers Association (MBA), an industry trade group. And retail was among the more favored asset classes, with the MBA’s origination volume index for retail properties increasing 164 percent from the third quarter of 2010. The only asset type to experience a greater origination uptick was hospitality, with a 406 percent change from the third quarter of last year.

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A solvency margin decline in the third quarter is driving New China Life Insurance Co. Ltd., the country’s fourth-largest life insurer, to start its initial public offering and preliminary price consultation activities for its Chinese A-share (Shanghai) and overseas H-share (Hong Kong) offerings in an effort to avoid potential regulatory limitations on its business operations due to inadequate capital, according to the insurer.

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The AMBG closed Tuesday, Nov. 22 at 757.22 (-0.62%). Of the 15 A.M. Best stock indexes, one rose and 14 declined. Leading A.M. Best’s Global Insurance Composite Index (AMBG) were Pekin Life Insurance Co. (+9.43%) and Atlantic American Corp. (+8.15%). Trailing the list of global insurance stocks were CNinsure Inc. (-22.93%) and Affirmative Insurance Holdings Inc. (-14.06%).

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Life insurance can be a critical part of an estate plan. The death benefit from a life insurance policy can provide vital income replacement upon the death of a breadwinner and cover the cost of estate taxes for larger estates.

Many people are unaware that under existing law, life insurance that is not properly owned and administered may provide far less to the family than anticipated, with a significant portion of the death benefit potentially lost to estate taxes.

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Why in the world would an older person buy life insurance? Now that the kids are raised and some money saved, aren’t these folks dropping their coverage? Why would they feel the need for more coverage now? In my practice a lot of people in their 60s, 70s and 80s buy life insurance. There are several reasons why they feel the need to do so.

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New Yorkers face an average hike in health insurance premiums exceeding 8 percent next year, more than twice the inflation rate, according to state data, and many policyholders are set to pay double-digit increases.

Rate increases affecting more than 2 million policyholders are now subject to state approval under a 2010 law.

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Chile has the second highest out-of-pocket expenditure when it comes to the health sector, out of the 34 countries that are included in Organisation for Economic Co-operation and Development, (OECD). The report, “Health at a Glance 2011: OECD Indicators,” also shows that Chile is placed very low in terms of government spending in the health sector.

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This is the second of two stories about 10 important myths in the Great American Health Care Debate.

There are so many fantastical myths out there in the great debate about reforming the American health care system that Disney Studios appears to be running the show. In my last column I tried to kill five on my list of the top ten biggest myths in health care. Today I will try to kill the other five on that list.

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The state’s largest private-sector union is breaking with tradition to offer members a health-insurance plan that includes unlimited primary care, arranged through a clinic system that spurns the fee-for-service system and instead asks patients for a flat monthly fee.

Union members who agree to get their primary care at clinics run by Seattle-based Qliance Medical Management Inc. will pay reduced premiums for the benefit plan offered for 2012.

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