Insurance

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A recent story in the Guardian reveals the statistics on how CEO pay at the largest US corporations has skyrocketed over the last few decades.  The Guardian story says in 1965, CEO pay was 20 times that of workers.  That would mean if a worker made $30,000.00 per year, the CEO would be making about $600,000.00.  However, today CEO pay has risen to an average of 312 times that of the average worker.  Therefore, if a worker…
On June 29, 2018, a jury returned a defense verdict in federal court in Dykes v. Cleveland Nursing and Rehabilitation Center, LLC.  The verdict concluded a 5 day trial. Plaintiff alleged the nursing home negligently failed to adequately prevent and treat a sacral wound, dehydration and infection. Plaintiff argued the staff’s negligent care caused the injuries and death of the 90 year old resident. The nursing home responded that the staff complied with the standard…
My blog post last month, Man’s Best Friend—Are You Covered, took a look at 2017 dog-bite statistics in the United States and whether the typical homeowners policy covered these types of injuries. The answer to that question more often than not is “yes.” However, there has been a tremendous growth recently in another related industry—pet health insurance (“PHI”). A few statistics provide an interesting framework for this unique insurance.…
In yet another one of his early morning messages, late last week President Donald Trump stirred up a squall by suggesting in a tweet that the SEC should study doing away with quarterly reporting requirements in favor of a system of semi-annual reports. The suggestion fits within the larger debate about whether or not reporting companies have an excessively short-term focus and the related but separate debate about whether regulatory requirements impose excessive costs on…
When an insurance company receives a claim from its policyholder, the first thing the adjuster does is “check coverage.”  This means they verify the policy is in force by making sure the premiums have been paid and the policy period is in effect.  Then, the adjuster looks at the facts of the claim the policyholder is presenting to determine if the insurance policy language provides coverage for the claim. This may sound simple (and it…
Under California Insurance Code section 1861.05(b), most property and casualty insurers seeking a rate change must submit an application that includes various financial information and “such other information as the commissioner may require,” including what the Department of Insurance describes as “underwriting rules.” “Underwriting rules” are “any rule or factor used by an insurer in the process of examining, accepting, or rejecting insurance risks, and classifying those risks selected in order to charge the proper…
The IRS recently finalized regulations that allow 401(k) plans to use forfeiture money to fund qualified non-elective contributions (“QNECs”) and qualified matching contributions (“QMACs”).  These regulations finalize proposed regulations issued last year (you can read our prior coverage of the proposed regulations here). By way of background, QNECs and QNECs are types of employer contributions used by many 401(k) plans to help pass annual nondiscrimination testing (also known as ADP and ACP testing).  QNECs…
The future of the Illinois Secure Choice Savings Program Act (Secure Choice) is uncertain following Governor Bruce Rauner’s amendatory veto which could make employer participation in the Secure Choice program optional. The legislation, as enacted, makes participation in the Secure Choice program mandatory for covered employers that do not offer employees a qualified retirement plan. These employers are required to automatically withhold five percent of an employee’s compensation (up to the IRS annual maximum allowed…
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“Mr Bryant, his partner Jennifer Danish and associate Steve Jackson were efficient, diligent and persistent towards finding a just resolution and favorable outcome for myself and my entire company.”— CLIENT “I used Jennifer Danish for a disability claim. Frustrated that I couldn’t get results myself I found her. She unearthed some issues my doctor did Not notify me of that affect the quality of my life. My end result was positive!”— CLIENT “Mr. Jackson did…