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Social Security: An Essential Asset and Insurance Protection for All

The relationship between household banking status and AFS use is complex. A non-trivial share of unbanked households (29.5 percent) do not use any of the AFS providers asked about in the survey, suggesting they rely primarily on cash. However, overall, unbanked households are more active AFS users than underbanked households. Unbanked households are more likely to use multiple products and to have used AFS, particularly transaction products, more recently and more frequently than under- banked households. The use of AFS credit products does not differ markedly between unbanked and underbanked households, except for payday lending, which typically requires a bank account,...

8/30/2018 1:44:39 AM +00:00

Pay-As-You-Drive Auto Insurance: A Simple Way to Reduce Driving-Related Harms and Increase Equity

The FDIC is committed to expanding economic inclusi in the financial mainstream by ensuring that all Ameri- cans have access to safe, secure, and affordable banking services. As part of this effort, the FDIC is working to fi the research and data gap regarding household participa tion in mainstream banking and the use of non-bank financial services. Every two years, the FDIC conducts t National Survey of Unbanked and Underbanked House holds (household survey). This survey estimates the proportions of households that do not participate in the banking system (unbanked households) and that have a relationship with a federally insured institution but also rely on alternative financial services (AFS) providers...

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2011 FDIC National Survey of Unbanked and Underbanked Households

The FDIC conducts the household survey in partnership with the US Census Bureau. The FDIC sponsors a special supplement on unbanked and underbanked households that is administered in conjunction with Census Bureau’s Current Population Survey (CPS). The first household survey was conducted in January 2009, and the results were released to the public in December 2009. The release of the 2009 survey repre- sented the first time consistent and comparable data on unbanked and underbanked households were available at the national, state, and large metropolitan statistical area (MSA) levels. Teamed with the rich demographic and geographic data available through the CPS, the...

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Wage Insurance within German Firms: Do Institutions Matter?

The 2009 survey results presented in this report are revised, but are not materially different from the estimates published in the December 2009 report. To be consistent with the 2011 survey, the revised 2009 estimates reflect a change in how survey respondents are defined. In the 2009 report, any household whose respondent reported whether the household had a checking or a savings account was considered a survey respondent. In 2011, a respondent must also have reported that he or she is involved in the household’s finances in order to be consid- ered a survey respondent. The change in the definition of...

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National Insurance Fraud Forum

The 2011 survey instrument is similar to the 2009 survey. However, a few important changes were made to cover a broader array of non-bank financial services, and to improve and streamline data collection. Most notably, the 2011 survey added non-bank remittances as AFS covered in the survey and revised questions related to the time- frames during which households used AFS. The revisions to the 2011 survey also streamlined the questions about the reasons households do not have a bank account. Finally, the 2011 survey collected information regarding the types of accounts held by each member of a house- hold. The changes in...

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Small Group Health Insurance in 2008: A Comprehensive Survey of Premiums, Product Choices, and Benefits

Despite the large social benefits from PAYD, there are currently several barriers to its widespread adoption, including the cost to monitor miles traveled and some state insur- ance regulations. In order to facilitate the spread of PAYD, we propose a three-part strat- egy. First, states should pass legislation permitting mileage-based insurance premiums. Second, the federal government should increase the funding available to PAYD pilot pro- grams by $15 million over five years. Finally, since the monitoring costs may exceed the expected benefit of PAYD to insurance firms but are much smaller than the social benefit, the federal government should offer a $100 tax...

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Health Insurance: Overview and Economic Impact in the States

The members of America’s Health Insurance Plans (AHIP) are committed to working with policymakers, health care providers, and consumers to contribute to our common fundamental interests in promoting a vibrant health care system and a vital economy. For the nation, and in the states, lack of health insurance is a major economic drain, one that costs $50 billion annually. We believe that access to health insurance coverage should be our number one domestic priority. In late 2006, we released a blueprint for achieving that goal. We will be working with states as each determines how best to move forward toward a goal that will improve...

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Voluntary health insurance in Bwamanda,Democratic Republic of Congo.An exploration of its meanings to the community

Originals of important insurance papers should be kept in a safe place, preferably in a bank safe depos box. Be sure your papers include contact information for your agent or company , important receipts, your flood insurance policy and documentation on your personal property and contents of your home. Keep copies in your home or business in the safest, most accessible place possible that is not subject to flooding Having this detailed documentation will make filing your claim much easier . If floodwaters actually carry away your property , this list and the photos/receipts will be important to documenting your loss....

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Health Insurance Exchanges: Key Issues for State Implementation

Call your insurance agent or company representative and discuss the particular requirements for reporting a flood claim.These can vary from company to company , so knowing how to proceed can save a lot of effort later . Remember , after a flood it may be difficult to get in touch with your agent or insurance company . Power and phone service may be interrupted, or phone lines may be overwhelmed with other callers. It will benefit you to know just what to do in advance of flooding. After a flood, you may be unable to stay in your home or to be contacted at your home address and phone number ....

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Requiring Individuals to Obtain Health Insurance: A Constitutional Analysis

ContactYour Agent or Company Representative to ReportYour Loss: Have ready—the name of your insurance company , policy number and a phone number and/or e-mail address where you can be reached. All flood insurance policies require you to give prompt written notice of loss. If you get in touch with your agent or company representative directly , they will advise you how to file your notice of claim. Otherwise, you must send a written notice to your insurance company with your policy number ....

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The Cost of Lack of Health Insurance

Your official claim for damages is called a Proof of Loss.This must be fully completed and signed and in the hands of your insurance company within 60 days after the loss occurs. The Proof of Loss includes a detailed estimate to replace or repair the damaged property . In most cases, the adjuster , as a courtesy , will provide you with a suggested Proof of Loss. However , you are responsible for making sure that it is complete, accurate and filed in a timely manner . Be sure to keep a copy of the Proof of Loss—and copies of all supporting documents—for your records....

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Insuring Your Home: A consumer guide to Homeowners, renters and condominium insurance

If you notice additional damage to your Building Property or Personal Property after filing your claim, you may file a Supplemental Claim.This means, essentially , that you must repeat the documentation and filing process for your original claim, including a Proof of Loss—but only for the newly discovered damage. Supplemental Claims should start with immediately notifying your adjuster , agent and/or company representative. Once you have completed documentation, present it to your adjuster who may need to make another property visit to verify your loss....

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LIONS CLUBS INTERNATIONAL LIABILITY INSURANCE PROGRAM

Once you receive the community’ s letter stating that the cost to repair flood damage to your building is 50 percent or more of its market value, you may file an ICC claim. You should contact your flood adjuster or your flood insurer’ s claims representative to file the ICC claim. You have 4 years from the date of the community’ s letter declaring the building to be substantially damaged to complete your chosen mitigation activity under the terms of the Standard Flood Insurance Policy . Your flood insurer will provide you with additional information to assist you in completing your ICC claim....

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All the President’s Mandates Compulsory Health Insurance Is a Government Takeover

A long-term care insurance scheme, similar in nature to other social insurance systems in Germany (pension, employment and health insurance), was introduced by the German Parliament in 1994. 2 All employees earning less than the social security earnings ceiling (Pflichtversicherungsgrenze) for the German social insurance system (3,937.50 euros per month in 2006) are members of this system. Contributions are paid equally by employers and employees and are calculated from gross income up to a social security contribution ceiling (Beitragsbemessungsgrenze) which is fixed every year. Employees who are not covered by the social insurance system (i.e. civil-servants, self-employed etc.) are usually...

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How Does Insurance Coverage Improve Health Outcomes?

All members of the social health insurance scheme are automatically covered by social long- term care insurance. The responsible long-term care insurance funds (Pflegekassen) are affiliated to the corresponding health insurance funds (Krankenkassen). Employees who are not covered by social LTC insurance are permitted to contract with a private long-term care insurance institution as long as they are members of a private health insurance scheme. Around 90 per cent of the German population is consequently covered by the social LTC insurance scheme and around 9 per cent have private LTC insurance cover. ...

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Employers’ Liability (Compulsory Insurance) Act 1969

The remit of the long-term care insurance funds is to ensure the supply of permanent care for their insured and to eliminate shortcomings in quality. They consequently control the quality of the care supplied. Nevertheless, their ability to ensure the supply of care is limited by the fact that they have no appropriate influence on the creation, promotion or maintenance of an LTC infrastructure. This task is assigned to the states. Furthermore, the LTC transfers are paid by the insurance funds. Together with the Medical Review Board of the Statutory Health Insurance Funds (Medizinische Dienste der Krankenkassen MDK) they...

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Community-based health insurance in developing countries: a study of its contribution to the performance of health financing systems

Long-term care providers are supported either locally, by the federal states, or by non-profit or private organisations. A supply contract (Versorgungsvertrag) is concluded between these institutions and the insurance funds. This contract is essential for ongoing home care or nursing home care in that it qualifies this form of support for the recognised LTC market. The supply contract regulates the type, contents, and extent of the general nursing benefits which a care institution must provide. It also defines the so-called care package (Leistungskomplexe). Nursing institutions must guarantee humane, dignified, and stimulating care, and must respect human rights. Frail...

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The Tax Exclusion for Employer-Provided Health Insurance: Policy Issues Regarding the Repeal Debate

This means that services which could potentially fall within the remit of both insurance schemes tend to be shifted to the LTC insurance because this is much cheaper. Secondly, although the revenues and costs of all the German health funds are equalized to take account of their respective member structures (age, gender) (Strukturausgleich), this is not the case for the revenues and costs of the LTC funds. This leads to a high disincentive for the LTC funds to minimize their costs. Thirdly, the health insurance funds are in competition with each other as far as their contribution rates are concerned,...

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How to Contact State Insurance Regulators about Financial Privacy and Security

In order to claim benefits from the compulsory long-term care insurance scheme an insured person must be defined as frail. The Social Security Code (SGB, Sozialgesetzbuch) XI defines a frail person as “a person who requires for a minimum period of approximately six months, permanent, frequent or extensive help in performing a special number of ‘Activities of Daily Life’ (ADL, grundlegende Aktivitäten des täglichen Lebens) and ‘Instrumental Activities of Daily Life’ (IADL, instrumentelle Aktivitäten des täglichen Lebens) 5 due to physical, mental or psychological illness or disability” (Holdenrieder 2003). Such a person is dependent on assistance with personal care, nutrition, mobility...

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The German Social Long-Term Care Insurance: Structure and Reform Options

The verification of care needs is the responsibility of the long-term care insurance funds. The funds entrust the task of identifying, verifying and assessing the severity of care needs to the Medical Review Board of the Statutory Health Insurance Funds, which is primarily made up of doctors and nurses. The assessment takes place in the home of the insured person provided they give their consent. If such an assessment is not performed the insurance funds are entitled to refuse to pay benefits. The Medical Review Boards examine the care needs on the basis of the following categories: Body care...

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HEALTH INSURANCE IN SWITZERLAND: A CLOSER LOOK AT A SYSTEM OFTEN OFFERED AS A MODEL FOR THE UNITED STATES

The kind of transfers granted depends on the severity of the frailty (care level) and the type of care arrangements chosen (by family members, care providers or in a nursing home). Persons requiring home care can thus either draw lump-sum transfers (Geldleistung), in-kind transfers (Sachleistung), or a combination of both. Only lump-sum transfers can be claimed for nursing home care. German legislation assigns priority to home care over nursing home care and the LTC insurance is expected to continue supporting patients being cared for at home for as long as possible. This means that the Medical Review Board must assess...

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National Flood Insurance Program Flood Insurance Claims Handbook

Purchasing flood insurance is a wise decision for the home or business owner . Like homeowners’ insurance, it’ s protection you hope you never have to use. But if flooding occurs, you will be protected as outlined in the details of your policy . This claims guide was created by the Federal Emergency Management Agency (FEMA), which oversees the National Flood Insurance Program, to help you through the process of filing a claim and appealing the decision on your claim, if necessary .

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Renegotiation of the Standard Reinsurance Agreement (SRA) for Federal Crop Insurance

Insurers anticipate this adverse job turnover dynamic. Nevertheless, insurers are expected to renew policies and may be reluctant or prohibited from increasing premiums rapidly. As a result, offered premiums for covering a previously uninsured firm are well above the initial expected costs for the firm’s worker’s current age and gender distributions. Such large premium loadings deter small firms from offering health insurance to their workers. A dynamic adverse selection problem emerges. Employers with favorable health risks are reluctant to offer insurance because the premium is too high to be attractive to the existing mix of employees. Furthermore, offering insurance may attract less healthy workers, worsening the expected...

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Sources of Health Insurance and Characteristics of the Uninsured: Analysis of the March 2011 Current Population Survey

Our new insight is on the interaction between relative labor turnover dynamics and lack of insurers’ premium flexibility. A related possibility is that high labor turnover may be preferred by some employers, especially small firms that employ homogenous workers with low job-specific human capital. Workers tolerant of high turnover tend to be younger and healthier. By not offering health insurance, despite the tax advantage, these firms deter older and less healthy workers. High administrative costs of offering health insurance in small firms further exacerbate this dynamic selection problem. Our model provides an explanation for the well-documented pattern that small firms are much more likely to forgo health...

8/30/2018 1:44:37 AM +00:00

Variable Universal Life Insurance: Is it Worth it?

Our model identifies new explanations for why large and small firms make different insurance offer decisions; they are based on turnover rates and within-firm and between-firm heterogeneities. Large firms tend to have greater within-firm heterogeneity than small ones, and so they are more likely to have some employees who strongly desire health insurance and less likely to attract only workers who do not find health insurance attractive. Our main insight is that small firms face a more severe selection problem because their expected health-care cost distributions have higher between-firm variances, and small firms have private information about their own expected costs....

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Fair valuation of life insurance liabilities: The impact of interest rate guarantees, surrender options, and bonus policies

Our stylized model generates several empirical hypotheses about the insurance offer decision. Firms in industries where labor turnover rates are high do not tend to offer insurance. Premium rigidities will be most pronounced in such industries. Firms not offering insurance will tend to have lower health-cost variability and lower average expected health spending than firms offering insurance; for example, they have higher proportions of younger workers or are in industries where workers tend to be healthy. These firms need not have high within-firm variability of employee health costs as proposed by Bundorf (2002). Industries or markets with greater between-firm age and average employee income heterogeneity (rather than...

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Does Unemployment Insurance  Inhibit Job Search?

Our empirical analysis uses two different data sources: the RobertWood Johnson Foundation’s 1997 Employer Health Insurance Survey (EHIS) and MEDSTAT MarketScan commercially insured health claims and eligibility information for 1998–1999. We first use the EHIS data to examine turnover patterns and their relationship to firm and employee characteristics. The EHIS data reveal that small firms are very heterogeneous; the heterogeneity concerns workers’ turnover rates, besides workers’ age distribution and other health-related demographic variables. The diversity in job turnover rates across firms has received little attention in the literature on the uninsured; in our dynamic model, its presence exacerbates the adverse job turnover problem. Firms with higher turnover...

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Mandatory Health Insurance: Is It Constitutional?

Many policy makers and researchers believe that voluntary cost pooling of employees across small firms will make insurance affordable to these firms. This is possible because, on average, expected costs of employees at small firms are only slightly higher than large firms. We show that risk pooling across firms may not work as well as this conventional wisdom would suggest, because of large between-firm heterogeneity in employee characteristics at small firms. Even if a fair average premium is charged, risk pooling will be inadequate to induce many small-to-medium-sized firms with favorable health-cost distributions or low preferences for insurance to purchase insurance. This adverse selection problem is further...

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Dubai Insurance Company (Public Shareholding Company)

Other researchers have studied the issues examined here. Excellent articles by Blumberg and Nichols (2004), Chernew and Hirth (2004), and Gruber and Madrian (2004) have carefully documented many reasons why so many Americans are uninsured. There is no single and simple explanation about why many firms refuse to offer insurance and why employees sometimes refuse to accept these offers. The problem is complex. In this article, we focus on labor market turnover and expectations to explain firms’ insurance offer decisions. Various papers in the literature have recently discussed labor turnover. Fang and Gavazza (2007) model wage determination and health investment under exogenous and endogenous labor turnover. Owing to...

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SITPRO International Trade Guides: Cargo Insurance

Next, we can modify our model to account for different firm sizes. For notational convenience and ease of exposition, we have used a continuum model. A firm hires a unit mass of consumers. The size of the firm then becomes a normalization and hence has no bearing on the dynamics and steady-state properties. In practice, firms hire a finite number of workers, and the law of large number becomes a poor approximation when the firm is small. Even when a small firm draws from the same work force as any other firm, the variance of workers’ health-care cost may be larger. The most convenient way to...

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