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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,...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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...
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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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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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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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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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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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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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