Author: Live Insurance News

New changes to Vermont workers’ compensation in effect

Live Insurance News
Workers compensation - changes - Vermont

Among them include coverage for dependent children, and special coverage for firefighters. New rules for workers compensation benefits in Vermont have become effective, including temporary total disability, as well as for dependent children, and for the work search requirement for injured people who are making their way back into the job market. The changes became effective at the start of the month as a result of new state legislation. The changes to Vermont workers compensation were a component of a bill that was primarily aimed at addressing childcare and early…

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How Claims Management Software Empowers Insurance Professionals

Live Insurance News
insurance claims software technology

In the fast-paced world of insurance, effective claims management is crucial for insurers to streamline processes, minimize risks, and provide exceptional customer service. As technology continues to advance, insurance professionals are turning to claims management software to gain a competitive edge.  This powerful tool empowers insurance professionals to take control of their operations, resulting in improved efficiency, accuracy, and customer satisfaction. A recent study conducted by Allied Market Research revealed that the worldwide market for claims processing software reached a value of $33.9 billion in 2020. The report further predicts…

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Exxon and Guyana accused of oil spill insurance breach

Live Insurance News
Oil spill insurance - Tanker on water

A Guyanese court recently ruled against the energy company and the country’s environmental agency. A unit of Exxon Mobil has been ruled to be in breach of oil spill insurance for its first Guyana offshore oil project, partly because of errors made by the country’s environmental regulator, according to a Guyanese court. The government of Guyana has rejected the ruling made by the court against its environmental regulator. According to High Court Justice Sandil Kissoon in the ruling, Exxon “engaged in a disingenuous attempt” to shrink its environmental permit obligations…

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State Farm aims to raise California auto insurance rates by $264 million

Live Insurance News
Auto insurance rates - Cash

The insurer is now catching up to other companies in raising their rates to pre-pandemic levels. Drivers in California who have been enjoying lower auto insurance rates than they were paying before the pandemic are likely to be losing that price advantage in the near future. The insurer will be returning the premiums it charges back up from the lows they hit after 2020. As motorists have stopped sheltering in place and are back on the roads, and the majority of people who had been working remotely are now headed…

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California homeowners overcharged for wildfire insurance to be refunded

Live Insurance News
Wildfire insurance - person holding money that's on fire

State Commissioner Ricardo Lara has announced that there will be about $1.5 million in refunds. California Commissioner Ricardo Lara has announced that Kemper Independent Insurance Company overcharged its policyholders for their wildfire insurance coverage. As a result, that insurer has issued $1.5 million in refunds to thousands of homeowners. The Department of Insurance determined that the insurer had been overcharging for that risk. Both Kemper and Unitrin Auto and Home Insurance Company, its affiliate insurer, have also agreed to pay $617,200 to the General Fund as a combined penalty and…

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Tax Season Is Marketing Opportunity For Medicare Insurance Agents

Live Insurance News
tax season medicare insurance options

April 15 is just around the corner and millions of seniors will be preparing their annual tax filings. For agents and brokers who focus on Medicare solutions, this is another ideal opportunity to solidify your role as the ‘go-to local Medicare professional’. The competition for Medicare business has never made it harder for independent insurance agents. Anyone taking the time to watch daytime television knows that one Medicare-focused commercial is almost immediately followed by another. You can’t beat the ability of these large entities to spend millions of dollars generating…

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Car insurance rose by at least 25 percent last year in three US states

Live Insurance News
Car insurance - Rise in cost 25 percent

American drivers are braced for more increases in the premiums they’re paying on their auto policy. Across the US, there were three states that experience car insurance price increases by 25 percent last year, and experts are cautioning American motorists that the premiums are expected to continue rising. As much as auto premiums rose last year, 2023 is likely to see policies getting more expensive. Interest rate increases, inflation, the volatility of gas prices, and a spectrum of other causes have sent car insurance rates skyward in the last year.…

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