Florida is seeking the rightful owners of $25 million in unclaimed life insurance benefits obtained through a settlement with American International Group Inc.
Chief Financial Officer
Jeff Atwater said Wednesday that the 61,271 unclaimed accounts are the first batch of several expected to be turned over by AIG.
The settlement is the fifth that Florida has reached with national life insurers. In each case the company failed to use the Social Security Administration's Death Master File to locate life and annuity beneficiaries although many have used the file to stop making annuity payments.
Florida's Bureau of Unclaimed Property now will attempt to return the money to owners or heirs.
People can search for unclaimed property on the bureau's web page — www.FLTreasureHunt.org — or by calling 1-888-258-2253.
For more information contact me:
Juan D. Espinosa
www.es-insurance.com
239-821-9195
Thursday, January 10, 2013
Tuesday, March 20, 2012
Strong winds require strong protection
Hurricanes are powerful. Winds reaching 140 miles per hour can exert an inward push of 1,000 pounds on a typical exterior door. They can blow water nearly six inches up a wall and drive gallons through the smallest cracks. They can transform harmless roof shingles and lawn furniture into flying missiles.
What’s the best way to tackle such an awesome force? Be prepared and start with the right homeowners insurance protection from one of our carriers get a fre quote now.
www.es-insurance.com
Monday, March 19, 2012
Wind Mitigation Inspection
“Florida law requires insurance companies to offer homeowners discounts or credits for existing building features or home improvements that reduce damage and loss from hurricanes. Florida insurance companies are required to file these discounts with the Office of Insurance Regulation”.
The state has issued a new FL Wind Mitigation Inspection form on 2/1/2012. Most admitted carriers will require this new form for all new policies beginning February 1st, and may also start requiring re-inspections on existing policies to utilizing the standards as set forth in the new form.
If you need more information or have any questions please contact me:
www.es-insurance.com
The state has issued a new FL Wind Mitigation Inspection form on 2/1/2012. Most admitted carriers will require this new form for all new policies beginning February 1st, and may also start requiring re-inspections on existing policies to utilizing the standards as set forth in the new form.
If you need more information or have any questions please contact me:
www.es-insurance.com
Tuesday, March 13, 2012
Florida Passes PIP Reform Bill
Gov. Rick Scott got the legislation he wanted to reform Florida’s mandatory motor vehicle no-fault law and crack down on the abuses in personal injury protection cases that have led to skyrocketing increases for coverage.
Whether the new measure will be effective remains to be seen.
The personal injury protection (PIP) law was adopted in 1972 to make sure anyone injured in an auto accident would quickly get money to treat their injuries. The legislation provided that a driver’s insurance company pay up to $10,000 to cover medical bills and lost wages after an accident, no matter who is at fault.
PIP costs have risen by $1.4 billion since 2008, largely because of the runaway fraud that threatens the system, most notably in the metropolitan Miami and Tampa areas. Florida ranks first nationally in staged accidents.
The legislation requires an accident victim to obtain treatment within 14 days in an ambulance or hospital, or from a physician, osteopathic physician, chiropractic physician, or dentist. The full $10,000 PIP medical benefit is available only if a physician, osteopathic physician, dentist, or a supervised physician’s assistant or advanced registered nurse practitioner determines that the insured has an “emergency medical condition.” Otherwise, the PIP medical benefit is limited to $2,500.
For more information contact or for a free Quote
http://www.es-insurance.com/
Whether the new measure will be effective remains to be seen.
The personal injury protection (PIP) law was adopted in 1972 to make sure anyone injured in an auto accident would quickly get money to treat their injuries. The legislation provided that a driver’s insurance company pay up to $10,000 to cover medical bills and lost wages after an accident, no matter who is at fault.
PIP costs have risen by $1.4 billion since 2008, largely because of the runaway fraud that threatens the system, most notably in the metropolitan Miami and Tampa areas. Florida ranks first nationally in staged accidents.
The legislation requires an accident victim to obtain treatment within 14 days in an ambulance or hospital, or from a physician, osteopathic physician, chiropractic physician, or dentist. The full $10,000 PIP medical benefit is available only if a physician, osteopathic physician, dentist, or a supervised physician’s assistant or advanced registered nurse practitioner determines that the insured has an “emergency medical condition.” Otherwise, the PIP medical benefit is limited to $2,500.
For more information contact or for a free Quote
http://www.es-insurance.com/
Tuesday, January 10, 2012
How Suicide Is Covered By Term Life Insurance Policies
One of the questions from my life insurance clients is about suicide. Is suicide covered? They always asked. So I decided to write a little blog about it.
Each life insurance policy is different, but most contain a suicide provision. The suicide provision states that if the person covered by the life insurance policy dies as the result of suicide within two years from the policy issue date then any beneficiaries would not be able to collect the death benefit. Otherwise, after the two year suicide provision period, the policy should pay the death benefit to the beneficiaries. But, again, check the policy's exclusions section, since the suicide provision can be different for each policy.
For more inforamtion please contact me
Wednesday, September 21, 2011
Florida Regulator Slashes Sinkhole Rate Hike, Lowers Others
Florida residents who have sinkhole insurance through the state-backed property insurer will not have to pay a proposed statewide average 447 percent increase.
Citizens Property Insurance Corp. customers will also be spared big price hikes for standard coverages under several rulings by Insurance Commissioner Kevin McCarty.
Instead of the approving the requested 447 percent average increase in sinkhole rates, McCarty approved a statewide average 32.8 percent increase for Citizens, an increase he said is viable until there is more data from the reforms contained in this year’s property bill.
contact me for further information
http://www.es-insurance.com/
Citizens Property Insurance Corp. customers will also be spared big price hikes for standard coverages under several rulings by Insurance Commissioner Kevin McCarty.
Instead of the approving the requested 447 percent average increase in sinkhole rates, McCarty approved a statewide average 32.8 percent increase for Citizens, an increase he said is viable until there is more data from the reforms contained in this year’s property bill.
contact me for further information
http://www.es-insurance.com/
Monday, September 12, 2011
Board of Florida’s Citizens to Meet Today on Sinkhole Rates
The board of governors of Florida’s Citizens Property Insurance Corp. has called for an emergency meeting today to consider phasing in a proposed statewide average 429 percent sinkhole rate increase.
Newly-named Chairman Carlos Lacasa has called for the meeting in response to the growing controversy surrounding the issue. The meeting comes just one day before a public hearing on the issue in Tampa.
A Citizens’ staff proposal calls for no change in the overall sinkhole rate increase. However, the staff is recommending that the increase be phased-in over a yet to be determined number of years.
“The implementation plan developed by our actuarial staff would result in an overall average statewide and territorial premium increase for sinkhole coverage of 50 percent for the first year,” states the staff proposal.
The board will also take into consideration the sinkhole provisions contained in SB 408, the primary property insurance bill enacted earlier this year. Among other things, the bill created a statutory definition of “structural damage,” placed a two-year limit on claims, and created a number of fraud provisions.
Insurance Commissioner Kevin McCarty has said that Citizens failed to take these reforms into effect when setting sinkhole rates.
A Citizens’ staff analysis states that while it is difficult to project the impact of SB 408 on sinkhole losses next year, it is projecting that the sinkhole provisions will result in a 60 percent reduction in sinkhole premium for 2012.
In 2010, the state-backed insurer collected $32 million in sinkhole premium, but paid out roughly $250 million in claims.
For more info contact me.
http://www.es-insurance.com/
Newly-named Chairman Carlos Lacasa has called for the meeting in response to the growing controversy surrounding the issue. The meeting comes just one day before a public hearing on the issue in Tampa.
A Citizens’ staff proposal calls for no change in the overall sinkhole rate increase. However, the staff is recommending that the increase be phased-in over a yet to be determined number of years.
“The implementation plan developed by our actuarial staff would result in an overall average statewide and territorial premium increase for sinkhole coverage of 50 percent for the first year,” states the staff proposal.
The board will also take into consideration the sinkhole provisions contained in SB 408, the primary property insurance bill enacted earlier this year. Among other things, the bill created a statutory definition of “structural damage,” placed a two-year limit on claims, and created a number of fraud provisions.
Insurance Commissioner Kevin McCarty has said that Citizens failed to take these reforms into effect when setting sinkhole rates.
A Citizens’ staff analysis states that while it is difficult to project the impact of SB 408 on sinkhole losses next year, it is projecting that the sinkhole provisions will result in a 60 percent reduction in sinkhole premium for 2012.
In 2010, the state-backed insurer collected $32 million in sinkhole premium, but paid out roughly $250 million in claims.
For more info contact me.
http://www.es-insurance.com/
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