The trust funds for the Social Security disability benefits program are nearly exhausted and will be gone by 2016. What consequences are there for an employer’s workers compensation costs? Laws Do Not Exist In a Vacuum Laws do not exist in a vacuum. They are likened to a spider web – put tension on one...
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Where is the Insurance Float?
Insurance Information Institute (I.I.I.) chief actuary James Lynch explains how insurance float works and the impact it has on insurance rates. Asked for the secret to his success, famed Berkshire Hathaway CEO Warren Buffett often points to insurance float, “money that doesn’t belong to us but that we can invest for Berkshire’s benefit.” He is talking...
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Is Horseplay in the Workplace Compensable?
Horseplay and lack of safety and loss control mechanisms is a significant driver in any workers’ compensation program. By instituting effective written policies, stakeholders can take a proactive step to controlling costs by preventing unnecessary workplace injuries. An All Too Common Hypothetical Frank and Ralph work for Sparky Electric Company. One day Frank is working...
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Consolidation in the real world – implications for workers’ comp
There’s been a lot of mergers and acquisitions in the work comp arena, and certainly more to come. But the activity in our little corner is minor indeed compared to what’s happening in the “real world” – group health, Medicaid, and Medicare. Make no mistake, these transactions will affect work comp. You’ve probably heard of some of...
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Up to 39% of Work Comp Claims Involve Malingering
Most workers compensation employees would not think or stoop to actual fraud for a workers compensation claim. Most studies have found actual fraud is 1 or 2 percent of all claims presented. However, other studies show that malingering might be as high as 39 percent in some area of claims presented. Sadly both fraud and...
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Missed the Obamacare deadline and need coverage?
insurance After navigating two open enrollment periods under the Obama health care law, Americans without employer-sponsored health insurance are beginning to realize that there is a nine-month Obamacare offseason. During that big chunk of the year, applying for health coverage can prove problematic — but not impossible. No insurance? Beware of the penalty The next...
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Identity stolen? Do these 12 things now
credit As soon as you suspect that you’ve been a victim of identity theft, taking these steps immediately will help you clear your name and your credit. Also, consider grabbing a free credit report from myBankrate. 1. Notify affected creditors or bank If a bank account or existing credit line has been affected, shutting it...
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Cyber Stakes Rise Amid OPM Breach Fallout
The unfolding story on what is being described as the largest cyberattack into the systems of the United States government reads like an episode out of CSI Cyber. Today the head of the Office of Personnel Management (OPM) Katherine Archuleta resigned as fallout continued in the wake of Thursday’s revelation that the second of two massive data...
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U.S. Winter Storm Losses Mount
As my kids head off for their snowy-themed day at camp, the statistic that jumps off the page in the 2015 Half-Year Natural Catastrophe Review jointly presented by Munich Re and the Insurance Information Institute (I.I.I.) is the record $2.9 billion (and counting) in aggregate insured losses caused by the second winter of brutal cold...
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Insurance Responds To Rising Costs of Food Recalls
You may have read that the Justice Department is warning food manufacturers that they could face criminal and civil penalties if they poison their customers with contaminated food. Recent high profile food recalls, such as the one at Texas-based Blue Bell Creameries and another at Ohio-based Jeni’s Splendid Ice Creams, have drawn attention to this...
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