A leading Massachusetts-based insurer has started using the new Precedent ID software, licensed from Computer Sciences Corporation. The insurance company will use the program to increase claims assessment consistency.

The new Web-based application allows adjusters to search an insurer’s unique closed claim database for possible precedential claims, which will support the assessment and negotiation phases. The software uses new technology to analyze relationships and constraints or injuries, prognoses, treatments and loss payments.

Computer Sciences Corporation said their software is the only commercially-available application that provides this level of integration.

Ray August, president of the company’s P&C Insurance division, said the software will improve customer service and help insurers process claims more consistently and reduce redundancies. The company also offers Claims Desktop, Exceed Claims Administration, POINT IN Advanced Claims Administration, Colossus, Independent Adjuster Manager, Fraud Evaluator and Fault Evaluator.

The Massachusetts-based insurance that first licensed the program will be announced in the coming months, representatives from the Computer Sciences Corporation said. The company specializes in providing insurance companies and agents with up-to-date tools for their sector’s unique technology needs, August said.

Marshall Loeb of MarketWatch recently wrote an article entitled, “Do You Need Long Term Care Insurance“. Often times, I like to share articles from experts in other fields, and I think this is a valuable one to share.

According to the article, the U.S. Department of Health and Human Services estimates that by 2020 there will be 12 million Americans requiring long-term care and it will come at a high price. The average cost for nursing homes hovers around $74,000 a year and is expected to go on rising.

The article identifies many good things you should think about when considering whether or not to purchase long term care insurance. I hope this helps in your decision making process.

Leading insurance companies Allianz, ING, Swiss Re and others recently endorsed setting scientifically-informed targets for carbon dioxide emissions in their joint statement, “The Path to Climate Sustainability: a joint statement by the Global Roundtable on Climate Change.” The statement notes climate change is an urgent problem and discusses the many risks associated with it, while addressing global energy requirements and continued economic development.

Numerous insurance company signatories pointed out that using today’s cost-effective technology and cultivating other developments could help reduce carbon dioxide emissions and reduce risks associated with massive climate change-which, they noted, is often unexpected and costly.

Insurance companies that support the statement also promised to make changes within their own organizations, from reducing emissions to educating the public and industry colleagues about the risks of climate change as well as potential solutions. Representatives from the insurance community advocated accelerating development of new energy-efficient strategies to dramatically expand the use of non-fossil fuel energy sources.

Jeffery Scahs, chair of the Global Roundtable on Climate Change, hailed the insurance company signatories and other leaders for their stance on human-generated climate change, noting their bold leadership on the important issue.

Insurance companies hope their pledge will spur governments to adopt more regulated approaches to emissions and climate change, minimizing risk.

There are many things to consider when choosing a term life insurance company. Price is one aspect, however you should also consider the financial strength, performance and integrity of a term life insurance company. Require that the life insurance company have a rating of A, A+, or A++ by A. M. Best, the country’s most recognized insurance company rating organization.

Third Party Services Measure Claims Paying Abilities
Other third party services, which measure life insurance companies’ financial strength, claims paying ability, and other financial categories include:

Allstate’s site had an excellent explanation of different riders, so instead of re-creating the wheel..here it is:

Many life policies offer extra features called riders for an additional cost. You may be able to add riders to provide life insurance coverage for your spouse or children. Other riders pay your insurance premiums if you become disabled, or pay you part of your policy’s death benefit early if you become terminally ill.

Every person has a different idea of what financial security means. If something should happen to you, how much money would your family need? You should consider:

· Your current debt

· Expenses your family can expect to pay after your death

· Your family’s future needs

There’s a good possibility your life insurance needs may increase as your life progresses. You may want to consider adding additional coverage to your existing policy depending on your specific needs, desires and circumstances. Some insurance riders might include:

Additional Insured Rider
This rider provides additional term insurance for your spouse, and remains in force as long as coverage continues, or until your spouse reaches a certain age. The rider can also be taken out for another close family member, such as a parent, sibling, child or grandchild.

Children’s Level Term Rider
This rider gives you insurance on children of eligible age. You can convert the policy into a greater amount of permanent coverage when the child reaches a certain age, regardless of their health at that time. This is a great way to insure your children now, and enable them to increase their insurance when they’re adults.

Waiver of Charges
If you become disabled prior to a certain age, this will pay the minimum premiums required to keep the policy in force.

Acccelerated Death Benefit
This rider provides partial benefits early if you should suffer a terminal illness that will result in death within a certain amount of time. This allows your family to benefit from your policy while you’re still living.

Return of Premium (ROP)
A rider that allows you to receive a benefit equal to 100 percent of the premiums paid if your policy is still in force at the end of your guaranteed term period.

With April 15 drawing closer, we all start thinking about taxes. Older Americans will be happy to note that deductible amounts for long-term care insurance premiums are going up. The deductions for tax year 2006 are higher than for tax year 2005, and the deductions for tax year 2007 are higher than in 2006.

If you qualify, this is a valuable deduction to take on your tax returns. If you already owned a long-term care insurance policy in 2006, the deductible amounts for that tax year can be as high as $3,530 if you’re 70 or older; $2,830 for people between 60 and 70; $1,060 for people between 50 and 60; and $280 for people 40 and under.

The amounts increase for the 2007 tax year: $3,680 for people 70 and older; $2,950 for people between 60 and 70; $1,110 for people between 50 and 60; $550 for people between 40 and 50; and $290 for people 40 and under. The limits are listed in IRS code section 213(d)(10).

Make sure to consult with a qualified tax preparer and a long term care insurance professional who is abreast of current related legislation.

Before considering a term life insurance policy, you should ask yourself a series of questions.

1. Is term life insurance right for me?
2. How much term life insurance do I need?
3. How long do I need term life insurance coverage for?
4. Who should I name as beneficiary?
5. Does my spouse need a term life insurance policy as well?
6. What should I consider when picking a life insurance company? Price or value?

These are just a few questions you should be asking yourself. In order to make the best buying decision, I would highly recommend shopping around and talking to a qualified life insurance agent that deals with multiple life insurance carriers. He or she can help you answer these questions and find a policy that’s right for you and your family.

If you’ve decided to buy renters’ insurance for your house or apartment, and protect yourself against fire, theft and vandalism, in addition to some personal liability, your next step is to determine your coverage needs.

Inventory your possessions – all of them. Your list should include when you bought or acquired each item and what you paid for it. You can also estimate its current value or what it would cost you to replace it. Then add together the values to see a general idea of what your property is worth.

After you’ve made your inventory, put it in a safe place outside your residence, preferably in a bank’s fire- and theft-proof safe deposit box. Photographs and videos can greatly augment your record of your possessions, too.

Some types of property may require additional coverage or have a dollar limit in a renter’s insurance policy. Valuables such as coins, bank notes, silverware, jewelry and furs, or watercraft and trailers fall into this category. Firearms too are a special case. These items can be taken care of with special coverage, such as a personal articles policy or an endorsement.

Think about your possessions and how much it could cost to replace them after a fire or burglary Fortunately, with renter’s insurance, you can provide some security for yourself in the event of a disaster.

Backdating a life insurance policy is a very common way to save money. Let me start by explaining how life insurance companies price insurance.

Every day we read about more crime in our neighborhoods. Just because you don’t own your residence doesn’t mean it needs to be vulnerable to fire, theft and vandalism. Renter’s insurance is available for both apartments and houses. And it doesn’t only protect against damages-renter’s insurance can help protect you n an injury lawsuit, if you’re held liable for damage to another person or their property at your residence or even elsewhere.

If you think your landlord’s insurance covers you, think again. The landlord’s insurance usually covers just the building where you live. It most likely doesn’t cover all your important personal belongings, nor your liability. Most landlords’ policies won’t cover what happens at your residence. This means you can be held liable for injury to another person or even damage to someone else’s property if an incident occurs at your residence or even somewhere else. This means your savings and possibly your future earnings could be at risk. Some rental insurance policies even cover all or a portion of your legal defense costs.

You can usually get a discount on your renter’s insurance if you use the same company for other types of insurance, such as auto insurance. Make sure to check with your agent about possible discounts.