This course provides a history of hurricanes in Florida, from Hurricane Andrew in 1992 through the 2004 and 2005 hurricane seasons. The course also examines how Florida’s building codes are structured. The course discusses the available options for homeowners to strengthen their homes against hurricanes and shows how these options qualify for premium discounts on homeowners’ property insurance policies. In addition, the course covers the Florida Comprehensive Hurricane Damage Mitigation program and the My Safe Florida Home program. Finally, learners will review the current wind mitigation form that is required to obtain premium discounts on insurance policies.  

Course participants will gain an understanding of the following:

* Hurricanes in Florida

* Florida building codes and how they work

* Options for homeowners to strengthen their homes against hurricanes and how these options qualify for premium discounts on the homeowners’ property insurance policies

* The Florida Comprehensive Hurricane Damage Mitigation program and the My Safe Florida Home program

* The wind mitigation form required to obtain premium discounts on insurance policies

The Hurricane Premium Discounts and Mitigation Options course is approved to meet Florida’s one-hour continuing education requirement. Register online at www.ceu.com.

Floods are the most common natural disaster in the United States. Contrary to popular belief, floods are not limited to coastal areas; they happen almost anywhere. Nearly one-quarter of all the NFIP’s paid insurance claims come from low to moderate flood-risk areas, according to the NFIP Web site.

Flood insurance can be purchased only through an insurance agent; therefore, insurance professionals should have technical and practical knowledge and skills so they can confidently and accurately handle all aspects of providing flood insurance coverage. An excellent resource is the Flood Insurance course offered by CEU.com. This course begins with an introduction to the Federal Emergency Management Agency (FEMA) and the NFIP. It also looks at the broad concept of flood insurance and reviews the general rules that apply to the NFIP by examining various products that are available and basic principles that apply to this type of coverage. Topics include the process of completing an application for flood insurance, how the cost of the insurance is determined, and how to find out when a preferred risk policy is available or when a provisional rating is appropriate. 

The course reviews coverage for condominiums and special certification requirements. The flood insurance policy is examined in more detail by exploring how some standard insurance practices-such as endorsements, renewals, cancellations, and claims-may be handled differently for flood policies. Finally, the course examines current FEMA manual revisions to ensure that participants are up to date on the latest changes. A general review of all course material concludes the Flood Insurance course.

Because the NFIP is part of FEMA, insurance professionals involved in writing, selling, or providing flood coverage must comply with Department of Homeland Security and FEMA requirements. The NFIP has created guidelines and tools to assist insurers and agents in providing the public with broader access to flood insurance.

To register for the Flood Insurance course, visit www.ceu.com.

• There are 72,000 fewer insurance jobs since November 2007
• Baby boomers stay in the workforce longer
• The insurance industry outsources to India and China.

However, as the economy improves, the talent crisis is likely to become more evident. Risk management and insurance professionals over age 55 have increased 74 percent in the past 10 years, compared with 45 percent of the overall workforce over the age of 55. By 2018, one in four risk management and insurance professionals will be nearing retirement, according to McKinsey & Co.

In some firms, the human resources department is a strategic function viewed as making decisions that favorably affect the firm’s desired outcomes. Organizations with strategic HR are in a knowledge business, with people making decisions that positively influence business results. Such firms believe the search for talent never stops.

To attract top talent, start at colleges and universities. Insurance is a stable industry that weathered the recession better than others. Offer internships with meaningful projects. Show students that insurance offers good jobs with work and life balance.

Organizations that support professional development attract top talent. In tough times, some consider professional development to be nonessential, while others view it as part of their strategy.

Successful firms recognize the need to improve employee skills to better match the competencies necessary to attain company goals.

HR, with senior management’s help, can positively affect the bottom line. Require a professional development plan for each employee based on competencies and ensure that professional development is focused on key drivers of the business.

Successful firms use HR and professional development strategically:

• Being clear about the drivers of results
• Identifying the competencies required to get results
• Identifying gaps in employees’ competencies Providing professional development to fill the gaps
• Testing to assess learning
• Providing experiences to reinforce knowledge
• Preparing employees for future moves within the organization.

Be prepared for the talent crisis. Human resources and professional development are strategic tools used to attract and retain a knowledgeable workforce. Professional people with proven knowledge drive powerful results.

Anita Z. Bourke, CPCU, is executive vice president for The Institutes in Malvern, Pennsylvania. The Institutes are the leader in delivering proven knowledge solutions that drive powerful business results for the risk management and property-casualty insurance industry. Copyright January 2011 American Agent & Broker. All rights reserved. ]]> http://www.blogceu.com/2011/02/04/talent-for-the-21st-century/feed/ 0 http://www.blogceu.com/2010/12/14/your-true-love-may-want-to-purchase-annuities-or-life-insurance-policies-to-offset-rising-costs-for-12-days-of-christmas/ http://www.blogceu.com/2010/12/14/your-true-love-may-want-to-purchase-annuities-or-life-insurance-policies-to-offset-rising-costs-for-12-days-of-christmas/#comments Tue, 14 Dec 2010 21:28:36 +0000 ryan http://www.blogceu.com/?p=183 Given the rising cost of commodities and entertainers this year, true loves may want to reconsider doling out the dough for “The Twelve Days of Christmas” song items. According to a PNC Wealth Management annual survey based on gifts in the holiday classic, “The Twelve Days of Christmas,”  the 2010 PNC Christmas Price Index^® jumped a staggering 9.2 percent.

9.2 percent is based on the tally for non purists, who ignore the repetition, coming to a total price of $23,439. The annual tally for purists who count every repetition – 364 items – is $96,824, up 10.8 percent from last year.

“This year’s jump in the PNC CPI can be attributed to rising gold commodity prices, represented by the Five Gold Rings which went up by 30 percent, in addition to higher costs for wages and benefits impacting some entertainers,” said James Dunigan, managing executive of investments for PNC Wealth Management. ( The PNC Financial Services Group, Inc, 2010)

According to an article on AnnuityNewsJournal.com, Annuities, Life Insurance and Investing can help your true loves offset the rising prices. “In today’s world, of course, French hens and lords-a-dancing are not in demand, but some of the things that matter to all of us, such as food, clothing, utility costs, and fuel for our vehicles certainly has. To keep up with these rising costs, it is important to create money growing funds such as annuities, life insurance policies, and investment accounts. Equally important are tax reduction and avoidance strategies.” (Dristol, 2010)

The most expensive gift on the list this year, costing $6,294.03, was to hire nine ladies dancing, up 15 percent from last year. The cheapest gift was one partridge at $12, a 20 percent increase.

PNC has conducted this survey for the past 27 years and it has traditionally mirrored the national Consumer Price Index. 

The PNC Financial Services Group, Inc. (2010, November 29). The 2010 PNC Christmas Price Index. Retrieved December 2010, from www.pncchristmaspriceindex.com: http://www.pncchristmaspriceindex.com/CPI/2010/pressRelease.html

Dristol, Z. (2010, December 7). What does the “12 Days of Christmas” have to do with Annuities, Life Insurance, Investing and Taxes. Retrieved 2010, from www.annuitynewsjournal.com: http://www.annuitynewsjournal.com/what-does-the-12-days-of-christmas-have-to-do-with-annuities-life-insurance-investing-and-taxes/

Coverage lapsed earlier this year when heavy rains hit places like Oklahoma City causing angst for homeowners, holding up payment of claims and affecting home sales in flood zones where mortgage companies require flood insurance. This is one of the reasons Oklahoma Insurance Commissioner, Kim Holland pressed for a more permanent solution, especially because flood damage is not covered under a standard homeowner’s policy.

“With severe flooding this year, I am encouraging Oklahomans to carefully evaluate their risks and consider purchasing flood insurance,” Holland said. “It is important to make sure Oklahomans are protected…every Oklahoman should be aware that a flood can happen almost anywhere.” (Staff Reports, 2010)

The National Flood Insurance Program is administered by the Federal Emergency Management Agency, which offers flood insurance purchased through property and casualty insurance agents.

The Flood Insurance extension will expire September 30, 2011.

Learn more about Flood Insurance; take CEU.com’s online Flood Insurance Course.

Graham, B. (2010, October 3). President extends National Flood Insurance Program for one year. Retrieved October 2010, from IFAwebnews.com: http://ifawebnews.com/2010/10/03/president-extends-national-flood-insurance-program-for-one-year/

Staff Reports. (2010, October 6). Flood insurance program extended. Retrieved October 2010, from NewsOK: http://newsok.com/flood-insurance-program-extended/article/3501848

In addition, depending on what states are in the student’s licensing profile, some additional features may be present, such as:

• MN and OK now require the student to complete and pass the sample questions prior to going to the next module. Students in these states will now have an indicator on the course home page that they have passed a module once they have successfully answered the sample questions. Students who attempt to go to the next module prior to completing the sample questions will be prompted to remind them of this requirement.
• MN requires students to have their “seat time” monitored. Students who are testing for one of these states will have a “seat timer” in the lower left hand corner of their screen. This timer will keep track of seat time for each study session the student spends in the course. Individual session times will be logged and students cumulative study time will be displayed. Students who have a period of inactivity in the course will be prompted to reenter the course. If they don’t respond to the prompts, they will be logged off the course, with credit for time spent. When they log back into the course to resume study, the course timer will pick up where they left off last.
• MN students will be restricted from taking the examination until they have met their respective state’s seat time requirement. Students attempting to access the exam prior to meeting the seat time requirement for the course will be prompted with instructions. When the appropriate amount of seat time has been met, the student’s timer will turn from yellow to green.
• Multi-state student prompt-Adjusters with multiple states in their profiles will see a “pop-up” screen upon entering a course. This screen will confirm the states in the student’s profile and ask them to select the states for which they wish to receive credit. Once the student makes their selection, they will be presented with the course delivery for the most stringent state in their profile. For students needing TX classroom equivalency, these courses will still need to be taken as separate, stand-alone courses due to their different methodology.
• As some of you are aware, we have temporarily brought down our course offerings in MN. With this new seat-timing technology, we will now be going through the process to resubmit our courses for approval to the state. For any impacted students, we apologize for the temporary inconvenience this may cause.
• Our upgraded course player will enable CEU the flexibility to accommodate any similar requirements other states may enact in the future.

If you have any questions, please contact our customer service staff at 800-295-9010.

The shareholders complaints are similar. They all assert that BP directors and officers should have taken safety concerns and warning signs more seriously. They seek recovery against the BP defendants for “breach of fiduciary duty and corporate waste.” (Herman, Herman, & Grimm, 2010)

The BP scenario is a prime example of the critical need for D&O coverage. Without D&O insurance, very few people are likely even to serve on a board in this day and age. As adept as an individual may be there is still a risk.

“No entity is exempt,” says Scott Meyer, executive vice president, ACE Professional Risk, “Increasing numbers of lawsuits have been filed against private companies and charitable organizations as well. Any person who is considering a position as a director or officer of a company or charity needs to be certain D&O coverage is in place. Otherwise, they could be facing a situation where their personal assets are at stake.” (Pillsbury, 2010)

Part of the problem is that the breadth of fiduciary duty of officers and directors has grown. It used to be just the duty of loyalty and duty of care; now there is a duty of oversight. Any shareholder of a corporation has the right to bring suit against a D&O if they think the company has not acted in the best interest of the corporation. The insurance is not so much for liability but to cover the cost of litigation. Even though most corporate charters provide for indemnification for officers and directors, they often don’t have the funds for massive litigation and may not cover if the directors or officers are found wanting.

A carrier takes a claim, defends it and pays the cost of the defense. Defense can be costly– thousands and thousands of dollars, even millions, so costly that the insurance is what often keeps a company afloat.

There are three types of D&O coverage:

• Side A: Directly insures directors and officers for defense costs, settlements and judgments, not indemnified by the corporation.
• Side B: Reimburses the company indemnification payments made to its directors and officers
• Side C: Covers the company for its own liability, such as securities law claims

All coverages are included in a typical D&O insurance policy and directors and officers share this policy. “If the company’s indemnification obligations, or its separate liability, deplete the limits of insurance under the Side B and Side C coverages, the limits for individual directors and officers may be eroded, in some cases to nothing.” (Meyer, Zacharia, & Lavigne, 2010)

Because of the litigiousness of this country it has become a necessity to have insurance. Well-meaning officers and directors face a growing multiplicity of obligations and regulations that it becomes near to impossible to avoid crossing a line—even unintentionally—or, in any event, to prevent lawsuits with limited merit requiring a costly defense .

Learn more about D&O insurance by taking CEU’s online Directors and Officers Liability course.

Editors, F. (2010, August). The Deepwater Spill: Coverage Analysis . Claims .
Herman, H., Herman, T., & Grimm, M. (2010, August). Director And Officer Insurance And The Gulf Oil Spill. Retrieved August 26, 2010, from http://www.clausen.com: http://www.clausen.com/index.cfm/fa/firm_pub.article/article/1abaff03-46ad-4092-a974-7ce99b7bab0a/Director_And_Officer_Insurance_And_The_Gulf_Oil_Spill.cfm
Meyer, S., Zacharia, C. A., & Lavigne, K. (2010). Financial Crisis: Bankruptcy Implications for D&O Insurance. the ACE Group.
Pillsbury, D. (2010, August). The ABCs of D&O. Rough Notes .

It is 10 o’clock at night on a Wyoming highway. A van with no headlights careens into the path of oncoming traffic killing an elderly couple on their way home from vacation. The van driver, whose blood-alcohol level is twice the legal limit, is also killed along with his two passengers.

The family of the couple killed in the accident files a lawsuit against the bar owners, whose establishments served the motorist. However, the judge dismisses the lawsuit based on a 2003 Wyoming Supreme Court ruling, which states that bar owners in Wyoming aren’t responsible for their patrons’ actions.

This is not the norm. Court decisions coupled with new state laws are holding sellers of alcoholic beverages gradually more responsible for damages and injuries resulting from a patron’s inebriated conduct.

A recent article in Rough Notes discusses the proliferation of Liquor Liability laws and the importance of insurance coverage. Despite the national sentiment towards drunk driving, there are establishments willing to risk everything because they believe they can’t afford liquor liability protection.

Attorney Scott Gemberling’s law practice focuses on liquor liability defense. He says, unlike other liability cases, liquor liability is unique because most alcohol-related cases are judged on an emotional basis.

“There are varying degrees of outcomes when one is working a medical malpractice case or a professional liability case, but all dram shop cases are tragic,” he says. “The word ‘alcohol’ exacerbates a jury verdict four or five times. The jury gets angry. It’s not like somebody broke an arm or a leg. With alcohol-related cases, usually there are multiple deaths involved.” (Zinkewicz, 2010)

Gemberling goes on to say that many lawyers are reluctant to take on alcohol-related cases because the likelihood of winning is slim to none and, in some states, where liquor liability insurance is not required, there is no “money motivation.”

The economy also has a significant impact on the liquor liability market. “When revenues are down some people decide to go without insurance,” says Chris Reisdorf of wholesaler, TAPCO Underwriters. (Zinkewicz, 2010) Generally, liquor liability comes within a package. Many companies are not willing to write stand-alone coverage. Some establishments aren’t even aware of the existence or necessity of liquor liability coverage and may not find out about it until faced with the consequences of an alcohol-related injury or death.

Learn more about Liquor Liability Coverage by taking CEU’s online Liquor Liability course.

Mirhadi, D. (2008, March 11). Small town remembers helpful couple . Retrieved July 16, 2010, from trib.com: http://trib.com/news/state-and-regional/article_fdb790f1-3c77-5838-9eb9-bd6d787a7fa5.html

Neary, B. (2010, July 13). Lawyer pledges appeal of Wyo. liquor liability law. Retrieved July 14, 2010, from businessweek.com: http://www.businessweek.com/ap/financialnews/D9GU87C80.htm

Zinkewicz, P. (2010, July). Liquor Liability. Rough Notes , 26, 28.

• “Resident licensing original and renewal applications, non-resident original and renewal applications, address change requests and the attachment warehouse will be available to producers and other licensed entities on-line, all day, every day.
• Temporary licenses will be processed online.
• Approved license transactions will be loaded to SBS and viewable by the licensee online within minutes.
• Licensees and licensing administrators will have fingertip access to electronically available information, including license printing, review of continuing education (CE) transcripts, and review of any portion of the licensee summary. Licensees can also receive automatic email notifications from the Department, thus avoiding U.S. postal mailing expenses.
• The public will have free online access to information describing the status of a producer’s license.
• Licensees will no longer have to use a Social Security number as a license identification number for CE courses, online log-ins, and course lists. Instead, they will use their National Producer Number.
• CE course review features will be available online so that producers are able to search for course availability.”

During SBS implementation, electronic and paper license applications and renewals will be temporarily unavailable. “Electronic functionality will be unavailable beginning July 16, 2010, and will resume normal operations on July 26, 2010.”

The SBS transition will improve Illinois licensee services and create uniformity amongst the 20 other states that already use SBS for insurance regulation.

For more information, visit http://www.statebasedsystems.com/.

View our Illinois course catalog.

Source: Illinois Department of Insurance

CEU.com utilizes a paperless proctoring process that allows proctors to enter their demographic information online. We provide the fastest way to complete your CE!

 View our South Carolina course catalog.