Auto Industry is Hurting Folks. How Are You Feeling It?

[todd02]

Need to have a law that tracks if a phone was being used at the time of an accident. If it was it needs to be a higher degree misdemeanor and someone is put on probation. Second offense is jail time. People are operating a 3-5,000 machine going 75mph. Be responsible or else.

 

[Matt37]

^Am I the only one who picks up on this Matt37 here? "running a fever of 106" and "focus on casualty driven business" (still don't know what that means.)

What's your history? How high of a product guy were you? Were/are you an actuary? Here's how I see it using the military analogy

Me - GRUNT. I kick in doors & light up insurgents

Sean - DIPLOMAT - Shows up in a suit telling us the overall mission is to spread democracy.

Matt37 - ??????? - CIA? NSA? Suppressed weapon, full beard..

lol..

no CIA or NSA here.

my degree is in actuarial sciences but I never really got into a pure actuary role.

just an insurance guy who has been through a lot .. to give you an idea I started at INA which is long long gone in their underwriting program in 1978.. back then you had to go to a training school for 60 days and pass it to become an underwriter... I underwrote schools there.

But throughout my career I have made stops at CNA, Travelers, Philadelphia and then currently managing my own MGA writing specialty auto risks (limo, taxi, Para transit, school buses, etc.)

If you want to play a fun game .. get together with some old timers and go around the table and see how many insurance carriers you can name that are totally extinct now .. at my last CIC update we all went down to the bar one night and made it around the table 3 times naming carriers that are gone..

But this board is fun .. some good people to BS with on here.

 

[shawnmwalker]

INS1766,

You know how to spell my name!


HAHAHAHA!

 

[InsCommentary]

...and we should all buy extended warranties, disability insurance, cancer insurance, long term care insurance, major medical, accidental insurance, maintenance contracts on our HVAC.

I don't commentate on insurance, I live it. What you described is the exception & not the norm. If the parent's insurance paid the claim, it would have included a waiver for any future liens etc. If it was UIM...that means the parent's insurance would have paid something & no lien.

If it was UM...the parents did something really stupid & let their insurance lapse OR their carrier denied the claim for some other reason which would be the insured's failure to disclose something etc.

...No umbrella would help there.

Scare tactic.

When an intoxicated individual causes injury to another party, the responsible party cannot declare bankruptcy and absolve themselves of unpaid debt. The injured party can take them to federal court and obtain a levy on their income or assets through the course of two (2) different ten (10) year periods.

You can often meet very well educated people working in the cash economy. This isn't limited to low income jobs, but the important point is cash economy.

A sizable percentage of these folks have an economic calamity in their past. Bankruptcies (notably bankruptcies related to intoxication), defaults, judgments, major tax problems, etc., have put them in a spot where they can't accumulate assets in their own names. Their ownership and occupancy of their residential property is strange. These folks need to find someone willing to hold title and allow them to live in the property and pay all of the bills.

State Farm recovers billions every year in subrogation. Health plan subrogation is about three percent (3%) of total funds allocated (counting both premium and self insurance funding. Let's assume s total state health care bill is five billion ($5,000,000,000) a year. That's $150,000,000 a year just in health insurance subrogation.

Not having assets won't protect you from a subrogation attachment that can last 20 years.

 

[insurance1822]

Makes sense...

...you ever sell before? If so, I wonder how that pitch goes for ya.