Showing posts with label Info Center. Show all posts
Life insurance death benefit feature becomes controversial
During the summer of 2010, a sleepy feature available to beneficiaries of life insurance policies for over 20 years came into focus. The issue, retained asset accounts (RAAs), and whether and how they should be made available to those receiving funds after a loved one dies continues to generate discussion both at the state level and in Congress.
According to the National Association of Insurance Commissioners, an RAA is meant to be a short-term repository for a life insurance death benefit that gives a beneficiary time to consider the financial options available. An RAA allows a beneficiary to draw from the death benefit proceeds by using bank drafts, which are similar to checks but different in a few ways.
What consumers advocates are saying about RAAs
Consumer advocate Daniel Schwarcz, an associate professor of law at the University of Minnesota Law School and a funded consumer representative with the NAIC, Kansas City, Mo., says "If it were me, I'd take the money and put it in a bank account."
Schwarcz says that one of the important points a consumer should double check before agreeing to an RAA is the ability to immediately draw on funds using the checks a company provides.
Another important point to keep in mind, he says, is that the accounts are not protected by the Federal Deposit Insurance Corporation (FDIC), the entity that acts as a backstop in the event a bank fails and cannot meet its obligations. He affirms that insurance companies have guaranty fund associations, state entities that step in when an insurer becomes insolvent and assumes the role of making sure that policyholders are paid. But, Schwarcz adds, they are run individually by the different states and are not as reliable as the FDIC.
Other insurance industry experts state RAAs may have benefits
Connecticut Insurance Commissioner Tom Sullivan, one of the commissioners spearheading the NAIC examination of the issue, disagrees, noting that most state guaranty funds offer at least $300,000 in protection and in some states such as Connecticut, up to $500,000. The NAIC is wrapping up a survey of the largest companies on the issue to examine practices, such as defaulting a beneficiary into an RAA account and what disclosures are provided along with this option.
Robert DeFillippo, a spokesperson for Prudential Financial, Newark, N.J., says that there is a lot of good that comes out of the RAA, and counters criticism of the RAA feature by noting that beneficiaries have immediate access to their money and can write a check for the whole amount of the death benefit if they choose.
DeFillippo adds that allegations that RAA checks are more difficult to cash, has not been Prudential's experience. Of 500,000 drafts written in 2009, he points out that the "vast majority have had no problems." He says that when an RAA is opened at Prudential, disclosures clearly explain how it works and the fact that the money is available immediately. While the death benefits are in an RAA, they are drawing interest.
According to the National Association of Insurance Commissioners, an RAA is meant to be a short-term repository for a life insurance death benefit that gives a beneficiary time to consider the financial options available. An RAA allows a beneficiary to draw from the death benefit proceeds by using bank drafts, which are similar to checks but different in a few ways.
What consumers advocates are saying about RAAs
Consumer advocate Daniel Schwarcz, an associate professor of law at the University of Minnesota Law School and a funded consumer representative with the NAIC, Kansas City, Mo., says "If it were me, I'd take the money and put it in a bank account."
Schwarcz says that one of the important points a consumer should double check before agreeing to an RAA is the ability to immediately draw on funds using the checks a company provides.
Another important point to keep in mind, he says, is that the accounts are not protected by the Federal Deposit Insurance Corporation (FDIC), the entity that acts as a backstop in the event a bank fails and cannot meet its obligations. He affirms that insurance companies have guaranty fund associations, state entities that step in when an insurer becomes insolvent and assumes the role of making sure that policyholders are paid. But, Schwarcz adds, they are run individually by the different states and are not as reliable as the FDIC.
Other insurance industry experts state RAAs may have benefits
Connecticut Insurance Commissioner Tom Sullivan, one of the commissioners spearheading the NAIC examination of the issue, disagrees, noting that most state guaranty funds offer at least $300,000 in protection and in some states such as Connecticut, up to $500,000. The NAIC is wrapping up a survey of the largest companies on the issue to examine practices, such as defaulting a beneficiary into an RAA account and what disclosures are provided along with this option.
Robert DeFillippo, a spokesperson for Prudential Financial, Newark, N.J., says that there is a lot of good that comes out of the RAA, and counters criticism of the RAA feature by noting that beneficiaries have immediate access to their money and can write a check for the whole amount of the death benefit if they choose.
DeFillippo adds that allegations that RAA checks are more difficult to cash, has not been Prudential's experience. Of 500,000 drafts written in 2009, he points out that the "vast majority have had no problems." He says that when an RAA is opened at Prudential, disclosures clearly explain how it works and the fact that the money is available immediately. While the death benefits are in an RAA, they are drawing interest.
Life insurance beneficiaries seem to make use of RAAs
According to Prudential, about 40 percent of the money held in its RAAs is withdrawn in the first two months and typically, 70 percent of account holders write at least one check within the first three months after an account is opened.
During a hearing by state insurance regulators in August 2010, MetLife testified that a third of those who have accounts with the life insurance company close them within two months, and 60 percent withdraw all the funds and close them within a year. Interest on the balance of RAAs begins to accrue right away and ranges from 3 percent to 1.5 percent to 0.5 percent--depending on the age of the policy. Nearly half of those who have these accounts with MetLife are earning 3 percent on their money and 80 percent are earning at least 1.5 percent, according to information presented during the hearing.
According to Prudential, about 40 percent of the money held in its RAAs is withdrawn in the first two months and typically, 70 percent of account holders write at least one check within the first three months after an account is opened.
During a hearing by state insurance regulators in August 2010, MetLife testified that a third of those who have accounts with the life insurance company close them within two months, and 60 percent withdraw all the funds and close them within a year. Interest on the balance of RAAs begins to accrue right away and ranges from 3 percent to 1.5 percent to 0.5 percent--depending on the age of the policy. Nearly half of those who have these accounts with MetLife are earning 3 percent on their money and 80 percent are earning at least 1.5 percent, according to information presented during the hearing.
Saving Money While On Vacation - Ways You Can Do
Inclusive vacations have packages that are very much ideal for families and tourist who are fond of enjoying and relaxing while in a vacation. However, in planning for going on a vacation, there are few people who are not good in planning end up spending too much and more expensive.
In planning for a vacation, choosing a holiday package is a great deal and is an option. This will ensure that you and your family will experience a vacation like no other.
Money is something luxurious when it comes to spending for an inclusive vacation. It is also something that has been a problem by many because of the scarcity of it. Although vacation does not have to be that expensive, it is more enjoyable and required to spend some.
If you do not have money, a more enjoyable holiday will be too far to be reached. An inclusive vacation makes sure that all your expenses will just be based on how much you can afford.
Having this vacation program is really worth your money. Travelers used to buy in "bulk" to save more money.
It is so enjoyable to have a vacation program in your planner but you should always make sure that you will save money to support your family's financial needs.
Buying in large amount or in bulks is more convenient than buying just a single item because it is cheaper making you save more money for your coin bank. The technique or method in buying bulks of items to save more money is also can be applied to affordable travel or vacation plan.
In inclusive holiday plan; you will not have to worry about your food because meals are included in the package deals in most of the plans without extra cost. This way, you will be able to save more money.
If you are just resourceful enough you might find a travel or vacation package with included enjoyable activities. This way, all you have to do is to plan what would be the very first activity you will be doing from the list of activities in the packet.
In traveling for a vacation, safety is something that you must not ignore. It is very important to be safe whenever you are traveling for a vacation with you family and loved ones.
There are some hotels and resorts that had adopt an inclusive vacation package that includes safety and security of the vacationers. Always check for the security measures whenever you will be purchasing an inclusive vacation with your family and friends.
Going out with your family is truly an enjoyable thing to do as it bonds each and every member of the family together.
Business group travel offers many benefits not only to the company but also to the participants as well. Nowadays, professional third-party companies offer remarkable services for such excursions and relieve your company of the stress and strain of planning such a trip.
Here are some secret benefits of using business group travel companies to handle your next corporate trip!
Social Opportunity
Although most of the participants work for the same company, there is a great possibility that they may not know each other very well. Taking a trip together is a wonderful way for participants to get to know each other well and expand their networking.
Builds Camaraderie
The shared experience of taking a social work-related trip together builds stronger camaraderie in each participant and greatly benefits a harmonious working relationship.
Experiencing New Places
Since group rates offer high discounts and lessens overall expenditures, you can now take your participants to a different venue to explore and experience new places.
Distributed Expenditures
Travel usually falls under one total line item in the corporate budget. When spent on a select unit of employees, it can bring more benefits by leveraging the power of group buying into more travel experiences for the same cost.
More Discounts
Businesses are encouraged to give additional discounts to the assembly, such as discounts to popular attractions and tours among other things. Depending on the number of participants, many places offer great discounts according to their regulations and will accommodate your travelers as much as possible.
Great Bonuses
The group can receive great bonuses from hotels - these may include newspapers, free shuttle pick-up from airports, a complimentary drink and more. So the next time you book in a hotel, don't forget to inquire for bonuses that they are offering for your traveling partners.
Difference in Costs
Depending on the number of participants you have in your traveling collective unit, the costs for tours, dinners and other events are a little bit less when compared with similar individual costs.
Upgrades for Accommodations
Another benefit that you could find when booking as a collective unit is that some hotels offer upgrades for their accommodations and participants may enjoy getting bigger rooms or suites that may include more amenities.
Best Prices on Airfare
Most airlines offer good prices on airfare for group travel - your business will find great savings on airfare when reserving and paying the whole cost as compared to each participant as an individual on each flight.
Rates and Reservations
Most hotels and airlines offer lower rates for group travels. Since this allows the hotels and airlines to know in advance the numbers they will deal with, they are in a position to offer better rates and accommodations, especially when it is a business gathering.
Great Service
Since your company is bringing more people to hotels and airlines, thus giving them more business, they will go above and beyond their expected service to ensure that you will continue trading with them.
Less Cost for Travel Protection
If you are getting services from one of the reputable group travel companies for your company trip, you can purchase a 'travel protection plan' at a lower cost. This covers your participants in case of lost baggage, misplaced tickets or passports, and even protection when a participant gets injured or sick during the excursion.
The benefit of traveling together may have become lost in the prevalent economic concerns. The truth is that such trips by businesses are still something that is very affordable when it is properly handled. This will certainly be accomplished when the company planners utilize group travel companies to take the headache and hassle out of planning a trip. You can save money and yet encourage your corporate 'team' through these hard economic times. It can be nothing but a positive outcome to both your company and your team when you experience successful business trips!
Here are some secret benefits of using business group travel companies to handle your next corporate trip!
Social Opportunity
Although most of the participants work for the same company, there is a great possibility that they may not know each other very well. Taking a trip together is a wonderful way for participants to get to know each other well and expand their networking.
Builds Camaraderie
The shared experience of taking a social work-related trip together builds stronger camaraderie in each participant and greatly benefits a harmonious working relationship.
Experiencing New Places
Since group rates offer high discounts and lessens overall expenditures, you can now take your participants to a different venue to explore and experience new places.
Distributed Expenditures
Travel usually falls under one total line item in the corporate budget. When spent on a select unit of employees, it can bring more benefits by leveraging the power of group buying into more travel experiences for the same cost.
More Discounts
Businesses are encouraged to give additional discounts to the assembly, such as discounts to popular attractions and tours among other things. Depending on the number of participants, many places offer great discounts according to their regulations and will accommodate your travelers as much as possible.
Great Bonuses
The group can receive great bonuses from hotels - these may include newspapers, free shuttle pick-up from airports, a complimentary drink and more. So the next time you book in a hotel, don't forget to inquire for bonuses that they are offering for your traveling partners.
Difference in Costs
Depending on the number of participants you have in your traveling collective unit, the costs for tours, dinners and other events are a little bit less when compared with similar individual costs.
Upgrades for Accommodations
Another benefit that you could find when booking as a collective unit is that some hotels offer upgrades for their accommodations and participants may enjoy getting bigger rooms or suites that may include more amenities.
Best Prices on Airfare
Most airlines offer good prices on airfare for group travel - your business will find great savings on airfare when reserving and paying the whole cost as compared to each participant as an individual on each flight.
Rates and Reservations
Most hotels and airlines offer lower rates for group travels. Since this allows the hotels and airlines to know in advance the numbers they will deal with, they are in a position to offer better rates and accommodations, especially when it is a business gathering.
Great Service
Since your company is bringing more people to hotels and airlines, thus giving them more business, they will go above and beyond their expected service to ensure that you will continue trading with them.
Less Cost for Travel Protection
If you are getting services from one of the reputable group travel companies for your company trip, you can purchase a 'travel protection plan' at a lower cost. This covers your participants in case of lost baggage, misplaced tickets or passports, and even protection when a participant gets injured or sick during the excursion.
The benefit of traveling together may have become lost in the prevalent economic concerns. The truth is that such trips by businesses are still something that is very affordable when it is properly handled. This will certainly be accomplished when the company planners utilize group travel companies to take the headache and hassle out of planning a trip. You can save money and yet encourage your corporate 'team' through these hard economic times. It can be nothing but a positive outcome to both your company and your team when you experience successful business trips!
My Friend just got back from his 4th job interview in a week, and he've learned a TON throughout the whole (and at times, crazy) process.
Since we're all about sharing here, I thought I'd pass on the 10 juiciest lessons that I took away from our experiences.
Hopefully they'll be of some benefit to you as either an interviewer or interviewee somewhere down the road.
So here goes...
1. Attitude is everything. If you're smiling, excited and optimistic, you've already won half the battle. If you're cold, distant and uninterested, you've already lost 99% of the battle.
2. Be yourself. If you act like someone else and they like you, they don't actually like YOU. They like the person you're pretending to be. If you end up getting a job there, you won't be able to keep up the facade for very long anyway. Honesty and authenticity are very appealing characteristics. If both parties stay true to themselves, they'll know if they're right for each other. And in the end, that's usually what matters most.
3. Relax. Interviews are not really interviews at all. They're conversations. Treat them like conversations, and the tension will slowly dissolve. Remember: when you walk into that office, you don't have the job to begin with. In theory, you have nothing to lose. You either come out way ahead or back where you started. If you approach the situation with a "win-draw" mentality, most of the pressure will fall by the wayside.
4. Appearance counts. Before you meet people, virtually the only judgment you can make is based on aesthetics. What you're wearing matters. What they're wearing matters. How you sit, stand, shake hands, hold your pen and walk up the stairs counts. Not enormously, but enough. First impressions are huge. Also, how does the building look? Is the lobby clean and organized? Are the cubicles bunched together? Is the ceiling high or low? Does it look like a fun place to work? Does it invite you to come back?
5. Fit is crucial. All the smarts, skills and experience in the world mean nothing without the right fit. If your values aren't aligned with those of the company, you're doomed. If you like to have fun and they're always serious, don't even bother. Seriously. The more you fit in, the more you'll want to come back every day and bust your butt. If you're always at odds with your coworkers, you're going to hate your job. Simple as that.
6. Liking means more than talent. The days of standing in line and putting decals on widgets is over. People don't hire you because you're capable. They hire you because they want to work with you. If you don't get along, and get along well, the interview will probably be fruitless. Unless, of course, you applied for the "Assistant Placer of Decals on Widgets" position...
7. Be persistent. It's incredibly easy to get lazy, give up and feel sorry for yourself. People will turn you down, never call you back, and forget your name over and over again. None of that matters. What matters is perseverance. If you can't handle losing a few battles along the way, you're in for a tough road ahead. Getting a job is like winning a war. It takes patience, planning, time, effort, dedication and a little bit of luck. The chips will fall your way sooner or later. If you stay persistent, you'll at least give yourself a chance to catch them.
8. Bring an insane amount of (intelligent) questions. Nothing feels worse that not being prepared. If you don't bring loads of questions, you're not prepared. At some point, the interviewer will ask you what you want to know. For the record, you want to know everything. Be curious. Be interested. Be engrossed. Ask your question, and then get ready to listen. Don't think of what you're going to say next. Just soak up every word like a giant sponge. The more questions you ask, the more you'll get out of the experience. And as a bonus, they'll know you care deeply about their business. When you care about what they care about, you both start to align, and that's when the magic happens.
9. Focus on their needs, not yours. It's tempting to sell ourselves, to talk about how great we are, and to show off our past experiences. But guess what. No one cares. What they really care about is how your "amazingness" will translate into success for their company. Don't focus on your talents, focus on what your talents will do for them.
10. Blogging will give you a HUGE leg up. Blogging forces you to analyze, collaborate and create solutions. It also gives you plenty of ideas for improving customer experiences, businesses and relationships. These skills (among countless others) will give you confidence, poise, energy and know-how when it comes time to explain yourself. Your insights will be sharper, your thinking will be deeper, and your ability to express your opinions clearly and concisely will be much stronger. Blogging will prepare you better than any "How-To" book in the world. Trust me.
These 10 things are just the tip of the iceberg. There is so much more we can learn from each other about this process as a whole, so please feel free to share.
What are your best interviewing tips? What do you wish you would've known? For those of you who've been on both sides of the table, what have you learned from each situation?
