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April 4, 2013 S.Vagus

This Week’s Round Up – Insurance News Broadcast for April 4th, 2013 See Notes and Highlights of The Stories Featured in Video: Study claims health insurance rate shock may be coming Health insurance companies throughout the U.S. have been warning of the impending rate shock that could be spurred by the Affordable Care Act. According to the study, health insurance companies are expected to pay out an average of 32% more on payouts for medical claims for individual consumers. Federal officials are questioning the accuracy of the study suggesting that…

Homeowners insurance in New Jersey to become easier to understand

March 22, 2013April 30, 2013

The Senate in the state has given its unanimous approval to the clarification of policies. The New Jersey Senate has just given its approval to assist residents with achieving a better understanding of their homeowner insurance policies, passing a bill by a unanimous 38 to 0 vote. The bill would make it a requirement for insurers to make their coverage far simpler to understand. The Senate bill (A-3642) would require that homeowners insurance companies provide their customers with an information brochure – one that is already a requirement under the…

Homeowners insurance bill in New Jersey requires policy rewrites

February 9, 2013February 7, 2013 H. Cutner

Following Superstorm Sandy, a new proposal would mean that coverage would be easier to understand. Assemblyman Paul Moriarty (D-4, Washington Township) is the primary sponsor of a New Jersey bill that would require homeowners insurance companies to lose the industry jargon in the wording of their policies, in favor of a “plain English” alternative. This would allow the details of the coverage to be easier for policyholders to understand. The bill, A3642, requires that homeowners insurance policies that are renewed, initially issued, or delivered within the state of New Jersey…

Auto insurance fraud is the latest NJ Assembly target

January 17, 2013January 17, 2013 H. Cutner

A new bill has been sponsored by Assemblyperson Wayne P. DeAngelo (D) to implement a crackdown. A new bill A2204 is before the Assembly, having been sponsored by Assemblyperson Wayne P. DeAngelo (D-Mercer/Middlesex) with the purpose of targeting the residents of the state who are purchasing their auto insurance in other states through fraudulent means, despite the fact that they reside primarily within New Jersey or the insured vehicle is primarily kept there. This is considered to be a form of fraud that is becoming quite costly within the state.…

Hurricane Sandy spawns class-action lawsuit against insurers

December 24, 2012December 24, 2012 Nordstrom

New Jersey victims file suit against insurers in wake of Hurricane Sandy Hurricane Sandy continues to cause problems along the East Coast. Though the storm is long over, its effects can still be felt in numerous states. Insurers may soon feel another financial impact as a result of the storm, but it will be coming from consumers instead of the storm itself. Hurricane Sandy victims from New Jersey have filed a class-action lawsuit against nine insurance companies. The suit claims that these insurers denied claims through the misinterpretation of something…