After 47 years in the insurance industry, I’ve come to believe that most people think that insurance is too boring to learn about and just pay their premiums as they come due. This can be a very costly decision. With health insurance in the political spotlight, I thought it would be helpful to review 14 important points people should know about insurance. 1. Insurance doesn’t take risks; it manages them. 2. Insurance should only be used when the potential loss is larger than the insured parties can afford to lose. 3. Insurance relies on the “law of large numbers,” which states that the larger the number of insured people or organizations (called insureds), the more accurate the number of losses will be. Looking at 100 38-year-olds, you have no idea how many will die in the next year, but looking at 1,000, you can be pretty sure that two will be dead at the end of the year. 4. When insurers don’t have enough insureds to use the law of large numbers, they … [Read more...] about 14 important points to know about insurance
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Liz Kowalczyk Globe Staff September 30, 2018 First in a series of occasional articles on how money affects patients and their care.CAMDEN, Maine — In elegant rooms with sparkling views of Penobscot Bay, some of Harvard’s most skilled psychiatrists treat patients from across the United States — football players referred by the NFL, lawyers sent by their firms, a school janitor with a wealthy brother.What they have in common is the means to pay $2,150 a day for a minimum of 30 days of treatment at Borden Cottage, a remote outpost of McLean Hospital, perhaps the country’s best known psychiatric facility. Credit cards are welcome. Health insurance is not. Advertisement In return, patients have access to a heated outdoor pool, a movie theater with reclining leather seats, a vintage bowling alley, and, most importantly, gold-standard … [Read more...] about At elegant McLean psychiatric outpost, $2,150 a day, and insurance is not welcome
Life insurance company John Hancock made a splash recently with the news that soon all of its policies would come bundled with the option to let the company track your fitness -- via either a website and app, or through the use of a fitness tracker like an Apple Watch or Fitbit. The move underscores how fitness tracker data is an as-yet largely untapped gold mine for businesses -- particularly in industries like insurance, whose financial bottom line directly depends on the health of their customers. John Hancock isn't particularly shy about this: "The longer people live, the more money we make," as the company's CEO Brooks Tingle put it to The New York Times. The published research on Fitbits and similar devices, however, has yet to uncover a clear link between fitness tracking and fitness, to say nothing of longevity and mortality, or of insurance companies' profits. But there is some solid evidence that if the use of the devices is paired with incentives like rewards, challenges … [Read more...] about Should you hand over your Fitbit data to your insurance company?
BENTLEYVILLE, Ohio -- Driving under suspension, Chagrin River Road: A Cleveland man, 39, was stopped shortly after 9:30 p.m. on Sept. 21 when police stopped him on an automatic registration check and found that his license was suspended for non-compliance with Ohio's Financial Responsibility Act. He was also advised to replace his rear plate light and the car was removed by a valid driver. Driving under suspension, Holbrook Road: An Akron woman, 32, was stopped around 7:30 a.m. on Sept. 20 and found to be driving on a non-compliance suspension under the state's Financial Responsibility Act. Police noted that she still could not show proof of insurance. She was cited and the car was turned over to a valid driver. If you would like to discuss the police blotter, please visit our crime and courts comments page. … [Read more...] about Lack of insurance prolongs suspensions: Bentleyville Police Blotter
New York State Comptroller Thomas DiNapoli speaks at the NYS Economic Development's annual conference at the Albany Capital Center on Thursday, Feb. 1, 2018, in Albany, N.Y. (Paul Buckowski/Times Union) New York State Comptroller Thomas DiNapoli speaks at the NYS Economic Development's annual conference at the Albany Capital Center on Thursday, Feb. 1, 2018, in Albany, N.Y. (Paul Buckowski/Times Union) Photo: PAUL BUCKOWSKI Buy photo Photo: PAUL BUCKOWSKI Image 1 of / 1 Caption Close Image 1 of 1 New York State Comptroller Thomas DiNapoli speaks at the NYS Economic Development's annual conference at the Albany Capital Center on Thursday, Feb. 1, 2018, in Albany, N.Y. (Paul Buckowski/Times Union) New York State Comptroller Thomas DiNapoli speaks at the NYS Economic Development's annual conference at the Albany Capital Center on … [Read more...] about Unemployment insurance cheaters got off lightly, audit claims