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Shaw capital management financial: Shaw Capital Management : Industry Groups Seek Crackdown On Insurance Scams

BY: KENRIC WARD | POSTED: FEBRUARY 22, 2011 3:55 AM

Calling Florida the epicenter of an auto insurance “fraud epidemic,” industry groups want the Legislature to crack down on scam artists who are driving up motorists’ premiums.

“Floridians need to know that our state, unfortunately, continues to have the highest number of questionable, or ‘staged,’ auto accidents of any other state in the country,” said William Stander, assistant vice president for Property Casualty Insurance Association.

Stander’s group was joined by the Florida Chamber of Commerce and the Associated Industries of Florida in calling for reform — but not abolition — of the state’s no-fault (PIP) insurance program.

“Florida’s business community can no longer afford to stand by and expect PIP fraud to go away. We must do something now,” said Teye Reeves, the Chamber’s director of business climate and quality-of-life policy.

Noting that Miami, Tampa, Orlando and Hialeah rank among the U.S. cities with the highest rates of questionable claims, Stander said Florida motorists pay the second-highest auto liability insurance premiums in the nation.

The 2008 average annual liability premium is 6 — 56 percent higher than the national mean of 1, he said.

The Insurance Information Institute estimates that, if left unchecked, the increase in premiums related to insurance fraud could reach 6 million for insured Florida drivers this year.

“PIP fraud is out of control in Florida,” said Jose Gonzalez, vice president of governmental affairs for Associated Industries of Florida. Gonzalez said AIF supports the efforts of a new industry-launched website, InsuranceFraudUncovered.com, to highlight PIP fraud in the state.

The industry consortium said it will propose a series of legislative remedies during the 2011 session, including:

EXAMINATIONS UNDER OATH: Stander said court decisions have “created confusion” regarding an insurer’s ability to investigate claims by using a procedure called an examination under oath. These are routinely used to determine if fraud exists by interviewing the policyholder or provider regarding the alleged benefits received, under penalty of perjury for lying. The insurance industry recommends specifically authorizing the use of EUOs by insurers to investigate fraud.

INDEPENDENT MEDICAL EXAMS: In the course of investigating a claim, an insurer can conduct an independent medical examination on an insured to determine the extent of injuries and what sort of treatment is reasonable. If an insured is participating in a fraud ring, or even if an honest insured is just following directions from a clinic or PIP lawyer who is part of a ring, the insured often misses or never goes to these appointments, in order to keep the crime a secret.

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Stander said courts have allowed motorists’ lawyers “to keep making excuses for never showing up to an IME.” The insurance industry recommends specifically stating that a refusal to submit to an IME is a rebuttable presumption that the failure was unreasonable.

ARBITRATION: When disputes exist, they can often be resolved faster and more efficiently by using arbitration, which also saves the taxpayer money by reducing the caseload on the court system, Stander said. The industry recommends allowing an insurer to offer a policy that includes arbitration as an alternative dispute resolution mechanism available to both the insured and the insurer, while preserving everyone’s right to access the court system if necessary.

PIP LAWYER FEES: Florida PIP law requires an insurer to pay both its lawyers’ and the insured’s lawyers’ fees if the insurer loses in court, even if the insurer thinks the claim is a scam.

“Sometimes the insured’s lawyers’ fees total more than the original ,000 in PIP coverage. This causes an insurer to think twice about challenging suspicious claims or medical treatments,” Stander said.

Likewise, he added, “lawyers have an incentive to file as many lawsuits as possible for any reason, all the while driving up insurance costs for everyone else.”
Since a similar change to the workers’ compensation laws in 2003 resulted in substantial savings for policyholders, the industry recommends capping lawyers’ fees in PIP litigation to a percentage of benefits obtained.

PIP LAWYER FEE MULTIPLIER: In addition to their regular hourly fees, PIP lawyers can also obtain something called a “contingency risk multiplier.” Originally developed to encourage attorneys to take on difficult civil rights cases, the multiplier now regularly shows up in PIP cases, and multiplies up to 2 1/2 times the amount of money a PIP lawyer can make in litigation.

“These inappropriate multipliers dramatically increase the PIP lawyer’s incentive to sue in a no-fault system that is supposed to be free of litigation,” Stander said. The industry recommends prohibiting the award of contingency risk multipliers in calculating PIP lawyers’ fees.

EXPANDED INVESTIGATION AND PROSECUTION: Among the many reforms that could help solve this problem, the industry seeks crash reports that include the names and addresses of all passengers, better licensure and inspections of PIP clinics, and more authority and funding for Chief Financial Officer Jeff Atwater and the Department of Financial Services.
Critics of the industry proposals question the scope of the problem, alleging that little specific data exist on PIP claims because insurance companies closely guard such information. The Florida Department of

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by Alex Bellink

Network Management, Server Management, Application Management, Help Desk Software – ManageEngine

ManageEngine is an innovative producer of Enterprise IT Management Software, offering high-end functionality of large network management frameworks at cost-effective prices to enterprises world-wide. With more than 40,000 Customers Worldwide, including 3 out of every 5 Fortune 500 companies, we are the fastest growing alternative to traditional network management frameworks.

ManageEngine offers simple, easy-to-use IT Management products at a price that every business can afford. It is thoughtfully built with SMBs in mind and eventually scales for large businesses. The ManageEngine 90-10 promise gets you 90% of the features of the Big 4 at 10% of the price.

More than 40000 customers from 190 countries use ManageEngine for ENTERPRISE IT MANAGEMENT

ManageEngine, makers of a globally renowned suite of cost effective network, systems, applications and security management software solutions, today announced the beta availability of ServiceDesk Plus On-Demand, an ITIL-ready help desk and asset management solution delivered as an online web service (SaaS).

Designed for small and mid-size businesses as well as mid-size enterprises, ServiceDesk Plus becomes even more valuable in a SaaS delivery model, cutting customers’ up-front investment in service management software by 100 percent and significantly lowering ongoing costs with a pay-as-you-go pricing model.

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ServiceDesk Plus On-Demand features automated trouble ticketing and facilitates the streamlining of IT services through ITIL best practices. The web-based suite includes Incident Management, Problem Management, Change Management, Release Management and a Configuration Management Database (CMDB), helping reduce the complexity of workflows in production and making it easier for IT administrators to run effective helpdesk operations.

Additionally, ServiceDesk Plus contains a number of features designed to aid help desk professionals in their day-to-day responsibilities, including a self-service portal for technicians to identify solutions quickly, a knowledge base containing a repository of proven fixes, auto-routing of requests, email status updates, service level agreement management, multi-site support, enhanced reporting capabilities and more.

The ManageEngine solution is unique in that it also allows administrators to manage and track assets across the enterprise with the integrated Asset Management, Purchase Management and Contracts Management modules.

Because ServiceDesk Plus On-Demand is offered as a service, IT administrators sign-up for and begin using the application in only a few days. There is no need to provision and configure new servers and no software to install, resulting in zero capital expenditure. The SaaS delivery model also means IT managers will enjoy hassle-free upgrades, staying up-to-date with the latest application version at no additional cost. This pay-as-you-go pricing model, combined with the ability to scale services up or down as needs dictate, offer enormous flexibility to customers.

Hosted in SaaS-70 and Safe Harbor compliant data centers, ManageEngine services offer a high level of security for customer data.

ManageEngine is the leader in low–cost enterprise IT management software. The ManageEngine suite offers enterprise IT management solutions including Network Management, HelpDesk & ITIL, Bandwidth Monitoring, Application Management, Desktop Management, Security Management, Password Management, Active Directory reporting, and a Managed Services platform. ManageEngine products are easy to install, setup and use and offer extensive support, consultation, and training. More than 40,000 organizations from different verticals, industries, and sizes use ManageEngine to take care of their IT management needs cost effectively.

Mutual Funds articles

The largest single market in the world trading $2 trillion every day, the Foreign Exchange (FOREX) market is a worldwide decentralized financial market for trading currencies. Its primary purpose is to assist international trade and investment by allowing businesses to convert one currency to another-i.e., traders buy one currency with another at the current exchange rate. Today, more and more people are investing their finances in the FOREX market hoping to become FOREX Millionaires.

Currencies traded in pairs is one of the major characteristics of the FOREX Market. It involves barter exchange where for anybody wanting to sell dollars to get British pound, there must be someone else wanting to sell the pound for the dollar the same exchange rate. The FOREX market only involves 30 currencies making it much simpler than the Stocks Exchange Market which usually involves a universe of thousands of stocks offerings. Moreover, from these 30 currency pairs, only the pairs Euro vs. US Dollar, Japanese Yen vs. US Dollar, US Dollar vs. Swiss Franc, Australian Dollar vs. US Dollar, British Pound vs. US Dollar, and US Dollar vs. Canadian Dollar account for 90% of the daily trading activity in the FOREX market.

There FOREX Market has three general types: the Spot Market, the Futures Market, and the Forward Market. Accounting for one-third of all currency exchange, the Spot Market has the quickest transactions involving currency in FOREX Markets. In this type of FOREX Market, payments are made immediately base from the current exchange rate also referred to as the rate. On the other hand, the Futures Market, refers to transactions involving future payments and delivery at an agreed exchange rate-aka future rates. Finally, the Forward Market is a type of FOREX Market resembling the Futures Market except that the terms are negotiable between the two parties, allowing each participant to tailor the terms according to their needs. Traders may select one from these types where to trade and become a FOREX millionaire.

Many advantages can be derived from investing in the FOREX Market. Allowing traders to start with a small amount of capital is among these many advantages of the FOREX market. As such, people with as little as $300 dollars can participate. Also, funds in this market are very liquid, hence, giving traders full control over their capital. This market also eliminates the need for middlemen between the investments and the market as it does not charge traders for exchange fees, commissions, and payments. As such, it becomes more profitable for the trader. Finally, traders are allowed to get updates anytime of the day on their investments as the FOREX Market is available online 24 hours every day.

However, can becoming a FOREX Millionaire really be accomplished? Expert traders would answer YES to this question. First of the many things to learn to becoming a FOREX Millionaire is learning how FOREX trading works. From these studies, one may decide how what role to play in the FOREX Market-i.e., whether to buy or sell currency. In this decision, one of the many characteristics traders should have is to “think outside of the box”. Then, trading may begin. From there, proper money management-the practice of not leaving yourself exposed to wipe outs on the FOREX-is a must.

The FOREX Market is indeed a promising work area where one may earn money. Becoming FOREX Millionaires is indeed possible with the proper understanding of how the market works and making wise decision on currency trading.

Rochelle Navarette is a FOREX millionaire from Mexico. She started trading in the foreign exchange market with only $300 as her initial capital.

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by j.patrick.1@verizon.net

Promotional Risk Management – Fixed Fee Promotions

With a fixed fee promotion of course, that’s the huge bonus. Worries of over redemption, prize funds problems or physical stock allocation are no longer an issue, a headache removed from the whole campaign. Add to this the removal of any financial risk and with the knowledge that your promotion will be risk insured, often by Lloyds of London. Finally the opportunity for data capture; need to know who, how and the demographics of your consumers? By using Fixed Fee UK you’ll receive weekly redemption reports which will provide your brand with some invaluable statistics on consumer purchasing habits.

Fixed Fee UK are vastly experienced at anticipating the costs that are involved within sales promotion campaigns. Those with longevity have valuable database records of past sales promotions, redemption rates and consumer activity based on a wide variety of promotional mechanics.

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It’s always a risk running promotions. Make things safe, simple and secure with Fixed Fee Promotions.

A point to note and to highlight the big question often asked during a presentation. What’s the difference between Fixed Fee Promotions and over redemption insurance?

Well, to coin a well established brands phrase, Fixed Fee Promotions do exactly what’s written on the tin. You pay one amount to the risk management company for the entire promotion and all costs that are involved with the redemption of prizes are covered, including any insurance. It works slightly differently with over redemption insurance.  Choose this option and you pay for prize redemptions to a set amount. If, for any reason, the redemption goes above the amount, the insurance company is liable for the cost. You as a brand will still have to manage stock, fulfilment, logistics, customer service queries and of course a large percentage of the financial risk. Do you want to be overstocked with 500,000 T-shirts with 2011 on them after the promotion ends and it’s now 2012?

Peace of mind thanks to trusted promotional risk management using Fixed Fee UK.

Choose either of the options discussed for your next promotional project and you’ll have complete piece of mind. Very large companies have come unstuck running promotions in the past because they didn’t involve a Fixed Fee expert. Customers over redeem prizes and the costs involved can become monstrous, don’t make the mistake of giving away tenners for fivers! Speak to the best risk management companies if you are thinking about running Fixed Fee Promotions in the future. They can advise you on all aspects of Fixed Fee Promotions or even discuss the differences of over redemption insurance if you prefer.

Mutual Funds articles

Once you have accepted credit, you are, in effect, using someone else’s money to pay for your purchases. Furthermore, it also means that you promise to repay the money to the agency or person that loaned you the cash within an agreed time frame.

If you are applying for a loan, credit card or mortgage, it is usual for the agency or bank to check up on your credit status. This is based mostly on an assessment of your credit history, thereby helping them determine the possible risks of the transaction and decide the terms of the loan. A positive assessment means that you have a good financial history, which increases your chance of being granted credit.

Credit Repair: This is the process whereby consumers with a bad credit history try to re-establish their credit worthiness. It involves obtaining a copy of your credit report from the agencies and taking careful and appropriate steps to address apparent issues, including omissions, misreporting, misinterpretation or other inaccuracies.

If there are any discrepancies found in the credit report, the consumer is entitled to investigate the errors that have unjustly damaged their financial health. There are several laws and regulations that are designed to ensure the just and legal reporting of someone’s credit worthiness. You can make use of these laws to formally commence the process of repairing your credit.

Every consumer is entitled to one copy of his/her credit report each year from each credit reporting agency. You will have to investigate the true nature of the inaccuracies and errors for successful credit repair.

Your credit worthiness affects your purchasing ability and eligibility for acquiring credit lines in the future. You should keep in mind that a good credit score can help in several areas such as: mortgaging a home, buying a car or even applying for a job. On the other hand, a bad credit rating can make you vulnerable to outrageous interest rates and unnecessary loan conditions from the loan agencies. These two facts are important to help you realize why upholding a good credit rating is really quite necessary.

How Do You Repair Your Credit?: The process of credit repair can be accomplished through diligent work and discipline on your own. However, some companies will offer you ‘quick and easy’ methods to repair your poor credit history and they really can be quite tempting. However, these easy methods can also create further difficulties in the future, especially if they are not legal.

If your poor credit history was caused by circumstances beyond your control, you can request an upgrade to your credit rating from your creditor. However, this can only be done if you were able to make amends to your credit records afterwards.

Creditors do not usually trust people who have defaulted on their payments. This can pose difficulties for you getting further credit. However, once you are able to show a stable income and patterns of prompt repayments, the situation could improve in two to three years. This way, even if there was a bankruptcy involved, you are likely to be considered eligible for credit cards within two years, if a steady income is maintained.

Bear in mind that there are no quick fixes when repairing your credit. However, by contacting the credit bureaux, correcting any errors, budgeting and consolidating your debts, you can improve your own credit score quite quickly.

Owen Jones, the author of this article, writes on a lot of topics, but is now involved with Credit Card Application for Beginners. Please go to our website Using Credit Cards.. This article, The Basics Of Credit Repair has free reprint rights.

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