All of us at Schwartz Insurance Group know that the Louisville area was fortunate to be largely spared from the recent tornadoes … and our hearts go out to every victim throughout Southern Indiana and Kentucky.

Let us share some helpful information about what you can do now, if you were impacted in some way by the storms. If you’re not sure what steps to take or how to begin receiving aid, here’s how to start:

Survivors of the recent Kentucky tornadoes who suffered damage should register for disaster assistance with the Federal Emergency Management Agency, even if they have insurance or aren’t sure they’re eligible for help.

Nine additional counties have been designated for disaster assistance to households and businesses as part of Kentucky’s federal disaster declaration, according to officials from the Federal Emergency Management Agency. The latest counties are Bath, Campbell, Carroll, Grant, Magoffin, Martin, Montgomery, Rowan and Wolfe.

The Indiana counties eligible for disaster assistance include: Clark County, Jefferson County, Ripley County, Scott County, Warrick County, and Washington County.

You can find more information by accessing www.DisasterAssistance.gov or calling toll-free 1-800-621-FEMA (3362).

Last week we started a two-part series listing and defining some common insurance terms that we felt were important for everyone to know. This week we’re wrapping up the list and providing more terms for you to reference.

Contact Schwartz Insurance Group any time if you have questions or need further explanation.

• Commercial Lines – Refers to insurance for businesses, professionals and commercial establishments.

• Comprehensive Insurance – Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car.

• Earned Premium – The amount of the premium that as been paid for in advance that has been “earned” by virtue of the fact that time has passed without claim.

• Elimination Period – The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as “waiting period.” Most commonly found in disability insurance.

• Floater – A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewelry or sports equipment.

• Health Savings Account – A personal savings account that allows you to contribute pre-tax money to be used for qualified medical expenses. HSAs, which are portable, must be linked to a high-deductible health insurance plan (HDHP).

• Lapse Ratio – The ratio of the number of life insurance policies that lapsed within a given period to the number in force at the beginning of that period.

• Liability Insurance – Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract

• Net Premium – The amount of premium minus the agent’s commission. Also, the premium necessary to cover only anticipated losses, before loading to cover other expenses.

• Personal Lines – Insurance for individuals and families, such as private-passenger auto and homeowners insurance.

• Qualifying Event – An occurrence that triggers an insured’s protection.

• Re-Entry – Re-entry, which is the allowance for level-premium term policyowners to qualify for another level-premium period, generally with new evidence of insurability.

• Renewal – The automatic re-establishment of in-force status effected by the payment of another premium.

• Standard Auto – Auto insurance for average drivers with relatively few accidents during lifetime.

• Stop Loss – Any provision in a policy designed to cut off an insurer’s losses at a given point.

• Surrender Charge – Fee charged to a policyholder when a life insurance policy or annuity is surrendered for its cash val

• Umbrella Policy – Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance.

• Unearned Premiums – That part of the premium applicable to the unexpired part of the policy period.

• Valuation – A calculation of the policy reserve in life insurance. Also, a mathematical analysis of the financial condition of a pension plan.

• Whole Life Insurance – Life insurance which might be kept in force for a person’s whole life and which pays a benefit upon the person’s death, whenever that might be.

source: http://www.ambest.com/resource/glossary.html#Z

Health care legislation is a hot topic lately. You may think first about Washington D.C. – rules or regulations set by Congress or the Department of Human Health & Services. But, issues arise just as often in Frankfort, which could have dramatic impact on our health insurance prices or the coverage we need for medical treatment.

I was recently re-invited onto the Board of the State Chapter of the National Association of Health Underwriters – America’s Benefit Specialists. While I was President in 2002, much has evolved in the health care landscape since. I felt it was important to be directly involved again … so last month, I joined a small group of brokers and consultants in Frankfort for a day on the hill.

After breakfast with several members and the Chair, we headed to the Capital for the Banking & Insurance Committee meeting. Watching a debate over the “chiropractor bill” (setting a legislative price for those services) or hearing about the process for establishing Kentucky’s federal health insurance exchanges was extremely interesting. It will impact most Kentuckians and without a watchful eye, we may never be sure how government would address these issues.

I was also able to meet with both my Senator (Ernie Harris) and my Representative (Dr. Bob Deweese) and greatly appreciated their hospitality and good discussion. It is important to establish relationships with legislators to have an open line of communication, as well as to become a resource for the issues small businesses consider important.

On behalf of our clients, time with legislators is time well spent … in fact, we make every effort to share updates with clients and actions they can take to have an impact on legislation.

Should there be a nationwide legal ban on texting while driving? That is the question some of our state legislatures are trying to answer. There are still 13 states that do not have such a law on the books.

The National Highway Traffic Safety Administration (NHTSA) has issued a list of facts related to texting while driving causing auto accidents. The facts reveal how dangerous this form of distracted driving can be. Did you know that you are 23 times as likely to be involved in a crash if you are texting while driving?

Common sense would tell us that having our eyes on our phone screen instead of the road is a recipe for disaster. But for many of us, especially teens and young adults, texting has become almost as natural as breathing. It’s easy to forget how distracting a cellphone can be while driving.

Sadly, this all too common habit can turn deadly in the blink of an eye. One family in Idaho, a state that does not have a ban on texting while driving, shares the devastation of losing a daughter in an auto accident. The eighteen-year-old young woman was traveling at 80 mph and sending text messages about every 90 seconds when she crashed into a slow moving tanker truck on the Interstate. She died instantly. Hoping to help prevent other tragedies, her family is working to get the Idaho State Legislature to pass a bill banning texting while driving.

Fortunately, both Kentucky and Indiana have laws in place that prohibit texting while driving, but do you (and your kids) abide by it? For the sake of your safety and the safety of other motorists on the road, put the cell phone down while driving. While this smart driving habit will certainly help you save money on insurance … more importantly, it may save your life.