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Koyal Private Training Group

Koyal Private Training Group

Communication, Community, Education

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  • La-1854175-fi-healthcarewatch-03-jpg-20140502_177_

    Devyn Bisson is a 22-year-old Orange resident about to graduate from Chapman University with a degree in film. She knows she'll need to think about health insurance after graduation, but not just yet.

    "It's the last thing I'm looking at," she says. "I'm way more preoccupied with how I'm going to make money."

    With graduation looming, college students have many big issues to face in the coming months. They may include signing up for health insurance, and facing deadlines and even fines for laggards.

    For Bisson, signing onto her parents' health plan — something millions of young adults have been allowed to do under the Affordable Care Act — isn't an option, and her current job as a lifeguard in Huntington Beach doesn't offer health benefits.

    The student health insurance policy she now gets at school will expire this summer, leaving her without coverage.

    "As far as what healthcare I'm going to buy," Bisson says, "I have not looked at that."

    Few people like to think about health insurance until necessary, and that may be especially true for college graduates starting out on their own.

    Open enrollment — the period during which you can sign up for a new health plan — is now officially closed, but many college graduates and others still may be able to buy insurance.

    The government offers several exceptions for people to enroll during the year, even after enrollment closes.

    These "qualifying events" include the birth o...

  • Severeweatherwils_177_

    Even though the severe thunderstorms that bulldozed parts of Mississippi departed days ago, those with destroyed or damaged property will spend weeks, maybe months, looking to replace or be reimbursed for what they lost.

    Representatives of private insurers and the Mississippi Insurance Department have been on the streets in the state’s hardest-hit areas this week, looking to help those with damaged or destroyed homes, automobiles and other property. State Insurance Commissioner Mike Chaney said insured losses could reach $100 million, and there could be a comparable amount of uninsured losses, too.

    State officials estimate more than 870 homes were destroyed or heavily damaged statewide, and Chaney says there’s extensive damage to commercial buildings, especially in Tupelo. More than 2,000 claims have been filed statewide so far, and that number likely will grow.

    But there are also many structures that suffered lesser damage, and State Farm spokesman Roszell Gadson said people first need to inspect the extent of their damage to see if a claim is worth pursuing. “If you have a $1,000 or $2,000 deductible and you have a broken window that’s going to cost only several hundred dollars to replace, you might not want to file a claim,” he said.

    Policies vary on what they cover, which Gadson says is especially important because many carry strict coverage limits on higher-end household/personal items, like furs, firearms and jewelry.

    When someone may hear back from an ad...

  • Of the 2000 consumers polled, 67% of respondents said economic conditions will make people more likely to be less than truthful on an insurance application. However, 87% said they have never at any point committed insurance fraud by being less than truthful on an insurance claim.

    The research showed there is a generational distinction in perceptions of what constitutes fraudulent behaviour with 19% of respondents aged between 25 and 34 years of age claiming it was slightly acceptable to over-estimate the value of goods that have been stolen or increase the cost of repairs, when making an insurance claim compared to only 7% of 55 year-olds.

    The consequences of fraudulent behaviour - even just exaggerating a claim slightly - were acknowledged by nearly half of respondents, with 48% believing an insurance company will take legal action if a person is found to have lied on an insurance claim. More than half (54%) believe it will be reported to the police as fraud and 60% said the person would stop receiving insurance cover.

    The results of the You Gov survey formed part of Equifax's white paper, entitled ‘What do Consumers Really Think About Fraud?', which included contributions from Mike Levi, professor of criminology at Cardiff University, Stratos Gatzouris, member of Hill Dickinson's counter-fraud group and chairman of the fraud special interest group with the Forum of Insurance Lawyers, and Anne Green, head of fraud management and strategy at Aviva.

    John Marsden, identit...

  • 73271431_132_

    Insurance investigators research and verify claims to make sure no fraud or cheating is involved. They search records and databases, conduct personal interviews and inspect damaged vehicles, property and buildings. They also write reports of their findings and cooperate with other investigators and law enforcement professionals. Although investigator jobs often require only a high school diploma, many hiring managers prefer candidates with relevant work experience or education. Some investigators must be licensed.

    High School Insurance companies usually require a high school education or the equivalent for insurance investigator jobs, according to the U.S. Bureau of Labor Statistics. Take speech classes or join the debate club in high school to develop the interviewing skills you will need as a future investigator. Take courses in English and writing to prepare for the report-writing component of an investigator's career.

    College Training Some insurance companies prefer to hire investigators with college degrees, although no degree is mandatory. The desired degree varies with the type of claims work. For example, an engineering degree is useful for investigating claims in factories, while an accounting degree equips you to investigate business fraud. A bachelor's degree in criminal justice is another path to the job of insurance investigator. A criminal justice program provides a legal background plus the necessary skills in research, investigation and critical thinking.


  • Fraud-prevention_177_

    SAINT JOHN, N.B. – Consumers are encouraged to learn how to spend smart and spend safe during Fraud Prevention Month. The Financial and Consumer Services Commission is providing resources to New Brunswickers to help.

    "Whether you are shopping at the mall or making purchases online, you should be looking at how you can spend smartly and safely," said Andrew Nicholson, director of education and communications with the commission. "During March, we will be offering tips and free resources to help empower you to make the right financial decisions, no matter where or how you are spending your money."

    Commission staff will be available at several home shows, scam jams and presentations around the province during the month. The schedule is online.

    "Sometimes we need a reminder to think twice before handing over our hard-earned money," said Nicholson. "Protecting your money can be as easy as asking questions about return policies before you buy or checking the licence or registration of someone selling you insurance or investments. We can take small, but important, steps to protect ourselves."

    Each week of the month has a theme reflecting the activities taking place:

    – March 8 – International Women's Day event: Pathways to Empowerment, Delta Brunswick Hotel, 39 King St., Saint John.

    – March 11 – Too Good To Be True Day. New Brunswickers will be encouraged to use the hashtag #2Good2BTrue to get tips and information from Fraud Prevent...

  • Aptopix-jpmorgan-mortagage-bonds-probejpeg-066be_177_

    NEW YORK — A whistle-blower will be paid $63.9 million for providing tips that led to JPMorgan Chase & Co's agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans.

    The payment to the whistle-blower, Keith Edwards, was disclosed on Friday in a filing with the U.S. district court in Manhattan that formally ended the case.

    In the Feb. 4 settlement, JPMorgan admitted that for more than a decade it submitted thousands of mortgages for insurance by the Federal Housing Administration or the Department of Veterans Affairs that did not qualify for government guarantees.

    JPMorgan said it had failed to tell the agencies that its own internal reviews had turned up problems.

    The government said it ultimately had to cover millions of dollars of losses when some of the bank's loans went sour, resulting in evictions and foreclosures nationwide.

    “There were a lot of bad loans made during the financial boom, and the United States taxpayer was left holding the bag through the VA and FHA loan programs,” said Edwards' lawyer, David Wasinger. “Hopefully the settlement sends a message to Wall Street that this conduct is not allowed, and that in the future it will be held accountable.”

    Edwards could not immediately be reached for comment.

    About $56.5 million of Edwards' award concerns the FHA portion of the case, and $7.4 million concerns the VA portion. Wasinger declined to discuss hi...

  • Health-dictionary-thumb-775x294-12004_177_

    A recent meeting with a client reminded me that while the vocabulary of our industry may be second nature to those of us in the industry, it may feel like a foreign language, creating the first barrier to understanding, for those of you trying to navigate the health insurance arena. Therefore, today we will offer a user-friendly listing of the terms you may encounter.

    PREMIUM – The money you pay to have an insurance product. Similar to when you check out at the grocery store and pay for your sacks of groceries, premium is what you pay for the product you purchased.

    DEDUCTIBLE – Deductible is the amount of money you will pay out of your pocket before the health insurance plan starts to pay. Deductibles can vary by carrier, and plan. The Medicare Part A (Hospital coverage) deductible in 2014 is $1,216 per benefit period. The Medicare Part B (Medical IE: Doctor appointments etc) deductible in 2014 is $147 per year. If your current health insurance is through an employer, you may have a deductible as low as $250 or as high as $5,000. Most deductibles these days are per calendar year.

    COBRA - Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that may allow you to temporarily keep health coverage after your employment ends, you lose coverage as a dependent of the covered employee, or another qualifying event. If you elect COBRA coverage, you pay 100 percent of the premiums, including the share the employer used to pay, plus an administr...

  • Citigroup_177_

    The Koyal Group Insurance Compliance

    (Corrects headline to show probe is over legal compliance) March 3 (Reuters) - A federal grand jury is probing Citigroup Inc, including its Banamex USA affiliate, over compliance with the U.S. Bank Secrecy Act and anti-money laundering requirements, the company said.

    In an annual filing on Monday with the U.S. Securities and Exchange Commission, the company said the probe includes subpoenas from the U.S. Attorney's Office for the District of Massachusetts.

    The company also said Banamex USA had received a subpoena from the U.S. Federal Deposit Insurance Corp. While the U.S. attorney may bring criminal charges, the FDIC is a civil agency.

    The criminal probe follows other problems that have surfaced with Banamex, which operates Citigroup's largest single consumer bank outside of the United States and has been portrayed by the company as a model of its global strategy.

    Separately, Citigroup disclosed it had received a grand jury subpoena seeking information about two mortgage securities that were issued in the middle of 2007.

    It is the first time the bank has raised the prospect of involvement in a criminal case concerning the sale of mortgage bonds prior to the 2008 financial crisis. Reuters had reported in December that U.S. authorities were preparing civil fraud charges against Citigroup over the sale of flawed mortgage securities.

    The bank also said on Monday it had received several subpoenas and requests for information from se...

  • Subpoenas_raise_fears_on_citi_compliance_177_

    Concerns over Citigroup’s compliance with anti-money laundering rules deepened on Monday when the bank disclosed it received subpoenas from US prosecutors just days after revealing an alleged fraud at Banamex, its Mexican unit.

    Citi and Banamex USA, its Mexican unit’s business in the US, received grand jury subpoenas from the US attorney’s office for the district of Massachusetts, over compliance with the Bank Secrecy Act and anti-money laundering requirements, the bank said in an annual filing without providing further detail.

    Banamex USA also received a subpoena from the Federal Deposit Insurance Corporation concerning the same compliance issues, Citi said. Banks are expected to report large deposits and suspicious activity under the Bank Secrecy Act to try to stop cash from illegal activities such as drug trafficking and terror financing entering the banking system.

    The US attorney’s office for the district of Massachusetts declined to comment. The FDIC declined to comment.

    Citi’s compliance oversight has been in the spotlight after it announced on Friday that it had discovered alleged fraud at Banamex in Mexico, the wholly-owned Mexican subsidiary that has been one of the bank’s best-performing divisions. Earnings for 2013 were cut by $235m.

    The discovery raised broader questions over the bank’s ability to monitor its sprawling global banking operations.

    These subpoenas follow actions over the past three years from bank regulators to improve Ci...

  • Insurance_compliance_at_koyal_group_177_

    In this article, we explore China’s social security system, which is especially complex because it is organized at the regional level. While the formal social security system only covers urban workers, some rural workers who move to the cities to work (the so-called “floating population”) are also covered. On account of China’s sheer size and legal diversity, the country’s social insurance system is among the most difficult in the world to navigate.

    The social security system in China consists of five different types of insurance, plus one mandatory housing fund, introduced in the chart below. How companies register and deregister their employees often varies depending upon the city and the employee’s location or residency. In many large cities (with some notable exceptions such as Beijing), the registration and deregistration of most employees can be completed online. Similar to withholding tax, companies can make monthly contributions to the fund via direct debit. Many city governments, however, also restrict which banks are able to facilitate the transaction. At the present time, local Chinese banks can facilitate these transactions and businesses should verify which banks are approved by the local government to do so in their area of operation.

    This article is an excerpt from the January and February 2014 issue of Asia Briefing Magazine, titled “Payroll Processing Across Asia.” In this issue of Asia Briefing Magazine, we provide a country-by-country introdu...

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