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Showing posts from June, 2018

Delaware Business Insurance Update "Insurance Companies Want Your Genetic Test Results" 6-30-18

The direct- to- consumer genetic testing market is expected to expand rapidly over the next decade.  More and more people are using genetic services to test their propensity for diseases and cancer, all in an effort to live healthier and longer lives.
In comes the insurance industry, who wants to use the results of these genetic tests to set rates and improve profitability. Life, long term care, disability, work comp, and health insurers all want in on the results. Now you may say,  "wait a minute , this is private info", right?. However did you know, that every state in the US allows Life insurance companies to use genetic testing results for underwriting, so the genie is out of the bottle already.
Over the next few years, every insurance company will be requesting and using genetic testing for underwriting. Now this opens up some ethical business issues that will have to be dealt with. I am sure the legislatures will being getting more involved.  Keep an eye on this one f…

Delaware Business Insurance Update from CNC Insurance Associates, Truck Driver Shortaqe in the USA and Why It Matters, 6-24-18

There is a truck driver shortage in the US. The booming economy is requiring more delivery and a greater demand for moving frieght. According to the American Trucking Association, we are 50,000 jobs short. In other words we need 50,000 new drivers to cover the demand. Business owners are now faced with keeping thier current drivers and competing against other businesses for the drivers who are still out there looking for jobs.  Some of the reasons for the shortage is a lot of younger drivers are not qualified and have very little experience driving trucks. Also many drivers do not want to spend their week on the road, staying over night and away from their families.  New hour of service rules keep these drivers away.
The jobs are paying better. The average pay for a commercial driver is over $53,000 a year.  However this is still not enough money to attract people to want to work driving a truck. So why does this matter?  Well the lack of drivers could put a damper on the growing econ…