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Miami Insurance Broker Sentenced to 3.5 Years in Condo Premium Finance Scheme

Insurance Journal

A federal judge on Wednesday sentenced a Miami insurance broker to 41 months in prison and more than $5 million in restitution for defrauding a Georgia credit union by obtaining loans for condominium associations’ premium financing, then using the loans …

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Part 2: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this three-part series, we are examining nine elements of independent premium audits to help you better understand and control your workers’ compensation premiums. These foundational aspects are crucial for ensuring accurate premium calculations and avoiding costly mistakes.

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Former California Agent Pleads Guilty to 90 Counts of Insurance Fraud

Insurance Journal

A former insurance broker has pleaded guilty to a number of charges including insurance fraud for collecting premiums without placing coverage. Karen Marie Dondanville, 56, a former broker from Mission Viejo, pleaded guilty to 90 counts including grand theft auto, …

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Helping Clients Navigate Marketplace Open Enrollment | Solstiuce

Solstice Insurance Broker

As an insurance broker, you can be the compass your clients need. Key Takeaways : Brokers should stay informed to empower their clients. Key Takeaways : Brokers should stay informed to empower their clients. Brokers should advocate for clients year-round, assisting with claims and policy updates.

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Part 1: Workers’ Comp Independent Premium Audits Explained

AMAXX

When an employer receives a revised workers’ compensation premium bill, the accuracy of the bill can be uncertain and confusing. To ensure fairness and correctness, an independent premium audit is highly recommended. Payroll Information A critical step in any premium audit is the review of an employer’s payroll.

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Part 3: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this final part of our series exploring the nine elements of independent premium audits, we turn our focus to specialized situations and nuanced adjustments auditors carefully evaluate. Auditors disallow estimates, making precise documentation vital to receiving the intended premium savings associated with this exception.

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Understanding Classification Rules in Workers’ Compensation

AMAXX

These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. What Are Classification Rules?