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The Time-Money Continuum
Everyone has heard that time is money, but it may be that no industry understands this concept as well or as thoroughly as the insurance industry. To be profitable, annuities must be sold at a price that, given expected investment performance on the premiums, will more than sustain the income streams promised in the annuity contracts. Life insurance premiums must, given the investment performance expected on the premiums and the mortality experience expected for the pool of insured persons, more than support the expected payments to beneficiaries. Liability and casualty insurance premiums must, given the investment performance expected on the premiums, be more than adequate to pay expected claims. The “more than” concept in all these examples is the key to the profitability of these products for insurers. In short, insurance involves a lot of math.
Insurance companies, accordingly, employ large numbers of accountants, actuaries, economists and others with mathematical training, and they understand the time-money continuum in the way that theoretical physicists understand the interchangeability of time and space. Insurers also understand that, consistent with the very nature of insurance, claims are inevitable. Although the impact of time on money is fundamental to the operation and viability of the insurance industry, and although the inevitability of claims is a given in the industry, it is not always evident that insurers appropriately account to their policyholders for the time value of money when valuing and paying casualty or liability claims, or that policyholders insist that they do so.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
When Is a Repair Structural or Nonstructural Under a Commercial Lease?
A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is "structural" or "nonstructural."