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Bring your New Mexico business home to New Mexico Mutual. Running
August 1 - December 31 New Mexico Mutual wants you to give the home team a look at your client’s workers’ comp business. New Mexico Mutual is offering gift cards for fully completed applications. With excellent risk, safety and claims management services your clients will benefit by putting their workers’ comp insurance with New Mexico’s experts in workers’ compensation. APPROVED APPLICATIONS • Account Representative receives $10.00 gift card for every application submitted and approved.*
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“La Voz� is the official monthly e-publication of the
La
o VZ
IIANM's HOLIDAY PARTY!
05
Big Business that Small Business's Can Afford
07
Written Documents Can Save You Thousands
08
2012 Agency Universe Findings
10
Business Cards - Do's and Dont's
15
Do Agencies Need to Archive Policy Forms?
16
End of the Year Financing Options to Consider
18
NCCI Issues New Mexico Basic Manuel Exception on Water Haulers
21
Caliper Hosting Webinar on Hiring Top-Performing Sales People
22
Spend - GO! Stop - and Save
23
Acuity Builds Indoor 45 foot Ferris Wheel
24
Community Corner
26
Insuring Kids in Your Care
27
Independent Insurance Agents of NM 1511 University Blvd. NE Albuquerque, NM 87102. (505) 843-7231. Fax (505) 243-3367. Web site www.iianm.org. This publication is intended to provide accurate and authoritative information on the subject matter covered, but is distributed with the understanding that neither IIANM, nor any contributing author, publisher, contributor or advertiser is rendering legal, accounting or any other professional service and assume no liability whatsoever in connection with its use. Further, the electronic links to our advertisers and/or contributors found in this publication are provided as a courtesy to our readers and do not necessarily indicate an endorsement by IIANM. News items from members of Independent Insurance Agents of New Mexico and the general insurance industry are encouraged. The advertising deadline is the fifteenth day of the month, preceding publication. Advertising rates are available upon request. Please contact Rachel Sheffield at rachel@iianm.org for details
IIANM Staff President/CEO Thom Turbett Vice President of Member Services Consuelo Trujillo Vice President of Insurance Programs Julie A. Franchini Communications Director Rachel Sheffield
Features
"The Voice" of Independent Agents since 1934
In Every Issue Tech Talk
12
November's Clickable Calendar
28
Odds n Ends
29
IIANM's 2012 Company Partners
30
Member Services Associate Renee Trujillo
Advertiser Index Acuity
20
Burns & Wilcox
09
Litchfield Special Risks
11
Lovelace Health Plan
17
Vice-Chair Diana Hobbs
Market Finders, Inc.
14
MexiPass
06
Secretary/Treasurer Gabe Portillo
Mountain States Insurance Group
19
New Mexico Health Insurance Alliance
06
New Mexico Mutual
02
Project C.A.P.
25
Risk Placement Services (RPS)
04
2012-2013 Officers Chair PJ Wolff
National Director Sam Conlee Immediate Past Chair Scott Jones
Risk Placement Services, Inc.
We cover the west with only the best!
Knowledge. Relationships. Trust and Confidence.
With multitudes of office locations to choose from, placing a call with us will put you on the fast track to providing the best solution for your clients.
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Accounting and claims handled in Scottsdale
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Proud members of AAMGA, NAPLSO, PLUS and various State Independent Agency Associations
Personal Lines
Excellence in service
Relationship driven
Professional Liability NEW OFFICE !
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Programs Property Transportation and More!
Visit us at: www.RPSins.com
The Whole Office is invited to IIANM
’
s
Holiday Party Join us for cocktails & hors d’ oeuvres!
6, 2012 4 - 8 pm
December
Don’t forget your checkbooks Young Agents will be holding their
YA REVERSE RAFFLE!
You could win BIG! rsvp is not necessary
IIANM Building
1511 University Blvd. NE Albuquerque, NM 87102 505-843-7231
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Page 5
Many agencies are now beginning the planning process for next year. Do your budget plans include upgrading office furniture or technology? Moving to a new office? Hiring new employees? InsurBanc’s Agents’ Express Leasing program can help your agency achieve its goals while providing the funds to outfit your agency with the latest equipment solutions. Click here to learn more about leasing.
Insurance agents!
You spoke, we listened! New plans and more options now available!
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Big Business Benefits that Small Businesses can Afford The Big I Employee Benefits program is an excellent way for small agency owners to get the best group benefits for their agency. Just because your agency is small doesn’t mean that you or your employees deserve less, in fact they deserve more. You spend each day providing financial protection for your clients but have you provided it for you and your employees? Group benefits are a well appreciated benefit that you can provide to your employees. It saves them the trouble of having to obtain individual coverage, it shows them that they are valued employees and in some cases can even boost morale. As an agency owner it could set your agency apart during the hiring process and help you find the best employees. What we offer is an excellent group benefits program with easy quoting, administration and affordability. We offer group plans that allow you to offer protection to your employees that they want and deserve. As an IIANM member you have exclusive access to the Big I Employee Benefits group programs which includes: Group Life Insurance:
- A choice of plan options - Cost-effective premium/payment options - Coverage can be extended to spouse & children
Group Long Term Disability:
- Waiver of premium available - Residual disability benefits - 2 levels of plans available: 60% of earnings and 66 2/3% of earnings - Guaranteed Issue (with specific requirements) Group Dental:
- Offers a choice in selecting providers with In Network and Out of Network options - Comprehensive coverage is available for Preventative Services - Benefits include basic services, major services and orthodontia Retirement Planning:
- Free consult on existing plans - Custom planning designs - Low administrative fees - Complete range of retirement plans including SEP, SIMPLE IRA, SIMPLE 401(k), Safe Harbor 401(k) & Regular 401 (k)
This program is offered through The Guardian Life Insurance Company who has a strong reputation for customer service and a solid financial rating. To request additional information or to receive a quote, please contact Christine.munoz@iiaba.net.
- Two plan options for Benefit durations 13 weeks or 26 weeks - Guaranteed Issue (with specific requirements being met) - Maternity Coverage
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Bi
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g
“I”
E br mp lo in y g go ee od Be fo nefi rtu t ne s .
Group Short Term Disability:
Already have group benefits in place? Drop us a line to see if we can beat your current rates!
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Page 7
New Deductible Reduction Offers Policyholders Significant Savings
Written Documentation Can Save You Thousands It’s pretty likely that every E&O seminar that you’ve ever been to preached DOCUMENT, DOCUMENT, DOCUMENT! Hopefully, you were listening and more importantly you were implementing sound agency procedures to document the offer and rejection of coverage to customers. If you were, you are well positioned to potentially save thousands of dollars with the introduction of Swiss Re Corporate Solutions’ new policy form and the “Deductible Reduction” feature. The new Deductible Reduction provision provides policyholders with up to a 50% reduction of the deductible (up to a maximum of $12,500) for claims alleging failure to procure coverage where Swiss Re determines the agency has written documentation in the customer file refuting such a claim. With about 1 in 4 claims alleging failure to procure coverage, this policy feature can result in significant cost savings if the refusal of coverage and higher limits is documented. While some carriers in the E&O market may offer “vanishing deductibles” as part of their policies that seem attractive, they really don’t compare to Swiss Re’s Deductible Reduction. Here’s why:
Claim Date
Policy Year
Deductible
Savings
Feb 1
Year 1
$10,000
$5,000
June 15
Year 1
$10,000
$5,000
Oct 31
Year 2
$15,000
$7,500
Nov 3
Year 2
$15,000
$7,500
Total Deductible Savings (Over 2 policy periods) $25,000 The savings from the Deductible Reduction provision can be significant. With an average of 1 in 7 agents reporting incidents to their E&O carrier in a given year, the Deductible Reduction is a huge benefit and one that needs to factor into your E&O purchasing decision. But you can’t lose sight of the need to: understand the operations and exposures of customers; implement a best practices approach offering additional coverages and increased limits; and thoroughly documenting customers’ files on all customer interactions, especially the written acceptance and rejection of coverage. For those that have not renewed on the new policy form, keep in mind that the liberalization clause in your current policy allows you to benefit NOW!
1. IMMEDIATE: The opportunity to save 50% on the deductible is immediate - you don’t have to be claims-free over time to build up incremental discounts. 2. LONG-TERM BENEFIT: Even if you have claims you do not lose your eligibility to qualify for the Deductible Reduction since it is based on the documentation in the customer’s file for each particular claim. This is unlike other vanishing deductible models from other carriers that are based on being claim-free. One claim and you have to be claims free for another 5 years to get the same benefit of Swiss Re’s Deductible Reduction. 3. MORE SAVINGS: Some carriers limit the size in which their vanishing deductible will apply with their claims-free accumulated experience. While the Deductible Reduction is capped at 50% of the deductible up to $12,500, there is no limit on the number of claims that it could apply to. See the below example of the potential savings over the course of several policy periods. We assume the policy has a January 1st effective date and a $10,000 deductible in Year 1 which changes to $15,000 in Year 2. Further, the claims made against the agency allege failure to recommend coverage or higher limits and where the agent has written documentation showing the customer was offered and rejected coverage:
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Using Big “I” Virtual Risk Consultant Could Help Reduce E&O Deductible To help you receive the Deductible Reduction and improve the insurance knowledge of agency staff, the Big “I” offers the Big “I” Virtual Risk Consultant Powered by Rough Notes. Using the risk exposure questionnaires and E&O coverage checklists can help your agency uncover opportunities to provide coverage and provide valuable documentation for the customer file to help you secure the new E&O policy’s Deductible Reduction benefit. Click here to learn about gaining access to the agency enhancing tool.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
No one writes Excess/Umbrella with the capacity and speed of Burns & Wilcox.
Put the power and speed of the Burns & Wilcox pen to work for you: Solidify your clients’ coverage with our breadth of proprietary Excess/Umbrella solutions. Derived from our exclusive binding contract authority, our assets allow us to quote and bind policies at rocket speed. When it comes to securing your clients’ financial interests, think fast. Think the largest independent wholesale broker – Burns & Wilcox.
Albuquerque, New Mexico | 505.822.0018 toll free 866.643.8538 | fax 505.822.0092 scottsdale.burnsandwilcox.com
Commercial Personal • Professional Brokerage • Binding • Risk Management Services Independent Insurance•Agents of New Mexico - www.iianm.org - •* November 2012 Page 9
BIG “I” AND FUTURE ONE RELEASE 2012 AGENCY UNIVERSE FINDINGS Anticipated biennial study reveals growth, stability and more attention to diversity in the independent agency system.
The number of independent insurance agencies has increased, newer agencies are growing and the system as a whole is dynamic, according to the 2012 Agency Universe Study (AUS).
Other key findings of the 2012 Agency Universe Study include:
Future One, a collaboration of the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) and leading independent agency companies, has released key findings from the recently completed, hailed as the most comprehensive look at the independent agency system. “The 2012 Agency Universe Study revealed much good news for the independent agency system, including an increase in the total estimated number of independent agencies and there are patterns indicating that agencies are growing, adding further proof that the system as a whole is dynamic,” says Robert Rusbuldt, Big “I” president & CEO. “This is great news for the independent agency system and reflects a stable and growing distribution system that remained resilient during the recent economy challenges.” The study looks at many statistics about independent agencies operating in the U.S. including their numbers, revenue base and sources, number of employees, ownership, mix of business, diversification of products, technology uses, noninsurance income sources and marketing methods. “As the Big ‘I’ continues to increase its diversity awareness efforts ,the 2012 Agency Universe Study found more progress toward efforts to focus on marketing to a more diverse clientele and developing a more diverse staff,” says Madelyn Flannagan, Big “I” vice president of agent development, education and research. “Approximately half of agencies report having developed plans to meet the needs of emerging markets including women, ethnic markets and the LGBT community.” The 2010 study found an increase in the number of new small and medium small agencies with minority principals and the 2012 numbers are generally comparable. Page 10
• The number of independent agencies has grown. After declining from 44,000 in 1996 to 37,500 in 2006, the number of independent agencies has grown to 38,500 in the past two years. • Business conditions for independent agencies improved between the 2010 and 2012 studies. In 2012, 60% reported increased revenue, compared to 42% in the 2010 study. • Systems and data security are now the most important technology challenges facing agencies. • Agencies are beginning to use the Internet more to obtain new customers. About 25% use Facebook to keep in touch with prospects, and 20% use LinkedIn. The 2012 Agency Universe Study is the eleventh in a series that was first conducted in 1983. Subsequent studies were released in 1987, 1992, 1996 and 2000. Since 2002, the study has been completed biennially. Since 2004, the Agency Universe Study has relied on Internet data collection. Approximately 2500 agencies were included in the 2012 analysis. To order a copy of the 2012 Agency Universe Study Management Summary, which provides an overview of the highlights from the complete study, visit www.independentagent.com. In addition to the Big “I”, the Future One coalition includes the following company partners: Allied Insurance, Allstate, Amerisure Insurance, Central Insurance Companies, Chubb Group of Insurance Companies, CNA, Encompass, The Hanover Insurance Group, The Hartford, Liberty Mutual Insurance, Progressive, Selective Insurance Group, State Auto Insurance Companies, Travelers and Westfield Insurance.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Page 11
Steve
Anderson.com by, Steve Anderson
Finding Content to Share In the battle to be visible to the new digital consumer by maximizing your agency's Internet presence, consistently creating new and interesting content is a key factor. I recommend that you add fresh content to your agency's website at least two times per week. When I make this comment most agents ask, "Where in the world can we find this much information to add to our website?" Finding content is actually easy, when you
know where to look. One thing we have in abundance in the insurance industry is information. You just have to start looking at the information that's available to you in a different light. Here are some suggestions on where you can find content: Every continuing education class you attend is full of good, helpful, and interesting content. Instead of daydreaming or trying to clandestinely read a paper, use the time in class to create your own outline of the topics covered that you think would be interesting to your prospects and clients. Use this outline as the basis for writing short articles (between 300 and 500 words -- just a couple of paragraphs) that you can then add to your agency website. You can also use these articles to post short updates to various social platforms and then provide a link back to your website. For example, you might attend a class titled, "10 Coverage Gaps Every Contractor Needs to Know." At a minimum, you could create 10 short articles highlighting each of the coverage gaps, and how your agency can help make sure the contractor is fully protected.
Many state associations create content for their agency members. This may be in the form of newslet-
ter articles, coverage descriptions, a glossary of insurance
Page 12
terms, or frequently asked insurance questions. Make sure you have permission and then use this content on your site. I do suggest you modify the content so it sounds like you wrote it. Trusted Choice will automatically refresh content on your website about once a month if you choose to incorporate the syndicated content feed (RSS). The articles contain topical insurance content that is seasonally appropriate and completely vetted for accuracy and readability. You simply have to include a programming script on your website to have this content show up. Insurance companies you represent may also have content they have created for their particular products and services that highlight coverage extensions and other advantages. Most carriers have marketing departments that constantly generate information. Also make sure you have permission to use their material on your website and in social platform updates. Answers to common questions asked by your clients make great content updates. If your client asks your staff a question, it's likely others will have the same question. To gather these questions, have your staff write down every question they receive for a few weeks. It's likely you will have more than you can handle. Project CAP. Every Big “I” member is entitled to a ‘Bronze’ level membership in this digital marketing project. You can access customizable content by logging into the CAP website and selecting ‘tools’ in the Resource Center menu. www.projectcapmarketing.com
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Social Management Tool Free Web Conferencing Join.me is a Web conferencing service from LogMeIn, which allows you to quickly share your desktop screen with other users. It works on both Windows and Mac operating systems. An app that is optimized for the iPhone and iPad is also available for free. Once you've created an account, you can choose to share your screen or view someone else's screen by adding their information. The free version of join.me allows up to 250 viewers at one time. Anyone with an Internet connection anywhere in the world can view your screen using the iPad/iPhone app. You can choose to let someone take over your screen as well. You can pick and choose which items you want to share with the group so your privacy can be controlled. If you have multiple monitors, you can choose which monitor to share with the group and which to keep private. For users who choose to go pro, join.me Pro allows members to change presenters during the presentation. Join. me Pro also allows you to schedule meetings in a calendar that syncs with Outlook and iCal. If your agency is looking for a way to easily share documents and presentations between co-workers, join.me may be just the tool you need. Since the basic service is free, you can try it without entering credit card information or worrying about it locking up after a short trial period.
HootSuite is a tool that allows you to better manage your social networks. It was originally a catch-all posting site where you could manage all of your social media networks and platforms on one page. Over time, it has also become a way to gather statistics about your social media, monitor your social media networks, and watch your performance. Like most of the social platform dashboard services, there are different levels of service -- free, paid, and expensive. Free services include the ability to: • Link to your networks and build a screen that displays up to 5 of your primary social streams, choosing from Google+, Facebook, Twitter, LinkedIn, WordPress, MySpace, Mixi, and Foursquare. The HootSuite App Directory also allows you to add other social networks not mentioned above into your dashboard. • View multiple social networking streams on the screen at the same time without opening new pages. • Post updates, retweet, share, and comment. • Monitor each social media platform in real time to see what is being said. • Schedule posts and tweets if you need a little help with your time management. • Get one basic free report. • Get two RSS feeds (for content management). The Pro services ($10 per month) add these capabilities: • Scheduler: Use it to write tweets in advance. This can be useful for posting product announcements or coupons at a specific time. • Ow.ly URL shortener: Tracks actions on links you post in tweets and delivers usage statistics like total clicks, clickers’ geographic distribution, most popular tweets, trends over time, etc. • Account chooser: If you have more than one account, you can post a particular tweet either to one particular account, a group, or to all of them. Administrators can also monitor who’s tweeting what from the dashboard at a glance. You can try the free version first to see how this tool might work best for your organization and then upgrade later if you want the additional capability.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
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Independent Insurance Agents of New Mexico - www.iianm.org - * November 2014
Business Cards: The Do's and Dont's by Steve White
"Sorry, I don't have a business card with me..." These could be the last words you'll ever say to a business prospect. Being asked for a business card is a compliment. Not having one with you at that critical moment is a marketing snafu. It implies to your prospect that you're not really serious about your business, or really care about theirs.
Always be prepared You'll find that many important business card exchanges can take place in the most unlikely places (like your kid's Saturday morning soccer game). So keep some in your car.
Don't hand out worn business cards If your business card looks like you tried to pick food out of your teeth with it, toss it in the trash.
Make sure you hand them out.. and get one back. If the person you are speaking with seems interested in what you have to offer, hand that person a business card. By this very act they will be compelled to return the favor with theirs.
Do receive a business card properly When accepting a business card, have a good look at it for a few seconds, then casually put it away and continue the conversation.
Make sure your information is up-to-date Nothing will aggravate a potential client more than a misspelled URL or a disconnected phone number on a business card. Keep your contact info up-to-date and, most importantly, easy to read. Put your contact info in an Old English font and you'll never hear a phone ring.
Don't hand out more than one card to a new contact Don't expect your prospect to do your networking. Only give out one business card. Leaving two or three may give the signal that you want them to make contacts for you which is tacky and unprofessional. Business cards are a minor investment for any business person, whether ordering at a local print shop or taking advantage of online deals. But unless you expect your next big potential client to break into your office and steal one, you have to hand them out. So think of a business card like an American Express card, and never leave the home or office without them.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Page 15
Do Agencies Need to
ulty
VU Fac
Archive Policy Forms?
Virtual University’s Ask an Expert
[Note: Insurers have to be careful about this type of response. According to the Handbook on Insurance Coverage Disputes by Barry R. Ostrager and Thomas R. Newman, "If it can be shown that the insurer has deliberately withheld a copy of the policy from the insured, the insured might be entitled to punitive damages for breach of the covenant of good faith implicit in every contract." Henderson v. United States Fedelity & Casualty Co., 620 F.2d 530 (5th Cir. 1980).]
As one of our IN&V readers asked, "Why do agencies need to retain copies of policy forms when our insurers do that?" In the IA Insurance News & Views article, "Lost Policies…No Coverage?," there was a statement made that, 'The agency, from both E&O and customer-service perspectives, should keep an archived copy of policies indefinitely.' We have not found anywhere that the agency has any responsibility to provide proof of coverage — the Insured and the carriers, yes, but not the agency. What is the effect then from an E&O side for agencies to maintain archived copies of policy forms?" We agree that the insurance policy and its various endorsements and supporting documentation largely involve a contract between insurer and insured. However, that doesn't mean that an insurer will always be willing or able to come up with a policy form in the future. So, in order to best serve your clients and minimize your E&O exposure, we suggest the agency consider archiving at least one representative policy form of each type and edition, as explained by the VU faculty below.
Faculty Response
if you think we were the insurer of record, prove it."
First of all, purely from the standpoint of customer service, wouldn't it be great to be able to have a notation in the file as to what policy form(s) that customer had and when, along with the ability to actually pull a paper or (better) electronic copy of the policy form(s)? Second, if an insurer disavows any knowledge of the account and is not cooperative, who do you think the insured is going to sue? So, from an E&O standpoint, this type of documentation may be critical. Since that original incident, I've had this situation arise time and time again where a carrier is unable (or so they say) to produce a policy form.
Faculty Response My past experiences in testifying on behalf of my company was that the agents had better records than the company. We would ask the agents for their documentation because we couldn’t always find what we needed in the company archives. Too many items got lost with so much paper at the company level.
Faculty Response I have been collecting insurance policy forms since 1967. Insurance brokers should have available to them all of the policy wording used by their insurers. Without the wording, how can they advise their clients? I would suggest they keep a book or file of the forms, scan them, or subscribe to some service that provides forms on computer databases.
My personal opinion and experience is that agencies should archive at least one copy of all policy forms used by their companies and that each customer account make some reference to them by form number. I'm not saying keep a copy of every policy of every insured, just one copy of the form used by many insureds for future referFaculty Response ence. Otherwise, you are at the mercy of the insurer, or In 1980, I had occasion to locate liability policies going someone whose best interest is served by NOT being back to 1939. Within the past year, we pieced together able to produce the policy form(s). the terms of coverage for policies back to the mid-1960s Speaking from experience, I had an agent contact me for a class action suit. In both instances, identification of the first time a number of years ago. He had a druggist the policies was invaluable to the insured. liability claim/suit on a policy written on an occurrence An agent should not rely on insurance companies to basis over 15 years ago. There was absolutely nothing in maintain copies of old policies. In the absence of a policy the customer file from 15 years ago other than a penciled number and policy form, the insured is up the creek. All reference as to who the insurer was at that time. The workers compensation and liability policies, including agent contacted the insurer and was allegedly advised [paraphrasing] that, "We don't keep records that far back... claims-made policies, should be kept permanently. Page 16
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
s . m e smi ile. fe v . o l e le. feeelltthheelov AWARDS & RECOGNITION AWARDS & RECOGNITION TOp RANkED ppO IN NEW MExICO NCQA’s Private Health Insurance Plan TOp RANkED ppO IN NEW MExICO Rankings, 2011-2012 NCQA’s Private Health Insurance Lovelace Insurance Company,Plan Inc. Rankings, 2011-2012 4-STARInsurance RATING Company, Inc. Lovelace Center for Medicare & Medicaid Services 4-STAR RATING Lovelace Health Plan Center for Medicare & Medicaid Services BEST plACES TO WORk Lovelace Health Plan Modern Healthcare Magazine for 2011 BEST plACES TO WORk Lovelace Women’s Hospital Modern Healthcare Magazine for 2011 Lovelace Westside Hospital Lovelace Women’s Hospital ROADRuNNER RECOGNITION Lovelace Westside Hospital Quality New Mexico ROADRuNNER RECOGNITION Lovelace Women’s Hospital Quality New Mexico Lovelace Westside Hospital Lovelace Women’s Hospital BREAST IMAGING CENTER Of ExCEllENCE Lovelace Westside Hospital College of Radiology BREAST IMAGING CENTER Of ExCEllENCE Lovelace Women’s Hospital’s Diagnostic College of Radiology Imaging Center Lovelace Women’s Hospital’s Diagnostic Only hospital in Albuquerque recognized as Imaging Center TOp pERfORMER ON kEy QuAlITy MEASuRES Only hospital in Albuquerque recognized as The Joint Commission TOp pERfORMER ONHospital kEy QuAlITy MEASuRES Lovelace Westside The Joint Commission Only hospital in New Mexico Lovelace Westside Hospital CARf ACCREDITED IN SIx pROGRAMS Only hospitalRehabilitation in New MexicoHospital Lovelace CARf ACCREDITED IN SIx pROGRAMS GET WITh ThE GuIDElINES Lovelace Rehabilitation Hospital STROkE SIlvER pluS pERfORMANCE AChIEvEMENT AWARD GET WITh ThE GuIDElINES American Heart Association/STROkE SIlvER pluS pERfORMANCE AChIEvEMENT AWARD American Stroke Association American Heart Association/ Lovelace Medical Center American Stroke Association BEST plACES WORk Lovelace Medical TO Center New Mexico Business Weekly for 2011 BEST plACES TO WORk Lovelace Health Plan New Mexico Business Weekly for 2011 Lovelace Health Plan LHP 976-0112 LINC 483-0112
things just keep getting better. things just keep getting better. A few years back, we began telling you that you’re going to
loveyears Lovelace. we didn’t just you tell you we began toto show A few back, But we began telling that–you’re going you. We made commitment to change the way healthcare love Lovelace. Butawe didn’t just tell you – we began to show is delivered just here in Albuquerque, the whole you. We made not a commitment to change the but wayinhealthcare state. Wenot made commitment to hard but workinand is delivered justahere in Albuquerque, the providing whole quality to recruiting the best and to state. We healthcare, made a commitment to hard workemployees and providing providing affordable, accessible plans to businesses quality healthcare, to recruiting the health best employees and to and individuals. providing affordable, accessible health plans to businesses and individuals. Our commitment is showing results. Today, Lovelace Health System is proudisto be recognized by these independent Our commitment showing results. Today, Lovelace Health organizations. But not finished. Ourindependent focus remains on System is proud to bewe’re recognized by these bringing theBut best health to you. And giving you even organizations. we’re notcare finished. Our focus remains on more to about Lovelace day.giving you even bringing thelove best health care to every you. And more to love about Lovelace every day. It’s proof positive that we’re changing the way healthcare delivered. It’sisproof positive that we’re changing the way healthcare is delivered.
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"End of the Year Financing by Robert J. Pettinicchi Options to Consider". It is approximately one week before the Presidential election. There is a very good chance that an insurance agency principal will wake up on Wednesday, November 7, and suddenly realize that it is time to sell or perpetuate the agency this year, before tax changes take place. Bush-era tax rates are set to expire at the end of this year, and reality has hit harder than your morning Starbucks. You may have procrastinated or been busy attending to your client’s risk management needs, but your lack of planning has left you in a risky bind. Countless articles and newsletters from accounting firms warning of tax changes are still on the far corner of your desk. And, time is running out. Realistically, unless you have been planning a sale or perpetuation of your agency for some time, the likelihood of successfully completing either in the short time remaining in this year is slim. As a refresher, following is what you can expect to become law in the new year. The sunset of Bush-era tax provisions in 2013 will impact your business and should be planned for now. The 10 percent income tax bracket will disappear, and all remaining tax brackets will increase, notably the top ordinary income tax rates, which will go from 35 percent to 39.6 percent. The timing of the receipt of income definitely will matter. Simplistically, it would be wise to realize greater income in the current year while deferring losses into ensuing years. In 2013, taxpayers in the lowest brackets will not be able to avoid paying long-term capital gains taxes, and those in higher brackets will see the long-term capital gains rate increase from 15 percent to 20 percent. In addition, as a result of health care reform legislation, higher income taxpayers also will see an additional Medicare tax hit of 3.8 percent. Business owners and investors will need to realize the right time to sell a business or an appreciated asset will slip by. Qualified dividends, currently taxed at existing long term capital gains rates, will be taxed as ordinary income in 2013. This means that business owners and investors who have the ability to take a qualified dividend in the current year will greatly benefit. At the end of 2010, tax relief provisions were extended. You might ask whether congress could vote to extend them once again. If President Obama is reelected, that may be interpreted as a voter mandate to allow the tax provisions to expire, because income tax ideology, particularly related to higher earners, has been a heated and polarizing campaign issue. While President Obama has stated some support for extending the current rates, it may only be for the lowest brackets, as there is a push to more heavily tax the “millionaires and billionaires,” also known as agency principals, in the top brackets. Page 18
So, with less than two months left in this year, what can you do? Consider a bold move to take some money off the table. Obtain financing and determine a proper amount to withdraw from your business, perhaps 30 percent of the value of the agency, in exchange for a portion of the shares in the business owned by you. This withdrawal can take the form of a qualified dividend and can obtain the most favorable capital gains treatment. In this manner, you will have sold a portion of your business, in essence to yourself; locked in a gain; added to your liquidity; and started a process that you otherwise had been hesitant to undertake. To get started, speak to your banker and discuss the possibility of borrowing a large sum and removing it from the business, while making your agency’s balance sheet leveraged by the new loan and a sizable position of redeemed, or treasury stock. If you get less than a warm response, seek out a bank or finance company that has expertise lending to insurance agencies. There is not enough time left to teach a bank how to lend to an agency and upon what the value of your business is based. You also will want to obtain an indication of the value of the agency. An experienced lender may be able to point you in the right direction to seek a value. A senior term loan of five years or less should be sufficient to accomplish this goal and not constrain a well-run, lowdebt agency from taking care of this and other strategic missions, such as seeking smaller acquisitions of books of business or producers. You then can consider what to do with the redeemed shares and newfound wealth. You may consider broadening the ownership of the agency by empowering some of your best and most worthy performers to purchase (yes, purchase) stock in the agency. A good step may be to produce a new class of shares or remove voting rights from the shares in question. You also may consider lending some money back to your business, perhaps to fund the purchase of a competitor, and pay yourself a reasonable rate of interest. This is a way to leverage the funds and give you a decent return on the money invested. You also may consider funding a Roth IRA or other productive use of the money. As with any transaction involving business planning or taxes, seek expert advice. This is a good first step, incremental, low-risk and reversible, if you suddenly don’t like having more debt. But go ahead — research this, and perhaps put such a transaction in place, because you really wanted to do something this year.
www.insurbanc.com / Phone: 866-467-2262
M O U N TA I N S TAT E S INSURANCE GROUP®
Underwriting Appetite Mountain States’ underwriters have the skills, flexibility and decision-making abilities to provide insurance to meet our customer’s needs. We are known in the Southwest region as commercial construction specialists, but we have a broad risk appetite, and entertain many different types of accounts. Our underwriters are versed in all classes of businesses, and work closely with our agents to place quality risks. RETAIL/WHOLESALE
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RELAX. WE’VE GOT YOUR BACK.
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www.acuity.com Page 20
facebook.com/acuitywow Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
NCCI Issues New Mexico Basic Manual Exception on Water Haulers As we reported in the February 2012 issue of La Voz, a contentious legal battle over the proper use of two specific oil & gas WC codes was settled in favor of New Mexico Mutual’s position. The hearing officer from the Division of Insurance ruled that water haulers for the oil & gas industry must be classified as workers compensation code 7228, and not the oil & gas NOC code of 6216. As a result of that ruling, the NCCI has finally issued revisions to the NCCI Basic Manual that create a state exception for New Mexico. The following description changes are effective on all voluntary and assigned risk policies beginning 1/1/2013 (highlights added to identify the changes): 6216 • OIL OR GAS - LEASE WORK NOC - BY SPECIALIST CONTRACTOR & DRIVERS Includes clearing land, building lease roads, slush pits, levees, or fire walls; laying or taking up flow lines and water lines; installing central pumping units; and lease beautification work. The following operations are not included in Code 6216 and must be separately rated: pipeline construction, tank building, rig or derrick erecting or dismantling, installation or recovery of casing, drilling, cementing, cleaning and swabbing of wells, or well shooting. Not applicable to owner/operators of an oil or gas lease operation, or to a risk under contract with the lease owner that performs all operations necessary to work an oil or gas lease. Water hauling operations servicing oil or gas well sites are separately rated to Code 7228 or Code 7229. 6216 • GAS OR OIL - LEASE WORK NOC - NATURAL GAS - BY SPECIALIST CONTRACTOR & DRIVERS Includes clearing land, building lease roads, slush pits, levees, or fire walls; laying or taking up flow lines and water lines; installing central pumping units; and lease beautification work. The following operations are not included in Code 6216 and must be separately rated: pipeline construction, tank building, rig or derrick erecting or dismantling, installation or recovery of casing, drilling, cementing, cleaning and swabbing of wells, or well shooting. Not applicable to owner/operators of a gas or oil lease operation, or to a risk under contract with the lease owner that performs all operations necessary to work a gas or oil lease. Water hauling operations servicing gas or oil well sites are separately rated to Code 7228 or Code 7229.
7228 WATER HAULING OPERATIONS - OIL OR GAS LOCAL HAULING ONLY - ALL EMPLOYEES & DRIVERS Applies to water hauling operations servicing oil or gas well sites that operate within a radius of two hundred (200) miles from the point of principal garaging. The term “principal garaging” means base terminal. When a base terminal is not utilized, principal garaging means a permanent maintenance garage where vehicles are serviced or stored on a regular basis. When a permanent maintenance garage is not utilized, principal garaging means the residence of the employee. Water hauling operations involve delivering water to a storage tank near the drilling rig that is used to facilitate the removal of cuttings during the drilling process, and removing waste water from these sites. The waste water is pumped into the tank truck and taken to a designated disposal site. 7229 WATER HAULING OPERATIONS - OIL OR GAS LONG DISTANCE HAULING ALL EMPLOYEES & DRIVERS Applies to water hauling operations servicing oil or gas well sites outside a radius of two hundred (200) miles from the point of principal garaging. The term “principal garaging” means base terminal. When a base terminal is not utilized, principal garaging means a permanent maintenance garage where vehicles are serviced or stored on a regular basis. When a permanent maintenance garage is not utilized, principal garaging means the residence of the employee. Water hauling operations involve delivering water to a storage tank near the drilling rig that is used to facilitate the removal of cuttings during the drilling process, and removing waste water from these sites. The waste water is pumped into the tank truck and taken to a designated disposal site. For more information, please click here to view the NCCI Circular announcing the changes.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
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Caliper to Host Webinar on Hiring Top-Performing Salespeople Caliper has developed a one-hour webinar based on content from its recently published book, “How to Hire and Develop Your Next Top Performer.” It will be held Nov. 14 at noon EST. What it takes to succeed in sales has changed so much in the past few years that the old ways of selling have become completely obsolete. Do your salespeople have what it takes to come through for your clients as strategic advisors? Or are they simply viewed as vendors? Do you know which qualities your top performing salespeople share? And do you know which of your average performers have the potential to be your next top performers? These are some of the key questions we will be answering, based on Caliper’s recently-published book How to Hire & Develop Your Next Top Performer, in a free webinar on Wednesday, November 14, 2012 from 12:00 p.m. to 1:00 p.m. EST. “By developing a thorough understanding of the unique blend of personality qualities that distinguish our top performers, we created a blueprint for bringing new people into the organization.” ~ Tom Gartland, president, North America, Avis Budget Group To register for our webinar, entitled The New Sales Dynamic: How to Hire and Develop Top Salespeople, just click here. Once you register, you will receive an email with detailed instructions on how to participate in this webinar.
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In this webinar, you will learn: • How the marketplace has changed – and what remains the same; • The importance of transforming a transactional sales force into trusted advisors; • The qualities that are inherent in all-star sales people; and • How your company can hire and retain top sales people. Date:
Wednesday November 14, 2012
Time:
12 p.m. - 1 p.m. EST
Speakers: Sean Sweeney, President, Philadelphia Insurance Companies Tom Gartland, President, North America, Avis Budget Group Herb Greenberg, Founder and CEO, Caliper Patrick Sweeney, President, Caliper
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Spend -
Go!
Stop... and Save With low interest rates in effect, clients need to balance spending and saving for long-term needs. has been on the rise during 2012. by Dave Evans
Many have played the childhood running game, Red Light, Green Light. To play, a person would close his eyes and say, “Green light,” and the other players would run forward as fast as they could until they heard “Red light.” If one of the participants was caught taking steps after the red light, he would have to go back to the beginning. The trick was to be aggressive but not greedy in running forward. To some degree, the game is analogous to the conflicting messages that consumers receive about saving and spending. The government is doing everything possible in the guise of “stimulating the economy” to encourage consumption. The Federal Reserve has stated its policy of keeping interest rates at record low levels through 2015, unless there is a big uptick in inflation.
In the face of this effort to jumpstart the economy, insurance agents and financial advisors face strong headwinds. Agents know the foundation of any sound financial plan is to first ensure that an individual and, if applicable, his household have adequate personal lines coverage and replacement income, in the event of a person’s premature death or disability. Then there’s the need to have an emergency fund of three to six months of income, depending on a person’s financial commitments and dependents. Other financial goals are also added, such as saving for retirement and college and purchasing a residence. This means most people will need life, disability and health insurance, a retirement savings vehicle, a college education plan and other financial products. Some of the needs— though not all—can be provided through their employer. The challenge for insurance agents is to get people to understand their financial needs and construct a budget that provides for these goals, especially in an environment of modest wage increases.
For large ticket price items such as houses and automobiles, consumers can borrow at record low rates. Buying on credit is still expensive, with credit card rates starting at about 8% for people with really good credit, and exceeding 14% for people with average or less than average credit. Still, in its zeal to increase employment in the housing, automobile and related industries, the government is providing a big incentive for people to spend.
In most cases, agents have to deliver the sobering news that people need to modify their expenditures, such as having a more modest house, driving an older or less expensive car, trimming the budget for the family vacation and even looking at more affordable college choices rather than sending their child to his dream school. It’s not an easy chore and it takes time and maturity to help people prioritize their goals, especially in a consumer-driven culture.
This spending almost seems patriotic as it helps put people back to work. But it was also the lax credit practices of the mortgage industry, coupled with some speculators’ greed to flip houses and the resetting of subprime mortgages that led to the housing bubble, inflated financial institution balance sheets and the inevitable housing and market crash.
As the country begins to deal with its enormous deficits, taxes are expected to rise, public services could be cut back, entitlements may be reduced or postponed and people will likely have to contribute more towards health care, retirement and education.
After the Great Recession in 2008, many people realized they needed to deleverage—that is, pay down debt, particularly consumer-related debt. And the economic data showed that to be the case for several years, although consumer spending as measured by per capita household debt
People need to remember that the neighbor next door with the new expensive cars and country club membership may have little in retirement savings. The classic Aesop fable of the grasshopper and the ant may become more relevant than ever, and independent agents should point that out if they want to help their customers meet their goals.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
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Indoors?
A 45-Foot
Ferris Wheel—
Last month, assembly began on a 45-foot Ferris wheel inside ACUITY’s Corporate Headquarters. It was erected in advance of the carnival-themed “Cirque du NICU,” which benefited the Aurora Sheboygan Memorial Medical Center’s Level Neonatal Intensive Care Unit (NICU). The Ferris wheel is a 1950s vintage “Big Eli” model from the Eli Bridge Company in Illinois. ACUITY chose the vintage wheel because its design best accommodated bringing the ride inside the insurer’s headquarters. “Unlike modern wheels, this Big Eli model comes apart in very small pieces. They were designed to be moved and reconstructed,” explained Marvin Smejkal, Owner of Round Concepts in Cedar Rapids, Iowa, which is overseeing the construction. Structural engineers and the original headquarters building architects were consulted, resulting in additional shoring and protection of ACUITY’s limestone floor. A large window had to be removed to allow the pieces to be brought in. And because a crane could not be used within the building, workers had to raise and assemble each piece by hand, from the central axle to individual carriages. Besides the marquee Ferris wheel ride, Cirque du NICU also featured circus acts, carnival games, food and music, and special presentations by renowned actor and writer John McGivern. Also, for the third straight year, ACUITY is ranked as the best mid-sized employer in the nation by the Great Place to Work Institute (GPTWI), as published in Fortune magazine. This is the fourth time ACUITY has claimed the top spot, and the ninth straight year the insurer has been ranked in the top five. No other company in the country, of any size, can make these claims. Congratulations Acuity!
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Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Join the Cause
to Recapture Your Market. Created through a partnership of the IIABA, Trusted ChoiceŽ, state associations and key insurance carriers, Project CAP is a powerful industry-wide marketing initiative to help independent agents attract and connect with today’s online insurance consumers. Best of all, many of these programs are now available to IIABA member agencies at no additional charge.
More Internet Marketing. More Online Prospects. More Agency Growth.
projectcapmarketing.com 855.372.0070
COMMUNITY CORNER
Congratulations to The Trujillo Agency! This month they are celebrating their 25th anniversary! The Trujillo Agency is an independent insurance broker located in Las Vegas, New Mexico who specializes in home insurance, commercial insurance, automobile insurance, life insurance, and health insurance. What a great achievement and wonderful reason to celebrate! Best wishes from the IIANM staff!
®
A New Sign Graces Our Building Unless you come here every day, you probably won’t notice anything different about our lovely building, but if you look very closely, we’ve got a new sign!
Cincinnatus Partners I, LP $30 Million of Committed Equity Capital
Focused on acquiring property‐casualty independent insurance agencies with the following profile: ■ Comprised predominately of personal lines, agriculture and small commercial coverages ■ Annual commission income in the range of $500K ‐ $5 million ■ Based in New Mexico and surrounding states
Looking for Instructors If you possess the skills and abilities to teach a program which would be a GREAT addition to our IIANM curriculum, we’d like to talk with you! Classes are a great way to bring in extra revenue doing something you love to do. We work out the class fee together, and our supportive staff will do your advertising and class registration. If you are interested in a part-time insurance instructor position, contact Consuelo Trujillo at 505-999-5805.
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Partners | Carey Bush, Brandon Perry, William Re, John Ward 6279 Tri‐Ridge Boulevard, Suite 150 Loveland, Ohio 45140 513‐381‐2500 www.cincinnatuspartners.com
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
Insuring Kids in Your Care by Bill Wilson
Review coverage for insureds who transport kids to school events or host exchange students. As a parent, do you ever transport kids to athletic or other school events? Do you insure any parents, coaches or others who transport kids to games, practices or camps? Do you or they use your own vehicle or a non-owned vehicle, from private passenger auto to van? Think you have a liability exposure? Think you have coverage under a personal auto policy? One insured’s son played on his high school’s golf, baseball and basketball teams. He was also in the band, several clubs and attended a variety of math and other academic competitions. During that time, his father hauled him and teammates to and from golf, baseball and basketball practices and games, as well as numerous off-campus events, as had many other parents and faculty. Sound familiar? Although he attended a public school, it was unique in that, while being an academic magnet school, all students from seventh grade on must participate on at least one athletic team. As a result, there is a need to provide transportation during and after school for hundreds of students throughout the year. If you don’t think the risk is significant, check out a 2003 report by the Transportation Research Board of the National Academies, “The Relative Risks of School Travel.”
The commentary on this potential claim may be appropriate in any situation where a non-family member or resident is in the care of an insured. Given that school is now in session, the number of exchange students will peak. From a homeowners coverage standpoint, one of the VU faculty members wrote about the current ISO HO-3: “There is no Med Pay for anyone residing on the premises. There is no liability coverage for BI to an ‘insured.’ The definition of an ‘insured’ includes anyone under the age of 21 in the care of someone who is an ‘insured.’ I doubt that there is coverage...exchange students are probably one of the most common examples of this HO policy provision by insurance instructors. Your best bet is to hinge your claim for coverage on the exchange student being a guest and not a resident.” Do you agree? For opposing viewpoints, read the full VU faculty discussion. Email: rachel@iianm.org if you need help logging in to view the discussion.
Bill Wilson is director of the Big “I” Virtual University.
If a person has an accident, will his PAP respond to the claim? What if parents drive rented vans—any PAP coverage? The biggest exposure for parents and student drivers transporting students is the adequacy of limits. For faculty members, since this involves a work (“business”) activity, coverage concerns are greater, particularly when operating non-owned autos. The Virtual University features a faculty discussion of these issues in more detail. Meanwhile, there are other considerations to keep in mind when insuring kids in a person’s care. Consider the death of a foreign exchange student, who was killed while riding the ATV of the family she was staying with. Following the media reports, the VU received several Ask an Expert inquiries regarding homeowners coverage.
Independent Insurance Agents of New Mexico - www.iianm.org - * November 2012
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Click on class title to register
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Pre-licensing Class
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New Mexico’s Job Bank Looking to fill a position within your agency? Trying to find a job but don’t know where to look? Whether you are looking for somewhere new to share your special skills or an employer looking for quality, professional employees, we are here to lend a helping hand. Click here to take advantage of IIANM’s Job Bank. Do you have an agency you’re trying to sell, or in the market to buy one? Check out our Classifieds!
Thanksgiving’s origins: No pie, but lots of other tasty food The first Thanksgiving didn’t feature pies or cakes, because the Plymouth pilgrims had no ovens and a limited supply of sugar. But it may have included cranberries, which Native Americans used in a variety of foods as well as for medicinal purposes. So what was the “original” Thanksgiving really like? Although harvest feasts were common in what became known as the Commonwealth of Virginia throughout the 17th century, the Thanksgiving most Americans probably think of was held at the Plymouth Plantation in November 1621.
Strong black coffee: More American that you may realize Your morning cup of coffee may be a vital daily ritual, but a black caffeinated beverage was once an important element of Native American culture that’s only now being understood by scientists. European explorers in the 1600s observed native inhabitants imbibing what they called “the black drink” as part of a purification ceremony. The beverage, brewed with the toasted leaves of the Yaupon holly plant, apparently dominated religious ceremonies in Cahokia, considered North America’s first city. Cahokia was located near the site of modern-day East St. Louis from about the year 1050 to 1350, before abruptly disappearing for no clear reason.
William Bradford, the governor of the plantation, organized a feast for colonists and their neighbors, the Wampanoag tribe, to celebrate a successful harvest. The harvest had thrived thanks in part to Squanto, a native of the Patuxet tribe who taught the pilgrims how to grow corn, catch eels and fish, and avoid poisonous plants in the surrounding forest. This first Thanksgiving lasted three days, and probably did feature wild turkey as well as venison supplied by the Wampanoag - but no football.
10 foods that can wreck your mood: Will your body’s electricity run electronic gizmos? Your body generates a small alternating-current electrical field that’s unique to you, like your fingerprints or your DNA. Scientists at Dartmouth hope to take advantage of this by designing a wearable electronic device that will respond only to commands from its designated user—or wearer. The device, called an “amulet,” would resemble a wristwatch and use tiny electrodes to measure the impact of the body’s alternating current and identify the person wearing it. The amulet could be used to monitor health conditions and interact with your other devices. The main hurdle right now is reliably interpreting the data flowing through the amulet’s sensors, but if successful, it could eliminate many concerns about wireless security.
Food is a major part of our lives, but everything you’re swigging, dipping, chomping down on, and sipping could be leading you straight into a funk. • Potato Chips • Conventional Holiday Ham • Soda • Margarine • Processed Pumpkin Seeds • Agave Nectar • Bagels • Peanuts • Vegetable Shortening • Sugar-Packed Sweet Potatoes Click here if you want to know more about each joy killing truth and to see some healthy alternatives!
THANK YOU to the members of the IIANM 2012 Partners Program. The companies listed below have made a commitment to support the strongest agents’ association in New Mexico. In turn, as members, please show your thanks by utilizing their varied products and services.
Thank You!