Thursday, February 28, 2013

Premium Financing & Its Risks

Premium Financing & Its Risks


Bad Debts
Avoiding debt is crucial. The method to avoid debt shouldn't be thus effortful on erode profits or introduce a part of human blunder. A habitual classification that decorations and cancel shoppers in time to recoup unearned premiums is important. Looking forward to associate degree surpass program does not cut it. Sensible finance revolves around secure systems and procedures that nearly eliminate guess. The final rule is to simply accept a twenty fifth payment at the beginning of the contract. This artifact greatly minimizes the danger of accruing debt, by providing enough capital to pay the contract if early cancellation is needed.

Interest Rate Management
A machine-controlled, secure system should be in situ to calculate all awareness thrilling, relevant delayed charges other fees. This method should use the proper mathematical formulas that respect Canadian Laws. Additionally providing shoppers with most popular or redoubled charge per unit supported risk assumed must be simply managed for correct calculations. Employing a system designed to manage the complexities of premium finance can do that merely and with integrity.

Client Communication
Efficient consumer communication not solely streamlines workflows however additionally assists in adhering to relevant regulation. End-to-end inspection pursues surrounding the initial contract, the premium notice and also the cancellation notice -- and everything in between -- should be hold on ought to proof ever be needed. All consumer communication should be worded to stick to Canadian rules and rules. If not, the finance company may well be control accountable.

An Example Of The Significance Of Announcement Is As Follows:
A consumer has defaulted on its payments. The non depository financial institution notified the insurance company; however the non depository financial institution did not communicate the cancellation to the insured, associate degreed an accident ensues. The non depository financial institution could also be control chargeable for not clearly human action the policy termination.

With a secure system in situ, events area unit triggered mechanically, flags area unit raised through news and activities area unit hold on and fast for cover.

Securing Credit With Money Establishments
Without the suitable resources, premiums merely cannot be supported. A system that mechanically produces accounts assets and dates them per their age can modify the procure of the desired credit. Not solely will an automatic system modify the desired news on a monthly or weekly basis, however it additionally meets initial necessities required by a financial organization to secure the finance within the 1st place. Subtle management reports will establish precisely wherever the revenue is coming back from: normal expenditure, NSF charges, concentration, etc.

Fraud Hindrance
Not protective yourself from the likelihood of internal stealing is foolish. Processes and procedures should give final transparency. An efficient system can turn out management reports, as well as month-end reports, to keep up necessary checks and balances to forestall workers from embezzling or kiting. A premium finance system professional vides secure, trustworthy reports utilized by management to verify all policies area unit legitimate. This prevents the manufacture of fictitious policies that makes the chance for a private to peculate the money that might be sent to associate degree insurance underwriter to pay the balance.

Not Doing It Once Your Competitors Area Unit
Creating associate degree in-house premium finance company to finance your brokerages shoppers will produce a revenue stream to be reinvested within the brokerage. Several brokers area unit already dabbling in finance for specific, unique-needs shoppers or causation business to a third-party financer. Investing a premium finance classification, incorporated through the BMS, will really create the brokers causation policies for finance and also the finance administrator process contracts additional economical. This gain in productivity typically eliminates the necessity to rent extra employees to manage the recently fashioned in-house premium non depository financial institution. The revenue generated goes on to the brokerages growth initiatives rather than lining somebody else's pockets.

Direct writers, banks and different brokerages provide finance and so offer shoppers an extra, increased level of service. If shoppers area unit supported by the carrier with that they need been placed, the broker is restricted by the insurer's rules; this might not be within the best interest of the consumer. Harnessing the ability of one-stop searching really permits brokers to marry the requirements of the insured’s with the overages on the market to serve them.

New Law Review Article: "A Short Treatise on Amateurism and Antitrust Law"

It is with great excitement that I share the first draft of my newest law review article, "A Short Treatise on Amateurism and Antitrust Law: Why the NCAA's 'No Pay' Rules Violate Section One of the Sherman Act."

This article is intended to serve as roadmap for challenging NCAA rules that prevent student-athlete pay.  The article is currently under review by several law journals.  Reader feedback is both encouraged and appreciated.

Tuesday, February 26, 2013

Enforcing Johnny Football's Intangible Property Rights

Rick Reilly's column today, Selling Johnny Football, provides an interesting perspective on Johnny Manziel's trademark lawsuit filed in Texas against a man who was selling T-shirts that read, "Keep Calm and Johnny Football."  It was reported that Texas A&M's compliance office recently received a ruling from the NCAA that an athlete can keep earnings (a damages award) obtained in a lawsuit.  Why the NCAA thinks it must first give an athlete permission before he can sue someone for stealing his intangible property rights and keep the damages award if successful is beyond me.  Would an athlete also need the NCAA's permission to sue someone for stealing his wallet or computer?

But in any event, Reilly raises the point in his column that now that the NCAA has given its "blessing" for Manziel to enforce his legal rights against those profiting off his identity, he should go after the NCAA and Texas A&M now.   Reilly asks:  "How can the NCAA see the evil in some citizen cashing in unfairly on Manziel's name but not when it does it?  How can Texas A&M send out more than 60 cease-and-desist letters to people selling Manziel items, as it says it has, and not accept one itself?" 

More Marlins Problems: Jeffrey Loria Tries to Defend his Public Subsidy

Last Thursday marked the five year anniversary of the thirteen commissioners of Miami-Dade County approving a plan to spend $347 million in taxpayer money to build a new 37,000 seat retractable-roof ballpark for the Miami Marlins -- a decision that I have previously criticized on Sports Law Blog here.

In acknowledgement of this event, I wrote an article on Thursday for Forbes SportsMoney that posed the question of whether an empty Marlins Park will create backlash against sports stadium subsidies for other teams.

In the article, I noted the following:
The Marlins stadium deal is such an easy target because in no other case has the recipient of huge subsidies so brazenly turned around and slashed team payroll to lowest in the league.  Furthermore, the Marlins stadium agreement only required the team to pay nearly a third of the building costs, while it awarded Marlins ownership 100% of stadium-related revenues -- not exactly what sounds like an equal partnership.

On Sunday, Marlins owner Jeffrey Loria fired back -- taking out an advertisement in each of the major Miami newspapers -- defending both his ownership style and the Marlins Park deal itself.  Presumably, Loria's response was based in part based on my Thursday article in Forbes.

Among other things, Loria told the Miami-Dade community:
The ballpark issue has been repeatedly reported incorrectly and there are some very negative accusations being thrown around.  It ain't true folks.  Those who have attacked us are entitled to their own opinions, but not their own facts.  The majority of public funding came from hotel taxes, the burden of which is incurred by tourists who are visiting our city, NOT the resident taxpayers.  The Marlins organization also agreed to contribute $161.2 million toward the ballpark.
Nevertheless, Loria's letter is easy to rebut -- even based exclusively on the facts in 'his' advertisement.  For example, the fact that the ballpark was paid for with tourist taxes shouldn't matter because the tourist taxes could have just as easily been spent of public projects such as schools and hospitals, new public housing programs, or even as a way of maintaining the community's existing public works projects while lowering the community's overall tax base.

In addition, Loria's purported $161.2 million contributed toward the ballpark is not a mitigating factor because the ballpark deal allows Loria to keep all of the revenues from selling naming rights to the stadium -- a revenue stream that overnight reasonably could offset much, if not all, of the $161.2 million investment.  Moreover, even if Loria does not sell these naming rights himself, the value of this right will clearly be factored into the Marlins ultimate sale price -- further increasing the Marlins owner's return on investment.

I am not sure the purpose of Jeffrey Loria's recent advertisement, but I fully encourage continued dialogue on the topic.  While I believe his arguments with respect to the stadium are without merit, I at least commend him for keeping the conversation about sports stadium subsidies firmly in the public eye.


* * *
For a more in-depth view of the issues surrounding sports stadium subsidies, please see the following resources

Monday, February 25, 2013

Watch 2013 MIT Sloan Sports Analytics Conference On-Line

With due respect to the many great sport law and sports business conferences held each year -- and there are some excellent ones -- the best one is the MIT Sloan Sports Analytics Conference (March 1-2). I'm honored to be a panelist at this year's event; this is my fifth year in a row as a panelist and each year it gets better - a credit to the conference's organizers, Daryl Morey and Jessica Gelman. I'll be on the Beyond Reason: Sports Labor Negotiations panel on Saturday March 2.

The conference is sold out, but at the following link you can register to watch many of the panels on-line. I always gain a ton of insight at this conference, which this year features as panelists Adam Silver, Michael Lewis, Mark Cuban, Stan Kaster, among many others, and has an awesome set of panels.

If you aren't attending, the webcast is a must-watch if you're interested in our industry.

Premium Financing Specialists Life Insurance

Premium Finance Specialists
The financial world is very huge in size and considered as the first important tool for an organisation to run its operations efficiently. Finance is the money, which is needed to start up a business venture till its end up. The term “finance” also required safety from risk or loss.

Premium Financing Specialists Life Insurance


Insurance Premium Financing
Insurance premium finance may be a method that involves getting the services of a loaner to create premiums on some kind of insurance set up, usually a life assurance policy. The thought behind exploitation this strategy is to take care of existing money reserves instead of amusing all those funds to creating premium payments. Doing thus makes it potential to use those reserves for investments that ultimately generate further revenue that helps to produce the insured party with a better level of economic security. Once organized properly, the value of premium finance is offset by the gains generated by having the ability to use money reserves to shop for stocks, invest in land, or another activity that generates a gentle stream of revenue.

Insurance sector is very large in size and considered as the best source of growth to a financial company specialists. These insurance companies have so many schemes for the corrective and optimum utilisation of financial resources of a company or a person. These financial companies are regulated by the “IRDA”, and financial support is provided to them by “premium finance companies”.

Cloud-Based Insurance: An Emergent Section of the Insurance Industry

The Specialists Cloud-computing has taken Internet-enabled computers to a new height making access possible anywhere anytime. The insurance industry has embraced this cutting-edge technology pushing it to the threshold of advancement in terms of mobility and flexibility. With the help of cloud-based computing technologies, the industry has been able to make interaction with customers a 24/7 affair and enabled gathering of advanced analytics that have both been very conducive for both providers and buyers.

Financed Insurance
Financed insurance may be a insurance policy with special arrangements created for the payment of the policy premiums. Rather than the insured party paying the premiums himself, he makes a cope with a third-party investor or with the insurance underwriter to pay the premiums on his behalf. The insured party winds up with the advantage of coverage while not having to pay the premiums like a shot. This arrangement is structured consistent with an insurance finance contract that specifies the loan term and charge per unit.

Life insurance is Associate in Nursing investment vehicle Associate in Nursing an integral a part of a wealth transfer arrange for top value people. Not like several average people that get merely enough insurance to safeguard their families, flush people will use trusts and transfer corporations to carry cash-value insurance policies on their own lives. They generally don't want the takings of an insurance policy the method a median person generally will. He should purchase a policy as Associate in Nursing investment gamble that may pay a big quantity if he dies unexpectedly however still retains a money worth if he winds up holding the policy to maturity.

Role of Premium Finance Insurance Trainee
The road for somebody to become associate insurance tyro is fairly easy. Even so, insurance firms square measure command to high legal standards and thus wish their trainees to be educated and old. The precise education and knowledge somebody has to enter insurance varies slightly supported what insurance the person needs to handle.

It is doable to urge into the insurance field with simply a high school credentials. To do this, someone should have sales expertise, however. Courses in mathematics, marketing, economics, business law and finance and data technology all pave the manner for somebody to begin associate insurance career. Courses in science, oral presentation associated social science are also useful as a result of the assist an insurance tyro higher perceive the motivations someone has for getting or rejecting insurance.

Sunday, February 24, 2013

New Sports Illustrated Column: When spectators flee a race crash, is video of it news or copyright protected sports event?

Many spectators were hurt in yesterday's Daytona race because of a collision. A high school sophomore took a video of the crash and fans screaming and trying to get help. NASCAR wanted the video taken off YouTube, which for a while removed it but then put it back up.

Do we have a legal right to see this video? I explore in a new column for Sports Illustrated | SI.com. Here's an excerpt:
But only about 12 seconds of Anderson's 1 minute, 16 video is actually of a NASCAR race; the rest centers on the crash and fans scrambling for cover from flying debris. NASCAR's ownership over this latter part of the video is questionable, since "facts" and "news" are not subject to copyright protection and the First Amendment safeguards public access to them. The NBA knows this quite well. Back in 1997, the U.S. Court of Appeals for the Second Circuit ruled that the NBA could not claim copyright in its stats and scores, which Motorola had broadcast through a wireless paging device known as SportsTrax. The reasoning? Facts and news are not copyright protected. 

It could be argued that at about 13 seconds into Anderson's video, the race transformed from a copyright-protected NASCAR event into a not-copyright-protected news event. Fans screaming and fleeing for cover is not part of any race, but is certainly newsworthy. On the other hand, NASCAR might contend that because crashes are (unfortunately) not uncommon in NASCAR races, a crash should be considered a continuation of a copyright-protected NASCAR event. This is a difficult area of law and highlights how legal protection for "sports events" and "news events" may not always be the same.

To read the rest of the column, click here.  Here's the video:

The Economics of the Infield Fly Rule

My longer treatment of the infield fly rule, The Economics of the Infield Fly Rule, is now available on SSRN and forthcoming in Utah Law Review. The abstract is below. Comments welcome.

 No rule in all of sports has generated as much legal scholarship as baseball’s Infield Fly Rule. Interestingly, however, no one has explained or defended that rule on its own terms as an internal part of the rules and institutional structure of baseball as a game. This paper takes on that issue, explaining both why baseball should have the Infield Fly Rule and why a similar rule is not necessary or appropriate in seemingly comparable, but actually quite different, baseball situations. The answer lies in the dramatic cost-benefit disparities present in the infield fly and absent in most other baseball game situations.

The infield fly is defined by three relevant features: 1) it contains an extreme disparity of costs and benefits inherent in that play that overwhelmingly favors one team and disfavors the other team; 2) the favored team has total control over the play and the other side is powerless to stop or counter the play; and 3) the cost-benefit disparity arises because one team has intentionally failed (or declined) to do what tordinary rules and strategies expect it to do and the extreme cost-benefit disparity incentivizes that negative behavior every time the play arises. When all three features are present on a play, a unique, situation-specific limiting rule becomes necessary; such a rule restricts one team’s opportunities to create or take advantage of a dramatic cost-benefit imbalance, instead imposing a set outcome on the play, one that levels the playing field. The Infield Fly Rule is baseball’s prime example of this type of limiting rule. By contrast, no other baseball situation shares all three defining features, particularly in having a cost-benefit disparity so strongly tilted toward one side. The cost-benefit balance in these other game situations is more even; these other situations can and should be left to ordinary rules and strategies.
 

Thursday, February 21, 2013

@InsideSportsLaw

Fellow sports lawyers, the Sports Law Blog has been a leading site for delivering cutting edge commentary and insight in the field of sports law.  As this leading site celebrates its 10th Anniversary in November, with the support of our Editor-in-Chief Michael McCann, we decided it was time to expand our efforts to brand and promote the tremendous talents of our contributors.

A natural first step was to generate a Twitter handle and feed for ourselves.  Thus, today, we are happy to announce the launch of the official "The Sports Law Blog" Twitter feed -- @InsideSportsLaw.  The goal is to generate additional attention to both the information we post on our website, as well as promoting the industry's leaders in the field of sports law--our writers.

While the use of this Blog, the newly created Twitter account, and other related future efforts will evolve over time, we hope that our efforts to offer both insight and commentary on the world of sports law remain unparalleled.

Daily Fantasy Sports and the Law: The First Legal Challenge

On March 21, 2012, Illinois lawyer Chris Langone filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Fan Duel and one of its purported winners, Patrick Kaiser.  The lawsuit seeks to recover the third-party losses of Fan Duel's contestants based on Illinois's version of the Statute of Anne -- a common law statute that sometimes allows third parties to recover unclaimed winnings from illegal gambling transactions.

The posture of this case resembles the 2006 case Humphrey v. Viacom, with two major differences: (1) case is brought in Illinois rather than New Jersey, and (2) the case is brought against a daily fantasy sports game rather than a traditional, full-season fantasy game.

Fan Duel has filed a motion to dismiss that argues, among other things, that its games should not fall under Illinois gambling losses recovery statute because its games involve predominantly skill.

This week, I have written several articles on this case and its implications over at Forbes.  For more on the specifics and the merits of the parties' respective arguments, please see the following three sources:

1.  Marc Edelman, Will New Lawsuit Help to Clarity the Legal Status of Daily Fantasy Sports, Forbes, Feb. 19, 2013.

2.  Marc Edelman, Did Comcast Invest in Fan Duel Too Soon, Forbes, Feb. 20, 2013.

3.  Marc Edelman, A Short Treatise on Fantasy Sports and the Law: How America Regulates its New National Pastime, 3 Harvard Journal of Sports & Entertainment Law 1 (2011).

Wednesday, February 20, 2013

Presentation to Northwestern Sports Law Society

I will be at Northwestern University School of Law tomorrow (Thursday), presenting The Economics of the Infield Fly Rule to NU's Sports Law Society as part of Sports Law Society Week. The program runs from 12:10-1:20. Feel free to stop by if you are in Chicago.

Slate on Indian Mascots

Following up on our discussions of Indian mascots, this week's Slate Hang Up and Listen podcast includes a segment (starting at 34:10) on the controversy, featuring Dr. Ellen Staurowsky, a professor of sports management at Drexel University (Ellen also was kind enough to contribute an excellent chapter for my book on Duke lacrosse). It is a good conversation, touching on many of the issues of Indian self-concept and self-image that Alex mentions in his post.

Worth a listen.

A Call to Action

NCAA President Mark Emmert's leadership, and lack of accountability, surrounding his organization's investigation into the University of Miami was an embarrasment to those of us in higher education.  Thankfully, the good folks at The Huffington Post have provided me an outlet to rant.

The result is the following piece, titled "A Call to Action" where I advocate that it's time for Emmert to go; and since he's declared he won't resign, the NCAA Executive Committee needs to take action.  Feel free to lobby the members, who are listed here.

More on the significance of defining sport

The surprising and controversial announcement that wrestling is being dropped from the core Olympic programme effective with the 2020 Summer Games made me think that we may have found a reason why it matters whether something is a sport or not: Whether something is a sport (as opposed to a game or a competition) should be a tiebreaking factor when choosing between two events. In other words, when the IOC is deciding between wrestling and, say, synchronized ballroom dancing, the former wins out because it is a sport and the other is not.

Fundamental Education of Premium Finance

Fundamental Education of Premium Finance

Even before your youngsters will count, they already apprehend one thing concerning money: it's what you have got to relinquish the frozen dessert man to urge a cone, or place within the slot to ride the rocket ship at the foodstuff. So, as shortly as your youngsters begin to handle cash, begin teaching them a way to handle it with wisdom.

Premium Finance and it’s Growth

We still see a flurry of mergers and acquisitions as booming brokers deliver the goods their business objectives. Growth is one vital issue to be competitive. Demonstrating a brokers' distinctive worth proposition is crucial and providing a inordinateness of services, as well as in house premium finance, is a method to try to simply that.

Premium finance is not for everybody. Clearly venturing into this arena needs coming up with and a realistic approach to be protected and profitable. For brokers United Nations agency perceive and valuate the higher than risks, and United Nations agency implement secure systems to protect against them, the advantages area unit several and extremely remunerative.

Making Allowances

Giving youngsters allowances may be a great way to start teaching them a way to economize and allow the items they require. What proportion you provide them depends partly on what you expect them to shop for with it and the way much you would like them to save lots of. Some oldsters expect youngsters to earn their allowance by doing family chores, whereas others attach no strings to the purse and expect youngsters to dig in just because they board the family. A compromise may well be to relinquish youngsters tiny allowances in addition to opportunities to earn more money by doing chores that fall outside their traditional family responsibilities.

Annuity Expenses Education of Premium Finance

Variable annuities square measure long investments appropriate for retirement funding and square measure subject to promote fluctuations and investment risk, together with the likelihood of loss of principal. Variable annuities square measure sold by prospectus, which contains data concerning the variable rented, together with an outline of applicable fees and charges. These embrace, however don't seem to be restricted to, mortality and expense risk charges, body fees, and charges for optional advantages and riders. The prospectus will be obtained from the money institution} giving the variable rented or from your financial skilled. Scan it rigorously before you invest.

Tuesday, February 19, 2013

More on the Redskins and Indian Mascots

The following is by my colleague Alex Pearl; Alex is an enrolled member of the Chickasaw Nation of Oklahoma and writes and teaches on Indian Law.

As mentioned here, the National Museum of the American Indian held a symposium entitled “Racist Stereotypes and Cultural Appropriation in American Sports.”  In this post I am limiting the discussion to the Redskins specifically and sports mascots generally.  I have to plug the comprehensive blog, Native Appropriations, which examines representations of Indigenous Peoples in popular culture generally, including sports.

I’ve lost count of how many times the two entrenched sides of the Indian mascots debate have made their arguments.  The arguments of the respective camps can be summarized as follows.  Pro-Indian Mascots: We are honoring you and we have a connection to the team name, if you are offended then that is political correctness run amok.  Anti-Indian Mascots: We are not being honored and your connection to the team name is ridiculous.  In the interest of full disclosure, I’m an enrolled member of the Chickasaw Nation of Oklahoma (i.e., I’m an Indian).

            At the Symposium, one participant had this to say, “[i]f Dan Snyder truly thinks the word ‘Redskins’ is anhonorific, I challenge him to attended the next meeting of the NationalCongress of American Indians and try using that word to people’s faces.  Of course, Dan Snyder (nor anyone from the Pro-Indian Mascot camp) is coming to the Symposium or any other majority-Indian meeting. Which brings me to my point that the two sides are simply talking past each other.  They maintain mutually exclusive positions regarding a disagreement about a subjective value judgment. 

            I think there are opportunities for advancing the debate in an objective way.  There is research performed by Dr. Stephanie Fryberg and others that examine the effects of American Indian mascots on “aspects of the self-concept for American Indian students.” [Of Warrior Chiefs and Indian Princesses: The Psychological Consequences of American Indian Mascots, available at http://www.indianmascots.com/fryberg__web_psychological.pdf].  Here’s the abstract findings from her jointly authored paper:

When exposed to Chief Wahoo, Chief Illinwek, Pocahontas, or other common American Indian images, American Indian students generated positive associations (Study 1, high school) but reported depressed state self-esteem (Study 2, high school), and community worth (Study 3, high school), and fewer achievement-related possible selves (Study 4, college). We suggest that American Indian mascots are harmful because they remind American Indians of the limited ways others see them and, in this way, constrain how they can see themselves.

Dr. Fryberg was not at the Symposium held at the NMAI.   While I think the symposium does some good by focusing on the cultural gulf existing between Indian and non-Indian society, I think it would be more worthwhile for there to be greater emphasis on the type of research performed by Dr. Fryberg and others.  Moving the debate beyond “This mascot doesn’t honor me” to “This mascot causes empirically demonstrable psychological harm to Indian youth” is, in my view, preferred.  As an added bonus, studies like these may provide evidentiary support for the more recently filed action, Blackhorse v. Pro-Football, Inc., seeking to cancel the trademarks affiliated with the Washington Redskins

            As Sally Jenkins pointed out in her Washington Post article, many potentially influential people have raised this issue and suggested a name change.  However, the franchise, and accompanying branding and trademarks, is simply too valuable to change.  Unless there is a significant intervening economic event, like the Blackhorsecase prevailing, substantial fines by the NFL, or boycotts by fans and ticket holders the mascot is not going to change.  All this moral weight and scientific evidence will not trump the economic bottom line.

University of Virginia School of Law Sports Law Conference

The complete program for the March 8, 2013 sports law conference at the University of Virginia School of Law can be found here.  It is my understanding that CLE credits are pending.  Panels include the following:

- Ethical Issues for Sports Agents

- Legal and Practical Issues for Women in Sports and the Sports Law Industry

- Gambling and Corruption in Sports

- Penalties for Athletes

- Lockouts, Greed, and Collective Bargaining  

Monday, February 18, 2013

The Tragedy of Oscar Pistorius


The Oscar Pistorius situation is truly tragic for many reasons, including the loss of a life.  The fallout has included a number of sponsors including Nike terminating their relationship with Pistorius, pulling ads or otherwise removing Pistorius from their advertising campaigns. 

The ability of a sponsor to take these actions usually depends on the specific language of a morals clause.  Some clauses will allow termination or other adverse actions if the athlete has been charged with a crime, regardless of whether there is ultimately a conviction.  Other clauses might allow such actions only upon conviction of a crime.  


This situation highlights the basic principle for contract drafting generally and morals clauses in particular -- in order to impose the proper penalties for a breach, specific language is often necessary to fit specific situations.  Nike's contract with Pistorius apparently allows for termination in the event of a criminal charge or even just becoming involved in a public scandal.  In an unfortunate situation such as this one, this type of broadly-worded morals clause gives the sponsoring company significant power in determining its response.

Facts of Life Insurance Premium Financing

Facts of Life Insurance Premium Financing

Instead of paying premiums, you’re getting even the loan quantity, or perhaps paying nothing, with the loan to be repaid from the policy’s death edges. Whereas premium funding could seem sort of a straightforward conception, it's a reasonably sophisticated dealing, and in contrast to alternative approaches to purchasing insurance, involves some risks too.

Normally, there square measure solely 2 parties in each life assurance dealings. First, there’s the insured, World Health Organization is additionally most frequently the policy owner. And second, there’s the underwriter, World Health Organization provides the benefit reciprocally for premium payments. There’s additionally one monetary instrument – the life assurance policy itself.

But with premium funding, there square measure as several as four parties to the transaction: the insured, the underwriter, the receiver (which will be someone or AN entity, like a company), and also the loaner, World Health Organization provides the money for the premiums. And with premium funding there square measure 2 monetary instruments. First, there's the life assurance policy, and second, there's the loan agreement between the loaner and also the receiver.

Benefits of Premium Finance Life Insurance Policy

Get Insurance And Still Own Your Current Investments
While there could also be nice edges with having a high face insurance policy, your current growth and success is suppressed if you choose to liquefy your plus. With insurance finance, you are doing not have to be compelled to sell your land properties or stock holding to hide the big premiums. You’ll retain your current investments and assets and still have an outsized insurance coverage.

Leave Your Pet Ones Financially Secure With No Personal Guarantee Of Out Of Pocket Expenses
You can transfer million of bucks to your family with no fees attaches. there's no risk in enrolling for premium funding insurance program except living long enough and deciding to finish the explanation, or alive long sufficient for the significance to become over the death edges.

Lower Or Eliminate Inheritance Tax
The governments will no tax insurance death edges. Therefore, you'll channel the tax-free liquidity to your inheritors. Insurance premium funding will assist you to arrange ahead for your family and friends.

Use Estate Gift To Your Advantage
The estate taxation levied once someone dies is typically dear. The nice news is that you just will avoid it by providing a present to a insurance fund. The money is thought-about a part of insurance that solely have to be compelled to be subtracted state taxes.

Income Replacement For Your Family
Your family is unquestionably wont to the comfort of associate upper crust mode. Must you die unexpectedly, your pet ones could also be left in an exceedingly monetary strain? You’ll use premium funding insurance to arrange ahead for the safety of your family. You’ll take a few massive insurance policy through premium funding, which is able to leave your family financially secure when your death.

Testamentary Gifts To Charity
Naming your favorite charity because the helper of a insurance policy may be a great way of creating a sizeable donation while not transfer of securities of money. You’ll own the insurance policy and name the charity because the helper.

Life insurance Premium funding offers you numerous avenues to avoid wasting. You’ll use it to avoid tax and leave massive edges your love.

Life Insurance Premium Financing

Life Insurance Premium Financing

The current anomaly of terribly low interest rates charged by lenders and better long run crediting rates presently offered by life assurance corporations creates a lovely arbitrage for people to premium finance life assurance. Sure-fire Physicians, company Executives, sure-fire Business homeowners and High-Net price people ought to profit of it particularly throughout the prevailing low charge per unit loan atmosphere.

In general, once somebody purchases life assurance, he or she pays the premiums on to the underwriter with money. You, as a high net-worth individual, World Health Organization desire an outsized quantity of life assurance, you'll not need to disrupt your current income or take cash faraway from high-performing investments simply to form premium payments.

Instead of victimization your current cash flow, you must take into account life assurance premium funding strategy. With premium funding, you'll be able to pay your insurance premiums with cash that's borrowed from a 3rd party, and acquire the coverage you wish at a value that's way below the value of buying and paying for the policy directly.

Benefits of Premium Finance Life Insurance Policy

Life insurance merely involves borrowing of premiums to fund a insurance policy. An organization that provides premium funding insurance primarily lends funds to policy holders to modify them purchase insurance. Premium finance loans area unit typically provided through a 3rd party brokerage.

To finance an insurance premium, a private or company that needs the monetary service should sign associate agreement with a premium non depository financial institution. The non depository financial institution can then cowl the price of the payment, and can successively bill the individual or company in monthly installments for the funding. The loan could last from a year to the lifetime of the policy.

Premium finance insurance is typically given to high web price people and includes a variety of advantages such as:

Using Leverage To Realize Your Monetary Goals
Use your activity investments and dormant assets as leverage to extend your monetary goals. By mistreatment your assets as collateral, you'll still relish higher returns from them than the interest charged on the loan.

Reduce Estate Taxation
You can obtain a high face worth insurance policy mistreatment premium funding. This may successively considerably cut back and generally even eliminate taxes on your estate when death. Since the advantages of an insurance policy aren't taxed, you'll leave your inheritors an outsized quantity of advantages mistreatment this strategy.

Premiums Paid By Others
In the day to day running of your business, you possibly use alternative people’s cash to realize your business objectives. Premium funding permits you to use alternative people's cash to supply a bigger protection to your pet ones and still save on estate taxes.

Factors of Premium Finance Life Assurance

Top Five Factors To Think About In Premium Finance Life Assurance
Here are the highest five factors to think about in premium finance life insurance:

The Rule More Matured
When you are young, policy premiums are cheaper as a result of the chance that the insurance underwriter undertakes is lower. Younger folks are expected to be healthier and live longer before they have to use their insurance. However, as a result of younger folks doesn’t want coverage they suppose that they’re wasting their cash. This is often not true as a result of all the premiums you pay go towards future coverage. So, you don’t have to be compelled to worry regarding the way to acquire vast medical bills from AN accident or AN ill health. Besides, you'll be able to relish lower medical prices, higher access to routine checkups and coverage of hospitalization and treatment.

The Rule of What Proportion
The rule of thumb for selecting a life assurance set up is six to 10 times your annual financial gain. So, if you create $80,000 yearly, your insurance ought to be close to between $480,000 and $850,000. Of course, your call are going to be supported your varied monetary wants, which has your age, your dependents’ ages, your spouses' work term and skills, your debt level then on. Also, you ought to take under consideration the quantity of cash that your leader contributes, that is often a multiple of your annual remuneration. Because the jurisprudence encourages employer-provided insurance for premiums up to $50,000 in coverage, you wish to gauge whether or not this coverage is adequate or whether or not you ought to explore for extra coverage.

The Rule of Under-Coverage
When estimating a lot of insurance is simply too much, check that to not be under-insured, which suggests you have got less coverage than the minimum which will defend you from unforeseen events. The general public are under-insured as a result of they believe life assurance is simply too pricy or they inadequately calculate their monetary wants. In fact, you ought to draw a bead on quite the minimum coverage as a result of in your thirties you expect to figure for an additional 30 years however you ne'er recognize what monetary necessity might come back ahead.

Minimum Loan Size
Each premium funding loaner determines the eligibility of the receiver supported minimum loan size and minimum internet value. The minimum loan size refers to the minimum quantity of funds needed to hide the premium payments. This implies the calculated premium of year one or the entire loan arrangement ought to be capable a determined minimum quantity. For example, if the minimum loan size is $100,000 in initial premium, the receiver ought to meet this minimum.

TAX Edges
Most life assurance policies are offered with tax blessings and in some policies, the money worth grows exempt. This implies that policy holders pay their premiums to receive a particular level of coverage however they'll have up to eleven % cite tax savings and twenty two % exempt wealth relocate. As well, tax-deferral of the savings in insurance merchandise continues till the customer withdraws cash from the policy.

Overall, life assurance premium funding permits you to make wealth. In your 30s you have got completely different monetary obligations than in your 50s. This enables you to use your cash towards amount of money and be able to anticipate future monetary demands, as well as mortgage payments, faculty funding, medical medicals, however largely secure your dependents. Then, because the years fade and as you build wealth, you'll be able to lower your payment. So, it’s a win-win state of affairs.

Sunday, February 17, 2013

Great Lakes Sports and Entertainment Law Academy

Last year we blogged about the Great Lakes Sports and Entertainment Law Academy, a summer program  started last year by Peter Carfagna and Craig Nard and affiliated with Case Western and Cleveland-Marshall Law Schools for law students interested in sports and entertainment law. The academy has a great deal to offer and will have courses again this year from May 14 to May 31. For more information, click here.

Friday, February 15, 2013

How Premium Finance Insurance Works?

How Premium Finance insurance Works?

You determine the amount of coverage you wish, and with whole insurance, you keep a money possibility. Premiums begin at a way higher level with whole insurance; however you'll be able to perpetually cast off a policy loan to recover up to the money worth of your policy. Once your policy matures, you ne'er have to be compelled to pay another premium, however your ultimate profit continues to grow. There square measure four easy steps to fixing whole insurance.

Choose the number of coverage. Solely you'll be able to verify what quantity cash you wish to supply within the method of insurance. Most states permit tax free payouts from insurance, creating it a perfect thanks to cowl the direct prices of inheritance.

Decide on the sort of whole insurance policy. Split greenback policies are also out there through your house of employment. The ultimate payout is split between your leader and your family; however the leader pays all of the premiums. As Associate in nursing addition to a compensation package, split greenback insurance packages add worth. Discuss all the various merchandise with insurance premium finance corporations to search out the one that best enhances your monetary portfolio.

Make your premium payments. Premium amounts square measure set at the time of the policy purchase and stay constant whereas the policy is funded. Ne’er face a sharp hike within the quantity due.

Consider your insurance policy a part of your web value. Funding an entire insurance policy, tax postponed offers you access to savings that earn a mean of five % web every year. Sure, some investment corporations gross ten % for some purchasers; however that range is before management expenses square measure subtracted. The five % offered through an entire insurance policy could be a nice rate of bonded come in today's market.

Choose Life Insurance For Your Next Investment

No alternative investment chance offers an equivalent level of bonded returns. Raise your stock broker to supply a bonded rate of come and he can either laugh or hedge. Raise your bank to provide you five % interest on a bank account, or perhaps a CD and laughter could be a sure response. Whole insurance offers excellent thanks to grow your assets and supply a decrease, beat one package.

Benefits of Premium Finance Insurance Policy

Benefits of an Entire Premium Finance Insurance Policy

Term insurance advertises lots quite whole life, in massive half as a result of it's a giant win for the non depository financial institution. Within the overwhelming majority of cases, term insurance solely offers the non depository financial institution peace of mind. After all, they collect premiums for many years on policies set to expire, long before you may. Once a term life policy expires, no advantages disburse within the event of your death. The sole thanks to continue coverage with a term policy is to renegotiate the premiums, that tend to extend sharply as you age. Whole insurance negotiates your premiums at the beginning and coverage is bonded, regardless of what happens. After you obtain whole insurance, you get a whole product that guarantees your family coverage. Plus, your contract acts as a savings set up with a really high rate of come.

Premium Finance Canada

Premium finance Canada

Before investing a part of money, every investor should properly know about the financial term, in which he is going to invest his valuable money. So making a correct investment of each person, our financial experts have effective ideas and schemes through which, no misuse or loss of money would be arisen. Our financial sector is a biggest area consists of various products and services. “Premium finance” is one of them, which is used to lending funds of a person or a company in order to ascertain or cover the cost of the insurance premium. There is a biggest area of financial sector covered by the insurance companies. These companies are regulated by IRDA.

Premium finance is the amount of money for which a company or broker gets ensured to pay to cover the cost of premium of insurance. Insurance sector is a broad sector of financial branch. There is a wide range of premium finance companies, which are engaged in premium finance agreements or we can say deals in financing the payments of insurance premiums.

The Benefits Involved in Premium Finance.

Financing an insurance premium involves numerous benefits. Some of the most prominent ones are as follows:
• It offers the liberty to attach several insurance policies to an individual premium finance contract, facilitating a single payment plan for covering all insurance coverage.
• Clients can obtain required coverage without selling other assets.
• It eliminates the need to pay a large up-front fee to an insurance company.

Premium Financing involves several other advantages which can be experienced by you if you opt for this convenient plan of managing your insurance premiums.

Understanding the Process of Premium Financing.

Premium financing denotes lending of funds to a company or individual for covering the costs involved in insurance premiums. Such loans are usually provided by Insurance Brokerages, Insurance Companies or a third party finance unit called a Premium Finance Company. At times, a separate entity is also established by large brokerages for administering and managing their premium finance loans.

The premium loans are inclusive of personal as well as commercial policies. In the former case, it attends to the consumer’s need for incurring considerable upfront expenses while in the latter, it helps companies eliminate or reduce the need to incur up front capital costs related to insurance premiums.

Easy way to pay your Premium finance loans

One of the major advantages of premium finance is that the insured does not have to pay the premium at once. This type of finance company gives the freedom to the insured person to pay the premium in small amounts. A large number of small and medium scale business houses have opted for this loan due to the ease in payment. One can find a large number of finance companies offering their services to business houses. All you have to do is to contact an insurance agent and provide them all the details. The company will let you sign an agreement, which also includes the option of multiple policies.

Benefits of using Life Insurance Premium Finance Companies in Canada

Growing your personal wealth doesn't stop along with your investment portfolio. The key to assembling wealth that advantages each you and your family lies in diversification. Poor securities market returns and low realty property values leave high financial gain earners like you checking out a solid investment that carries sensible returns and low risk. For several of you, insurance is that investment. Insurance premium finance corporations supply a range of merchandise that assist you build wealth through insurance premium funding, and facilitate with guaranteeing your family's comfort within the event of your death. Whole insurance allows you to speculate, tax postponed, whereas earning a gentle rate of come.

Will the Washington "Redskins" Finally Get A New Name?

Dave Zirin wrote an article this week in The Nation entitled "Redskins: The Clock is Now Ticking on Changing the Name."  We have regularly debated the offensiveness of American Indian mascots at the Sports Law Blog, and once again, Washington Redskins owner Dan Snyder has been called upon to change the team moniker of our nation capital's NFL club.  Zirin's article was inspired by a symposium held in Washington D.C. at the Smithsonian's Museum of American Indian History decrying the use of all American Indian mascots.

According to Zirin:  "It’s an awkward fact of life in Washington, DC, that we are home to both the Smithsonian’s National Museum of the American Indian and the Washington Redskins. One attempts to preserve the Native American cultures that weren’t eradicated by conquest; the other is both a symbol and result of the same eradication. These two worlds collided this past week when the museum hosted a day-long symposium about Native American sports nicknames. In a packed auditorium, panelists and audience members took the local team to task, calling their name 'ugly,' 'offensive' and 'a racist slur.' Former Colorado Senator Ben Nighthorse Campbell, the only Native American senator in US history, said from the stage, 'If you want [your mascot] to be a savage—use your own picture.' Not one person either in the audience or the crowd defended the use of 'Redskin,' because, as one fan of the team said to me, 'it really is defending the indefensible.'"

While the NCAA has taken strong action against the use of offensive nicknames and imagery, will Dan Snyder, and other professional sports team owners (including the Braves, Indians, Chiefs, Blackhawks, etc.) finally heed the call for change and eliminate offensive and stereotyping monikers and mascots?

Thursday, February 14, 2013

It's sports and there must be some law angle


(H/T: The Big Lead)

What Is Finance?

What is Finance?

Finance describes the act of providing cash, capital or alternative monetary resources to help in facilitating a loan or a buying deal. This term is usually used at intervals the monetary trade, which has areas like banking and accounting. Individual careers that facilitate comprise the monetary trade embody a monetary consultant or analyst, a bond broker, a portfolio manager, Associate in Nursing factor and a broker.

Individuals coming up with a monetary career typically major in subjects like social science, accounting and business law. At intervals such majors, university students find out about the varied aspects of non-public, government and company of Premium Finance. Associate in nursing example of courses supporting such Associate in nursing education embody business management categories, statistics categories, numerous social science courses, and courses that instruct students on the inner workings of various non-public and government financial establishments, also as their policies.

Businesses hoping to lift monetary capital or finance typically obtain the help of people trained to figure in finance so as to secure the resources required to begin or grow a business. Attorneys specializing in sure finance monetary genres, also as alternative land professionals, accountants and business analysts may additionally be known as upon to assure that capital strategy is each sturdy and effective. At intervals the globe of finance, professionals habitually work along to form and manage sturdy investment opportunities.

In terms of its world application, there square measure 3 primary areas of finance. These square measures are investments, monetary management, and monetary markets and establishments. whereas these 3 areas overtimes overlap with each other, employment opportunities at intervals every square measure a lot of distinct.

Individuals operating in investment sectors tend to figure a lot of in direct sales transactions, monetary coming up with or analysis of assorted securities. people operating in monetary management may additionally specialize in coming up with and security analysis, however tend to additionally work a lot of specifically with a personal company or cluster and sometimes tend to focus a lot of on overseeing the group’s assets. Those operating in cash markets and alternative establishments usually specialize in providing liquidity and capital to massive banking and monetary establishments.

Specific laws bearing on finance vary among countries and should even vary at intervals smaller jurisdictions. The majority management, still, stringently observe monetary transactions to guard people, businesses and establishments from incidents of fraud or alternative potential hazards. People trained in finance are trained in line with these laws and, in several instances, should get special license to figure in monetary sectors once undergoing a radical examination method.

Wednesday, February 13, 2013

Legal Commentary on Katie Couric Show

He's my interview on Katie Couric, from Monday. I was the legal commentator for her show, which featured an interview with Sue Paterno. It was great to meet Katie and to be part of this show.

The NBA's "One and Done Rule" is Patently Unfair


Last night, University of Kentucky star freshman Nerlens Noel injured his knee in his team's contest against the University of Florida.  While the extent of his injury has not been made public, and we all keep our fingers crossed (reports are torn ACL, out for the year), it reminds us of the patently unfair draft eligibility rules in the sport of basketball.  By virtually any account, Noel was one of the premier high school basketball players in the country, and should he have been inclined, an early lottery pick in the 2013 NBA draft.  Let's hope that opportunity is still within Noel's grasp.

As readers to this blog should know by now, the NBA and NBPA have agreed in their CBA that basketball players have to wait one year from the time their class graduates from high school to be eligible for the NBA draft.  The result is the infamous "One and Done" rule that forces players to attend college--or head overseas (Brandon Jennings)--before they can enter the NBA.  While I'll let others (and I mean you Michael McCann) make the age eligibility restraint of trade arguments, the courts have decided that current union members can impose limits on future members.  See Clarett v NFL among other cases.

Unfortunately, the NCAA does no favors to elite student athletes by capping the potential disability insurance policies that these players can obtain.  According to the NCAA's "Exceptional Student-Athlete Disability Insurance" (ESDI) guidelines, the cap on coverage in the sport of basketball is $5 million dollars for permanent disability insurance.  There are no provisions of loss of value insurance policies that would address an injury that lowers a players draft slot selection but doesn't make them permanently injured.  An 2013 NBA lottery pick will make multiples of that in their first guaranteed contract.  While we can hope Noel's injury is both minor and not a barrier to his NBA potential--and its financial implications--the NCAA, the NBA, and NBPA have not helped him in any way.

A year and a half ago, I wrote a law review article for the Harvard Journal of Sports & Entertainment Law entitled "Transitioning to the NBA: Advocating on Behalf of Student-Athletes for NBA & NCAA Rule Changes."  A copy of this article can be found here.  How many more times do we have to lament the "bad luck" of NCAA student-athletes without making any changes?  Let's hope that Noel's lack of choices after high school do not derail either his NBA career or the abundant riches it would bring.

Tuesday, February 12, 2013

New York Law School Sports Law Symposium next Friday, Feb 22

Looking forward to being part of what should an excellent symposium next Friday at New York Law School -- great work by Brett Hirsch and David Soskin and many others in putting this together. 

I will be moderating the bankruptcy panel and will be sure to encourage discussion on the role of bankruptcy law in the sale of the Sacramento Kings.

* * *

The New York Law School Sports Law Society and the Institute for Information Law and Policy

Presents:

The Fourth Annual Sports Law Symposium
Friday, February 22, 2013
185 West Broadway
W201 (Events Center)

Fee:      Please note that if you registered for the original date, postponed due to Hurricane Sandy you are automatically registered for the make-up event on February 22.  
                $45 for attorneys (includes CLE’s)
            $45 for attorneys and professionals not seeking CLE credits (No CLE credit)
$15 for outside students
Free for current NYLS students (with a valid school ID)
This CLE program has been approved for a maximum of three hours of CLE credit for both transitional and non-transitional attorneys. New York Law School offers tuition assistance for attorneys who may have difficulty attending CLE events due to cost considerations. Please visit:  http://www.nyls.edu/academics/cle/tuition_assistance to see if you qualify.  

Tentative PANELS                                                                                                                                                  
12:00 pm - Registration Opens
12:45 pm - Opening Remarks
1:00 pm - 2:00 pm - Bankruptcy Issues in Sports (1 CLE Credit - Professional Practice ("P.P.") ) 
2:15 pm - 3:15 pm - Analysis and Impact of the Concussion Litigation (1 CLE Credit - P.P.) 
3:30 pm - 4:30 pm - Negotiating Media Rights Acquisitions (1 CLE Credit - P.P.)
4:45 pm - 5:30 pm - Breaking Into the Sports Industry Q&A
5:30 pm - Networking Reception 
 PANELISTS *                                                                                                                                                         
Jodi Balsam, Associate Professor at NYLS; Former Counsel for Operations and Litigation at the NFL
Robert Boland, Professor of Sports Management & Sports Business at New York University 
Robert Erb '91, CEO at Schutt Sports; Adjunct Professor at New York Law School  
Frank Golding, YouTube Director, Head of Sports for North America at Google 
Frank HawkinsPartner at Scalar Media Partners; Former SVP Business Affairs at the NFL 
Darren Heitner, Founder of the Sports Agent Blog; Partner at Wolfe Law; Contributor at Forbes Magazine
Jeannine KenneyAssociate Counsel at Hausfeld LLC; Plantiff’s Liason Counsel for NFL concussion litigation
J. Carlos Kuri, Vice President and General Counsel at New York Red Bulls  
Jeffrey Levitan '83, Partner at Proskauer Rose LLP
David Mayer, Principal Counsel at ESPN, Inc.
Michael McCann, Legal Analyst at SI & NBA TV; Professor & Director of Sports and Entertainment Law Institute at UNH Law;  
Matthew Pace, Partner at Arent Fox LLP
Irwin Raij, Partner and co-chair of the Sports Industry Team at Foley & Lardner LLP
Robert Raiola, CPA; Sports & Entertainment Group Manager at Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC
Frank Saviano, Associate at Proskauer Rose LLP
Alan Schwarz, Reporter at New York Times
David Soskin '08, Counsel at ESPN, Inc.; Adjunct Professor at New York Law School  
Meredith Wolff, Associate Staff Attorney at NHL Enterprises, L.P.

The Illusion of Amateurism Within College Athletics


"The greatest trick the Devil ever pulled was convincing the world he didn't exist." ~
Verbal Kint/Kaiser Soze, The Usual Suspects
 

It is time to wake up.  For decades the NCAA has created the illusion that their sole purpose was to defend the concept of amateurism within higher education.  This trick has been sanctioned by none other than the Supreme Court when, in 1984, they recognized the NCAA as “the guardian of an important American tradition.…amateurism in intercollegiate athletics.”[1]  And, for far too long, the American public has accepted this deception; that those competing in college sports should remain amateurs, as defined by the NCAA, so as to delineate them from paid professional athletes.

The argument is stale, the facts don’t support reality, and the public is recognizing the absurdity of the NCAA’s position: they insatiably embrace commercialism in all facets of intercollegiate athletics except on a single issue—athlete compensation.  College athletics has evolved into an industry generating billions of dollars a year without paying the labor that produces the demand for this product.  Perhaps one of the reasons public outcry has been muted is that the students engaged in these sports are, predominantly, minorities whose access to college the public often labels “an opportunity.”  The popular argument, that scholarships offer free education to many athletes, is rebuffed by the systemic failure of schools and the NCAA to ensure that students competing in football and basketball graduate with their college degrees or even a valuable education.

To read the rest this article on The Huffington Postfollow this link.  Let me know what you think.....


[1]NCAA v Board of Regents of the University of Oklahoma