Do you know what "stacking" is re: uninsured/underinsured motorist coverage?

[CrAz3D]

Yes or no.  Also, why do you know what it is/why don't you know what it is?



I know what it is from working for an attorney that dealt with auto ins policies.

Today, in my risk management (i.e., insurance and how it works and why you should sell it to your clients) class (for masters in Personal Financial Planning), our "prof" (I usu think of profs as knowledgeable people, but this guy doesnt know as much as he should) was explaining UIM coverage to the class.  I brought up the idea of stacking (link below), and he had never heard of it.  He is a former ins salesman (I know that he didnt necessarily deal with auto ins or adjusting or the law), a CFP, and a PhD in Personal Financial Planning.  Because of all those qualifications, I would expect him to know a simple concept that applies in the majority of states. 

He was also wrong on another auto ins coverage, and a student called him out on it, and cite the page number in our book and paragraph number.  I dont mind when profs are wrong when we're discussing something off-topic/off the cuff, but when the PPT slide is 100% wrong?  Yeah...unacceptable.

Side note:  TTU apparently has the best PFP program in the US.  I find that stat, if true, disconcerting.  Basically, I would never trust more than $20 to a recent graduate of this program (and I'm in the program!), unless I actually knew the planner and his/her capabilities.  The majority of profs I've encountered are (generally) incompetent jokes.

/end VERY annoyed rant



Link explaining stacking:  Stacking | Uninsured Motorist Coverage | Car Insurance Policy | Insure.com

[iago]

I don't know what it is. why? Cuz I'm not American.

[while1]

Without looking it up, no, I don't know what stacking of it is.

[MyndFyre]

Without looking it up, no, I don't know what stacking of it is.

And further... nobody cares.

[Sidoh]

Without looking it up, no, I don't know what stacking of it is.

And further... nobody cares.

?

that was the point of this thread?

[CrAz3D]

Point of thread was (obviously) to figure out if consumers know what stacking it.

Down and dirty explanation:  http://www.carinsurance.com/kb/content17977.aspx

But, again, my prof didnt know about it.  And when we're (students) supposed to know the ins and outs of insurance, knowing about stacking is important so that we may properly identify and suggest insurance coverage to clients.  I dont think he can properly test our competence in the area if he misinforms us as to how insurance works.

[Sidoh]

I was definitely unfamiliar with it, but I'm pretty ignorant about insurance.

[CrAz3D]

I can understand and accept that as you being a normal consumer.  Do you have your own insurance policy, or are you under your folks'?

Again, I expect a person not well-versed in insurance to not know, but, I think that if a "professional" is teaching me what kind of insurance to suggest and what level of coverage to suggest, that my prof should know the VERY relevant concepts and teach us about them.

I have class tomorrow.  If he doesn't address the issue, I figure I'll approach him (again) and reiterate why stacking is an important concept to know.


/I talked to a friend in MN that sells ins (and she knows what stacking is in her state), she said that personal liability coverage could be stacked there.  I think our prof has done a huge disservice to us by omitting such an important topic for our discussion.  And since he knew nothing about it when I presented him with the topic, I fully expect that he researched the hell out of it over the last 5 days.  If he didnt, I'm going to the dean with all the crap he has told us this semester (we're almost half way through).

//I dont care so much for "higher education" because I generally dont respect those that teach me unless they show that they are competent.  In our syllabus the prof said we have to complete some sort of large paper, and he stressed proper "grammer" in the paper.  While I can accept typos, I cannot accept the mistakes that were in the paragraph that said we'd be deducted for poor grammar.

[Sidoh]

I can understand and accept that as you being a normal consumer.  Do you have your own insurance policy, or are you under your folks'?

Again, I expect a person not well-versed in insurance to not know, but, I think that if a "professional" is teaching me what kind of insurance to suggest and what level of coverage to suggest, that my prof should know the VERY relevant concepts and teach us about them.

I have class tomorrow.  If he doesn't address the issue, I figure I'll approach him (again) and reiterate why stacking is an important concept to know.


/I talked to a friend in MN that sells ins (and she knows what stacking is in her state), she said that personal liability coverage could be stacked there.  I think our prof has done a huge disservice to us by omitting such an important topic for our discussion.  And since he knew nothing about it when I presented him with the topic, I fully expect that he researched the hell out of it over the last 5 days.  If he didnt, I'm going to the dean with all the crap he has told us this semester (we're almost half way through).

//I dont care so much for "higher education" because I generally dont respect those that teach me unless they show that they are competent.  In our syllabus the prof said we have to complete some sort of large paper, and he stressed proper "grammer" in the paper.  While I can accept typos, I cannot accept the mistakes that were in the paragraph that said we'd be deducted for poor grammar.

I don't own a car. My parents bought a car for me to use while I was an undergraduate, but when I moved to Hawaii, I left it behind. Owning a car is expensive, and, as it turns out, not incredibly useful in a city like Honolulu. This is especially true when you have a generous roommate who's willing to take you to Costco and other places where a moped just won't do.

Haha @ the "grammer". That's a pretty terrible fail. The professor sounds terribly incompetent.

[CrAz3D]

On Monday, the prof brought it to the attention of the class.  At least he acknowledged that he'd never heard about it and did a tiny bit of reading on the subject.