Word of the Day

Commodity

Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.

What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)

So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.

Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.

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Monday, June 30, 2008

CIGNA Offers Assistance to Members in Missouri Disaster Area

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Comtex

PHILADELPHIA, Jun 30, 2008 (BUSINESS WIRE) ----CIGNA today announced that it is making a number of exceptions to its normal processes to assist those covered under a CIGNA plan who have been affected by flooding in Missouri.

Effective retroactive to June 23, 2008, the following provisions will be in place for all CIGNA members residing in locations designated as disaster areas in Missouri:

-- Prescription refill time restrictions, usually 30 days, will be waived to allow members to have prescriptions refilled at an earlier date without prior approval.

-- Any precertification requirements, such as for inpatient hospital admissions or certain types of medications, will be waived for all medical and pharmacy services.

-- In-network benefits will be paid for medical services, even if a member must see an out-of-network physician or other provider.

-- Any timely submission requirements, including appeal and claim submission requirements, will be extended for an additional 60 days.

-- Individuals covered under dental HMO plans can access emergency and urgent dental care without prior approval and will not be required to get referrals for specialty care.

-- Those covered under a dental PPO plan will have any out-of-network fees waived.

In addition, the grace period for employer or premium payments to CIGNA will be extended 60 additional days, for a total period of 91 days.

These actions will be in effect until July 13, 2008 or later if necessary. Members with questions are encouraged to call the customer service phone number on their CIGNA ID card or the CIGNA nationwide customer service telephone number at 1.800.244.6224.

The recent floods have dramatically affected individuals and communities across the Midwest. CIGNA recognizes that individuals affected by community disasters sometimes need resources to assist them in coping with the shock and grief over such circumstances. CIGNA provides an online Disaster Resource Center for individuals and employers, which is available at www.cignabehavioral.com.

CIGNA Corporation (NYSE:CI) and its subsidiaries, with total assets of $44 billion and employee base of approximately 26,500, constitutes one of the largest publicly-owned employee benefits organizations in the United States and throughout the world. Its subsidiaries are major providers of employee benefits offered through the workplace, with products and services including health care, group life, accident and disability insurance, dental, vision, behavioral health and pharmacy.

SOURCE: CIGNA Corporation

CIGNA Corporation Gwyn Dilday, 818-500-6370
   gwyn.dilday@cigna.com

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