Life and human Insurance

Ohio DOI Offers New Online Service

2009-08-31T18:46:00.001-07:00

According to the article "Ohio DOI Unveils New Online Service for Ohio Agents" on insurancejournal.com, the Ohio Department of Insurance (DOI) announced that it will be providing a new online service that will help about 81,000 licensed Ohio insurance agents to keep track of their continuing education credit through the Internet.

Ohio resident insurance agents are able to log onto the Ohio DOI website to find their continuing education status, and find information about approved courses and other licensing opportunities and requirements.

Insurance companies can see the status of agents if they subscribe to the service as well. It's available 24 hours a day and the service makes it extremely convenient for agents to verify their information and keep track of their status and goals.

Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefit on the First Death

2009-08-18T19:26:00.001-07:00

Joint Advantage UL Offers Cost Savings Over Two Standard Policies But Doesn’t Sacrifice Cash Accumulation

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives that features flexible premiums and cash accumulation, giving customers vital insurance protection and the opportunity to grow their cash values.

Phoenix Joint Advantage UL, the first of its kind, is designed to appeal to couples or small business partners who are concerned about cash flow or liquidity on the first death. For businesses, its primary use is protecting each partner’s interest for buyout purposes.

This policy covers two lives under one policy and one premium payment. It pays a death benefit on the first death, and, if clients add the Survivor Purchase Option Rider to their policy, the surviving spouse or business partner will be able to buy a new Phoenix policy at that time with no need for medical evidence of insurability. With a Phoenix Joint Advantage UL policy, customers can meet their need for dual income replacement and stable accumulation at a cost they can afford.

"Phoenix Joint Advantage UL is an important addition to our product portfolio because, for many clients, it's a significantly cost-effective alternative to the expense of two standard UL policies," said Tom Buckingham, senior vice president, Product Development, Life and Annuity. "At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is truly a valuable asset.”

"We heard from advisors that in today’s volatile markets, their clients want insurance products that offer an economical approach coupled with flexibility and an opportunity for steady cash accumulation. Phoenix Joint Advantage UL delivers on both counts," Buckingham said.

Phoenix Joint Advantage UL is highly cost effective compared to two individual UL policies. For example, a male and a female, both age 45 with face amounts of $1 million and a preferred plus risk class, would pay an annual premium cost of $12,103 for two individual UL policies. The annual premium cost for one Phoenix Joint Advantage UL Policy with Survivor Purchase Option Rider is $10,193, creating annual savings of 16 percent over two individual policies*.

Phoenix Joint Advantage UL is also very flexible, with features that include flexible premiums that allow clients to decide when and how much they want to pay. Depending on their needs, couples or business partners can elect to have different amounts of coverage on the two people being ensured. Clients can also choose either a fixed death benefit equal to the policy’s face amount or an increasing death benefit that equals the policy’s face amount added to its cash value.

Clients who prefer additional insurance protections can add the following optional riders to their policies at no additional cost: Policy Exchange Option Rider, which allows clients to exchange their Phoenix Joint Advantage UL policy for two single life policies without evidence of insurability; and, Overloan Protection Rider, which helps to prevent policy lapse (a taxable event) if loan debt should exceed cash value due to a heavily-loaned policy. Other riders available for purchase at issue include: Level Term Rider, Increasing Term Protection Rider, Survivor Purchase Option Rider, Alternative Surrender Value Rider, and Waiver of Surrender Charge Rider.

In addition to flexible premiums and insurance protections, Phoenix Joint Advantage UL lets clients who need to access their cash values take a withdrawal or a policy loan, without current income tax up to the cost basis of the initial premium.

To learn more about Phoenix Joint Advantage UL and other life insurance products available from Phoenix, agents and financial advisors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.

ABOUT PHOENIX

With a history dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities, with particular expertise in the high-net-worth and affluent market. In 2008, Phoenix had annual revenues of $2.0 billion and total assets of $25.8 billion.

Phoenix is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. The company's underwriting capabilities can accommodate a range of customers and risk situations and address clients' estate, business and retirement planning strategies. Phoenix also offers a complete suite of annuity products with a full spectrum of optional guarantees, and with expert technical analysis of complex annuity contracts to help customers own the right products to fit their unique needs.

*This is a hypothetical example and is used only to describe how this strategy may work. Which strategy works best for clients will depend on their individual facts and circumstances. Actual results will vary. Any representation of life insurance premium or death benefit is purely hypothetical in amount and is not a guarantee of cost or death benefit now or in the future from a specific life insurance policy. Clients will receive a personalized illustration that reflects all applicable fees and charges, including the cost of insurance.

Leadbot Helps Agents Increase Their Conversion Rates With Qualified Life Insurance Leads

2009-08-05T08:22:00.001-07:00

Leadbot, the nationally recognized producer of high-quality health, annuity and life insurance leads for insurance agents and brokers, has developed a system of lead generation that... begins with the creation of popular web properties full of helpful insurance information, advice and resources. These websites are then optimized for the major search engines, including Google, Bing and Yahoo...

INN: Leadbot Helps Agents Increase Their Conversion Rates With Qualified Life Insurance Leads

Auto Insurance Companies and Repair Shops

2009-07-27T04:52:00.000-07:00

The article “Shops debate the place of insurers in the repair process” by Brian Albright on SearchAutoParts.com talks about how car designs have become more complex and expensive which is causing more and more auto insurance companies to get involved in the auto repair process.

Issues sometimes arise between repairers and insurers as the insurance companies pressure shops to cut costs. The repair shops see this as meddling as they deal with their own financial pressures. Most repair shops prefer that the insurance company give a check and stay out of the repair process, but customers find a lot value in the insurance companies taking over. In addition, insurance companies want to keep the repair shop's prices down as much as possible to save themselves money.

Not all insurance companies are getting in the way of the repair shop's agenda. State Farm auto insurance is generally seen as cooperative according to the article. Recently, they have participated in programs striving for efficiencies in the repair business. While some repair shops see this as intrusive, others see it as a positive force. Gene Regan, general manager at Causeway Collision Center in Manahawkin, NJ believes it is a productive initiative for State Farm to get involved. He sees the program bringing the repair shops and insurance companies together to learn from each other and develop better business practices. This will ultimately benefit the mutual customers who both parties look to please.

Chart of the Day: Madoff's 150-year sentence in context

2009-07-16T19:30:00.000-07:00

Ex-financier Bernie Madoff, convicted of operating a $65 billion Ponzi scheme, served his first day of a 150-year prison sentence Wednesday... [but it] is only the fourth-longest given to someone for committing a white-collar crime in recent years...

Seattle PI: Chart of the Day: Madoff's 150-year sentence in context

Massachusetts Auto Insurance Rates Are Down

2009-07-10T21:14:00.001-07:00

According to the article “Car insurance rates fall 8%, state says” by Todd Wallack in the Boston Globe, Massachusetts auto insurance rates are down since Massachusetts stopped setting their own rates in 2008. This information is from a study completed by the Division of Insurance.

The state study shows that auto insurance rates are down 8.2% from April 2008 to April 2009. The rates fell 5.2% from 2006 to 2007. In April of 2008 Massachusetts began allowing auto insurers to set their own rates which was to create controlled competition. Before this change, rates in Massachusetts were highly regulated.

Jason Lefferts is a spokesperson for the insurance division, and he said the study also found that during the last year the number of uninsured cars in Massachusetts dropped and that less people were considered high-risk drivers. Since the change in regulation, nine companies have become part of the Massachusetts auto insurance market.

Spending habits during a recession

2009-06-30T18:33:00.001-07:00

There is a study recently published by M&C Saatchi, a global advertising agency with headquarters in London. It puts consumers into categories based on their behavior and reaction to the recession.

I'll get to those categories in a minute, but I think it's important to first note that the premise of this study is that while we are all effected by the recession differently depending on where we live and the local economy there, we generally are reacting to the macro economy - as it's reported by mass media.

We are bombarded daily by dismal reports of national or even global economic downturns. We cannot help but let this color our thinking. Yet, things might actually not be so bad in the immediate area around us.

So, the study and the categories are generated by how we are reacting to macroeconomics.

‘Reacting to Recession' is the name of the study. It identifies and categorizes attitudes and behavior adopted by different groups of consumers. The study finds eight consumer types with distinct approaches to spending in this recession.

Each identified group has adopted an overall specific behavior to cope financially with the downturn.

Crash Dieters

Scrimpers

Abstainers

Balancers

Treaters

Justifiers

Ostriches

Vultures

A caveat before the descriptions: they're not based on socioeconomic status, meaning that you can be in the Crash Dieter...and a millionaire.

Crash Dieters are the largest segment, grabbing 26% of adults participating in the study. The group was so named because it aims to "shed pounds" from their weekly budget by identifying and cutting out all non-essential spending until things improve. Crash Dieters are a heavily cash orientated group. Debt clearly frightens them (or is unavailable to them). They live from week to week and when the money runs out they're forced to take quite drastic action.

Scrimpers made up 13% of the study population. Cutting spending is still a main reaction, but they want to maintain their lifestyle and are reluctant to make sacrifices. "Trade down" is more their philosophy than "cut out." Cheaper stores and private labels have become more important to them.

Abstainers, like their Scrimper brethren, don't plan to make any huge cuts in spending habits. About 15% of the population are Abstainers. "The big purchases can wait until the economy improves," is what they'll tell you.

Balancers is one of the smallest groups. Nearly one in 10 people in the study fit into this category, which doesn't want to compromise or make any changes to their pre-recession lifestyle. However, a monetary crisis for them, say a job loss, triggers abrupt behavior. There's no "trading down" - It's gone.

Just over 12% of the study population are Treaters. You could describe them as Crash Dieters who occasionally binge. Every once in a while, the frugality they have adopted to deal with the recession gets rewarded by the purchase of something they promised themselves they wouldn't get.

Another 12% are Justifiers. They'll spend, but they need to have a reason - and it's not price-sensitive. If it's a newer version of something they already have, they want it and convince themselves it's a wise expenditure.

Everybody knows what an Ostrich does when it confronts danger - supposedly - and this is the way 9% of the study population is reacting to the recession. They're simply ignoring it - either because they have sufficient means to do so or because they have been brought up to believe that large balances on credit cards is the accepted norm.

At 4%, the smallest category was given the name Vultures. They're thriving on the carnage caused by the recession. Prices on many things have plummeted. They're swooping in and purchasing all they can.

The study is ostensibly for the purpose of how to market to these groups during the recession; and these distinctive categories of behavior strongly show that there may be only one recession globally...but we certainly are not all reacting to it in the same way.

Obviously, the propensity to purchase life insurance products at this time by these categories presents the same types of obstacles and challenges as any other industry.

Do you recognize yourself in any of them?

Health Insurance Reform - What Do Doctors Think

2009-06-24T20:38:00.001-07:00

Lindsey Tanner wrote an article entitled “Doctors signal they’ll work with Obama” published in the Associated Press discussing Obama's meeting with the American Medical Association (AMA).

The AMA is a group of doctors representing the nation. Traditionally, the AMA is conservative and have fought previous administrations' health care reform attempts. There was speculation that they were going to create an obstacle for Obama and his health insurance plan. But after Obama spoke to the doctors at their annual meeting in Chicago, the AMA signaled that they won't close the door on his health insurance proposal. Specifically, they are not against the part where public health insurance will compete with private insurers.

Obama's trip to Chicago for this meeting shows how much the President values the AMA's support. They would have liked a stronger endorsement, but this is a small battle in the large fight ahead for the Obama administration.

Auto Insurance Prices Drop in May

2009-06-15T19:47:00.000-07:00

More and more Americans are trying to save money so it comes as good news that auto insurance rates dropped in May according to an article on IFAWebnews. The average rate was as low as $1871 in May, 2009. It got as high as $1950 in Sept, 2008.

It's a good time for lower auto insurance rates because industry experts say new auto sales will be increasing, potentially by 9%, in June over May. Dealers are trying to get 2009 cars off the lots to make room for the 2010 cars coming in. As buyers purchase new cars they will need to update their auto insurance policies and many will shop around. Because of the economy slump new car sales have been down. A pick up in car sales will have an impact on auto insurance. Having a new car may change your insurance rate so it's important to get a quote from numerous auto insurance companies to ensure you are getting the best deal.

Posted by Insurance Diva at 8:52 PM

Donegal Insurance Released Its 2009 First Quarter Earnings

2009-06-09T06:51:00.000-07:00

On April 24, 2009 Donegal Insurance stated their 2009 first quarter earnings. The first quarter net income was $169,804 (.01 per share of Class A common stock on a diluted basis). The Company was expecting a lower net income for the First Quarter citing severe winter weather as well as an unusually high number of fire loss claims. Both of these factors adversely affected their net income 1st quarter, 2009.

Donegal Insurance is an insurance company with subsidiaries that provide personal & commercial property and casualty lines of insurance in 18 states in the US.

Health Care Spending Needs to be Lowered

2009-06-07T03:11:00.001-07:00

A report was released today by President Obama's economic team stating that the growth in health care spending needs to be decreased from 6% to 4.5% to show huge benefits for the economy. Some of these benefits would include creating up to 500,000 new jobs and increasing the average family income by $2600 over the next 10 years. Cutting these health insurance costs and covering the 46 million people who are currently not insured would increase economic stability by about $100 billion per year.

This goal is incredibly aggressive and barely seems possible. Obama's economic advisers realize that decreasing spending by 1.5% will be very challenging, but if the goal can be attained it could mean a huge benefit for companies, families and the US economy, which is definitely needed. Health care spending right now accounts for 18% of gross domestic product and could be up to 34% by 2040 if reform does not take place. Obama also met with industry leaders recently who are pledging to find $2 trillion in health savings over 10 years. It is definitely a priority on Obama's agenda and he thinks reform is a must.

Arrogance in life insurance…

2009-06-03T20:19:00.000-07:00

If today you search for the precise words “pinnacle life insurance” via Google… what do you think you’ll see?

You’ll see Pinnacle Life’s sponsored link, obviously.

But that’s not all. You’ll also see five New Zealand life insurance brokers and two life insurance companies advertising their wares. What they’ve done is simply to hook their adverts onto the search term “Pinnacle Life Insurance”. So while you’re searching for Pinnacle Life, they’re busy trying to get themselves noticed.

Is this a problem?

Well, it isn’t a problem for Pinnacle Life, because Pinnacle’s online process and great pricing are unmatched in NZ so the comparison is actually to Pinnacle Life’s advantage. Really… this is a NON-issue. And it’s quite common practice too.

So why are we blogging about this then? And where are we going with this?

Because around six weeks ago, Pinnacle Life was threatened with legal action by one of NZ’s larger insurance companies for daring to do the same thing. That insurance company goes by the name ‘TOWER’.

Not wanting to pick a fight, we at Pinnacle Life pulled the sponsored link and that we thought was the end of it.

Not so.

One of the sponsored links running alongside a Pinnacle Life Insurance search today is… you guessed it… TOWER Health & Life.

And so it was sheer indignation that has led us to write this blog.

TOWER provided several formal arguments as to why Pinnacle Life’s actions were legally and morally wrong. And then just weeks after making such a fuss and calling in their lawyers, TOWER go and do exactly the same thing!

Will Pinnacle Life call in the lawyers?

Of course not. That behaviour is more typical of your regular, old fashioned, overpriced life insurance company.

Online Car Insurance Tips

2009-05-31T06:06:00.000-07:00

The Internet offers many advantages to people when it comes to shopping. One of those areas is buying online car insurance. Let's look at a few tips that we can offer you as well as the benefits of getting your car insurance online.

1. The first thing we talk about is convenience. You can quickly do comparison shopping among several insurance providers to determine where you want to purchase your car insurance. The nice thing is you can do this from the convenience of your own home.

In the past you had to scour the yellow pages, pick up the phone, and start making calls talking agents. Many people did not enjoy this because, if you've ever spent any time on the phone with an insurance agent it's difficult to get off the phone without purchasing from them.

2. Comparison-shopping allows you to determine what online car insurance is best for your situation. Many car insurance providers offer online calculators that allow you to punch in variables in regards to things such as number of drivers, the ages of the drivers, where you live, how many miles you drive to work, and so on.

You can then determine the various deductibles that they offer and come up with what your monthly premium would be. You also know right up front how much money your first payment would have to be and whether there are discounts for paying six months or 12 months in advance.

3. The savings that you can make by dealing directly with the company can be attained by by-passing the middleman, which is the insurance agent themselves. This is not for everybody, however, as some people prefer to have counseling provided to them by an insurance agent. You will have to determine whether you need help or whether purchasing online car insurance is something you can do yourself.

6 It should know when buying Life Insurance first

2009-05-29T17:07:00.000-07:00

6 It should know when buying Life Insurance first

1. Understand why Cần Buy Insurance
Most of all we need life insurance at a time in life, but never purchased insurance because hearing other people say it is a good idea. Life insurance is designed to give families a full financial security in case the wife or husband having to uncertainties, or when your parents have to uncertainties. Life insurance can help pay the house, money for college, help supplement retirement funds, to a property here at the same time is another important factor in plan assets. In short, if you have a relative to your income, you should think of life insurance. Even if you think you have no need now, you still should think of buying with a small amount as a starting point. Because, as the child life insurance as cheap.

2. Amount determined Insurance required
The amount that families or inherit will receive after your death is called the amount of insurance. To determine the amount of insurance need, you can use a computer on the network or New York Life www.insure.com network. After using the computer, you will get one guess yourself. Easiest method to obtain the amount of annual salary to 8. Method in more detail as all the monthly charges which family you must pay after you meet uncertainties. Remember always to be public costs and consequences of spending it on home, and fees. Retrieved total monthly charges for that 0:07. This figure indicates that 7% of the total money will be used to pay for monthly charges. Get that amount plus the costs need to pay once, you will estimate the amount of life insurance need. Yes you can measure the amount of life insurance need when using the computer, but the machines that you can not. It can not give you an answer last. Computer only for you the whole "on theory" but are based on the facts are different, the computer will give the different results. Should only use the computer to learn more about how to calculate the amount of life insurance products and other financial, however, you will feel more secure when you talk to a professional as representative by New York Life.

3. Please Choose a Type of Agreement Matches
Once the amount has been estimated for life insurance, should think of the kind which suit your needs. Today, life insurance becomes more diverse and plentiful, but they also have the 4 basic types of life that is periodic, life for life, full of life, and life have changed. One of 4 basic types will match the buy life insurance first.

Life Insurance Dinh Ky
Insurance period will only provide protection in a given period of time. The amount of insurance can be used to liquidate the debt and when you encounter the uncertainties. Life insurance regular insurance is less expensive and enjoy the pure amount of insurance. This agreement will not accumulate cash, and often do not receive a share.

Insurance period may be an ideal choice when you get the time needed insurance. This agreement can only protection needs only exist in a certain time, such as university funds or loan money home loan. Those aged 20 to 30 usually buy insurance period and conversion through life insurance (Insurance Through reading For the bottom). Conversion rights for the period to ensure that they can convert any of the health status is.

New York Life has many types of insurance such as 5-year period, 10 years and 20 years.

Life Insurance For Suốt
Opposed to regular insurance, life insurance will protect you throughout life from start to purchase insurance to go, and of course the conditions have to pay regularly. The difference is the second life insurance life accrue cash value. Form of a loan from the contract, you can use the cash value to the objectives for the various funds and cash funds for additional retirement income. However, you must pay on borrowed money and borrowed money with the convenience will be deducted from the amount insured. Contract for life insurance guaranteed throughout the life of you, regardless of health status as when alive and of course must be closed to regular fees.

Contract for life insurance qualify to receive money pass. Pass money is money that a company drawn from surplus funds and are for the owner. (Money's share can be used under many different methods such as cash received, or used to pay the premium monthly, or accrued to a receipt, or used to purchase additional life insurance prepaid full insurance coverage. Tiền pass does not guarantee.) Life insurance for life offer a lasting solution to the financial worries such as:
* Pay the debt: the amount of insurance can be used to pay debt and cut the debt in case you are having uncertainties
* Conservation of assets: life insurance life can bring money to pay the cost of housing and help from having to sell assets or borrow money to pay expenses
* Pension Fund: cash value can be drawn through the method of loan terms, or to supplement retirement income. Loan amount will be deducted from the amount of insurance
* Money Charity: the life insurance for life can help you contribute to charitable funds that popular after death
* Business needs: life insurance for life can be a valuable benefit for managers and staff to ensure the future financial enterprises
New York Life provides the life insurance life diverse as Life Insurance Conversion (Modified Premium Whole Life), and Life Insurance For Life (Survivorship Whole Life).

Life insurance whole Năng
Life insurance to provide full protection for life and accumulated cash value basis should postpone the tax. Life insurance with all the other life insurance points in life that you can choose the amount of insurance is suitable for families. With life insurance to all, you can increase or decrease the amount of insurance you need to change and can check the times of payment of fees. The contract can be designed with additional terms to suit the lifestyle of each person.

Life Insurance Most variable
Life insurance has variable flexibility in the amount of closing costs, the life insurance life allows the owner to divide the premium into a variety of different investments, including fixed account. Life insurance usually has variable provide insurance money on the basic income tax exemption, the cash value increases on the basis refunds, and can be withdrawn through the method of borrowing or withdrawing money, the This may reduce the amount of insurance. Loan amount and you'll be deducted from the amount insured. The amount drawn will also reduce the amount of insurance, cash value and may have to pay.

4. Evaluation capacity of the Company
Insurance contract is only good when a company has good support. You should look away from the company's release of the still existing in the future to serve and make the promise to pay insurance when needed. To help see the company is strong, the organization evaluates Financial capacity has ratings of insurance companies based on the quality of the gym, the quality of the investment method, and financial cover. The ranking is considered as the independent evaluation of the ability to pay insurance compensation in time and financial obligations other. This is the core of a company life insurance. 4 organization capacity evaluation leading Financial: AM Best, Standard and Poors, Moody's and Fitch.

Each organization evaluated based on criteria quite different. When looking at the ranking of a company will help you look on the general financial strength of that company. 4 Organization has ranked New York Life to the highest ranking.

5. Reference to Representative
Representative to bring an invaluable service. First, representative to help you analyze the factors that "people" and into items of insurance to help determine the amount of insurance need. The relationship between representative and client relationship is eternal. 2, the representative can help you update the amount the insurance needs change. They can also help guide decisions about finances, reduce a burden in life. Click here to have discussions with representatives New York Life.

6. Understand words expert
The discussions on insurance will include words such as cash value, insurance coverage, divided by money, insurance money, and more. To discuss a master, here's a short summary part of the terms used.
* Cash Value: in life insurance for life, it means that the amount accumulated on the
* A Division of Money: A surplus of the company divided by the owner of the
* Support the Company: An insurance company has no stock or shareholders, as it is the owner. New York Life is a mutual company
* Insurance coverage in the insurance, the amount is limited to keep the contract value
If you have any questions about this article or product by New York Life? Please call toll free 1-877-NYL-VIET (1-877-695-8438) for a discussion with representatives New York Life.

The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.

Reasons to Buy Whole Life Insurance

2009-05-28T01:59:00.000-07:00

One of the most common questions about life insurance is whether you should you buy term life insurance or whole life insurance? This article gives some reasons why whole life insurance may fit your needs better than term life insurance. As always, consult with a financial planner.

This is a guest post from “My Journey” from My Journey to Millions. My Journey to Millions offers his readers basic financial planning advice all the way up to advanced estate tax planning , while tracking his journey from debt to Millions. If you like the post please subscribe to his feed.

I want to be honest and upfront, I did not come up with this post on my own, it was inspired from Neal Frankle’s guest post on this blog titled, “How Much Life Insurance Do You Need?” Neal wrote a great article about term insurance and how whole life is usually inapplicable stating,

1. Only buy term life insurance for income replacement and family protection.
2. Think of life insurance in terms of income replacement. How much income will you need and for how long?

Once you determine that, it’s easy to figure out how much you need to buy.

I think it is the word, only, that usually gets me going, but in a good way. It has inspired me to write 6 Reasons when to Use Whole Life Insurance. Why 6? Seems substantially more than 5, but less than those long 10 lists!
Reasons to Buy Whole Life Insurance

1. You have a Special Needs Child - The whole argument that your child’s need for a lump sum ends at 18 or 22 is completely and utterly thrown out the window. In fact, it should 1000% be placed in a Third Party Special Needs Trust.

2. You have a liquidity Issue with your Estate – Most people who owe a federal estate tax (the top 2%) or a state estate tax (a heck of a lot more people than 2%) usually don’t have the actual cash to pay for it regardless of how rich they are. Want a cool example? Well it is a cool example for everyone except Joe Robbie’s Family. In 1990 when he died his family was forced to sell the Dolphins because they owed $47,000,000 in estate taxes. Yes that is 47 MILLION that the federal government got a hold of.

3. You have a charitable intent – If it makes you happy to get your name on a building for the university or hospital of your choice, you can. And possible for very little out of pocket. Yup, you know what I am talking about…getting a permanent life insurance policy because your charitable intent will not be gone in 20 years. Additionally, depending on who owns the policy, payment of premiums may be an income tax deduction or upon eventual death an estate tax deduction.

4. You have family health issues – Most whole life policies have riders that allow you to increase your coverage without additional testing. This could be a huge reason for most people.

5. You want additional diversification – I’ll be the first to admit this isn’t a great reason, but this is one of the reasons I received for the purchase of another whole life policy from the client. He watched literally every investment decline in value while his cash portion of his whole life went way up (he is late into his policy). I would never use whole life insurance as an investment, nor should you buy it as such, but this particular man did.

6. You own a business and want to take care of succession during life – Picture this…you are running a business with a partner. The partner dies and you now share business ownership with his surviving spouse or bratty children. By using a buy-sell funded with a whole life policy, you could have bought their shares. You get a step up for half of your shares (boring capital gains stuff) and the partner’s family has the liquid dollars they need. Why not buy cheap term life insurance? Because hopefully your business lasts a long long time and now instead of being 50 and uninsurable, your whole life insurance policy lasts until a later age.

Disclaimer & little about the Author: I do not have any whole life insurance, but hope to purchase some by the end of the year. The reason I do not have any is because I am currently ridding myself of all consumer debt. As I have indicated on My Journey to Millions I am licensed to sell life insurance in the State of New York, and will be licensed to practice law in the State of New York in two weeks. Check with your financial or legal advisor before making any decisions.

Tips On International Insurance

2009-05-25T17:43:00.000-07:00

Is there anything like the excitement feeling when you leave on a vacation overseas? You count down the days to your trip, looking at red X’s in your calendar. You’ve packed your bags, prepared your tickets, and also prepared your passport for a stamp. You’ll be on your way before you know it! But what if something undesired happens on your way to vacation? What if the weather will stress your health? You’ll get sick? Lose your luggage? In that case, we have a couple suggestions of how you might act in making your trip maximum smooth. Even in cases of unthinkable things taking place.

Overseas insurance pack - what is it?

Most insurance companies are offering full-overseas insurance packs. They start with minimum seven-day coverage, costing lass than $50 per person. Your destination staying period, age and number of people in your party determine the price. They generally embrace:

* Dental and medical emergency
* Urgent medical evacuation
* Accidental dismemberment and death
* Remains’ home coming
* Dependent children return and visitor to bedside
* Damaged or lost luggage
* Protection of a rental car
* Pre-existing condition refusal
* Cancellation/ interruption/ delay/ default of the trip

Things to check, before leaving

Health Insurance: Health insurance isn’t extended outside the U.S. in most cases. Therefore, checking with your insurance and seeing your exact entail coverage is a smart idea.

Lost Luggage Insurance: That’s an insurance you really have to check up on before leaving to your overseas holiday. Even though homeowner’s insurance policies cover destruction or theft of your property, they don’t cover things not listed in the actual policy. So, having a lost luggage insurance adds confidence that your bags contents, lost during vacation, will be covered.

Car Insurance: If you’re planning to rent a car to ride, whence you’re overseas, applying for an international driver license would be a good idea. Don’t forget to read the driving rules in the country you’re going to. They surely may differ from those in U.S. Before you leave, be sure to have adequate car insurance. Your personal auto insurance policy won’t cover, if you’re out of U.S., unless you have a real umbrella policy that’ll cover you worldwide. You can contact your personal insurance company to do this.

Trip Interruption Insurance: Canceling your trip due to conditions that are not in your control is the worst thing to happen. Now there is an insurance called “trip interruption insurance”. It can help you cover part, or even all of the money you paid on canceled trip. Cancel can be caused by weather inclemency. Or a cruise line you booked on might go out of business, before your date of departure. Another thing about this type of insurance is that you might be covered for the hotel and flight costs, if you’ve had to cancel the trip because of death in the family or sickness.

Uninsured Motorists Coverage: 8 Answers You Need

2009-05-24T16:57:00.000-07:00

Why do you need to buy Uninsured/Underinsured (UM/UIM) motorist coverage? Because the number of uninsured drivers is rising. The Insurance Research Council estimates that almost 14% of drivers don't have auto insurance – and by 2010 it could reach 16%. Forget swine flu. The real epidemic is people driving without auto insurance!

We get questions every day from people asking why they need UM/UIM coverage and how they should handle uninsured motorist claims. For a quick overview of the basics, jump to the bottom. For the answers you need, keep reading.

1. Does UM/UIM cover property damage in hit-and-run accidents?
Almost never. Accidents where the other driver can't be identified are handled under your own Collision coverage. This includes accidents where a hit-and-run driver damages your car while it's parked. It may not seem fair to have to pay for something that wasn't your fault, but it keeps auto insurance rates lower for the majority of uninsured accidents.

2. Should I buy UM/UIM if I already have health insurance?
Absolutely! Always buy Uninsured/Underinsured motorist coverage, because it pays for many things that other types of insurance usually don't, such as lost wages and pain and suffering. So, it's not really a waste to purchase it even if you think you're covered otherwise. Plus, if you have a high deductible for your health insurance, UM/UIM can cover your deductible.

3. Why should I pay for auto insurance that basically covers other drivers? Doesn't UM/UIM encourage people to drive without insurance?
UM/UIM coverage protects you and your family and passengers, not the other driver. It's true that the person who hit you should have purchased the coverage, but having UM coverage allows you to quickly receive payment for your claim, saving you the time and expense of suing the other driver. Rest assured your insurance company will pursue the guilty driver to recover the money they had to pay.

4. Will I get paid if the other driver denies fault?
The other driver doesn't need to admit fault. Your auto insurance company (or a court) will determine fault and handle your UM/UIM claim based on their investigation of the facts. If they find the uninsured driver at fault, then you will be entitled to payment up to the limits of UM/UIM coverage you purchased.

5. How much money can I collect under my UM/UIM coverage?
You can never collect more than your policy's UM/UIM limit for claims under this coverage. Most people buy UM/UIM coverage in an amount that matches their Bodily Injury Liability (BI) limits, but you can choose to buy less UM/UIM coverage if you wish. For example, if you buy 100/300 BI limits (100 per person/300 per accident), but choose to buy 50/100 limits for UM/UIM, you can collect up to $50,000 per person in an accident with an uninsured driver, up to a maximum of $100,000 for all drivers injured in the same accident.

For UIM coverage, the total amount you can collect from both the other driver's insurance company and your own is the number shown on your policy – in this example 50/100. You don't normally add that to what you get from the other driver – although you can in a few states.

6. Can I make a claim on the other driver's UM/UIM coverage?
No. UM/UIM coverage is something you buy to protect yourself – and your property, if you purchase UMPD coverage. You're essentially protecting yourself from drivers who don't have auto insurance or don't have enough to pay for accidents they cause.

7. Should I get UMPD coverage instead of Collision coverage? Which is better?
UMPD is only available in certain states, so unless it was offered to you when you bought your policy, it's probably not an option. And, if you're making a loan or lease payment on your car, you'll be required to buy Collision coverage, until it's paid for. After that, you can choose – knowing that UMPD coverage will only pay for damage caused by an uninsured driver you can identify.

So, if you have to pick one, remember that Collision coverage will pay for all situations involving an accidental Collision. If opting for Collision coverage simply won't work financially, UMPD can serve as a last resort. In a limited number of states and situations, you can purchase both, and we recommend you do so, if that option is available.

8. Does UMPD coverage pay for car damage from hitting a car part lying in the road?
Unfortunately, it doesn't, unless you can prove that it came from a specific uninsured motorist. Remember that the coverage you've purchased is Uninsured Motorists Property Damage coverage – so you must find the motorist who's at fault before you can get paid.

Uninsured Motorists Coverage Basics
Uninsured/Underinsured motorists coverage (UM/UIM) refers to two separate but similar coverages: UM (Uninsured) and UIM (Underinsured).

1. UM: This coverage can be divided into Uninsured Motorist Bodily Injury (UMBI) and Uninsured Motorist Property Damage (UMPD). Both are comparatively cheap coverages.

* UMBI can pay for injuries to people protected under your policy – including family members in other cars and passengers in your insured cars – resulting from a car accident caused by an uninsured driver. A driver is uninsured if: they have no legal auto insurance, they have insurance but their company can't or won't pay or they are a hit-and-run driver.
* UMPD can pay for damage to your car by an uninsured driver you can identify, but almost never a hit-and-run driver. If you're lucky enough to have the option of purchasing UMPD and Collision coverage, UMPD usually pays your Collision deductible only.

2. UIM can pay for injuries the same way UMBI does, but for drivers who have auto insurance that is lower than your policy's limit and not enough to cover the bills.

^ Back to top.

For more information, see Why You Need Uninsured/Underinsured Motorist Coverage.

Looking for different information? Have questions or feedback? Please let us know.

Insuring without insurance

2009-05-23T02:05:00.000-07:00

When crisis strikes, how do you cope when there are no insurance markets for you to insurance against loss in? A new paper by Futoshi Yamauchi, Yisehac Yohannes and Agnes Quisumbing tries to answer the question by looking at disasters in Bangladesh, Ethiopia and Malawi. What they find is that individuals with better nutrition and human capital fare better. This is a form of self-insurance via investment in biological assets rather than financial assets. Having good nutrition and health allows you to make it physically through times of crisis. Education allows for the transfer of wealth through time and this is wealth you cannot lose to a disaster and it is very portable should you have to move.

The paper's abstract reads

This paper examines the impacts of disasters on dynamic human capital production using panel data from Bangladesh, Ethiopia, and Malawi. The empirical results show that the accumulation of biological human capital prior to disasters helps children maintain investments in the post-disaster period. Biological human capital formed in early childhood (long-term nutritional status) plays a role of insurance with resilience to disasters by protecting schooling investment and outcomes, although disasters have negative impacts on investment. In Bangladesh, children with more biological human capital are less affected by the adverse effects of floods, and the rate of investment increases with the initial human capital stock in the post-disaster recovery process. In Ethiopia and Malawi, where droughts are rather frequent, exposure to highly frequent droughts in some cases reduces schooling investment but the negative impacts are larger among children embodying less biological human capital. Asset holdings prior to the disasters, especially the household's stock of intellectual human capital, also helps maintain schooling investments at least to the same degree as the stock of human capital accumulated in children prior to the disasters.

4 Homeowner Insurance Tips

2009-05-20T09:39:00.000-07:00

Having homeowner insurance is not only smart in many cases is required by your mortgage company. Because a home is the single largest asset most people will have it is important that you properly insure it. Homeowners insurance is nothing more than peace of mind that you are protecting your home and all valuables in it.

Here are four home owner insurance tips to help you do just that.

1. Calculate the value of your home, including all of its contents and insurance on that. When possible insurance is based on replacement cost, and does not include the value of the land.

Although you pay property taxes based on the value of the home the replacement cost is not always going to be the same as the evaluation for it.

2. Use the Internet to do comparison shopping. You can quickly compare coverage to determine if your current homeowners insurance is properly priced or whether you should consider switching companies. Besides convenience the Internet allows you to see what is going on with your account as well.

3. Set your deductibles, according to what is required by law as well as what you can afford. Many times people pay more than they really need to.

4. Using agent, if you're not comfortable in making these decisions yourself. Because of the value of a home many times dealing with a reputable company, and even a local agent is a good idea.

This is especially true when you have to file a claim due to damage to your home for some reason. Then you really understand the value of having good homeowner insurance.

When To Shop Your Auto Insurance

2009-05-17T18:36:00.001-07:00

Auto insurance companies can be quite amazing. I say that because they will do almost anything to get your business initially. Many times this includes offering you a rate that is competitive or lower than your currently paying.

So it really isn't the initial policy that you have to worry about.

But what happens when your premium comes up for renewal. Have you noticed increases that are unexplained. If you have not had any tickets, or major changes in your life such as adding a teenage driver or moving to a metropolitan area, then you really need to shop your insurance on an annual basis.

Auto insurance is just protection against what could happen in the future. The sad thing about it is that whenever you have a claim you can almost always expect a rate increase.

So what happens is people tend to not file a claim unless they absolutely must. This leads to them paying their insurance rates and hoping that they're getting the best rate.

With the Internet there's really no excuse for that, as you can compare your current policy against virtually every auto insurance company online. At the very least you should do this at least once a year before your policy updates.

If you don't like the service you're getting that is another reason that you may want to do some shopping. You are a valued customer and should be treated as such.

This is a couple tips on when to shop your auto insurance. The key is that you know what your coverage is now, what you are paying for it, and then take the time to compare that to see what it could be

4 Homeowner Insurance Tips

2009-05-16T01:58:00.001-07:00

Online Car Insurance Tips

2009-05-14T18:11:00.001-07:00

Seo blogger - get traffic your blog

2009-05-12T17:23:00.001-07:00

It’s the dream of every blogger to get a lot of traffic, but something first time bloggers often don’t realize is that just publishing a few posts will not get them regular readers. I am no expert in getting traffic, but I have been working on a few things which has increased my traffic a lot.
When I first started this blog I used to get only about 10-20 visitors a day.

After the first few months, I started getting traffic from Google and other search engines and my unique visitors increased to about 100 a day. Now for the past few weeks I have been getting about 550 visitors a day.
The sudden increase in traffic I had from about 100-500 visitors was mainly because my recent posts were linked back from many sites. So yes, linking can get you traffic depending on which sites link to you. Links can be thought of as the currency of blogs.
I received a lot of emails (even while writing this) from bloggers asking how they can get more traffic, I hope this helps…

Blog Design
A good design won’t bring you traffic but it will get your visitors to stay longer. No one will stay on your blog too long if the layout or navigation annoys them. So the first thing to do is to select a good theme for your blog and then design your own header. The goal is to have a unique blog that stands out from all other blogs (making your visitors want to come back again and again).
Often bloggers select a theme and forget about the design. The problem here is that your blog will look similar to hundreds of blogs that use the same theme.
Your design should allow your visitors to access the main pages of your blog and to contact you easily. Your blog should have an about page and an author photo. The more a reader knows about you, the more they trust your content.

Quality Content
Your blog should have good content inorder to keep your visitors coming back. By good content I mean well written posts that are unique and useful at the same time. Writing original content is definitely the key.
Do not copy-paste contents directly from other blogs to your blog. Re-blogging is a bad thing and will kill your traffic. The solution here is to write that content in your own words adding your own unique ideas to it. And don’t forget to link to the original post.
The more engaged you are with your content, the more interesting it will be.

Get Links
The more links you have the more traffic you get. Like I said before links are the currency of blogs. So how do you go about getting links to your blog?
Well written posts are often linked back by many sites. You are lucky if you get linked by heavily trafficked sites.
Another way is to get links from other bloggers. Link to their blogs and ask them politely to do the same for you. Also visit the ‘links’ section of a blog (if they have one) and check for a link exchange form. If there is, submit your blog after linking to theirs.
You may also take part in other link exchanging programs.

Join Conversations
Most of my first visitors came to my blog because I left a comment on theirs. When you comment on a blog leave your blog address. Often people like to know who is reading their blog and will come visiting you.Readers of that blog will also pay a visit to your blog.But do not comment just for the sake of it. Make genuine comments that relate with the post. In the process you will not only get visitors to your blog but might also make friends.

Take part in Blog Top Sites
Submitting your blog to Blog Top Sites like blogtopsites.com and top100bloggers.com is another way to get more traffic. These networks make your blog easier to find and search for as well. After you sign up for an account on their website, you just need to copy a bit of code and paste it somewhere on your blog.
You can also take part in blog traffic exchange communities like BlogExplosion and BlogClicker.
To join these blog traffic exchange communities - visit the site, sign up, confirm your account, add your blog to the member directory and then start visiting other member’s blogs.
Basically, you need to earn ‘credits’ in order to get blog traffic exposure. These credits are often gained by visiting other member’s blogs. When you have enough credits, your blog becomes eligible for promotion. Usually, a link or graphic to your blog will be shown on the main site or in fellow member’s blogs. This is how other people find your blog.
Of course, the more members there are in the community, the more potential visitors. So, if you are part of a blog traffic community, it’s good to promote the communities you belong to as well. Besides, when you promote the community through a referral system, you get more credits too.

Tag Technorati
Technorati is one of the best traffic providers for bloggers. People find your blogs easily when people search by technorati tags. Technorati will rank your blog based on the number of links from other websites.The higher your rank the easier your blog is to find when people search for things.
If you do not have a Technorati account, signup here. After you have setup the main settings, such as your profile, you need to claim your blog.
Make good use of Technorati tags by tagging every keyword in each of your posts. If you use WordPress, I recommend Ultimate Tag Warrior (UTW) which makes tagging Technorati a lot easier.
By tagging your post effectively you will get a lot of quality traffic to your blog.

When To Shop Your Auto Insurance

2009-05-12T17:21:00.000-07:00

4 Homeowner Insurance Tips

2009-05-09T03:53:00.000-07:00

Online Car Insurance Tips

2009-05-04T17:20:00.000-07:00

Why Buy Cheap Car Insurance

2009-05-03T04:12:00.000-07:00

The key to finding cheap car insurance is to do some comparison shopping and know all of the specifics about your particular situation. Many people are over insured and could get cheap car insurance to provide adequate coverage for them and yet they do not even realize it.

If you have a teenager finding cheap car insurance may be out of the question. You can help yourself by making sure they drive a car that is less expensive to insure. For example, any type of a sports car will jack your rates up because you are allowing a teenager the opportunity to drive recklessly and fast according to an insurance company.

Knowing what the basic requirements are in your state is key to coming up with insurance that is more affordable. If your car is owned outright you may not want to put full coverage on it but just cover it with liability insurance.

Certainly you have to consider the value of the car and what it would cost replace it. And as that goes down the type of insurance should be adjusted accordingly.

You can really help yourself by going to a website that specializes in cheap car insurance. Even if you are bypassing an agent websites that specialize in this type of insurance can offer suggestions to you when you are filling out your online form.

This could include asking such things as when your last ticket was, how long since your last wreck, when was your last claim,, are you a homeowner, and so on. These things can all factor into the price of your cheap car insurance.

Online Car Insurance Tips

2009-05-03T04:10:00.000-07:00

When To Shop Your Auto Insurance

2009-04-28T02:04:00.001-07:00

Why Buy Life Insurance

2009-04-26T09:28:00.000-07:00

Life insurance is a type of insurance that pays a benefit upon the death of an insured person. Because everyone will eventually die it is important that you get life insurance coverage as soon as possible.

We never know when our time is up here on earth and having that peace of mind that there needs will be provided for is important to most people.

Here are 4 reasons you should carry life insurance.

1. Purchase it at a young age when your health is still good and you will be able to lock in an affordable rate. As your age increases you begin to experience health problems then you can expect to pay a higher rate.

2. Life insurance provides means for family members especially spouses. You want to make sure that you cover your basic obligations such as funeral costs, mortgage balance and any unpaid bills. Beyond that it may be worth it to provide adequate income for future years for your spouse to live off of.

3. Some life insurance policies offer an investment option. Depending on the cost, this may be the route to go as it will allow your premiums to develop future income for your family.

4. As you get older, your life insurance needs decrease. Many times your personal investments have grown, your mortgage is paid off, and your overall debt is at an all-time low. The amount of life insurance you need now is not as important as it was when you were younger.

This is four tips to keep in mind when you buy life insurance.

Life Insurance

2009-04-21T22:59:00.000-07:00

NOTE: As of January 1, 2009 The Hartford has assumed the contract for LANS Life Insurance programs. Any claim date after Jan 1, 2009 will be handled by The Hartford. If the claim date is prior to Jan 1, 2009 then Prudential will process the claim.

About Your LANS-paid Life Insurance Benefits

Life insurance offers your dependents financial protection in the event of your death. LANS automatically provides basic life insurance coverage for all eligible employees. If you are eligible, you may buy additional coverage for both yourself and your family.

LANS plans are group term life plans, which mean they stay in effect for a certain term. In this case, the term is as long as you remain an eligible employee. Term life policies do not accumulate a cash value over time.

There are two LANS-paid life insurance plans, Basic Life and Core Life, which provide a minimum amount of coverage. The amount of coverage varies, and you are automatically covered by the plan for which you qualify. The Basic Life plan provides life insurance equal to your annual base salary, up to $50,000. The Core Life plan provides $5,000 of life insurance.

Enrollment

If you are eligible for Full benefits, you are automatically enrolled in Basic Life insurance. If you are eligible for Mid-Level or Core benefits, you are automatically enrolled in Core Life insurance. You do not need to complete an enrollment form.

If you are enrolling in life insurance because of a family status change (e.g., marriage or birth of a child), the beginning of the period of initial eligibility (PIE) will be the date of the qualifying event (e.g., date of marriage or date of the child's birth).

If you enroll after your PIE, you must submit a statement of health to the insurance company. A statement of health is an application that informs the insurance company about your medical history. The insurance company may or may not accept your request for coverage based on the statement of health. (Note: LANS's life insurance plans carry no restrictions for preexisting conditions.)

You may not enroll family members in this plan, nor is it available to retirees.

Beneficiaries

All LANS employees must designate at least one beneficiary for their insurance elections. If no beneficiary is named, benefits will be paid to the first survivor in this list (in order):

Employee's legal spouse
Employee's children - in equal shares
Employee's parents - in equal shares, or
Employee's brothers and sisters - in equal shares

If none of these people survives the employee, benefits will be paid to the employee's estate.

For more information on beneficiaries, or how to designate them, go to our

Work Status Changes

Increase in salary

If your salary increases during the calendar year, life insurance coverage will not automatically increase to reflect a higher salary until the following January 1.

For example, as a Lab graduate research assistant (GRA), your salary on January 1 is $35,000. In March, you accept a full-time LANS Regular position and your salary increases to $65,000. Your coverage amount will not change until the following January 1. However, if you have a break in service between your GRA position and the LANS regular position, you are considered a new hire. If your new salary is $65,000, then your coverage amount would be based on the $65,000.

Full time to part time

If you change from full time to part time, your life insurance coverage is based on the full-time salary rate for your position as of January 1 of the current year, even if you work part time. Coverage will not automatically be reduced if your full-time salary rate is reduced.

Retirement

If you retire, you may not continue coverage into retirement, but you may be able to convert your group insurance coverage to an individual policy. Your Benefits Representative will provide you with all the information during your retirement election meeting.

This is only an overview of the Life insurance plan.

Questions? Contact the Lab's Benefits Office at 505-667-1806.

6 It should know when buying Life Insurance first

2009-04-20T15:00:00.000-07:00

Conditions and procedures for transfer of coverage between 02 ...

2009-04-16T15:53:00.001-07:00

57 questions. Conditions and procedures for transfer of coverage between 02 DNBH specified how to ensure the benefits of buying insurance?

Answer:

The transfer from HDBH DNBH to other DNBH must comply with the conditions and procedures to allow KDBH Law. Article 75 Law KDBH stipulated conditions of the transfer HDBH as follows:

"The transfer of insurance contracts are made on the following conditions:

1. Business insurance franchisee business insurance business to be transferred;

2. The rights and obligations under insurance contracts to be transferred does not change until the expiry of the insurance;

3. The transfer of the insurance must be accompanied by the transfer of funds and for services related to all insurance contracts are transferred. "

Article 76 Law KDBH rules of procedure transfer HDBH as follows:

"The transfer of the insurance is done by following procedures:

1. Insurance business transfer contract of insurance must have the proposal to transfer the insurance to send the Ministry of Finance reason, plan transfer, accompanied by the transfer. The transfer of the insurance only be conducted after the Ministry of Finance approved in writing;

2. Within 30 days after the Ministry of Finance approved the transfer of insurance business transfer contract of insurance must be published on the transfer and notify the buyer of insurance in writing. "

Defining the contents and conditions of transfer of such insurance is to guarantee rights and benefit customers buy insurance even in the worst situation occurs.

Persons requiring insurance is purchased by insurance companies

2009-04-15T17:00:00.000-07:00

13/12/2007
Question 2. Persons requiring insurance is insurance purchased by insurance companies not operating in Vietnam or not? DNBH must be qualified to perform what commitments with customers?

Answer:
- Organizations and individuals with insurance needs are involved in insurance business insurance activities in Vietnam.

- Business insurance must ensure the requirements of finance to implement their commitments for the purchase of insurance. (Article 6 Law BH KD) Guidelines insurance participation is in Decree 45CP 27 months 3, 2007 guiding the implementation of the Law KD insurance (Article 3 of Decree 45 CP) as follows

"1. Organizations and individuals want to business insurance, business insurance, active insurance brokers in Vietnam is the Ministry of Finance license the establishment and operation as stipulated by Law Business insurance .

2. Organizations and individuals with insurance needs with a choice of insurance companies and are only involved in insurance business insurance are allowed to work in Vietnam. No organization or individual is allowed to interfere with illegal choice to business insurance, business insurance brokers buyer's premium "

This is to protect the interests of customers to buy insurance because the insurance companies operating in Vietnam is state management closely, being governed by the laws of Vietnam. If disputes occur, the buyer of insurance may give Vietnam court hearing.

Mobile insurance: Who benefits?

2009-04-13T12:28:00.001-07:00

_dtdd.jpgTu day 15-12, packet phone insurance company insurance cooperation with AAA and Vinasure system supermarket mobile phone (Mobile) Telecommunications A formal release.

Quite popular in England and America, but now, the form of insurance, this new start implementing in Vietnam. This is also the first insurance company in the country applied, the 3 Group is Vinasure fact assessment and resolution when problems occur.

During the first program only applies to customers buying new products at the supermarket system of Mobile Telecommunications A. The product was old or notebook to not participate in this program. After participating in the insurance, if mobile phone is stolen, losses due to unexpected accidents, by country ... customers will be repaired free of charge or compensation by the co-branded mobile phone, the features or compensation in cash but not to exceed 17 million in the case can not be replaced by co-branded mobile phone. It is noted that only those situations device harmless because of the impact outside the individual or a non-slip body's free (to forget, to take), that the witnesses are compensation applied. Consequences of damage by natural disasters Mobile is not resolved.

Besides, the cost of package insurance is also quite high. For example with a mobile phone worth more than 510,000 Vietnamese Dong had to spend additional 200,000 VND / year for insurance. Mobile Phones with available from 16,320,000 VND to 17 million, the cost that customers pay up to 3,226,000 VND / year, equivalent to a phone line high fashion high. Nguyen Thi Thanh Huyen, chief development project insurance products for this, surely the cost of package insurance is high because the risk of unexpected problems cause loss or loss of the device is very large.

Once found stolen mobile phone, customers should contact the provider network is not slower than 12 hours after the work, taken with the police would not confirm the delay more than 24 hours and contact managers are not slower than 48 hours. However, according to Mr. Luong Hong Thap, Head of development of new products, insurance companies AAA, the duration of review and resolution of repair customer damage lasts from 7 to 10 days from receiving fully valid paperwork. Time pending insurance, customers will have to rotate the bucket to media contact.

Mobile has become the objects can not be missing every day, not including the face with the report simply does not advance public safety agencies. With the cost and waiting time as, a customer with salty that form this insurance? As N.'s Village, a customer of a Telecommunications, instead of buying insurance for a phone worth 17 million, kept the money to buy it "subject" Nokia 6300, or face the loss of problem is also the right to use, also see it more.

Should review the contract of insurance hous

2009-04-11T06:30:00.000-07:00

Just then, a forest fire risk was missing thousands of samples in some areas north of the city Los Angeles. This area has houses expensive money million. First few months of this year, some houses in the city Laguna Beach, Orange, and dip valley after some drencher before making land subsidence. Area is also home worth a two million dollars.

California has three natural disasters causing much damage especially earthquakes, land and forest fire sequence. Types of natural disasters are causing more significant damage, both the network and physical assets, if the disaster to happen in this area of the trees.

In the East, to avoid the earthquake, the storm was. In August and September 2005, two match Katrina and Rita storm damage estimated at more than 100 million dollars. Private insurance industry will pay out about $ 34 billion dollars, the number of most its the insurance industry to compensation for a disaster.

Any houses yet, the building will have some coverage of natural disasters and accidents basis. This is required to purchase the home. Sponsors will not loan money to buy a home if the loan would not buy insurance for your home. Because if the destruction was by a natural disaster is, the more the debt will not be able to pay more in debt when they lose business products.

But a majority owner of the house may know or not know that their home was not covered enough for many (not May after a disaster) has money to build houses.

According to the company Marshall & Swift, a company specializing in cost of construction, nearly 6 in 10 houses in the state Louisiana was not home to buy full insurance (underinsured). Similarly, just after the company (headquartered in Los Angeles) said that nearly 60% of houses across the United States was not fully insured. Also say that lack of insurance to start, this company said that average is about 22%. This means that if necessary the amount $ 300,000 to build the house was a disaster destruction, people only buy insurance and that compensation has been $ 234,000.

This figure is very significant and alarming people to review the insurance contract. Construction materials, labor cost, as we all know, increased very rapidly in recent times. Without insurance compensation enough to be building a new home, homeowners will face great difficulties. One side must continue to pay debt for financing the company, on the other, not enough money to build the home.

So who is responsible for the review of the insurance contract? Main house owner, not anyone else. Insurance or employees of their duties have not terminated exchange customers to purchase additional insurance for the full replacement value (replacement cost) of the house. Main owner must know that the insurance you are, whether there is enough to build houses when other natural disasters may not, or a fire because that's, to enter.

How is most appropriate?

Do you want insurance compensation amount is not enough to reconstruct the house and the furniture has been the destruction? Furthermore, you want insurance to provide money for your family staying elsewhere (hotel, rent house) temporary home after the destruction? Then again all the responsibilities of owners (liability) if someone other than family injury present in your home when the disaster occurred or accident?

Typically, the insurance company based on the area of the house to determine the construction cost to replace (replacement costs). But the company Marshall & Swift (with experience has been 75 years) said that the calculation method of construction costs based on all the parts of the house (total component formula) is more accurate. This company has a program computing the total gộp all parts, components of the house with the structure and material architectures characterized by them to calculate the actual cost of a home.

Only to remove the $ 19.95 the company Marshall & Swift can provide to anyone (via Internet) to the ability of their expertise, based on the special characteristics of the house you owned, a analysis and cost money to start, based on rules of construction (building codes), labor cost, material cost of each locality to replace in case of the destruction. Estimate copies this host a basis for discussion with the office of your insurance about the need to adjust appropriately.

To help you easily decide more, the company said on a number of questions. If your answer is "yes" to one of the questions below, call the office for your insurance.

- Are you smoking the page, as more (significant home improvement) for the house not? Example: How to room, upstairs, replace the entire bathroom, kitchen with expensive materials, etc. ..

- From the first time (calculating the cost to replace the house with representatives insurers) to now, has not exceed 12 months? Furthermore, the calculations have focused on the characteristics of the home that you owned or not?

- Value in the areas of the house you have to increase very rapidly in recent times or not?

- Your home is the value of history or not?

Copy of your insurance you have to include all land located beneath the house or not? If so, such a legacy. Value of land is not in the home insurance.

You certainly know that insurers will come to you in those cases separately as fire, storm, flood, earthquake, just lốc, the chain etc. .. home if your damaged completely?

Do you know how much the types of furniture in the house your insurance or not? Most of the insurance compensation only by a rate based on the replacement cost of the house structure. If this is the case, you did not buy enough insurance for obvious it did not help with the acquisition were similar destruction.

Select insurance program for Medicare Part D? Print E-mail

2009-04-10T06:02:00.000-07:00

Drug benefits are many and who should not join the drug insurance?

Houston (NN) - In America 43 million people eligible to join the Insurance News medications Medicare Part D (abbreviated as MPD), but according to estimates by the authorities, there are probably only 29 million will apply. The reason is that the program is too complex and difficult to understand, on the other has too many programs by hundreds of insurers that provide cause people like to be at glamor match, do not know which side to choose to send "gold". Houston in particular has 20 insurers with 47 different programs. ABC Radio has interviewed three people by the doctors of all three counters are shaking head back. Mr. Jan Blustein, Medical doctor, PhD in Public Management, professor at the University of New York said: "the situation to choose from and different circumstances of each person is set as we entered the beginning". Today has two articles on MPD still feel readers need more information to find a program appropriate for your circumstances. So that more messages below.

For readers can compare programs and find the program of your circumstances, we would offer a different case:

1. Mr. X per month $ 80 target for drug money (by prescription). If not joined the MPD at all the drug money he spent, each year is $ 960. If he choose insurance program by AARP MedicareRx drug:

- Insurance (premium) is $ 28.50 / month $ 339/nam News.
- He does not have to pay $ 250 deductible money (to pay for his AARP).
- Money co-pay about $ 420.

Thus, if the program chosen by the AARP, he takes the $ 339 + $ 420 = $ 759. So Mr. X saved: $ 960 - $ 759 = $ 201.

If Mr. X select the insurance of Advantage Rx Value Plan is to reduce how much?

- Money offered by the employer premium is $ 23, 24 / $ 279 monthly News.
- Expenses deductible is $ 0 (because the employers pay for their deductible).
- Money co-pay, if a generic drug is $ 12/thang even $ 144 per year or $ 42/thang if brand name is $ 504/nam News.
- So he saved from $ 537 to $ 177 depending on the generic drugs or brand name.

From the two examples we see when selecting the insurance do we need to know which drugs have to pay co-pay at least by searching the title of the table medications are approved by Medicare (Formulary).

In the table title Formulary, drugs are classified into four grades:

- Tier 1: the drug co-pay at least: from $ 0 to $ 25 depending on insurance.
- Tier 2: cash co-pay from $ 20 to $ 40 depending on insurance.
- Tier 3 co-pay from $ 35 to $ 70 depending on insurance
- Specialty tier (SP) is co-employers to pay 25%, employers are not that co-pay is how much.

Over here we just compare the two employers, while employers have to 20 times. Each insurance funds co-pay should be different want to compare all the employers is a "smoking in the bar."
If you are proficient in computer use may be on the Medicare website. Generally perform the steps as follows:

Website: www.medicare.gov

- Click for "Compare Prescription drug plan"
- Fill in the righthand frame: the number of Medicare, their date of birth, date of your Medicare effective.
- Zip code
- Then select the insurance you want to know
- Then enter the name of his drug use.

You will know the money premium, deductible, co-pay.

Formulary want the table back to the website first and click on "formulary checker.

2. Mr. Y was involved in the Medicare Avantage (like an HMO or PPO). Medicare Advantage program have paid for prescription drugs and then he. If he joined an insurance program, the other medicine he may be terminated Medicare Advantage insurance and he's in this case the insurance of the hospital and his doctors were terminated.

3. Mr. Z is still covered by medical manufacturer that he is working or is not he should join the MPD. He should consult with your insurance carrier to ask their opinions.

In summary:

- If the amount of medication (prescribed) by the less you should choose the program that funds low premium and no deductible to pay.
- When your doctor commitment by the Formulary to ask your doctor for drugs they have to pay co-pay at least (tier 1).
- Each insurance carrier associated with a pharmacy, the medication must be purchased in system pharmacy insurance by themselves.

Remember:

- Not to offer (salesperson) that personal information such as your social security number, and bank account, etc. ..
- Do not offer for the home.
- Do not condescension solicitor signed the application for the insurance program.
- With gold because you are very much time to "research" (deadline is 15 5 in 2006).
- There are many agencies and organizations ready to help you fill out and insurance.
If you do not use computer experts, do not "have" and ask "children" to help the organization by Kaiser Family Foundation Harvard School belongs to because the 76% If you dont't never to the internet.

Report on migrant visa by 12 months of 2005.

Following the announcement of visa Center National (National Visa Center) on the due date visa (cut-off date) by the application resided in the U.S. from the family (family based immigrant) by 12 months 2005:

F1 (single 21-year-old who has citizenship): 22 tháng 4, 2001
F2A (spouse and single children under the age of 21 permanent staff): 1 1, 2002
F2B (single from 21 years of age by permanent residents): 8 in 6 in 1996.
F3 (I have family who has citizenship): 8 Months 6 1998
F4 (brothers and sisters of the nationality): 1 in 5 in 1994.

Canada introduction system of health insurance private E-mail Print

2009-04-07T07:36:00.000-07:00

TORONTO, Canada - The Canada very long time still proud of the health system's public, and is regarded as a symbol of national values, and often look system of private insurance in the United States as a disadvantage.

But this supreme court decision was Canada that need a system health insurance to private insurance with public health. With this decision, we puncture the wild and bring not know the future of health insurance in Canada to start.

First, the decision can spring a debate in the gay gắt authorities in order to improve the chronic problem, the wait is too long a list operation, testing and treatment . Some experts believe that this decision will then bring the system to a private insurance combined insurance with public health.

Doctor Albert Schumcher, President Medical Association Canada, speech, "For the rights of our, this decision is a very stringent about how their operating system. I hope that this place will bring us to go to a system of private insurance. The word 'private' is always the politicians considered a bad word, associated with the United States and means' the only profitable, but not necessarily always be so. "

All started with a doctor any man, Mr. Jacques Chaoulli and his patient George Zeliotis is a traders retired, Quebec residents. He was waiting near a newly years to the list instead of surgery hipbone.

In a decision decomposed, sovereign Canada France Institute recently recorded a wait list for treatment it is too long, that is not acceptable, cause too many patients suffer or die before treatment. The supreme judge has rejected an act prohibited by the Quebec manufacturer of private health insurance are the cases of insurance the government provide. By sovereign decision of France, the patient as he should be Zeliotis go outside the public system and pay to enjoy the timely treatment through health insurance private.

Doctor Schumacher speech, "There are tens of thousands of cases he is Zeliotis whine because they must wait." For example, the patient he must have belonged to Detroit states neighboring United States and the equipment bags of money to pay taken 'CAT scans' within 6 days, instead of waiting 6 months in Canada. "(DP)

Insurance coverage and the problem Landmarks Print E-mail

2009-04-05T02:35:00.000-07:00

Every year at the summer house owner is concerned the cost of insurance increases. Five rate increases approximately this high level of inflation. There are years, like last year, the rate of growth exceed the inflation rate increases as much 7.4%. This year the popular organs of Insurance Insurance Information Institute, the rate of increase of cost of accidents, only 2.8%, the increase in at least five years.

Any reason the insurers to increase insurance coverage by only 1 / 3 last year this year?

According to BusinessWeek magazine, issue number 21 tháng 6, 2004 There are two main reasons leading to price increases of the cost less in 2004.

The first reason is because the administration of the insurance nationwide United States just breathing phào light when the group decided by 46 government states the responsibility of the insurance companies.

Decision for this important that insurance companies are not forced responsibility for the claim related to Landmarks of cats, ie "mold," mọc inside.

In the past month results of a study on harmful effects of landmarks must be announced. According to a landmark study this is not harmful to human health as many mistook before.

Due to the claim of harm's landmark home in which the insurer had to indemnify the $ 3 billion dollars in 2002 to make cost-free in 2003, skyrocketing significant.

The second is for the owner to purchase additional insurance against terrorism họa in 2003 decreased more than in 2002. Part because Americans think that the rate họa terrorism occurred in the United States not as high they fear the period immediately following the terrorist attacks 11 months 9 days, 2001.

Họa terrorism that we can not control the time and effort to prevent the country and each locality concerned the reduction can hope times have not attacked any other.

Landmarks problem is not cats but are the responsibility of the insurance is still the responsibility of the owner whether you are home or continue to reside in the house with them landmarks. Deliberate a little people can find them before becoming victims of a biological process in normal this time.

According to Jeffrey C. May, an expert on air quality and co-author of the book My House Is Killing Me! and The Mold Survival Guide, by the company Johns Hopkins University Press published, the owner should pay attention to some of the following to stopping them landmarks in their home.

The signs of the grass: If you see in the scent to smell like moist Landmarks and if friends, relatives for clothing your fuggy you to note where to find landmarks in the house. This is especially necessary if you are sick cough, asthma (asthma) and lean nose (Sinus) that in Indonesia the disease has not found out the disease seems more severe. Many people are allergic to them attacks on landmarks which may cause only a landmark onion west or damaged pipe in the Air is mọc landmark.

Landmarks are often the most stimulating students: If you are in the system air-conditioning the whole house landmark often spread more easily. Next to the heating pipe for this system have to run to the low humidity in the house. When steam pipes keep water đọng time opportunities will increase mọc landmark. At the turn air conditioners or air heating you create opportunities for landmark clusters spread elsewhere in the system pipe to this spread, or the house.

In the basement have: Approximately 90% of carpet covering the ground in the basement (usually common in the East and Central America) are usually grass, the type of germs, or exclude students or other materials, according to Mr. Jeffrey C. May. Although most types of insects and living with this harmless about 3 section 4 who are not allergic but of people with allergies often prove ill because of this living.

The problem how milestone in the house: You can be the milestone in the problem by editing the end where the water or leak from the roof to the rainwater drainage pipe. Keep moisture in the root cellar under the house and buy 50% in humidity measurement (digital hygrometer) in the house. That machine type humidity usually good to about $ 40 dollars. Specialist for humidity to about 70% to 80% ensuring environmental development convenient for them landmarks. If you have high humidity, you should buy in reducing moisture (dehumidifier) to reduce them landmarks. When did all that remains of fuggy, you need to hire professionals detect landmarks in the companies check the status of the landmark status in their home and seek proper professional milestone of this problem.

How to figure in the landmark, in the case and also to better treatment. The water pipes in the bathroom should be kept for not leak. Place water pipes connected from the wall should be kept dry to drag landmark can mọc inside walls if the time dripping. To prevent them in the landmark you can start with the entire sanitation system pipe in air-conditioning in the house and replace the filter in this system. According to Jeffrey C. May type filter fragile cheap is not good. You need to buy filter types have the same placement of fans, the type of laundry and then not be used again, enough new filter dust and harmful materials.

Hopefully these ideas to contribute on here help you to prevent and treat the problem in a landmark home. A small joy, with the increased cost of at least 5 years you can spend a little money for the room and treat them cats landmarks to ensure health for themselves and also live in the house.

Drug benefits are many and who should not join the drug insurance?

2009-04-03T08:14:00.000-07:00

Houston (NN) - In America 43 million people eligible to join the Insurance News medications Medicare Part D (abbreviated as MPD), but according to estimates by the authorities, there are probably only 29 million will apply. The reason is that the program is too complex and difficult to understand, on the other has too many programs by hundreds of insurers that provide cause people like to be at glamor match, do not know which side to choose to send "gold". Houston in particular has 20 insurers with 47 different programs. ABC Radio has interviewed three people by the doctors of all three counters are shaking head back. Mr. Jan Blustein, Medical doctor, PhD in Public Management, professor at the University of New York said: "the situation to choose from and different circumstances of each person is set as we entered the beginning". Today has two articles on MPD still feel readers need more information to find a program appropriate for your circumstances. So that more messages below.

For readers can compare programs and find the program of your circumstances, we would offer a different case:

1. Mr. X per month $ 80 target for drug money (by prescription). If not joined the MPD at all the drug money he spent, each year is $ 960. If he choose insurance program by AARP MedicareRx drug:

- Insurance (premium) is $ 28.50 / month $ 339/nam News.
- He does not have to pay $ 250 deductible money (to pay for his AARP).
- Money co-pay about $ 420.

Thus, if the program chosen by the AARP, he takes the $ 339 + $ 420 = $ 759. So Mr. X saved: $ 960 - $ 759 = $ 201.

If Mr. X select the insurance of Advantage Rx Value Plan is to reduce how much?

- Money offered by the employer premium is $ 23, 24 / $ 279 monthly News.
- Expenses deductible is $ 0 (because the employers pay for their deductible).
- Money co-pay, if a generic drug is $ 12/thang even $ 144 per year or $ 42/thang if brand name is $ 504/nam News.
- So he saved from $ 537 to $ 177 depending on the generic drugs or brand name.

From the two examples we see when selecting the insurance do we need to know which drugs have to pay co-pay at least by searching the title of the table medications are approved by Medicare (Formulary).

In the table title Formulary, drugs are classified into four grades:

- Tier 1: the drug co-pay at least: from $ 0 to $ 25 depending on insurance.
- Tier 2: cash co-pay from $ 20 to $ 40 depending on insurance.
- Tier 3 co-pay from $ 35 to $ 70 depending on insurance
- Specialty tier (SP) is co-employers to pay 25%, employers are not that co-pay is how much.

Over here we just compare the two employers, while employers have to 20 times. Each insurance funds co-pay should be different want to compare all the employers is a "smoking in the bar."
If you are proficient in computer use may be on the Medicare website. Generally perform the steps as follows:

Website: www.medicare.gov

- Click for "Compare Prescription drug plan"
- Fill in the righthand frame: the number of Medicare, their date of birth, date of your Medicare effective.
- Zip code
- Then select the insurance you want to know
- Then enter the name of his drug use.

You will know the money premium, deductible, co-pay.

Formulary want the table back to the website first and click on "formulary checker.

2. Mr. Y was involved in the Medicare Avantage (like an HMO or PPO). Medicare Advantage program have paid for prescription drugs and then he. If he joined an insurance program, the other medicine he may be terminated Medicare Advantage insurance and he's in this case the insurance of the hospital and his doctors were terminated.

3. Mr. Z is still covered by medical manufacturer that he is working or is not he should join the MPD. He should consult with your insurance carrier to ask their opinions.

In summary:

- If the amount of medication (prescribed) by the less you should choose the program that funds low premium and no deductible to pay.
- When your doctor commitment by the Formulary to ask your doctor for drugs they have to pay co-pay at least (tier 1).
- Each insurance carrier associated with a pharmacy, the medication must be purchased in system pharmacy insurance by themselves.

Remember:

- Not to offer (salesperson) that personal information such as your social security number, and bank account, etc. ..
- Do not offer for the home.
- Do not condescension solicitor signed the application for the insurance program.
- With gold because you are very much time to "research" (deadline is 15 5 in 2006).
- There are many agencies and organizations ready to help you fill out and insurance.
If you do not use computer experts, do not "have" and ask "children" to help the organization by Kaiser Family Foundation Harvard School belongs to because the 76% If you dont't never to the internet.

Report on migrant visa by 12 months of 2005.

Following the announcement of visa Center National (National Visa Center) on the due date visa (cut-off date) by the application resided in the U.S. from the family (family based immigrant) by 12 months 2005:

F1 (single 21-year-old who has citizenship): 22 tháng 4, 2001
F2A (spouse and single children under the age of 21 permanent staff): 1 1, 2002
F2B (single from 21 years of age by permanent residents): 8 in 6 in 1996.
F3 (I have family who has citizenship): 8 Months 6 1998
F4 (brothers and sisters of the nationality): 1 in 5 in 1994.

So compared to the 9 months:

- Diện F1, was not in any
- F2A Diện to be 1
- F2B Diện 3 weeks
- Diện F3 is 1
- F4 Diện is 1 ½

Life insurance is an important tool for business

2009-03-31T07:15:00.001-07:00

Talking to life insurance, usually people understand is that the insurance to protect benefits for individuals. Indeed, life insurance, also known as an important tool for enterprises through the type of popular insurance as insurance for a key, credit insurance, insurance for people slide. Whether a business or a large business must face the problem of. Below refers to the use of life insurance as a solution to some problem.

The owner of a shop devoted all life to build and re-invest most profits and loan funds from a bank to invest in the business. All his work can be meaningless if the business is not valuable to his home. Talented business he helped to develop shops and wife but he can not be maintained if such shops, he may die. Life insurance help for people inherit received the results from work by him.

Two young people open a store selling medicine and has developed it successfully through the comments feed. A death is sudden and the other to work with is wife inheritance. So he must do almost everything but only get half the results of their work out. When an agreement of sale-purchase life insurance to the amount of business will help resolve the dilemma this.

A company limited liability can fall into such a situation, the other is not only a legal solution to the death of a shareholder partners. Once again, agreed to buy back shares by the life insurance can solve this problem.

In any organization, there are people who have key roles for the success of it. That person can be an engineering laboratory, can be a director of sales, also is manager of the company. The company will be serious loss if these people lose.

Can be effective because of the reduction will react, or reduce credit sales or falling down. Life insurance for the life of these people can be created to reduce the shock of the death of their cause. Companies to participate in the retirement insurance for employees.

In business, life insurance really can be useful when both the living and dead. Many cases an organization overcome the time constraints because of the life insurance of directors can ensure very good for a loan from the bank. Moreover, life insurance role increasingly important to expand the retirement rules for workers, helps business owners attract and retain talent.

Thus, an agents life insurance is good training will not only consider life insurance as a means of protection for individuals and families but that it has important contribution to the system enterprises in the economic development of the country. If you understand the importance of life insurance enterprises, agents, life insurance will have more opportunities to serve customers and hence can enhance income for yourself.

Life insurance is not only essential for individuals but also the important tool to protect business operations of enterprises.

Asset Protection - Recipes Insurance

2009-03-25T08:42:00.000-07:00

U.S. insurance is also a good way to be used in the purpose of protecting property, but if not master the secrets of the insurance will not achieve results as you like and may also not be protected anything.

In principle there are three insurance ability to protect assets before compensation is integral when petitioned, insurance to replace the temple for the property when disaster such as fire, flood error, and after all life insurance is a method of creating an asset protection for the body when you die. Using insurance as an important factor in any plan to protect assets, but should consider buying insurance to carefully avoid the protection is not necessary that attention to the danger bulky entrepreneurship in life. What to remember Although insurance is important, but never depend entirely on insurance to consider is the protection of unique, but combination with other methods. Here are details on the types of insurance.

The property is the need to protect properly, we must first buy "home insurance" (homeowner insurance) includes some examples of different "houses" (dwelling) protection architecture of the house, private garage or subarchitecture called "architecture other" (other structure), while "personal property" (personal property) only for objects in the house. There are types of insurance include "all damages" (all loss) but also have insurance only for a specified disaster, of course, depends on the owner to buy more or buy less. Should therefore be careful that the danger is greatest and do not regret because money is not the place to households and miss remorse after disaster, for example in California do not buy insurance and earthquake in Florida or not to buy insurance and the storm. Emphasis should also buy insurance to read the contract (policy) to master what is covered and how to limit how much, what are the exception not because this is often in the line of text is very small for small to mind.

Now the people are not home and still buy the "insurance people rent (renter insurance) because of course the owner does not have responsibility about the personal property leased by the face of disaster as the fire that must Ganh take. If you have expensive personal property such as price jewelery you Sincerely, rare chemical product or other valuable then you should buy "insurance assets listed (listed property). Vehicle laws of the state must have "car insurance" (automobile insurance) as well as other cars similar, and also the price protection "integral" (liability) for compensation for damage caused for others and protection "crash" (collision) to repair or replace your car if you have any control nát kitchen equipment, not including the many types of cover vary according to which the insurance charge . There is also a type of insurance called integral "even cover" (umbrella) for the large loss rate exceeds normal insurance, eg a contract with limited compensation is $ 500,000 and that's up people to $ 1.5 million, if the plaintiff to $ 1 million, the insurance only paid $ 500,000 advance, the remainder owner must bear; conversely if "even the" natural insurance Ganh must end.

In many states life insurance have the protection of the property that the funding (creditors) are not to be touched even "value fund (cash value) can be drawn. However, the best is to learn in his state apply the laws and restrictions is to prevent as many households as there are many state exemption for very little. In many cases life insurance is settled under the management of a credit entry (trust) or another member in the family should completely escape the hands of the creditors and are not affected by state law however, the level and types of protection insurance and credit entries have many differences.

Death is the biggest risk in families especially those who have many relatives are based financial nương. In addition to the transfer of significant assets to relatives so they are more careful life insurance to help these people due to troubles before the procedure to protect the property complex. Want to use life insurance as property protected category, it must buy "life insurance (whole life insurance) instead of buying" insurance period "(term life insurance) are not worth the metal.

Sovereignty a contractual life insurance outside the employer may delegate to another person if the trust. If state law to protect a limited owner is sure that amount is safe, but once the people take the creditors are also not to quiet easily! Therefore constitute the wife or husband of course no one is doing what and who can supply more cash when needed. However this also is not a perfect solution for example, then the spouse or divorced than the distribution petitioned for causing the accident on the User must necessarily compensation injury. If the Committee for the third party such as children or inheritance, the combination of family, or credit item, the books will have benefits as well as defects should decide who to entrust entirely on trust wall and trusted by people for this community.

Health insurance (health insurance) to the need to protect assets from wastage targets because medical expenses when working in the disease. When healthy it is the first to manufacture for themselves and for relatives when they located a hospital or in the raising of the long-term costs will amount to giant stars from the mountain xiet is whether any of the sập , more than delay any such carrier to sell insurance or patients infected profile deaths.

Running costs of treating patients can be up to unlimited amount of the purchase of health insurance that I need not have. Regular working people can buy companies at work insurance covered all the family, to use one of two types are in an HMO (the word stands for Health Maintenance Organizations) when illness is indicated to physician and hospital organizations, the money to pay each of which, is also another PPO (the word stands for Preferred Provider Organizations) have the right to choose any physician or hospital in the network of the PPO medical doctor or other but close to first and money (deductible) higher. On the elderly 65 years old can apply for the federal government eligible for Medicare include two parts, Part A for hospital and Part B to your doctor. Top Part A is free, but later have to pay Part B premium each month. However, Medicare is only limited, with many items must be self-sufficient so need to buy extra insurance to Medicare Supplement to the items that Medicare does not pay.

The gaffer, disability or any details need to be "insured long-term care (long-term care insurance) needs to help foster needed goods such as bathroom cleaning, for food or help move traveling or care at home or in hospital (nursing home). The cost is not health insurance should include cover for the front to back to this property are not targets for wastage costs this expensive.

Planning "insurance disabilities (disability insurance) and no less important in the protection of property when a disaster is to never to once. Never expected to grant Social Security (Social Security) because conditions gắt gao very difficult to get, more money is very little support is not significant. The same health insurance, insurance, disabilities usually can be purchased in the workplace or purchased from insurance commercial advertising market.

As usual writer would confirm the contents of the article series to learn this law only uses the character information (information) to help your readers some general knowledge of basic legal Flowers period only and can not be considered to contact lawyers with clients (attorney-client relationship). So if issues related to law, if readers still need to discuss with a lawyer expert in the case of you.

Health insurance companies which have many defects Print E-mail

2009-03-23T05:06:00.002-07:00

WASHINGTON - The U.S. economy or system of health care in the United States now, mainly based on the insurance plan by the employer from providers that have many defects, as it is about limit the efficiency of service health care, to make people not be covered if there are no jobs; addition, a system of insurance so the often too expensive.

Up to 63% the American people have not entered the age of seniors is to buy health insurance at the base of their own because they are a worker or spouse is in it. But the majority of the American seniors Medicare coverage, and those who get to enter the low Medicaid (in California called Medi-Cal).

But still a large number of people - 17% people in the older age, ie 45 million people - have no health insurance at all.

Mr. Alain Enthoven, professor of public administration and private Ðại Learning in Stanford, speech, "A system of health insurance based on work certainly has many shortcomings."

First, as Mr. Enthoven, owner of the company certainly is not the people working in the health sector. They use health insurance to all of the other objectives of the company, not to contribute to the health system.

In addition, the system of insurance based on employment also led to the failure of the labor market. Mrs. Brigitte Madrian, economic and Warton School Learning under Ðại Pennsylvania, said the conference in Chatham, Massachusetts, that "health insurance is one of the factors to decide who we have to work or not."

Insurance system based on the work also encourages the owners hire less workers full time, mainly hire workers part time to start to provide benefits on health. As a result, the workers were put to do the job that they do not employ specialists. "

Mr. Henry Farber, economics professor at Princeton University, said a more specific, lack of health insurance for those who practice freedom that is as spiritual damage business xoc vác people in them. "

However, the American people do not like a health system in our government funded the same as Canada, because it means raising taxes on very high. And more, the system of insurance based on the workplace is also a benefit is provided by a large number of customers, the owners have the power while negotiator with insurers on insurance coverage to pay . In the past this time, we have not found a solution to adapt to the medical care in the United States before state medical expenses each time a skyrocketing in recent years. (DP)

Home loan insurance (Private Mortgage Insurance - PMI ") Print E-mail

2009-03-23T05:06:00.001-07:00

One of the insurance that home buyers to purchase houses for their loans through the bank, known as Hazard Insurance, commonly known as Fire Insurance. Hazard Insurance In addition, there is a another type of insurance, insurance for their debt by borrowing to buy a home with your house down when under 20%. The word expert called Mortgage Insurance, abbreviated as MI, also called Private Mortgage Insurance, PMI is the acronym.

With the customer to borrow money to buy houses, houses used to secure debt for less than they relieve, but can be reduced or damaged hao devaluate easily. Therefore, those who buy a home that Down less than 20%, with the people to borrow money to purchase insurance for their debt. In case a loan default (default), the insurer will indemnify. However, with the President must still collect and sell the house before, only insurance compensation classification La only. The big insurers are selling PMI Mortgage guaranty Insurance Corporation (MGIC), Triad guaranty Insurance Corporation, Radian guaranty Incorporated, GE Mortgage Insurance Corporation, United guaranty Insurance Corporation, and Republic Mortgage Insurance Corporation ... When people buy a home Down less than 10%, in addition to the PMI must be purchased, but the loan must close with the previous 6 months rent (Property Tax), 2-month money and Fire Insurance PMI 2. This amount is kept in a separate fund, known as Escrow Account. This amount will be refunded when the loan is exempt from paying PMI. And if one of the things like rent or insurance money increase, the loan will be more money to close the Escrow Account. So why have Escrow Account? The tape that the Down Payment is less opportunity to fail a lot, so the amount in Escrow Account is used to pay the "giùm" if people want to pay 3 months in late continuous (as with the President and only sold to the 4th if you do not receive the money only).

Because PMI is a significant amount of money that people borrow money to pay (can be from $ 80 to $ 150 per month), should have a few home with a program heard attractions, such as: "Down 10% - No PMI. There are actually down 20% below that PMI does not buy from? In fact this is only one way only say, a career in this program called the "Self-Insured" means the loans bear a higher cost for PMI is always money, is not no need for PMI .

However there are also a way we can copy that guideline called NO PMI loan is 2 set it at a time. The first loan is 80% of the cost, the second loan is the amount difference between the price, debt and money Down (this is how Down borrow more money with a bank), so we can say is Down 20% and be free of PMI.

Generally people borrow money to buy houses have questions about PMI insurance as follows: 1. PMI to buy Fire Insurance as feedback or just buy a year on loan only? - In principle, a loan, right from the start had to buy PMI, the purchase must forever until pay cut debt. But most of the houses in the same copy for our clients, to review the PMI removed.

2. So when can dress for the PMI? - There are many cases of people borrowing money after about 2 years to pay and the regular due date, the loan has been as good Credit for the tape, it can get for free is PMI. This simply written a letter requested by the review only. But this only a few houses with easy to accept.

- In case the second is that the number of remaining debt of their (Principal Balance) compared with the value of existing houses (Market Value) equal to or less than 80%, it would also free with the PMI to be. In this case, the loan must evaluate a house (Appraisal Report) to send the tape for review.

But not the tape is so easy. If PMI would not be free, then the convenience is low, may re-financing (Refinance) from PMI to also pay the lower.

Someone want to calculate, consider more cases must be PMI, the question is:

3. PMI should be purchased separately, or obtain more convenient to always include PMI (Self-Insured)?

- The answer is simple: If you buy individual PMI, then after a time, a loan can have an opportunity to apply for exemption with the PMI, the money is a higher cost to the PMI, called "Self - Insured ", it never would conveniently lower down unless re-financing. But choose to do by the communicative and calculation of each individual. Someone want to pay more for the tape to such tax, then the PMI is always advisable. Or Self-Insured may be booted Escrow Account; Qualified If not, you should choose to buy PMI instead choose Self-Insured with an higher, or want to keep the house long term or not, etc. .. Short, not always blindly purchase PMI, but each case varies by each individual to choose to buy or PMI is Self Insured and should discuss with professional real estate experience, the money will not be waste.

Using Life Insurance To Protect Asset Print E-mail

2009-03-23T04:45:00.000-07:00

The country has many insurers launch a series of ads to buy life insurance as a use strategies to protect assets set goals broker merchant access to Fund (Account Receiveable) the loan accept to pay protection fees.

Generally the staff representatives to sell insurance is not a lawyer nor the law school they should not have some knowledge of law and Loan Lending (Debtor-creditor law) or experienced reap the case links system of protected assets had treatment in court. Yes insurance companies teachings items for advertising and blowing reward consequences of poundage whenever a sale contract, the staff this ardent launch an insurance product is the hot invite merchant purchase of life insurance with the value of fund (Cash Value) is quite large by mortgage funds access to Make Loan Payment Fee (Premium Financing.)

To sell insurance has high commission insurer not scrupulous enough in any way give many benefits of strategies borrowed funds access that most applied in practice does not bring results as promised . Most of the staff representatives as well as the right of insurance companies are not able đáo explicit guidelines transition property for the legitimate scope of legislation to protect property. Therefore the sale of insurance company's training and then they in turn transmit a message to our customers with complete understanding wrong by basic laws to protect property after making this brought many problems for customers to buy insurance. Such principles apply "Plan Borrowing Phân Export Revenue Fund" (Account Receiveable factoring Programs referred to as ARFCs) loan to pay fees to buy life insurance purposes as protecting assets how?

Long method Borrowing Fund access was simply more merchants expert in the application of more benefit to their business. Enter the Access Fund is a fund accounting sum of money goods or services sold to customers and bill (bill) but have not received the customer's true, for example phone companies to send bill Clients have due date (due date) or a wholesale delivery was accompanied by the invoices sent to customers to pay. Of course records on the Fund have access to the value of total amount penetrate as other properties of the company's actual funds but does not have cash to use. Said another way, the value of capital throw (Equity) Fund only access is "dead money" or "money superfluous" because only "language" (the amount on records) but no "pieces" (It ) should really "cost" of funds that are not used to produce or be of benefit.

So some merchants have brain think of smart ways to negotiate with banks for a bank credit (Line Of Credit) similar Credit Card Guarantee Is (Secured Credit) but it does the value of Access Fund as mortgage. When the bank was approved for open account with a bank account that, when companies need to spend money or operating the business can always withdraw money "real" time is not free of excess limit. Of course the bank enjoys this type of lending because they receive interest at the same time not afraid of the risk of loss for the Fund is held as a pledge to ensure if necessary seize no problems.

Similar principles used simple methods to fund access to mortgage loans as the borrowing method Phân Export Revenue Fund ARFC also applied the same basis but instead of lending the company sold access to Fund a value lower than the bank account to be used. For example, a company subject to sale of access to fund 80% of the value exchange accounting fund for the wrong part and 20% of money is called "discount" (discount.)

Now you to Life Insurance, though not what format to access the Fund, but many insurers are often long ad for a loan to buy the kind of big insurance. many people want to buy the contract value fund (cash value) to high tens of millions and above the premium each month depending on age but not a small amount. Instead of paying fees to cash in "live" the insurance contract for a loan called "Financing insurance coverage" (Premium Financing) to get the assets in mortgage rates as either "dead assets." Di many insurance companies will never fear for debt losses are guaranteed by the value of the contract or the value of mortgage. Plan "Financing insurance coverage" be considered as a means of protection for property that is used to prevent creditors do not get the summary by the plaintiff because the property value was used for mortgage debt insurance coverage should not be xiet, but the insurance only paid when the owner of the death is not what creditors are waiting.

On the other hand ARFP plans to use funds as income for mortgage "Financing insurance coverage" instead of using other properties for this fund is very good goal that creditors xiet most easily. Fund to sell access for employers sponsored by insurance company owner is a way to use "dead assets" to buy life insurance just a student that has been tax-free. So ARFP used as a means of protecting assets "conversion" means a product made vulnerable creditors get summary (not to the money) and a variable property that creditors are not to be touched ( money life insurance.)

Although the value of fund (cash value) of life insurance is state law protection but in many other states are not valid. It is more blameworthy employees sell insurance not actually say the client makes this event then the client may have trouble because of transfer of assets illegally. Now more representative of the insurance will not know that at the states have laws protecting creditors still have the right to appeal if the referendum by the Fund have access to insurance is a form of hindering, delaying mended or fraud.

In the state where ARFP đắc be used as often in collaboration with programs such as ERISA retirement plan but the general kind of regular high-level plan requires specialized structure is sophisticated outside the capabilities of employees and the plan ARFP.

A limited background are found not only dispense ARFP value fund access but not present to protect the future value after application. Moreover the elements of access to the Fund buying insurance is not tax money and fund the life insurance is to be out of money after tax (post-tax) should be listed IRS to tax abuse. Therefore before using ARFP should consult with a lawyer specialized in tax for certainly valid.

Through the analysis on our comment ARFP plan applied separately will not achieve the desired results. Conversely, if the will đắc ARFP used as a strengthening program in a plan to protect the entire property with the goal completely cover all aspects of trade, inheritance, tax code and protect property.

As usual writer would confirm the contents of the article series to learn this law only uses the character information (information) to help your readers some general knowledge of basic legal Flowers period only and can not be considered to contact lawyers with clients (Attorney-Client Relationship.) So if there is a problem related to law, if readers still need to discuss with a lawyer expert on with you.

If necessary refer to individual contact with Attorney lyly Nguyen office at 16480 Harbor Blvd, Suite 101, Fountain Valley, CA 92708, Phone: (714) 531-7080 - Fax: (714) 531-7082 .

Life Insurance ACE (ACE Life)

2009-03-23T04:28:00.000-07:00

After more than three years into operation, Co. Life Insurance ACE (ACE Life) has become one of the life insurance first in Vietnam on company reputation, product quality, quality of services and quality human services that bring to customer service. ACE Life is proud to have built the human resources is the 100% who work under the international standards, and training a team of more than 4800 representatives of business professionals in the country.

Continuously for more than 3 years, ACE Life is always to reach the record growth, contributing to important bring sunshine to market life insurance (BHNT) Vietnam and shape how business BHNT professional and Results. In six months in 2008, ACE Life continues to reach the highest growth market, with sales reaching 231% over the same period in 2007.

Insurance products linked general financial planning Lifetime (Universal Life) by ACE Life first introduced to Vietnam on 03/03/2006 with benefits "universal" and "superiority" are to receive very strong and has become the focal point of the market BHNT Vietnam. On 03/03/2008, ACE Life introduced "excellent benefits" based on the diverse product lines and "Financial Planning Lifetime" to meet the needs of increasingly diverse customer. On 08/08/2008, ACE Life introduced "Financial Planning Lifetime - seniors benefits" for customers aged from 71 to 80, a product the first time in the Vietnamese market BHNT Nam.

Along with the birth of the "benefits seniors, ACE Life has become the company BHNT first in Vietnam to provide BHNT products for customers of all ages from 0 to 80. Today more than 96% of customers participate ACE Life product lines insurance link them "financial planning Lifetime."

Besides the performance impressed through channels Business Representative, ACE Life is a positive development channel Insurance Links Bank (Bancassurance) with the goal of creating products and services meet the new maximum needs to be protected by the customers to participate in financial products in the bank. Bancassurance products by ACE Life is expected to be "the village" as soon as.

To ACE Life, members of a group insurance prestigious leader ACE, you can relieve yourself that is protected with security products that match their needs and financial capabilities of you and provide the best services at ACE Life.

Whether you are preparing plans for the future financing of your family, or you want to join a group of successful solution for you to start from here.

Further information about ACE Group and ACE Life Vietnam

Co., Life Insurance ACE (ACE Life) is a member of the ACE Group, one of the Group Insurance leader, parent company ACE Limited is headquartered in Switzerland are two financial institutions list the Standard & Poor's and AM Best evaluate the availability of funds ranked A +. This is just important to find potential strong capital and financial stability of ACE, the important attributes of risk management.

ACE Group provides insurance and re-insurance and financial services to customers worldwide. There are more than 16,000 employees serving customers in 140 countries and member companies in over 50 countries.

With the acquisition of insurance companies in North America (INA) - Company insurance first U.S., established in 1792 - ACE to become a corporation with hundreds of years of experience in the insurance requirements.

In Vietnam, through the INA, ACE has been since 1996 to market research, building strategies and activities proud actively support the development of insurance in Vietnam as well as the implementation of social activities and community.

On 21/06/2005, the visit history of the Prime Minister of Vietnam to the United States, ACE Life honor of the Prime Minister and Minister of Finance Vietnam officially granted license for Business of Life Insurance in Vietnam.

Terms Life Insurance

2009-03-18T21:00:00.000-07:00

1. Agents life insurance: the organization, Vietnamese citizens are insurance companies authorized on the basis of the insurance agent to make the provision of insurance products by life companies in Vietnam .

2. Buyer insurance: the organizations and individuals currently reside in Vietnam, aged 18 and over, have the capacity for civil acts in full, the declaration and sign the record required insurance and submit the insurance premium.

3. Person insurance is a personal residence is Vietnam, business insurance, insurance accepted by the insurance.

4. Beneficiaries: the organizations and individuals are buying the insurance assigned to receive insurance benefits as stipulated by the insurance.

5. Benefits may be covered: the relationship between the buyer and the insurance coverage, in which the risk of the insured loss will cause financial or spiritual side to buy insurance.

Buyer has insurance benefits may be insured for the following people:
*

Itself buyer insurance;
*

Spouse, child, father, mother of the buyer of insurance;
*

Bowel brothers and sisters, who are feeding us / legal guardian;
*

You direct us buyer's premium;
*

Another buyer if insurance suffered a financial loss when the actual coverage death.

6. Insurance premium is a sum of money to buy the insurance filing for business insurance coverage for the period and how do the parties agreed in the contract of insurance.

7. The amount of insurance is a face value of insurance is the purchase of insurance and business insurance agreement in the contract of insurance.

8. Injury and the entire permanent: as the coverage is lost or completely specified and can restore the functions of:
*

Two hands, or
*

Legs, or
*

One hand and a leg, or
*

Two eyes, or
*

One hand and one eye, or
*

One leg and one eye.

In this concept, your hands from the wrist upwards; blanket from my ankle up, completely lost and can not restore the functions of the eye is lost or completely blind.

9. Profile required insurance: registration form is purchased by insurance companies issuing insurance. Insurance buyer is obliged to complete, honest records to insurance requirements. Profile required insurance is a part of separate contract life insurance.

10. Certificates life insurance is a written confirmation by the insurance business of insurance issued, listed the benefits of insurance of the insured. Certificate of life insurance is a part of separate contract life insurance.

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11. Terms of the contract of insurance is a legal document by the Ministry of Finance approval, listed in detail rights and obligations of the buyer's insurance and business insurance. Rules terms of insurance is a part of separate contract life insurance.

12. Phiếu illustrate benefits insurance: is illustrative of the benefits of insurance is before drafting a contract of insurance are assessed, signed and issued. This method is useful to explain to customers about the important figures related to the insurance that the customer order to join such as the amount of insurance, insurance, security and even Cumulative value is again ...

13. Periodically submit insurance is a period between two times due to submit insurance period. Periodic filing fee can be:
*

Monthly, or
*

Every 3 months (quarter), or
*

Every 6 months (half year), or
*

Annually.

14. The time limit is a period of insurance companies accept insurance as the insurance buyer submit full insurance as stipulated by the insurance.

Life insurance match for you and your Family?

2009-03-16T21:12:00.000-07:00

Have many discussions about life insurance than regular life insurance for life for many years, but hard to say which type is better type. Here is some information to help you understand the difference between the two types of insurance.

Why is Life Insurance ?
Life insurance has periodically of the importance of it. If you have children or not have much cash, life insurance period can be a temporary solution is ideal to help protect yourself and family. If you must choose between no life insurance with anything the insurance exam life insurance period may be a choice best.

Life insurance is a regular on the insurance needs increase in a certain time and then decrease, such as the family grows. In addition, life insurance period are considered effective methods to help substitute for life insurance for life in the years necessary, for example, when family and financial responsibility to overcome other income .

In those cases, the life insurance to help get the cash compensation insurance without causing disorder family budget. Moreover, the amount of insurance can be converted (the insured may convert a contract of life insurance equivalent to life without proven health status), you can buy life insurance periodically necessary today ... and still have the ability to transition through life insurance for life in the future. Of this, life insurance periodically to meet the needs worthwhile.

Charges actual Life Insurance Dinh Ky
However, life insurance periodically have its defects. It is not appropriate for everyone or all circumstances. In the defects, it should be noted some points below:

* You must die new "winning". This may not hear very tuneful, but it is true. Life insurance to pay only the compensation insurance in a certain time. When the insurance period expires you will no more compensation money. And if you do not pay the premium, the cash compensation will also not valid. Only so simple.
* For example, you buy $ 500,000 insurance on a regular basis for 10 years and the contract will expire in the middle of the night this 31 months 12. If you die in 11 hours 59 minutes to 31, the 12 families will receive the full amount of compensation is $ 500,000. But if you die at 12 hours 1 minute morning of 1 1 the family will not be entitled to anything because the contract has expired.
* Buy life insurance period is the same as when you hire. When you are home, you all right to use the house and pay rent in full and regular. Even if you rent a house there for 30 years, you still do not own anything from the house.
* There is a very remarkable that when the insurance period expires and the health status of the owner is not covered anymore. Many of the insurance period can be converted through life insurance, and the other is not. But if the insurance period expires before the conversion you must apply from the beginning. At this time, if the health status of your disapproved you will lose money compensation.
* Insurance coverage insurance period will increase by each re-term, long-term costs will increasingly become a burden. Many people buy insurance on them periodically at age 20, when the price is just right. But when they are age 40 to the cost becomes high, and will continue to increase. Until they are age 50 to the cost becomes too large for life insurance. Finally, when they are age 60, they put the contract - not because they do not need insurance but because they can not pay up anymore. Meanwhile, those who buy life insurance for life can pay the premium at a higher initial purchase of life insurance with the same period an amount of insurance. But when they age to 50 or 60 years, the amount is not such a change. That is why the shift in the period is very important. And this feature exists only in a few years of the contract, and allow conversion through life insurance without having to prove health status. Conversion through life insurance to help "lock in" circulation must close and indemnity will never cancel the terms of the close of regular fees and in full.

Value of Life Insurance For Suốt
Life insurance is often life-long-term solution is best for many people. Here are some reasons why:

* For life insurance for life will be covered throughout the life provided that the premium must be paid. Only a few exceptions, if you are approved to buy insurance, the contract will not be canceled. Regardless of health status such as how money compensation insurance is in force.
* Although the premium initially quite high, but if you compare the length of time it is high again. Most contracts for life insurance are eligible to enjoy a share of money, money do not pass are guaranteed but if the company will announce.

Reference to Representative
Representative New York Life - experienced and the classes are trained professionals - can help you analyze your needs and make appropriate solutions through insurance products and financial. Click here to have discussions with representatives in New York Life provinces.

The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.

6 It should know when buying Life Insurance first

2009-03-15T09:14:00.000-07:00

1. Understand why Cần Buy Insurance
Most of all we need life insurance at a time in life, but never purchased insurance because hearing other people say it is a good idea. Life insurance is designed to give families a full financial security in case the wife or husband having to uncertainties, or when your parents have to uncertainties. Life insurance can help pay the house, money for college, money to help supplement retirement, leaving a property here is also another important factor in plan assets. In short, if you have a relative to their income, then you should think of life insurance. Even if you think you have no need now, you still should think of buying with a small amount as a starting point. Because, as the child life insurance as cheap.
2. Amount determined Insurance required
The amount that families or inherit will receive after your death is called the amount of insurance. To determine the amount of insurance need, you can use a computer on the network or New York Life www.insure.com network. After using the computer, you will get one guess yourself. Easy way to obtain the most amount of annual salary multiplied by the 8. Method in more detail as all the monthly charges which family you must pay after you meet uncertainties. Remember always to be public costs and consequences of spending such as the debt, and fees. Retrieved total monthly charges for that 0:07. This figure indicates that 7% of the money will be used to pay for monthly charges. Get that amount plus the costs need to pay once, you will estimate the amount of life insurance need. Yes you can measure the amount of life insurance may need to use the computer, but the machines that you can not. It can not give you an answer last. Computer only for your calculated "on the theory" but are based on the different data, the computer will give the different results. Should only use the computer to learn more about how to calculate the amount of life insurance products and other financial, however, you will feel more secure when you talk to a professional as representative by New York Life.

3. Please Choose a Type of Agreement Matches
Once the amount has been estimated for life insurance, should think of the kind which suit your needs. Today, life insurance becomes more diverse and plentiful, but they also have the 4 basic types of life that is periodic, life for life, full of life, and life have changed. One of 4 basic types will be appropriate to buy life insurance first.

Life Insurance Dinh Ky
Insurance period will only provide protection in a given period of time. The amount of insurance can be used to liquidate the debt and when you encounter the uncertainties. Life insurance regular insurance is less expensive and purely enjoy the amount of insurance. This agreement will not accumulate cash, and often do not receive a share.

Insurance period can be an ideal choice when you get the time needed insurance. This agreement can only protection needs exist only in a certain time, such as cash loan college loan or the money. Those aged 20 to 30 usually buy regular insurance and conversion through life insurance (Insurance Through reading For the bottom). Conversion rights for the period to ensure that they can convert any of the health status is.

New York Life has many types of insurance such as 5-year period, 10 years and 20 years.

Life Insurance For Suốt
Opposed to regular insurance, life insurance will protect you throughout life from start to purchase insurance to go, and of course with conditions to pay regularly. The difference is the second life insurance life accrue cash value. Form of a loan from the contract, you can use the cash value to the goals like money for the fund and additional money for retirement income. However, you must pay on borrowed money and borrowed money with the convenience will be deducted from the amount insured. Contract for life insurance guaranteed throughout the life of you, regardless of health status as when alive and of course must be closed to regular fees.

Contract for life insurance qualify to receive money pass. Pass money is money that a company drawn from surplus funds and for the owner. (Tiền pass may be used under many different methods such as cash received, or used to pay the premium monthly, or accrued to a receipt, or used to purchase additional life insurance prepaid full insurance coverage. Tiền pass does not guarantee.) Life insurance for life offer a lasting solution to the financial worries such as:
* Pay the debt: the amount of insurance can be used to pay debt and cut the debt in case you are having uncertainties
* Conservation of assets: life insurance for life can bring money to pay the cost of housing and help from having to sell assets or borrow money to pay expenses
* Pension Fund: cash value can be drawn through the method of loan terms, or to supplement retirement income. Loan amount will be deducted from the amount of insurance
* Money Charity: the life insurance for life can help you contribute to charitable funds that popular after death
* Business needs: life insurance for life can be a valuable benefit for managers and staff to ensure the future financial enterprises
New York Life provides the life insurance life diverse as Life Insurance Conversion (Modified Premium Whole Life), and Life Insurance For Life (Survivorship Whole Life).

Life insurance whole Năng
Life insurance to provide full protection for life and accumulated cash value should postpone tax basis. Life insurance with all the other life insurance points in life that you can choose the amount of insurance is suitable for families. With life insurance to all, you can increase or decrease the amount of insurance you need to change and can check the times of payment of fees. Contracts can be designed with additional terms to suit the lifestyle of each person.

Life Insurance Most variable
Life insurance has variable flexibility in the amount of closing costs, the life insurance life allows the owner to divide the premium into a variety of different investments, including fixed account. Life insurance usually multilateral provide insurance money on the basic income tax exemption, the cash value increases on the basis refunds, and can be withdrawn through the method of borrowing or withdrawing money, the This may reduce the amount of insurance. Loan amount and you'll be deducted from the amount insured. The amount drawn will also reduce the amount of insurance, cash value and may have to pay.

4. Evaluation capacity of the Company
Insurance contract is only good when a company has good support. You should look away from the company's release of the still existing in the future to serve and make the promise to pay insurance when needed. To help see the company is strong, the organization evaluates Financial capacity has ratings of insurance companies based on the quality of the gym, the quality of the method of investment, and financial cover. The ranking is considered as the independent evaluation of the ability to pay insurance compensation in time and financial obligations other. This is the core of a company life insurance. 4 organization capacity evaluation leading Financial: AM Best, Standard and Poors, Moody's and Fitch.

Each organization assessment based on criteria quite different. When looking at the ranking of a company will help you look on the general financial strength of that company. 4 Organization has ranked New York Life to the highest ranking.

5. Reference to Representative
Representative to bring an invaluable service. First, representatives help you analyze the factors that "people" and into items of insurance to help determine the amount of insurance need. The relationship between representative and client relationship is eternal. 2, the representative can help you update the amount the insurance needs change. They can also help guide decisions about finances, reduce a burden in life. Click here to have discussions with representatives New York Life.

6. Understand words expert
The discussions on insurance will include words such as cash value, insurance coverage, divided by money, insurance money, and more. To discuss a master, here's a short summary part of the terms used.
* Cash Value in life insurance for life, it means that the amount accrued on the
* A Division of Money: A surplus of the company divided by the owner of
* Support the Company: An insurance company has no stock or shareholders, as it is the owner. New York Life is a mutual company
* Insurance coverage in the insurance, the amount is limited to keep the contract value
If you have any questions about this article or product by New York Life? Please call toll free 1-877-NYL-VIET (1-877-695-8438) for a discussion with representatives New York Life.

The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.

Explanation of Insurance

2009-03-13T05:25:00.000-07:00

Consider the theoretical aspects, the contract is an agreement between two or more parties, thereby showing the uniformity of the (also known as the "covenant") of the parties to the desired destination and achieve the legal effect of that set, change or terminate the rights and obligations binding on the parties in contractual relations. As part of the law by the parties in the contractual relations created in terms of theory, the terms stipulated in the contract must ensure the criteria: full, clear, unified, single meaning, easy understand the criteria "clearly" is most important. However, many of the existing practice does not always ensure the above criteria led to the parties no unified understanding of contract issues and explain the contract to dispute resolution in place. The purpose of the explanation is to clarify the meaning and scope of the contract or specific terms of the contract. Within this article and want to exchange with your readers about "explaining the insurance."

Insurance contracts in general and the life insurance in particular is regulated by Law Business insurance is a contract to join (also called the form). Characteristics are shown in that insurance business is the offer terms form (by the Ministry of Finance issued or approved) to customers consider acceptable answer in a reasonable time, if to agree to participate in insurance means to accept the entire contract under terms that form the insurance business has made. Therefore, in principle the purchase of insurance is not negotiations, agreement on the modification of the terms of insurance.

From the "vulnerable" in the purchase of insurance, the complexity and difficulty understanding the terms of insurance, especially term life insurance, and to avoid the insurance companies find ways to " put pressure "customer, Don Ho at the difficult choices as well as restrictions violate the principle" freedom of contract "in the transaction, the law has provisions on obligations by the appropriate insurance to protect the legitimate rights of the buyer of insurance as follows:

- Firstly, when the combination of insurance, business insurance, are responsible for providing full information relating to insurance contracts, obligations explained to the purchase of insurance conditions, terms insurance for the purchase of insurance ... "(Clause 1, Article 19 Law on insurance business).

- Monday, "in case the insurance contract terms are not clearly the terms that explain the benefits to buy insurance" (Article 21 Law on insurance business). "

Thus, according to the regulations on the obligation to explain the insurance before the insurance business (conducted directly or through agents) and explained this to the benefit for the purchase of insurance if the terms are not clear. When there are disputes between insurance companies and customers related to the regulation of contract terms, courts are obliged to clarifying the meaning and content of insurance and that priority will explain the benefit for more people to buy insurance and / or receive insurance benefits.

In this regard, Clause 2 of Article 406 of the Civil Code in 1995 and Clause 2 of Article 407 of the Civil Code of 2005 also stipulated "In case of form terms are unclear, the parties made the contract sample suffered disadvantage when explaining the terms. " This regulation is reasonable because the insurance business is the drafting of the contract, so in principle they are right at the same time are obliged to express terms of a clear, coherent body of people to the insurance or the benefit of insurance is the right to accept or reject all such terms (not participating insurance) which are not "haggle" anything.

However, the Law on insurance business only in the prescribed guidelines explain the insurance but not how to explain this agreement how. Therefore, when a dispute occurs, the interpretation of insurance must be pursuant to other provisions of law if, in principle, by applying the law, the delivery and implementation of insurance before all will be adjusted by the law of insurance business. If the law of insurance business not specified or referred to other applicable law (Civil Code and the regulations stipulated by the law are involved), the law will be applied (Article 12 paragraph 4 Law insurance business). In this case, Article 408 of the Civil Code in 1995 stipulates the method of explanation as follows:

1. When contract terms are not clearly not just based on words of the contract, but the basis of the of the parties to explain the terms.

2. When terms of a contract can be understood by many that it must choose which serves as the terms for making the most benefit for the parties.

3. When the words have to understand the many different means, it must explain the meaning most relevant to the nature of the contract.

4. When the contract terms or words difficult to understand, must be explained in conventional location of signing the contract.

5. When the lack of some articles not primarily content, it can supplement the practice for the type in which the location of signing the contract.

6. The terms in the contract must be explained in relationship to each other, so that the meaning of the terms that suit the entire contract. "

Article 409 of the Civil Code of 2005 also inherit the regulations on how to explain the contract at the 1, 2, 3, 4, 6 of Article 408 above. However, Article 409 of the Civil Code of 2005 was modified from "... missing some articles do not belong to the main ..." in paragraph 5 of Article 408 to "... missing some articles .. . and two new additional ways to resolve the following:

7. In case of conflict between the media of the parties from the language used in the agreement of the parties of the used to explain the contract.

8. In the case of the parties to the contract for any of the parties when the contract explained to the direction for the vulnerable. "

Clearly from the above rules, then the interpretation of the insurance benefit to purchase insurance when the terms are not clearly be placed in relationship to explain how the mentioned in civil law, not current is applied by accidentally, of the single.

Explanation of is not a new problem for countries in the world by Christ before the law and under the first code is set foundation for this activity. However, not law countries are different rules about how to explain the contract. According to the Ministry of French civil law, when appropriate in cases where the terms of the contract have not clearly must consider that the purpose of the parties signed (Article 1156). If the contract terms can be explained by two different ways, it must choose to explain what terms make the effective exclusion and to explain the terms as invalid (Article 1157). The case of a terms of agreement can be understood by two different means, it must explain the meaning most relevant to the content of the contract (Article 1158). Explained based on the customs, practices (Article 1159 and 1160). Explain the content of specific terms must be based on the content of contracts in general, because the terms of each specific contract may not conflict each other (Article 1161) and in cases where a suspect on the the terms of a contract, it must explain the terms that the benefit to the obligations (Article 1162).

According to the 1980 Vienna Convention, "and declared the handling of a party is explained as that of the other party if they know or may not know that mind. If there is no such purpose, the statement and hearing the other side is an explanation of the meaning that people have a reason, if that person is put in position by the other party in the same way also will understand this. And when you want to identify a party or do not understand how often people have a reason, it should be up to all relevant facts, including the negotiations, the fact that the parties had in their interactive system support their practices and behavior and then by the parties "(Article 8).

In Vietnam, around the issue by appropriate insurance, there are many different points of view including not at the point from the do not understand or intentionally do not understand how to explain the contract should make that the owners of their incited or those who buy insurance not knowledgeable in the field of law, petitions insurance business that take social stability, self insurance, the buyer also takes more time, money to pursue the case due to plaintiff. We mentioned a case as the following examples:

Nguyen Van T. Ms. Ngo Thi and K. The participation of life insurance 05 year time limit for yourself with the insurance money (STBH) stated in Appendix 1 - Section III of the contract insurance as follows:

+ STBH of the (insurance and savings)

:

20,000,000 VND

+ Terms of STBH I own

(Disability insurance whole permanently by accident)

:

20,000,000 VND

+ Terms of STBH individual II (Insurance costs surgery)

:

20,000,000 VND

To date, the Contract due to the said insurance company, life insurance PT paid to Mr. T. and Mrs. K. STBH of the Agreement for each of the 20,000,000 plus interest to share.

The advice of the Legal HV, Mr. T. and Mrs. K. made application Bao Viet Life PT payment of more STBH own terms I, II reasons for refer in Article 2 point 2.1 Terms Agreement with the record: "To date due to insurance Company will pay for the coverage of the insurance money has been committed in Appendix 1 - Section III of Insurance. "

Fact, suggested by Mrs. K. refer to the above there is no legal basis to do understand this is too rigid, machine direction "the words" without basis to explain how the contract was stipulated in Article 408 of the Civil Code in 1995 (due at the time of signing and implementing the insurance she and Mr. T. K., of the Civil Code in 2005 has not been formed so Bao Viet dismantle civil law in 1995 to like). Reasons as follows:

Firstly, the nature of the contract and I own terms, he II T. and Mrs. K. participated are completely different. The contract is the type of insurance product mixture has just savings insurance (ie the time limit have the validity of the contract if the covered person (NDBH) risks having the entire injury is permanent or fatal the insurance company will pay STBH when and if the due NDBH alive that they will receive STBH). The item I own (disability insurance whole permanently by accident) and individual II (Insurance costs surgery) is a simple insurance product risk (ie risk, only the provisions in the this particular item happens to NDBH the insurance company pay for new insurance under the terms of this particular). This is clearly explained at Article 2 separate articles I, II "amount of insurance the terms is limited to a maximum liability of the insurance company for the consequences of each risk covered happens to be covered. " This is why the number of insurance contracts to the fold many times the number of insurance in its own terms when the STBH.

Second, limited liability company's life insurance PT for purchase insurance, the coverage has been clearly assigned, separated at the benefits of insurance terms and contract terms individual I, II. Accordingly, the insurance company for payment STBH NDBH the contract due only mentioned in Article 2 of the terms of a contract of the individual in terms of I, insurance companies pay only when STBH "NDBH be injury department permanently by accident "(part III) and II own terms when NDBH be operated by illness or accident" (Article 5 Section II). If not risk, accidents during the insurance when due, NDBH not received the amount of this particular item.

Tuesday, signed the Agreement Life Insurance between the insurance company PT and Mr. T., Mrs. K. first is based on the basis of the request is insurance that Mr. Ba have declared. Right at the beginning of the required insurance has noted: "After you learn Terms, The charge by the Ministry of Finance promulgated with Decision No. ..., I agree to participate in the insurance ... and the requirements Coverage is declared full, honest information below. Also at point 2 of Part II (The insurance) required by the insurance Mr. Ba also specifies: STBH of the main terms of STBH I own, STBH terms of individual II. Thus, when shown aspirations to join the insurance, the insurance conditions are Mr., Mrs. clearly assigned, the terms of the contract and the terms of individual I, II has also been explained detailed and specific.

For the reasons above, although Article 2 point 2.1 of the Contract terms have the record: "To date due the insurance company, will pay for the coverage of the insurance money has been committed results in Appendix 1 - Section III of insurance "because the regulations only in terms of the contract (but not in terms of individual I, II) the" full amount of insurance "that he T. and Mrs. K. refer to is all and only the amount of the contract (contract 20000000) can not include STBH by the terms and can not consider this term as "unclear." The interpretation of the general and the life insurance in particular is not merely based on the text of the terms, the benefit to buy insurance that must be explained by the most relevant to the media purpose of the parties when the contract was assigned, the nature, the entire contents of the contract, and in relationship with the other.

Up north in business insurance

2009-03-13T05:23:00.000-07:00

BHNT market increasingly difficult, especially when many companies BHNT run, which is attached to the massively recruiting agents, consultants (TVV) of the Company other BHNT. To take market share, maintaining the traditional customers and development of the search for new potential customers became necessary for TVV, especially new TVV. Therefore the search for potential customers to TVV entrant through the relationship of TVV how an issue is very important.

In training "Bao Viet - in business," the source of potential customers are also mentioned quite well. This is a source of customers that you apply a reasonable, flexible source of the potential customers never voi.Tuy course by the new job, can not much experience, communication skills are limited to be the source of potential customers each person can choose for themselves a different approach. For new TVV should focus on the relationship of their society.

+ From the use of relationships to create jobs

When we determined to do BHNT agent is defined for a new job (or a job), so who would like to stabilize their employment dinh.Trong business insurance, job stability means Subsequent to the development of quality and quantity of the contract, and especially not to occur in "fire" in a long time. Whether you work in the position society, do business or "professional agriculture" is also available relations of their society. Cases will be as follows:

*
For TVV relationship with society broadly: You should develop and use the right of this relationship. This is a source of potential customers easy access, to feel, to understand you and ready to help you, otherwise the advice is not much and can also cost less. In this case, sometimes the impact of the work your current to them is very large so you need to develop their own advantage.

* For TVV limited relations society: You should create the right relationship society through their work at your current or future meet other random. E Do not be afraid to create a new relationship, whether it is someone you should quickly set up the appointment with them, to which you have potential customers or at least they will refer you the relationship of social ho.Vi you have little relationship to society can you say a little, centenarian closed so when you connect you with someone, they feel you are a foot situation, honesty and understanding for you and happy to help you if you want to find potential customers.

Not say: "Your friend is your one" so you should avoid the relationships by creating and relations from the relations available.

+ To use the job to create income

Think for the same job as our agent is BHNT create income for yourself, this is also mentioned in the "Viet Bao - Making of" and your income depends on the results of its own. So first you must understand the nature of professional Agents BHNT always feel the humanity of the profession and promote your work to create income. Relationship of society you are growing your job more and more busy and make sure the quantity is increased and incomes became more attractive.
+ And use income to maintain relationships social

Create a relationship society is difficult, maintaining relationships, but more difficult than using the relationship effectively as more difficult. Therefore, when we have relatively income from their work, do not forget that maintaining the relationships social nay.Viec customer care to maintain the contract is necessary for TVV, and also so that the care in relation to maintenance and continuous development is necessary. You can use part of their income to strengthen and facilitate the relationship society increasingly expanding.

In summary: The "bridging" in the insurance business is how to create relationships society, using the relationship society to create jobs, use the job to create income and income to maintain the relationship society

Ceremony to launch the Bao Viet Securities Company - Au Lac

2009-03-08T03:06:00.000-07:00

Ceremony to launch the Bao Viet Securities Company - Au Lac

On 2/3/2009, at the Headquarters of the Bao Viet Securities Company - Au Lac (Que Vo district, Bac Ninh province) has a long ceremony in the eyes of two members Limited Bảo Việt - Au Lac. At the ceremony, leaders of Planning - Investing in Bac Ninh province awarded the Certificate of business registration; launched the management of the Company Bao Viet - Au Lac and signed a cooperation agreement.

Screen space to each bừng opening the ceremony

On 18/2/2009, Co., two members Bảo Việt - Au Lac has been the Department of Planning and Investment Bac Ninh Certificate of business registration with capital capital capital 60.66 billion, in the percentage of capital contribution by Bao Viet Group and 60% Co. 40% Au Lac.

The delegates attended launch ceremony

Scope of activities of Bao Viet Securities Company - Au Lac is the training, vocational capital market is still crestfallen by many regions and localities in the country. Bao Viet Securities Company - Au Lac receiving operation of high-level Nghề Au Lac has been active since 2005 and since 2007 has been on the Department of Viet Nam (Ministry of Transport) assessment and licensing of training, testing the drive from A1, A2 to B1, B2, C, increase class C, D, E. Two years, school training, testing for the thousands who have needs in licensed motorcycle driver and thousands of people need training, license to drive cars. The field of investment, the field testing driving cars equipped with modern technology, grading completely automated, ensuring accurate, objective by law.

Leadership Group and Bao Viet HSBC experts at the ceremony

Bao Viet Securities Company - Au Lac will continue to develop with the goal to become the top address provided training services to various industries to the economic development - society in the province, Bac Ninh and the neighboring provinces. Therefore, Bao Viet Securities Company - Au Lac will continue to focus on training, testing the driving motor vehicles - cars, then many more other industries such as car insurance mechanical, test , rescue services, salve, export labor.

Large of guests attended the launch ceremony of Bao Viet Securities Company - Au Lac

At the launch ceremony of a ceremony to sign a cooperation agreement. Bao Viet Securities Company - Au Lac has signed cooperation in training drivers to represent Union Office of the National Assembly, representatives of Union Information and Media. Bao Viet Securities Company - Au Lac has also signed cooperation agreements commercial consulting services to study Economics Company external mouth, Yunnan Province, China and Investment, Technology and Trade Việt Nam.

Bao Viet Securities Company - Au Lac cooperation with the Union National Assembly Office and Union Ministry of Information and Media

The signing ceremony between Bao Viet Securities Company - with Au Lac Company Economics external mouth (China) and Company Technology Investment and Trade of Vietnam

According to the evaluation, the birth of Bao Viet Securities Company - Au Lac will contribute to enhancing the competitiveness of the Bao Viet Group through of the first strategy as building data centers, centers for disaster, assessment centers, test the vehicle to meet training needs assessor vehicle mechanical and explore sources of potential customers in the field of automobile insurance world, as well as expanded trade promotion name.

Leaders of the Bao Viet Securities Company - Au Lac photographic memorial to the delegates

Tran Thi Lien - General Director of Bao Viet Securities Company - Au Lac, said: "The birth Bao Viet Securities Company - Au Lac is the result of close cooperation with Bao Viet Group. The cooperation will enable the company to learn more managerial experience, market knowledge, systems management and advanced to further develop the training, support services for corporations Privacy Vietnamese as well as implementation responsibilities to the community in the vocational training for workers. "

Tran Thi Lien - General Director of Bao Viet Securities Company - Au Lac speech at the ceremony

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Compare MBF Life Insurance Options

2009-03-07T09:20:00.000-08:00

Compare MBF Life Insurance Options

MBF Life offers a range of protection options. This range includes cover for death, serious defined health traumas and permanent and temporary disablement.

Compare our products

The table below compares some of the key features of our range of products. For more details about a specific product, click on the product name within the table. Our useful calculators may help you decide which kind of life insurance suits you, and how much life insurance cover is appropriate to your needs. Once you have chosen the product that best suits your circumstances, its easy to apply online.

Life Insurance

Product	Death by accident	Death by any cause	Terminal Illness	Motor Vehicle Accident Double Benefit	Trauma	Total and Permanent Disablement	Maximum sum insured
MBF Accidental Death Plan							$400,000
MBF Estate Cover							$50,000
Easylife Insurance							$400,000
LifeCover Plus Plan							$400,000
MBF Term Life Insurance					Optional	Optional	No limit*

*Subject to age and underwriting requirements

Income Protection

For when you are disabled and can't work (or can only work in a reduced capacity) because of injury or illness.

Product	A monthly benefit if you can't work due to illness or injury	Protect up to 75% of your salary	Premiums are generally tax deductible	Unique customer loyalty benefit
MBF Income Protection

These lists are for information only. Please see the relevant Product Disclosure Statement for applicable definitions, conditions and exclusions. You should read the relevant Product Disclosure Statement before making any decision about a product.

Life insurance is an important tool for business

2009-03-07T09:09:00.000-08:00

Talking to life insurance, usually people understand is that the insurance to protect benefits for individuals. Indeed, life insurance, also known as an important tool for enterprises through the type of insurance such as universal coverage for the key, credit insurance, insurance for people slide. Whether a business or a large business must face the problem of. Below refers to the use of life insurance as a solution for a problem.

The owner of a shop devoted all life to build and re-invest most profits and loan funds from a bank to invest in the business. All his work can be meaningless if the business is not valuable to his home. Talented business he helped to develop shops and wife but he can not be maintained if such shops, he may die. Life insurance to help those who inherit receive results from work by him.

Two young people open a store selling medicine and has developed it successfully through the comments feed. Be a sudden death and the other to work with is wife inheritance. So he must do almost everything but only get half the achievements made by you. When an agreement of purchase-selling life insurance to the amount of business will help resolve the dilemma this.

A company limited liability can fall into such a situation, the other is not only a legal solution to the death of a shareholder partners. Once again, agreed to buy back shares by the life insurance can solve this problem.

In any organization, there are people who have key roles for the success of it. That person can be an engineering laboratory, can be a director of sales, also is the administrative manager of the company. The company will be serious loss if these people lose.

Can be effective because of the reduction will react, or reduce credit sales or falling down. Life insurance for the life of these people can be created to reduce the shock of the death of their cause. Companies to participate in the pension insurance for employees.

In business, life insurance really can be useful when both the living and dead. Many cases an organization overcome the time constraints because of the life insurance of directors can ensure very good for a loan from the bank. Moreover, life insurance role increasingly important in the expansion and enforcement retirement for workers, helps business owners attract and retain talent.

Therefore, an agent life insurance is good training will not only consider life insurance as a means of protection for individuals and families but that it has important contribution to the system enterprises in the economic development of the country. If you understand the importance of life insurance enterprises, agents, life insurance will have more opportunities to serve customers and hence can enhance income for yourself.

Life insurance is not only essential for individuals but also the important tool to protect business operations of enterprises.

Solutions for Non-life (P&C) insurance core system

2009-03-07T09:05:00.000-08:00

Solutions for Non-life (P&C) insurance core system

Business performance transformation
Claims
Data and analytics
Distribution channel management

Life insurance core system
Non-life (P&C) insurance core system
Risk and compliance
Sales and customer service

Variable. Resilient. Responsive.

Customise and optimise the customer value proposition through a wide range of channels, products, customer types and service providers. Establish stable flexible core systems so that you can pursue specific underwriting, policy processing and billing methods on demand. Upgrade legacy environments and overcome the regulatory and competitive hurdles between you and your customers.

Non-life insurance core system offerings

Non-life insurance core system solutions from IBM provide business processes and system capabilities to manage your entire customer life cycle. Our component-based approach enables you to tailor solutions to the needs of your carrier and of multiple operating units within your carrier. IBM specialists can work with your core insurance teams to put together an on demand strategy and leverage value-based core insurance diagnostics to help you get started with transformation.

Modernize your non-life insurance core systems to help you bring product and service innovations to the marketplace quickly. IBM incorporates best-of-breed functionality to enable solutions designed specifically for non-life insurance systems, including the capability to:

* Spot new trends and adjust underwriting rules or propose new coverage to help generate the highest profitability.
* Enable virtual real-time updates so that the current view of the policy and the customer is always available to authorized employees, partners and the customer.
* Develop a variable cost structure to support the ebb and flow of resources required to handle claims.

Non-life insurance core system offerings:

Underwriting solution for property and casualty from IBM
The insurance landscape is changing. With mergers and acquisitions on the rise, insurers need the capabilities to react to growth and improve fundamental cost structure. IBM has the tools to help you obtain a holistic view of your business, enhance performance and rethink your underwriting philosophy.

Solutions for Non-life (P&C) insurance core system

2009-03-07T09:02:00.000-08:00

Canada Life Insurance: Term and Whole Life

Welcome to Life-Quotes.ca, your online Canadian life insurance broker.

We offer free, instant online life insurance quotes from many leading carriers. We can help you purchase the most affordable policy that best meets your requirements.
We also offer guaranteed issue life insurance. No medical examination or questions, guaranteed acceptance. Click here for more.

Buying a home? Learn about the advantages of using term life for your home's mortgage insurance. Mortgage insurance does not have to be purchased from the lending institution! Canadian life insurance quote
- American life insurance American quotes here -
(all 52 states)

Canada life insurance broker - Need Guaranteed Income for Life? -

Ontario Blue Cross™ has just released their new Tangible product, which offers a life insurance - long term care hybrid. This hybrid life plan only converts to LTC coverage if you need it, so it is extremely affordable!! Call us at 1-866-369-4474 for details.

A life insurance policy can:

* Provide security for your family in case of loss;
* Help with estate planning and wealth management;
* Assist with your retirement savings plans;
* Be used for home mortgage protection.

Life-Quotes.ca Features

* Use our Calculator to determine just how much term life you need to protect yourself and your family! Takes into account current benefits, monthly living costs, tuition for children, and much more!

* Get as many free, anonymous quotes as you want. Save your money by getting the policy that fits your exact needs.

* Receive a free consultation with one of our insurance brokers.

* Use one of the scenarios (e.g. Couples, Homeowners, Having Children, Self-Employed and Wealth Management) as a learning tool.

Site Map | Resources | Statement of Disclosure

Life Insurance

2009-03-07T08:54:00.000-08:00

Life Insurance
An important part of a sound financial plan, life insurance provides a valuable death benefit to your beneficiaries upon your death. Your beneficiaries can then use this money to replace some of the income you would have earned or to help pay off debts or other expenses.

The two types of life insurance are term and permanent. The one that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last.
Term Life Insurance
Term policies can help meet a wide variety of business and personal needs and often provide the most coverage for your premium dollar for set periods of time. Whether you want to supplement your existing coverage or simply purchase insurance to meet a specific need, our term policies have the flexibility to help meet your needs. Learn more about our products.
Permanent Life Insurance
Permanent policies can provide lifetime protection. There are several different types of permanent policies:
Universal Life Insurance
Universal life insurance can help meet the needs of people who desire long-term death benefit protection with a flexible premium structure. Learn more about our products with a potential to accumulate non-guaranteed tax-deferred cash value.
Variable Life Insurance
Variable life insurance offers a choice of death benefit options and a potential to accumulate non-guaranteed tax-deferred cash value that fluctuates based on the performance of underlying investment options that you choose. Learn more about our products.

> View Variable Life Insurance Prospectus and Performance.
Survivorship Life Insurance
Survivorship (second-to-die) life insurance insures two people and pays the death benefit when both have died. It is used primarily for wealth preservation. Learn more about our product.

Property Insurance

2009-03-05T03:24:00.000-08:00

Property Insurance

In today’s dynamic commercial world, business enterprises are constantly faced with new and increasingly complex risks. Commercial Property All Risks Insurance provides a wide variety of protection to cover your business while you enjoy the convenience of having it all in one policy. We offer two choices of Property Insurance:
- Comprehensive Commercial Property All Risks Insurance
- Basic Fire and Special Perils Cover

In addition, you can also add the following cover(s) to your policy:
- A range of Supplementary Coverage(s)
- Business Interruption Cover (for Commercial Property All Risks Insurance only)

Standard cover solutions

Commercial Property All Risks Insurance
Commercial Property All Risks Insurance provides you with comprehensive coverage. Instead of policyholder choosing from the list of perils available for insurance, the “all risks” includes all the perils and accidental physical damage to the property insured, except the risks and damages specified in the policy under “Exclusions”.

Compared with other property insurance, we offer 13 free-of-charge extensions on insurance coverage to the property insured.

You are also entitled to select supplementary coverages to fit your specific operational requirements at an equitable premium cost. You can enjoy the convenience of comprehensive business protection in one policy, plus, you get far more value for money in terms of premium and protection.

Fire and Special Perils
Fire and Special Perils policy covers your property against physical loss or damage caused by specific perils including fire and/or lightning explosion, damage from aircraft, riot, strikers, locked-out workers, earthquake, storm and tempest, malicious damage and other insured perils.

Important notes

1. This document is for your information and the description herein is a general summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the Policy wordings for complete details of coverage and exclusions.

2. The availability of coverage is subject to underwriting assessment upon receipt of an application.

3. In the event of any inconsistency between the English and the Vietnamese version of this brochure, you should refer to the Vietnamese version which prevails.

Property Insurance is underwritten by BaoViet Insurance Corporation, hereafter referred as BaoViet (Address: 35 Hai Ba Trung Street, Hanoi, Vietnam). It is not an obligation of, deposit in or guaranteed by HSBC Bank (Vietnam) Ltd.

Universal life insurance

2009-03-03T05:43:00.000-08:00

Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.

Similar life insurance types

A similar type of policy that was developed from universal life policies is the variable universal life insurance policy, or VUL. VUL's allow the cash value to be directed to a number of separate accounts that operate like mutual funds and can be invested in stock or bond investments with greater risk and potential reward. Additionally, there is the recent addition of Equity Indexed Universal Life contracts analogous to Equity Indexed Annuities that invest in Index Options on the movement of an Index such as the S&P 500, Russell 2000, and the Dow (to name a few). These type of contracts only participate in the movement of Index and not the actual purchase of stocks, bonds or mutual funds. They may have a cap (but not always) as to the maximum amount they will credit interest to and a minimum guarantee which keeps the principal of the contract from losing money in a down year. Typically each year the starting point is last year's ending point which means that: (1) the policy amount is locked in at the end of the year; and, (2)the beginning value from which the movement measured is reset.

Universal life is similar in some ways to, and was developed from whole life insurance.[1] The potential advantage of the universal life policy is in its flexibility and the potential for greater cash value growth if the interest rates offered outperform the insurer's general account (that whole life policy cash value growth is based on). Universal life is more flexible than whole life in two primary ways: the death benefit and usually the premium payment are flexible. The death benefit can be increased (subject to insurability) and decreased without surrendering the policy or getting a new one as would be required with whole life. Also a range of premium payments can be made to the policy, from a minimum amount to cover various guarantees the policy may offer to the maximum amount allowed by IRS rules. The primary difference is that the universal life policy shifts some of the risk for maintaining the death benefit to the insured. In a whole life policy, as long as every premium payment is made, the death benefit is guaranteed to be paid if the insured dies. In a UL the policy will lapse (the death benefit will no longer be in force) if the cash value or premium payments are not enough to cover the cost of insurance. To make their policies more attractive insurers often add guarantees, where if certain premium payments are made for a given period, the policy will remain in force for the guarantee period even if the cash value drops to zero. There are two other areas that differentiate Universal Life from Whole Life Insurance. The first is that the expenses, charges and cost of insurance within a Universal Life contract are transparently disclosed to the insured, whereas a Whole Life Insurance policy has traditionally hidden this type of information from the policyholder. Secondly, there are more flexible provisions within a Universal Life contract including zero interest or wash loans which in limited cases can provide the policyholder the ability to access the growth inside the contract without paying income tax. However if the policy lapses while the growth has been withdrawn, there may be substantial income tax owed.

Term life insurance

2009-02-28T21:56:00.000-08:00

Term life insurance or term assurance is life insurance which provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life.

Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not expect a return of Premium dollars if no claims are filed. As an example, auto insurance will satisfy claims against the insured in the event of an accident and a home owner policy will satisfy claims against the home if it is damaged or destroyed by, for example, an earthquake or fire. Whether or not these events will occur is uncertain, and if the policy holder discontinues coverage because he has sold the insured car or home the insurance company will not refund the premium. This is purely risk protection.

Payout Likelihood and Cost Difference

Both term insurance and permanent insurance use the exact same mortality tables for calculating the cost of insurance, and a death benefit which is income tax free, as long as the policy is in force and premiums are current; however, the premiums are substantially different.

'The reason the costs are substantially different is that term programs may expire without paying out'Bold text, while permanent programs must always pay out eventually. To address this Permanent programs have built in cash accumulations vehicles to force the insured to "self insure" making the programs many times more expensive.

Insurance industry studies have shown that the probability of filing a death benefit claim under a term insurance policy is unlikely.[citation needed] One study placed the percentage as low as 1% of policies paying a benefit. The low payout likelihood allows term insurance to be relatively inexpensive. The low payout percentage is a combination of there being a low likelihood (in the aggregate) of a random, healthy person dying within a short period of time. Because of the low likelihood of an insurer having to pay a death benefit, term insurance seems better when considered in terms of coverage per premium dollar basis - by a factor of up to 10.

Permanent life insurance

2009-02-28T21:55:00.000-08:00

Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured, the payout is assured at the end of the policy (assuming the policy is kept current) and the policy accrues cash value.

This is compared with Term life insurance where insurance is purchased for a specified period (typically a year, or for level periods such as 5, 10, 15, 20 even 25 and 30 years) where a death benefit is only paid to the beneficiary if the insured dies during the specified period.

Permanent life insurance originally was offered as a fixed premium fixed return product known as whole life insurance also known as cash surrender life insurance. This offered consumers guaranteed cash value accumulation and a consistent premium. Consumers later wanted more flexibility which was offered in the form of universal life insurance. Universal life insurance allows consumers flexibility in when premiums are to be paid and the amount that they would be. Universal life policies also allowed consumers to permanently withdraw cash from the policy without the interest associated with the loan provisions in whole life policies. Universal life policies retained the fixed investment performance of whole life policies. Variable life insurance follows the mold of whole or universal life, but it shifts the investment risk to the consumer along with the potential for greater returns. Variable universal life insurance combines this with the flexibility in premium structure of universal life to create the most free form option for consumers to manage their own money (at their own risk). Variable universal life insurance policies are considered more favorable to other permanent life insurance alternatives due to the favorable tax treatment of all permanent life insurance policies and their potential for greater returns than other permanent life insurance products.

Payout likelihood

Because permanent life insurance programs are designed to be permanent and pay a death benefit, the cost of insurance is considerably higher than term insurance. Term insurance is referred to as pure death benefit with no cash accumulation vehicle tied to it. Because of this, term premiums remain 8 to 10 times less expensive than permanent premiums for the same coverage.[citation needed] Most people are drawn to term insurance for the low cost and the ability to invest the difference in separate financial products. Doing so has a potential drawback in some cases because all term policies eventually expire and the client would then have to pay a higher premium based on his attained age or he may not be able to qualify for a new policy at that point. In these situations, money earned from investments may not measure up to the coverage the policy would have provided.

Life insurance tax shelter

2009-02-24T03:25:00.000-08:00

life insurance tax shelter uses investments in life insurance to protect income or assets from tax liabilities. Life insurance proceeds are not taxable in many jurisdictions. Since most other forms of income are taxable (such as capital gains, dividends and interest income), consumers are often advised to purchase life insurance policies to either offset future tax liabilities, or to shelter the growth of their investments from taxation.

Life insurance to cover future taxes

In those jurisdictions where life insurance proceeds are only tax free at death, tax liabilities that come due at death are often offset by a policy of the same size. Since the mathematics required to compare different strategies is quite complex, most consumers defer to an accountant or life insurance agent for advice. However, there is often vast differences of opinion between these professionals, even given the same starting conditions. This should not be surprising, given the huge future differences that even small variances in starting conditions can make.

For example, assume that an individual is likely to owe $100,000.00 in taxes at death. If a permanent life insurance policy with a $100,000.00 death benefit costs $1,000 per year (remaining level for life), and the life expectancy of the person is 30 years, then the following events could occur.

* The individual could die early. In this case, it is unlikely that any alternative investment of the $1000 per year would have yielded the required $100,000.00 at death.
* The individual could live much longer than expected. The individual could have built up a significant cash value within the policy, depending on investment selection. As such, the individual would have access to these cash values tax-free regardless of growth, provided it is set up properly.

Since one normally does not know which of these will occur (see adverse selection) calculations must be based on expected life expectancies for people of similar gender, physical condition, and behaviour.

Life insurance to shelter investment growth and income

In an attempt to achieve the "best of both worlds" (protection in the case of early death, and additional tax-protected returns in the case of long life), life insurance policies were created containing investment accounts having preferential tax treatment. This is most often done with a Variable universal life policy. See that article for some discussion of the tax issues.

Medical savings account

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Medical savings account (MSA) refers to an account in which tax-deferred deposits can be made for medical expenses.
In the United States, a Medical Savings Account (MSA) refers to an American medical savings account program, generally associated with self-employed individuals, in which tax-deferred deposits can be made for medical expenses. Withdrawals from the MSA are tax-free if used to pay for qualified medical expenses. The MSA must be coupled with a high-deductible health plan (HDHP). Withdrawals from MSA go toward paying the deductible expenses in a given year. MSA account funds can cover expenses related to most forms of medical care, disability, dental care, vision care, and long-term care, whether the expenses were billed through the qualifying insurance or otherwise.

Once the plan deductible is met in a given year, the HDHP will pay any remaining covered medical expenses in that year. If there are funds remaining in the MSA at the end of the year, the funds can either roll over for the following year or can be withdrawn as taxable income.

MSAs have been superseded by Health Savings Accounts (HSAs), were established as part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. Existing MSAs were grandfathered, however.
History

The idea of the MSA appears to have come from health care analysts that were concerned about the problem of "overinsurance." They reasoned that overinsurance was raising the cost of health care expenses. They further reasoned that if patients (as opposed to third-party payers) paid their own medical expenses, then the cost of health care would decrease.[citation needed]

During the early 1990s, think tanks such as the National Center for Policy Analysis and insurance companies such Golden Rule Insurance Company began to promote passage of a law that would allow for tax-free contributions to a medical savings account. Even though the US Congress was under Republican control and the MSA concept was central to the Republican Party's health care agenda, a federal MSA law failed to materialize during the 1990s. However, Congress did pass an MSA pilot as a part of the Health Insurance Portability and Accountability Act (HIPAA) in 1996. In the meantime, some states also pass MSA legislation. Missouri was the first state to do so in 1993. By 1998, 25 states had some form of MSA legislation offering a state tax break to those who open MSAs.[citation needed]

The MSA for the self-employed person or business is now called an 'Archer MSA' by the Internal Revenue Service (IRS). The 'Archer MSA' term refers to the sponsor of the HIPAA amendment creating the accounts in 1996, Congressman Bill Archer of Texas. The Archer MSA is considered an IRS pilot program that must be extended by the US Treasury Department on a periodic basis.

[edit] Purpose and advantages

The Archer MSA is intended to be used by self-employed individuals and small businesses with fewer than 50 employees. The plan is entirely self-directed, including its initial setup and compliance with the plan thresholds.

The plan enables a participant dual to fund a tax-exempt account for medical expenses incurred before an associated 'high deductible' insurance plan begins to cover those expenses. The individual pairs the MSA with a 'catastrophic insurance' plan, which has lower premiums than plans with lower deductibles.

The individual deposits funds in the MSA to cover medical expenses; these deposits are exempt from income tax. Any money added to the account can roll over to another year if unused. MSAs are investment accounts, they can accumulate over the deductible level, can be used for qualified investments, and grow tax free. The MSA account may be convertible into a standard IRA savings plan after a specified age threshold is reached. The amounts contributed for medical savings do not impose a cap on standard IRA contributions.

Among the medical expenses that can be paid out of an MSA account are premiums for long-term care coverage, health care coverage paid while receiving unemployment benefits, or any form of health care continuation coverage required under any federal law.

The risk is that an MSA account holder may find that their medical expenses outstrip the contributions they can afford to make.

Long term care insurance

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Long-term care insurance (LTC or LTCI), an insurance product sold in the United States and United Kingdom, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.^[1] About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. Early onset (before age 65) Alzheimer's and Parkinson's disease are rare but do occur.

Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day (up to the policy benefit maximum).

Other benefits of long-term care insurance:

Many individuals may feel uncomfortable relying on their children or family members for support, and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family.
Premiums paid on a long-term care insurance product may be eligible for an income tax deduction. The amount of the deduction depends on the age of the covered person.^[2] Benefits paid from a long-term care contract are generally excluded from income.
Business deductions of premiums are determined by the type of business. Generally corporations paying premiums for an employee are 100% deductible if not included in employee's taxable income.^[3]

In the United States, Medicaid provides some of the benefits of long term care insurance. A welfare program, Medicaid does provide medically necessary services for people with limited resources who "need nursing home care but can stay at home with special community care services."^[4] However, Medicaid generally does not cover long-term care provided in a home setting or for assisted living. People who need long-term care often prefer care in the home or in a private room in an assisted living facility.

Health savings account

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A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), funds roll over and accumulate year over year if not spent. HSAs are owned by the individual, which differentiates them from the company-owned Health Reimbursement Arrangement (HRA) that is an alternate tax-deductible source of funds paired with HDHPs. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. Withdrawals for non-medical expenses are treated very similarly to those in an IRA in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier. These accounts are a component of consumer driven health care.

Proponents of HSAs believe that they are an important reform that will help reduce the growth of health care costs and increase the efficiency of the health care system. According to proponents, HSAs encourage saving for future health care expenses, allow the patient to receive needed care without a gate keeper to determine what benefits are allowed and make consumers more responsible for their own health care choices through the required High-Deductible Health Plan.

Opponents of HSAs say they worsen, rather than improve, the U.S. health system's problems because people who are healthy will leave insurance plans while people who have health problems will avoid HSAs. There is also debate about consumer satisfaction with these plans.

Deposits

Deposits to an HSA may be made by any policyholder of an HSA-eligible high-deductible health plan or by their employer, or any other person. If an employer makes deposits to such a plan on behalf of its employees, non-discrimination rules still apply — that is, all employees must be treated equally. However, if contributions are made through a Section 125 plan, non-discrimination rules do not apply. Employers may treat full-time and part-time employees differently, and employers may treat individual and family participants differently. (The treatment of employees who are not enrolled in a HSA-eligible high-deductible plan is not considered for non-discrimination purposes.) Also, for 2007, employers may contribute more for non-highly compensated employees than highly compensated employees.

Contributions from an employer or employee may be made on a pre-tax basis through an employer. If this option is not available through the employer, contributions may be made on a post-tax basis and then used to decrease gross taxable income on the following year's Form 1040. The main advantage of making pre-tax contributions is the FICA and Medicare Tax deduction, which amounts to a savings of 7.65% to the employer and employee. The self-employed must pay self-employment tax on their contributions. Regardless of the method or tax savings associated with the deposit, the deposits may only be made for persons covered under an HSA-eligible high-deductible plan, with no other coverage beyond certain qualified additional coverage.

Initially, the annual maximum deposit to an HSA was the lesser of the actual deductible or specified IRS limits. Congress later abolished the limit based on the deductible and set statutory limits for maximum contributions. For example, the 2008 statutory limits are $2,900 individual and $5,800 family.^[6] All contributions to an HSA, regardless of source, count toward the annual maximum. A catch-up provision also applies for plan participants who are age 55 or over, allowing the IRS limit to be increased.^[7] Contribution limits for 2009 are $5950 for Family, $3,000 for individual, and $1,000 for catch-up contributions.^[8]

All deposits to an HSA become the property of the policyholder, regardless of the source of the deposit. Funds deposited but not withdrawn each year will carry over into the next year. If the policyholder ends their HSA-eligible insurance coverage, he or she loses eligibility to deposit further funds, but funds already in the HSA remain available for use.

The Tax Relief and Health Care Act of 2006 signed into law on December 20, 2006, added a provision allowing a one-time rollover of IRA assets to be used to fund up to one year's maximum HSA contribution.

State tax treatment of HSAs varies. Depending upon the state, HSA contributions and earnings may or may not be subject to state taxes.

[edit] Investments

Funds in an HSA can be invested in a manner similar to investments in an Individual Retirement Account (IRA). Investment earnings are sheltered from taxation until the money is withdrawn (and can be sheltered even then, as discussed in the section below).

While HSAs can be "rolled over" from fund to fund, an HSA cannot be rolled into an IRA or a 401(k), and funds from these types of investment vehicles cannot be rolled into an HSA, except for the one time IRA transfer allowed above. Unlike some employer contributions to a 401(k) plan, all HSA contributions belong to the participant immediately, regardless of the deposit source. A person contributing to an HSA is under no obligation to contribute to his or her employer-sponsored HSA, although employers may require that payroll contributions be made only to the sponsored HSA plan.

[edit] Withdrawals

HSA participants do not have to obtain advance approval from their HSA trustee or their medical insurer to withdraw funds, and the funds are not subject to income taxation if made for qualified medical expenses. These include costs for services and items covered by the health plan but subject to cost sharing such as a deductible and coinsurance, or co-payments, as well as many other expenses not covered under medical plans, such as dental, vision and chiropractic care; durable medical equipment such as eyeglasses and hearing aids; and transportation expenses related to medical care. Non-prescription, over-the-counter medications are also eligible.^[9] ^[10]

There are several ways that funds in an HSA can be withdrawn. Some HSAs include a debit card, some supply checks for account holder use, and some allow for a reimbursement process similar to medical insurance. Most HSAs have more than one possible method for withdrawal. The exact method of withdrawal varies from HSA to HSA and can be considered a marketing design issue. Checks and debits do not have to be made payable to the provider. Funds can be withdrawn for any reason, but withdrawals that are not for documented qualified medical expenses are subject to income taxes and a 10% penalty. The 10% tax penalty is waived for persons who have reached the age of 65 or have become disabled at the time of the withdrawal. Then, only income tax is paid on the withdrawal, and in effect the account has grown tax deferred (similar to an IRA). Medical expenses continue to be tax free.

Account holders are required to retain documentation for their qualified medical expenses. Failure to retain and provide documentation could cause the IRS to rule withdrawals were not for qualified medical expenses and subject the taxpayer to additional penalties.^[11]

When a person dies, the funds in their HSA are transferred to the beneficiary named for the account. If the beneficiary is a surviving spouse, the transfer is tax-free.

Flexible spending account

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flexible spending arrangement (FSA), or Flexible Spending Account, as they are commonly called, is one of a number of tax-advantaged financial accounts that can be set up through a cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.

The most common FSA, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer driven health care plan, medical FSAs are commonly offered with more traditional health plans as well. An FSA may be utilized by paper claims or an FSA debit card also known as a Flexcard.

Types of FSAs

Most cafeteria plans offer two different flexible spending accounts; one is for qualified medical expenses and the other is for dependent care expenses. A few cafeteria plans offer other types of FSAs, especially if the employer also offers an HSA. Participation in one type of FSA does not affect participation in another type of FSA, but funds cannot be transferred from one FSA to another.

Medical expense FSA

The most common type of FSA is used to pay for medical expenses not paid for by insurance; this usually means deductibles, copayments, and coinsurance for the employee's health plan, but may also include expenses not covered by the health plan, such as dental and vision expenses and over-the-counter drugs including a first aid kit. A medical FSA cannot pay for health insurance premiums, cosmetic items, cosmetic surgery, controlled substances (in violation of federal law), or items that improve "general health". All items must be intended to treat or prevent a specific medical condition; this can be as significant as diabetes or pregnancy, or as trivial as skin cuts. Generally, allowable items are the same as those allowable for the medical tax deduction, as outlined in IRS publication 502.

The annual caps for a medical FSA varies by employer. Unlike dependent care FSAs, there is no IRS cap on medical FSAs, but employers generally limit the annual amount each employee may contribute, in order to reduce the risk of pre-funding. Should the employee leave or be terminated and thus no longer pay in to the plan, the employer does not recapture their pre-funding from the employee's payroll deduction.

Flexible Spending Accounts debit card allows for the automatic electronic transfer of pre-tax dollars from an employee account when paying for qualified expenses. Employees are able to receive immediate reimbursement of their medical, dependent care, and commuter expenses simply by using their card at the point of service. The normal paper claims process is eliminated, as are worries of forgotten purchases or lost receipts.

Dependent care FSA

FSAs can also be established to pay for certain expenses to care for dependents that live with you while you are at work. While this most commonly means child care, it can also be used for adult day care for senior citizen dependents that live with you, such as parents. It cannot be used for summer camps (other than "day camps") or for long term care for parents that live elsewhere (such as in a nursing home).

The dependent care FSA is federally capped at $5,000 per year. While married spouses can each elect to have this amount deducted from their paycheck and applied to expenses, at tax time all withdrawals in excess of $5,000 are taxed. Unmarried couples can each deduct and use $5,000.

Unlike medical FSAs, dependent care FSAs cannot be "pre-funded"; employees can only receive reimbursement as funds are deposited into the FSA. Also, although FSA debit cards can be used with dependent care FSAs, they are subject to restrictive IRS requirements that generally require employees to pay the first child-care bill of each year by other means, among other things.

While medical FSAs almost always favor the taxpayer, dependent care FSAs are a more complicated matter because they are a tradeoff between pre-tax deductions and tax credits, not itemized deductions. Enhancements to child tax credits in recent years have made them more attractive than dependent care FSAs for many taxpayers.

If married, BOTH spouses must earn income in order for the Dependent Care FSA to work. The only exception is if the non-earning spouse is disabled or a student. If one spouse earns less than $5,000 then the benefit is limited to whatever that spouse earned. Many plan coordinators do not warn of this limit. This limitation can create a situation where the earning spouse sets up a Dependent Care FSA and dutifully sends in receipts to withdraw funds and then at tax time the FSA is effectively eliminated and all the work wasted. See IRS Form 2441 Part III for details.

Other FSAs

Though not as common as the FSAs listed above, some employers have offered adoption assistance through an FSA. Also, though medical FSAs cannot reimburse for health premiums, some small employers without a health plan have established FSAs to reimburse their employees for individual health premiums.

FSA's coverage period

An FSA's coverage period ends either at the time the "plan year" ends for your plan or at the time when your coverage under that plan ends. Example: Loss of coverage due to a separation from the employer.

This means that if, for example, you are employed by a company from January through June and covered on their cafeteria benefits plan (including FSA) during that time, but do not elect and pay for continued coverage under that plan (i.e., COBRA). Your coverage period is defined only as January through June, not January through December as one might think.

Methods of withdrawal from FSAs

In recent years, the FSA debit card was developed to eliminate "double-dipping" by allowing employees to access the FSA directly, as well as to simplify the substantiation requirement which required labor-intensive claims processing; the debit card also enhances the effect of "pre-funding" medical FSAs. However, the substantiation requirement itself did not go away, and has even been expanded on by the IRS for the debit-card environment; therefore, withdrawal issues still remain for FSAs.

According to Celent, as of May 2006, there were approximately 6 million debit cards in the market tied to an FSA account, representing 25% of the FSA participating community. Celent projects that FSA cards will increase FSA adoption rates. The average card participation rate was around 20% as of May 2006. By 2010, it is projected this rate will increase to 85%

Advantages and disadvantages of all FSAs

An FSA allows money to be deducted from an employee's paycheck pre-tax and then spent on qualified expenses.

For an example of potential tax savings associated with a flexible spending account, a person in the 28% Federal marginal tax bracket and an example 4% state tax (along with FICA taxes of typically 7.65%, for a total tax of almost 40%), could deduct $2,000 and put that money into an FSA for health care. This would result in almost $800 in tax savings.

Disability insurance

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Disability insurance, often called disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that disability will make working (and therefore earning) impossible. In other words, it answers the question, "How would I pay for my living expenses if I became unable to work?"

Types of disability insurance

National social insurance programs

In most developed countries, the single most important form of disability insurance is that provided by the national government for all citizens. For example, the UK's version is part of the National Insurance; the U.S.'s version is Social Security (SS)—specifically, several parts of SS including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). These programs provide a floor beneath all the other piecemeal forms of disability insurance in our societies. In other words, they are the safety net that catches everyone who was either (a) otherwise uninsured or (b) otherwise underinsured. As such, they are very large, very important programs, with many beneficiaries. The general theory of the benefit formula is that the benefit is not large but is enough to prevent abject poverty.

Employer-supplied disability insurance

Since one of the top reasons for becoming disabled is getting hurt on the job, it is not surprising that the second-most important form of disability insurance is that provided by employers to cover their employees. There are several subtypes that may or may not be separate parts of the benefits package: workers' compensation and more general (but very basic) disability insurance policies.

Workers' compensation

Workers' compensation (also known by variations of that name, e.g., workman's comp, workmen's comp, worker's comp, compo) offers payments to employees who are (usually temporarily, rarely permanently) unable to work because of a job-related injury. However, workers' compensation is in fact more than just income insurance, because it may pay compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), general damages for pain and suffering, and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance).

Other

These policies offer payments to employees who are (usually temporarily, rarely permanently) unable to work because of any injury or illness, even if it is not job-related. Unlike workers' compensation, this coverage may not involve any aspect of health insurance, life insurance, or payments for pain and suffering. Similarly to most employer-supplied health insurance, these plans are essentially just open-market plans with the advantage of a negotiated group rate. That is, they are similar to what an individual would buy, but they are purchased with a volume discount. Another general fact about them is that they tend to offer rather basic, low-end coverage, essentially because most people balk at paying for anything more. Sometimes each employee has the option to buy upgraded coverage if they are willing to pay for it.

- Injury cover-Health insurance

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Injury cover may refer to the act of receiving or claiming compensation for work related injuries.

It also may be used in conjunction with:

Health Insurance - A form of group insurance, where individuals pay premiums or taxes in order to help protect themselves from high or unexpected healthcare expenses.

The term health insurance is generally used to describe a form of insurance that pays for medical expenses. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.

By estimating the overall risk of healthcare expenses, a routine finance structure (such as a monthly premium or annual tax) can be developed, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization, most often either a government agency or a private or not-for-profit entity operating a health plan.
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Workers' compensation - To protect employees who have incurred work-related injuries.

Workers' compensation (colloquially known as workers' comp in North America or compo in Australia) is a form of insurance that provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain." While plans differ between jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in worker compensation plans.

Employees' compensation laws are usually a feature of highly developed industrial societies, implemented after long and hard-fought struggles by trade unions. Supporters of such programs believe they improve working conditions and provide an economic safety net for employees. Conversely, these programs are often criticised for removing or restricting workers' common-law rights (such as suit in tort for negligence) in order to reduce governments' or insurance companies' financial liability. These laws were first enacted in Europe and Oceania, with the United States following shortly thereafter.

Damages - legal term referring to the financial compensation recoverable by reason of another's breach of duty; the money paid or awarded to a plaintiff.

This article is about the law term. For the television series, see Damages (TV series). For other uses, see Damages (disambiguation).

In law, damages refers to the money paid or awarded to a claimant (England), pursuer (Scotland) or plaintiff (US) following a successful claim in a civil action.

Personal Injury Service - Service by which an injury related claim is made.

Personal Injury Service may refer to the act of receiving or claiming compensation for work related injuries. There are many Law firms who specialize in assisting people who have been injured while at work. Often when an accident occurs in the workplace it is often the cause of negligence on the part of the employer. This is where lawyers can help by providing a Personal Injury Service to the victim of the accident by representing their needs in a court of law and hopefully receive some compensation for any inconvenience caused by an employers negligence.

[edit] History and evolution

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The concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlen from the Peter Chamberlen family. In the late 19th century, "accident insurance" began to be available, which operated much like modern disability insurance.^[2].This payment model continued until the start of the 20th century in some jurisdictions (like California), where all laws regulating health insurance actually referred to disability insurance.^[3]

Accident insurance was first offered in the United States by the Franklin Health Assurance Company of Massachusetts. This firm, founded in 1850, offered insurance against injuries arising from railroad and steamboat accidents. Sixty organizations were offering accident insurance in the US by 1866, but the industry consolidated rapidly soon thereafter. While there were earlier experiments, the origins of sickness coverage in the US effectively date from 1890. The first employer-sponsored group disability policy was issued in 1911.^[4]

Before the development of medical expense insurance, patients were expected to pay all other health care costs out of their own pockets, under what is known as the fee-for-service business model. During the middle to late 20th century, traditional disability insurance evolved into modern health insurance programs. Today, most comprehensive private health insurance programs cover the cost of routine, preventive, and emergency health care procedures, and also most prescription drugs, but this was not always the case.

Hospital and medical expense policies were introduced during the first half of the 20th century. During the 1920s, individual hospitals began offering services to individuals on a pre-paid basis, eventually leading to the development of Blue Cross organizations.^[4] The predecessors of today's Health Maintenance Organizations (HMOs) originated beginning in 1929, through the 1930s and on during World War II

Health insurance

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Kinds of Insurance part 3

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Other types

Collateral protection insurance or CPI, insures property (primarily vehicles) held as collateral for loans made by lending institutions.
Defense Base Act Workers' compensation or DBA Insurance provides coverage for civilian workers hired by the government to perform contracts outside the U.S. and Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase coverage to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products provide a benefit to a third party (the "obligee") in the event the insured party (usually referred to as the "obligor") fails to perform its obligations under a contract with the obligee.
Kidnap and ransom insurance
Locked funds insurance is a little-known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required.
Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. See the Nuclear exclusion clause and for the United States the Price-Anderson Nuclear Industries Indemnity Act)
Pet insurance insures pets against accidents and illnesses - some companies cover routine/wellness care and burial, as well.
Pollution Insurance, which consists of first-party coverage for contamination of insured property either by external or on-site sources. Coverage for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.
Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, personal liabilities, etc.

[edit] Insurance financing vehicles

Protected Self-Insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information.
Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium × tax multiplier. Numerous variations of this formula have been developed and are in use.
Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations.^[11]
Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords.
No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident.
Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.
Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.
Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others):

[edit] Closed community self-insurance

Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.

In the United Kingdom, The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether.

[edit] Insurance companies

Insurance companies may be classified into two groups:

Life insurance companies, which sell life insurance, annuities and pensions products.
Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories.

Standard Lines
Excess Lines

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

In the United States, standard line insurance companies are "mainstream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.

Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.

Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations.

Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well.

Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.

The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance.

Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:

heavy and increasing premium costs in almost every line of coverage;
difficulties in insuring certain types of fortuitous risk;
differential coverage standards in various parts of the world;
rating structures which reflect market trends rather than individual loss experience;
insufficient credit for deductibles and/or loss control efforts.

There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client.

Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.

The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies.

[edit] Global insurance industry

Life insurance premia written in 2005

Non-life insurance premia written in 2005

Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.

Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums. ^[12]

[edit] Controversies

[edit] Insurance insulates too much

By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer). This problem is known to the insurance industry as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability.

For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider were so irrational as to want to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.

[edit] Complexity of insurance policy contracts

Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.

For example, most insurance policies in the English language today have been carefully drafted in plain English; the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying.

Many institutional insurance purchasers buy insurance through an insurance broker. Brokers represent the buyer (not the insurance company), and typically counsel the buyer on appropriate coverage and policy limitations. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.

Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company.

[edit] Redlining

Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.^[13]

All states have provisions in their rate regulation laws or in their fair trade practice acts that prohibit unfair discrimination, often called redlining, in setting rates and making insurance available.^[14]

In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used.

An insurance underwriter's job is to evaluate a given risk as to the likelihood that a loss will occur. Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate. This basic principle of insurance must be followed if insurance companies are to remain solvent. Thus, "discrimination" against (i.e., negative differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. Older people are thus treated differently than younger people (i.e., a distinction is made, discrimination occurs). The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insured's death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination.

What is often missing from the debate is that prohibiting the use of legitimate, actuarially sound factors means that an insufficient amount is being charged for a given risk, and there is thus a deficit in the system. The failure to address the deficit may mean insolvency and hardship for all of a company's insureds. The options for addressing the deficit seem to be the following: Charge the deficit to the other policyholders or charge it to the government (i.e., externalize outside of the company to society at large).

[edit] Insurance patents

Further information: Insurance patent

New insurance products can now be protected from copying with a business method patent in the United States.

A recent example of a new insurance product that is patented is Usage Based auto insurance. Early versions were independently invented and patented by a major U.S. auto insurance company, Progressive Auto Insurance (U.S. Patent 5,797,134 ) and a Spanish independent inventor, Salvador Minguijon Perez (EP patent 0700009).

Many independent inventors are in favor of patenting new insurance products since it gives them protection from big companies when they bring their new insurance products to market. Independent inventors account for 70% of the new U.S. patent applications in this area.

Many insurance executives are opposed to patenting insurance products because it creates a new risk for them. The Hartford insurance company, for example, recently had to pay $80 million to an independent inventor, Bancorp Services, in order to settle a patent infringement and theft of trade secret lawsuit for a type of corporate owned life insurance product invented and patented by Bancorp.

There are currently about 150 new patent applications on insurance inventions filed per year in the United States. The rate at which patents have issued has steadily risen from 15 in 2002 to 44 in 2006. ^[15]

Inventors can now have their insurance U.S. patent applications reviewed by the public in the Peer to Patent program.^[16]

[edit] The insurance industry and rent seeking

Certain insurance products and practices have been described as rent seeking by critics.^{[citation needed]} That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products.^{[citation needed]} Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.

[edit] Criticism of insurance companies

Editors are currently in dispute concerning points of view expressed in this article. Please help to discuss and resolve the dispute before removing this message. (September 2008)

Some people believe that modern insurance companies are money-making businesses which have little interest in insurance.^{[citation needed]} They argue that the purpose of insurance is to spread risk so the reluctance of insurance companies to take on high-risk cases (e.g. houses in areas subject to flooding, or young drivers) runs counter to the principle of insurance.^{[citation needed]}

Other criticisms include:

Insurance policies contain too many exclusion clauses. For example, some house insurance policies do not cover damage to garden walls.^{[citation needed]}

Many insurance companies now use call centres and staff attempt to answer questions by reading from a script.^{[citation needed]} It is difficult to speak to anybody with expert knowledge.^{[citation needed]} While policyholders find their premium payments decrease when dealing with companies who sacrifice the use of trained insurance agents, they also risk greater financial loss due to inadequate coverage protection.^{[citation needed]} Those companies who invest in educated insurance agents provide a valued service to the community. Policyholders who work with knowledgeable insurance agents are more likely to identify needs, evaluate options, purchase sufficient insurance protection, and minimize the risk of heavy financial loss for themselves and their family.^{[citation needed]}

[edit] Glossary

'Combined ratio' = loss ratio + expense ratio. Loss ratio is calculated by dividing the amount of losses (sometimes including loss adjustment expenses) by the amount of earned premium. Expense ratio is calculated by dividing the amount of operational expenses by the amount of written premium. A lower number indicates a better return on the amount of capital placed at risk by an insurer.
'SSA' = subscriber savings account.
'AIF' = attorney in fact.

Kinds of Insurance part 2

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Casualty

Casualty insurance insures against accidents, not necessarily tied to any specific property.

Main article: Casualty insurance

Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

[edit] Life

Main article: Life insurance

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

In U.S., the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. A combination of low-cost term life insurance and a higher-return tax-efficient retirement account may achieve better investment return.

[edit] Property

Main article: Property insurance

This tornado damage to an Illinois home would be considered an "Act of God" for insurance purposes

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Automobile insurance, known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.
- Driving School Insurance insurance provides cover for any authorized driver whilst undergoing tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are equally liable in the event of a claim.
Aviation insurance insures against hull, spares, deductibles, hull wear and liability risks.
Boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.
Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.
Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."^[10]
Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home.
A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.
Home insurance or homeowners' insurance: See "Property insurance".
Landlord insurance is specifically designed for people who own properties which they rent out. Most house insurance cover in the U.K will not be valid if the property is rented out therefore landlords must take out this specialist form of home insurance.
Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
Surety bond insurance is a three party insurance guaranteeing the performance of the principal.
Terrorism insurance provides protection against any loss or damage caused by terrorist activities.
Volcano insurance is an insurance that covers volcano damage in Hawaii.
Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and tropical cyclones.

[edit] Liability

Main article: Liability insurance

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
Errors and omissions insurance: See "Professional liability insurance" under "Liability insurance".
Professional liability insurance, also called professional indemnity insurance, protects insured professionals such as architectural corporation and medical practice against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, Insurance agents, home inspectors, appraisers, and website developers.
Directors and officers liability insurance protects an organization (usually a corporation) from costs associated with litigation resulting from mistakes made by directors and officers for which they are liable. In the industry, it is usually called "D&O" for short.
Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament.

[edit] Credit

Main article: Credit insurance

Credit insurance repays some or all of a loan when certain things happen to the borrower such as unemployment, disability, or death.

Mortgage insurance insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt.

Kinds of Insurance part 1

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Auto insurance

Main article: Vehicle insurance

A wrecked vehicle

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage: (1) Property coverage pays for damage to or theft of your car. (2) Liability coverage pays for your legal responsibility to others for bodily injury or property damage. and (3) Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses. An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium. ^[8]

[edit] Home insurance

Main article: Home insurance

Home insurance provides compensation for damage or destruction of a home from disasters. In some geographical areas, the standard insurances excludes certain types of disasters, such as flood and earthquakes, that require additional coverage. Maintenance-related problems are the homeowners' responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.^[9]

[edit] Health

Main articles: Health insurance and Dental insurance

Almost all developed countries have government-supplied insurance for health

Health insurance policies by the National Health Service in the United Kingdom (NHS) or other publicly-funded health programs will cover the cost of medical treatments. Dental insurance, like medical insurance, is coverage for individuals to protect them against dental costs. In the U.S., dental insurance is often part of an employer's benefits package, along with health insurance. Most countries rely on public funding to ensure that all citizens have universal access to health care.

[edit] Disability

Disability insurance policies provide financial support in the event the policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.
Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.
Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

[edit] Principles of insurance

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Commercially insurable risks typically share seven common characteristics.^[1]

A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004.^[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

what is Insurance ???

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Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.