Monday, December 27, 2010

Insurance Calculator Usage

Insurance Calculator Usage

An insurance calculator is a helpful tool that could be used online or downloaded to use from home or work.  Even if you have an amazing memory, trying to keep all the different information and numbers for the various types of insurance sorted out without a tool such as this would be challenging.  To avoid mistakes or forgetting something important, we strongly recommend you consider depending on an insurance calculator.

For instance, let us say you wanted to determine the current value of your home.  If you have been considering putting your home on the market but with the current economy you have no idea its value, the insurance calculator would help.  In this case, you would feed in certain information and in return, the calculator would use a set formula to provide you with the answers needed.  Literally with minutes, you would have a strong estimate for your home’s value.

You could use an insurance calculator for term life insurance as well.  Just as before, you would provide certain information and in return, the calculator would be able to tell you the amount of life insurance coverage needed.  The great thing about this is that the answers are based on your specific situation because the formula used by each type of insurance calculator is using the data you provide.

Without doubt, shopping for any type of insurance, whether car, home, medical, dental, vision, life, disability, and so on, the entire process can be a little overwhelming.  After all, you now have so many incredible options that trying to figure out what you need and which decision is best can be a little daunting.  However, using the appropriate insurance calculator, much of the guesswork would be eliminated from the equation.

Although you would still need to make comparisons for policy type, terms, and premiums, and request multiple quotes from reputable insurance companies, you can also use an insurance calculator to enhance the overall experience.  A common problem for people buying life insurance or purchasing health or automobile coverage for the first time is that unless they have an excellent agent providing guidance, they guess at what kind and amount of coverage needed.

Because of this, often people end up with too little or too much coverage.  In one case, the person would have adequate coverage but spend more each month on premiums than necessary.  On the hand, the person would not be spending as much every month but when the time comes to file a claim, they quickly discover they are not adequately covered.  Using an insurance calculator, a person could get a precise answer for insurance coverage.

People all over the world have been hit hard by the economy and as a result, it is more important now than ever before to develop a budget and use available tools to stick to it.  An insurance calculator is just one such tool that would help make this possible.  In addition to knowing the right policy, the calculator would also tell you how much coverage you need but when compared to your budget.

If you were to use Google, Yahoo, Lycos, or any other search engine, you could enter keywords such as “insurance calculator for homeowner’s insurance” or “insurance calculator for automobile insurance coverage” and in return, you would be provided with numerous sites that have a tool you can use free.

Home Insurance

Home Insurance

Home insurance (or home owner's insurance) is a type of property insurance. One's residence or home, including all its contents, is within the category of home insurance. The cost an insurer pays for a homeowners insurance policy is determined by taking into account the replacement cost of the home along with all of the home's contents.

These values are normally determined by the value of the home as dictated by the property market and what amount similar homes sell for in that area. Different cities or countries will determine this value differently.

A home insurance policy generally remains active over a specific time period, during which the insured has to pay premiums, i.e. money paid towards insurance costs every term, to the insurer (usually the insurance company).

However, home insurance that is not contracted over a fixed time period may also be obtained by the insured and is called perpetual insurance.
Home Insurance: Cost of Premiums

The amount to be paid towards premium depends largely on the vulnerability of the home that is insured. The more susceptible the home, the larger are its premiums. In other words, a home in an area with many or frequent natural disasters may be very costly to insure. For example, insuring a house on a beach cliff that is quickly eroding may be a very expensive proposition. In an extreme case, insurance companies may not insure it at all.

Home Insurance: Different Contingencies

In addition to home insurance including the home and all its contents, it can also cover against any or all of the following:

    * fire or lightning and smoke
    * storms of all kinds
    * explosions
    * riots or civil commotion
    * burglary
    * breakage of glass
    * vandalism, hooliganism and vindictive mischief

Understanding Home Insurance

Here is some information to help you understand home insurance better:



    * Home insurance company: Rates charged by home insurance companies generally differ from one to another. They offer different types of policies, for different degrees of coverage, and operate in different countries and regions. Find different rates charged by various home insurance companies, and how their products differ.



    * Home insurance coverage: Home insurance coverage mainly covers one's residential home with all of its contents. Get detailed information on home insurance coverage.



    * Home insurance brokers: Home insurance brokers generally act as a medium between the ultimate customers and the home insurance companies. Know more about home insurance brokers before making a purchase.

Health Insurance

Health Insurance

At its simplest, health insurance is an agreement made between a person and an insurance company. The person, or the insured, must pay a regular fee (called a premium) to the insurance company. In return, the insurance company will pay all or (usually) some medical expenses needed when the insured becomes injured, ill, or otherwise hospitalized

Health insurance is critical, especially to those living in areas where the costs of hospitalization are high. Most developed nations offer government subsidized medical care, which makes it less critical to have health insurance.

In the US, however, medical care is exteremly expensive, and is not paid for by the government. Therefore, it is wise for all Americans living in the US to have good health insurance policies.

Health insurance can be bought on an individual basis or on a group basis. Health insurance bought on a group structure usually is through an employer, as many employers provide health insurance coverage to their employees. And this is now becoming a big problem for Americans, with unemployment running so high; if you lose your job, not only do you lose your income - you are often also left without health coverage as well.

Double Trouble: Losing Your Job And Health Insurance

Losing your job and becoming unemployed in any economy is never easy. For many people, in fact for most people, losing your job also means losing your health insurance coverage. The effect on the family can be devastating. Not only has an income been lost, but replacing the health insurance coverage for the family without an income as a double negative effect. As job losses continue to mount, the number of people who find themselves in this situation is staggering.

While the debate on healthcare reform continues to rage on, relief for those affected and who fall victim to the health care crisis, won't be coming anytime soon. People who are affected by this crisis need to be proactive about securing health insurance for themselves and for their families. There are some short-term strategies that you can apply if you find yourself in this situation.

The ideal situation if indeed you lost your health insurance, would be to be added to your spouses health insurance policy. That being said, this option is not available to everyone. Your second option would be to enroll in COBRA. What is cobra? COBRA, The Consolidated Omnibus Budget Reconciliation Act is a federal law that was passed in 1986 to require companies with 20 or more employees to continue offering health insurance at group rates to former employees and their family members. The coverage can be extended to 18 months from the time you leave your job. If the company that you were employed by goes out of business, they are not required to provide COBRA coverage. Finally your third option is to search for an insurance policy on your own.

For many people the cost of continuing coverage through COBRA is prohibitive. Employers generally pay a percentage of the cost of family health coverage for their employees. If you lose your job, you are on the hook for the full amount. Since you just lost your job and your income being able to afford COBRA, isn't really an option.

Even the most disciplined of persons, who saved money for the rainy day that they are now experiencing, this is difficult. Health insurance premiums can quickly wipe out an emergency fund long before you either find another job or the 18 months that you can qualify for COBRA expires.

One of the benefits of COBRA is that you can be rejected because of your health. So for those with pre-existing medical conditions COBRA becomes the best option, because affordable health insurance coverage is generally not readily available for pre-existing conditions. The key is affordable health insurance coverage. There are many insurance companies who will cover pre-existing conditions if you are willing to pay exorbitant premiums and accept exclusions in your policy.

As for the second option of being added to a spouses health insurance plan, this is a great way to deal with the loss of your health coverage. However, not everyone is fortunate enough to have an option of choosing between two health insurance policies. However, if you do have an option like this, you would do well to take advantage.

The third option of shopping for individual policy on your own is the scenario most people have to deal with. Affordable health insurance coverage is as difficult to find as any insurance coverage on the market. Again you are dealing with no income and potentially creating another family budget expense. The key to finding affordable coverage is diligence in your shopping.

If you are healthy and young you should not have any trouble finding health coverage. If you are older and have pre-existing conditions, you may be forced to reduce coverages in order to afford the premium. If you are rejected by private insurers most states offer high-risk pools. Again, the premiums for such coverage will not be inexpensive.

Choose from a list of health insurance companies that provide coverage in your area. Decide whether you want to shop for the coverage on your own or to employ the services of an insurance broker. An insurance broker generally represents several companies and knows the markets and what is available in the way of insurance coverages. Insurance brokers are very helpful in this regard. Essentially you can let the insurance broker do all the work and all that would be left for you is to choose a company based on your needs.

Shopping for health insurance coverage online has made it somewhat easier for individuals to compare and choose the best policies for their families. She gets a health insurance coverage that you are trying to buy is a stopgap type coverage until you get another job, you may consider getting health coverage that will pay for catastrophic illnesses. The more expenses that you are able to pay for out-of-pocket, the less premium you can expect to pay for health coverage.

As you can see the victims of job loss sometimes suffer double trouble, losing their health insurance coverage as well. These will be most stressful times for you and your family. In the United States it is estimated that 25 million people are without health insurance coverage. That number is more or less depending on whom you obtain your data from. The remedy for seems to be sometime in the future. Until then, individuals will have to be diligent, frugal, and creative to find affordable health insurance quotes or coverage for themselves and their families.

Group Insurance Basics

Group Insurance Basics

Group health insurance is a type of coverage available all over the world although the specifics might vary for different states and different countries.  There is an old saying, “power comes in numbers”, and for group insurance, this is definitely the case.  This particular type of insurance is provided through an employer and today, more than 200 million people worldwide have some type of group coverage.

Without doubt, group insurance offers a number of benefits over individual insurance.  For instance, because this insurance is for everyone working for the same company, any risk is distributed evenly.  In other words, if a company of 100 people had two or three employees with expensive medical conditions, instead of those individuals paying all the high cost, expenses are spread out.  While this might seem unfair, the truth is the very opposite.  With group insurance, if an employee were to become seriously ill or injured, costs for the coverage would be affordable.

Another advantage to having group insurance for health coverage is that employees cannot be denied coverage for any reason whatsoever.  Therefore, when an employee is hired, no matter that person’s past or present health, coverage would be provided.  Obviously, this is a big deal since other types of health insurance have very strict limitations for past health problems or pre-existing conditions.

Keep in mind that for a company to offer employees group insurance, certain criteria must be met.  Usually, the company would need to have 100 or more full-time employees.  However, some group insurance options exist for companies with 50 to 100 employees although coverage is generally not as good.  Now, because group coverage is so important, we now see a few insurance companies selling group insurance to companies with as few as two employees and in some cases, for someone who is self-employed.

The cost of group insurance is split between the company and the employee in most instances.  Usually, the company would cover a good portion of the cost for group health insurance, which would be part of the benefits that the company uses as an incentive when hiring new employees.  For instance, an employee may pay only 20% for coverage for an individual policy and up to around 28% for a family of four.

The cost to the employee for group insurance depends on a number of factors but on average, the cost would be anywhere from $250 to $500 a month for a normal size family and a little less for individual coverage.  The advantages of group insurance is that most employers pay the brunt of the expense, the enrollment process is quick and easy, and employers can choose from a number of plans, some they would include maternity, dental, vision, fertility treatment, etc and some not.

While group insurance that offers all the different features is great for people that need the coverage, for employees that would not need a certain type of coverage, it would be unfortunately to pay for it.  As an example, a man would not need maternity coverage with group insurance.  Because of the different needs of employees, companies will often choose a core policy and then allow employees to add on other coverage, as needed for an additional price.

General Insurance Information

General Insurance Information

If you ever hear the term “general insurance”, it means anything other than life insurance coverage.  In other words, general insurance is comprised of protection coverage against things such as burglary, fire, and so on.  In addition, this type of insurance could personal insurance to include accident and health, as well as liability, which is actually a type of legal insurance that would be used by professionals against errors and omissions.

Companies that sell general insurance provide various policy types, even those that provide protection for the home.  In this case, coverage would include allied perils, fire, inundation, earthquake, flood, storm damage, etc.  In addition, general insurance would cover your home from a break in, theft, and other such damages.  Interestingly, general insurance also has policies for machinery should any of them break down.

Then, general insurance covers marine issues.  Under the Marine Cargo policy, any type of goods being transported on the water, by air, or by road would also be protected from theft or damage.  Additionally, automobiles would be covered under different policies for general insurance and in fact, of all the different types of policies available, automobile coverage accounts for the majority of this insurance type.

One important note when it comes to general insurance and property protection.
Only the real value of the property can be purchased in the form of an insurance policy.  If someone were to take out a policy of greater value, risk of being charged with a hefty fine is likely.  By law, insurance coverage cannot be more than actual value so in this case, there could be some legal consequences.

In addition, for general insurance you would be required to insure a property for the value and not less.  If you did not carry enough insurance and something were to happen, you as the policyholder would have the brunt of responsibility for what is referred to as “ratable proportion of loss.”  In other words, if a home were appraised at $200,000 but you only insured it for $100,000, if damage were done to the home to the full amount of the policy, being $100,000; the policy would only pay out $50,000 because you carried 50% less insurance than required.  Of course, if the property were underinsured for 25%, 30%, 40%, or some other amount, the policy would match that on a claim.

Then for personal accident and health, this too would fall under the general insurance policy.  For insurance, you would have coverage if ever hospitalized in the form of cashless or reimbursement.  Individuals could also take out a general insurance policy for accident and health just as for groups.  In this case, insurance protection for an individual would be for one person but for group coverage, it would be for employees in the form of employer provided coverage.

Even liability is a part of general insurance.  Some of the policy types in this case would include motor third-party liability and worker’s compensation.  With so many different types of coverage, general insurance is without doubt important.  With this, people can have the type of coverage needed to enjoy life while being protected.

Fire Insurance, Fire Insurance Policy

Fire Insurance, Fire Insurance Policy

A fire insurance policy involves an insurance company agreeing to pay a certain amount equivalent to the estimated loss caused by fire to the insured, within the time specified in the contract. The indemnity is subject to change depending upon the policy. One should confirm with the insurer about the types of risks covered, since one cannot insure the property against all types of risks of fire.
What is the extent of coverage under a Fire Insurance Policy?

Fire insurance provides protection for the estimated value of the physical house. However, there are a number of exclusions to the same, for example medical bills, loss of human life and pets, loss of personal belongings, structures outside the property (including garages and gazebos), damage to the landscape and expenses for accommodation for the time being. These things can be covered under a package of extended property insurance.
What are the main types of Fire Insurance policies?

* Specific Policy: The insurer is liable to pay a set amount lesser than the property’s real value. In this policy, the property’s actual value is not considered to determine the indemnity. The average clause, which requires the insured to bear the loss to some extent, does not play a role in this policy. In case the insurer inserts the clause, the policy will be known as an average policy.

* Comprehensive policy: This all-in-one policy indemnifies for loss arising out of fire, burglary, theft and third party risks. The policyholder may also get paid for the loss of profits incurred due to fire till the time the business remains shut.

* Valued policy: This policy is a departure from the standard contract of indemnity. The amount of indemnity is fixed and the actual loss is not taken into consideration.

* Floating policy: This policy is subject to the ‘average clause’. The extent of coverage expands to different properties belonging to the policyholder under the same contract and one premium. The policy may also provide protection to goods kept at two different stores.
  
* Replacement or Re-instatement policy: This policy is subject to the re-instatement clause, which requires the insurance company to pay for replacing the damaged property. So, instead of giving out cash, the insurer can re-instate the property as an alternative option.

Why does one need Fire Insurance?

Fire insurance is important because a disaster can occur at any time. There could be many factors behind a fire, for example arson, natural elements, faulty wiring, etc. Some facts that stress the importance of fire insurance include:

    * Fire contributes to the maximum number of deaths occurring in America due to natural disasters.
    * Eight out of ten fire deaths take place at home.
    * A residential fire takes place after every 77 seconds.
    * The major reason for a residential fire is unattended cooking.

Farmer Insurance, Farmers Insurance

Farmer Insurance, Farmers Insurance

Farmer Insurance is a group of company which provides a wide range of products and services. It is a very reputed group and is running successfully for the last 80 years.

From its very inception, the Farmer Insurance has made its own niche in providing wide range insurance coverage of highest quality to the people of America.

This organization was set up by two enterprising person in Los Angeles named John Tyler and Thomas Leavey in the year 1927.

Their first product was Farmers Automobile Insurance Exchange and was launched in Los Angeles.

These entrepreneurs had a family background of farming community and thus were very much conversant with the rural lifestyle. They had observed that the people in the country sides drove their vehicles slowly and were thus safe drivers with less chance of accident.

But on the other hand the urban riders were more adventurous while hitting the gas and hence are more prone to accidents. So, they perceived that forwarding auto insurances to low risk drivers would be beneficial to them because there is more chance that they don't have to reimburse insured amounts to them.

Farmer Insurance is distinguished for its highly professional and dynamic attitude. The agents associated with the Farmer Insurance are trained on a regular basis for keeping pace with the highly dynamic world of Insurance.

Farmer Insurance is also committed in providing cutting edge technology to its agents so that they could provide highest level of service to the customers without any delay.

Farmer Insurance provides all support to its agents for marketing and sales purposes. They get all necessary tools and subsidy from the company for their own advertisement and business development. The agents of Farmer Insurance are also entitled to get all the insurance facilities of the company.

Economy Insurance

Economy Insurance

Although economy insurance is the most sought after policy, as it caters to the middle- and low-income groups, many people find themselves paying much higher medical costs than they had budgeted for. The problem lies in the lack of knowledge of low-cost medical insurance.

Making the Best Use of Medical Economy Insurance

Some of the ways to limit insurance costs are:

* Basics: Take measures to lose weight, exercise, quit smoking, eat a healthy diet and wear seat belts. Doing this may eliminate the need for frequent doctor visits.

* Join a Health Maintenance Organization (HMO) and use only those healthcare providers that are on its network list. Going outside the network might cost you substantially.

* Visit doctors who accept assignments: If you are a member of Medicare, go to only those doctors who accept assignments. This means they will not charge more than what Medicare will pay for a specific procedure. Although you would still be required to pay your deductible and a percentage share of the bill, you will be saved from paying any excess charges. If your doctor does not accept assignment, check with the local Social Security office or your insurer for a list of participating Medicare physicians.

* If you have a fee-for-service plan, request your doctor to limit his fees to the amount that your insurance will pay.

* Arrange for your old X-rays and medical records to be sent to your new doctor or dentist. This will help in cutting down costs.

* Use generic drugs unless there is a valid reason of not doing so.

* Call your doctor or nurse for advice by telephone. This will save on visitation cost.

* If you are paying a part of a doctor’s or hospital bill, be sure to get it itemized. Hospitals sometimes add the cost of treatments that you did not receive to your bill. If the services on the bill are listed in code, seek the help of the billing officer in deciphering and verifying them.

* Get a copy of your doctor or hospital bill to see the amount that was actually paid. Your insurer may have received a discount. Since you might need to pay a percentage of the bill, it should be calculated on the discounted amount, unless the policy states otherwise.

* If there is a 24-hour emergency clinic in your area, check its costs. These clinics are usually less expensive than a hospital emergency room.

* Use low-cost mail-order pharmacies run by HMOs to procure your medicines.

Disability Insurance

Disability Insurance

Disability insurance protects workers against the loss of earnings due to temporary or permanent disability. The insurance policy defines the terms of disability, policy tenure, coverage limit and exclusions.

Types of Disability Insurance

In most developed countries, disability insurance comes in various forms:
# National insurance program: The most important form of disability insurance is the one offered by the government. This program covers all the citizens who are otherwise uninsured or underinsured. The UK version of this program is called National Insurance and in the US, it is termed as Social Security. Although this program does not offer huge benefits, it pays enough to debar poverty.
# Employer disability insurance: Many renowned companies cover their employees against the possible hazards of disability. Employees face a high probability of meeting with an accident at the work place. So, it is essential for companies to offer disability insurance.
# Worker’s compensation: It pays workers disabled by job-related injuries. This program also covers medical expenses and pays benefits to the family members of workers who died while performing job-related tasks.
# Individual disability insurance policy: This policy is meant for the self-employed, temporary employees or those who are not covered under employer disability insurance. An individual can buy such an insurance policy from any insurance company. However, premiums tend to remain high for policies that provide great benefits or that define disability in a broader context.
Individual Disability Insurance Policy

An individual disability insurance policy can be further divided in two types:

# Short-term disability insurance: This policy extends to not more than two years with a waiting period of zero to fourteen days.
# Long-term disability insurance: Based on the premium amount, this policy can extend from a few years to your entire life. However, it has a long waiting period which can last several months.

An individual disability insurance policy has two types of protection features. With a non-cancelable policy, one can renew insurance every year at the same premium and coverage benefits. The insurance company has no right to deny renewal or cancel insurance except for the nonpayment of premium. However, in a guaranteed renewable policy, the insurance company holds the right to increase your premium with rising cost.

Making a claim for disability insurance benefits is not easy. It requires proper documentation regarding how disability occurred and how it prevents the employee from working.

Dental Insurance

Dental Insurance

Dental insurance refers to the cost which one has to bear in order to cover one’s dental expenses. The National Association of Dental Plans states that 46% of Americans do not own dental insurance.

Dental insurance covers all or some of the dental expenses for which one is required to pay a premium to the insurance provider. Dental insurance can be for an individual, a group or company and also for a family.

Group dental insurance is usually done by an employer for the employees. The cost of this is deducted from the employees' salary.

Dental Insurance: Types of Plans

There are basically two types of dental insurance plans:

# Preferred Provider Organization (PPO)

# Dental Health Maintenance Organization (DHMO)

Both these categories of dental insurance have their own benefits and drawbacks.

Dental Insurance: Coverage

Dental insurance generally covers the following, although the coverage may differ from one insurance provider to the other:

# Dental insurance covers dental cleaning for removing plaque and tartar by a professional, which may be needed from time to time.

# Dental insurance may also include extraction of teeth, needing surgery which can be included in non-cosmetic surgery.

# Dental x-ray is also covered by dental insurance. Taking a dental x-ray is important because it shows the exact condition of dentition.

# A person suffering from cavities and chippings can get fillings done. This is also covered by dental insurance.

# Dental insurance also covers situations needing urgent dental attention in case of an injury or accident. The emergency may include tooth replacement or dental surgery.

All dental insurance providers make tall claims, but one needs to weigh the pros and cons carefully before parting with their hard earned money as there are several loopholes which one needs to be aware of.

Find great reviews about the best cosmetic dentist New York has to offer.

Contents Insurance

Contents Insurance

Contents insurance offers financial cover against loss or damage to one’s personal belongings insured under a policy agreement. It is an optional cover that can be bought as part of a comprehensive home insurance policy or as a separate product. However, with the ever-increasing threats of burglary and fire, buying affordable contents insurance is prudent to mitigate the risk of financial loss.
Contents Insurance: Scope of Coverage

Contents insurance offers cover against loss or damage to movables and immovable items that are not fixed, such as electronics, furniture, clothing and decorative items. The policy covers several perils, including:

    * Fire
    * Theft
    * Vandalism
    * Explosions


However, natural disasters, such as earthquake and floods, might not be covered under the policy. This varies among the different insurance companies. Contents insurance also covers legal liability against damage or loss to a third party due to mishandling of the insured contents within the premises.

A standard contents insurance policy offers indemnity plans. Here, the insurance company replaces lost or damaged insured products with another one of similar characteristics. For example, a seven-year-old refrigerator will be replaced with another refrigerator that has been in use for seven years. However, one can always buy a contents insurance policy that provides new-for-old replacement. An individual can also insure household items that s/he carries with him/her and are not placed at home permanently, such as vehicles, mobile phones and laptops.

Not every insurance policy covers jewelry under the standard contents list. Most companies require an individual to buy a separate insurance policy for expensive belongings, such as gold or jewelry.

While buying a contents insurance policy, one has to prepare an inventory of items to be included in the list. For this purpose, an individual should have a clear understanding of all the items that need to be covered under the policy and those that can be excluded. Contact an insurance company’s agent or broker to get information about the coverage.

Filter out items that need insurance cover to build the list. Every essential and costly item should make it to the list. However, more items on the list will mean higher premiums. So, include only the most essential or irreplaceable items in the contents insurance list.

Commercial Insurance, Business Insurance

Commercial Insurance, Business Insurance

Commercial insurance is a risk management solution for businesses. Depending on the nature (type of industry - low risk/high risk) and magnitude (as measured by annual turnover and employee strength) of the business, the value of premium is decided.

What Does Commercial Insurance Cover?
# Property Damage: This is a cash cover against damage to property as a result of earthquakes, fire, flood or demolition.
# General Liability: The expenses incurred due to lawsuits and their consequent judgments are covered.
# Professional Liability / Errors and Omissions: This coverage includes the expenses incurred due to the company’s actions or failure to act, thereby causing damage to someone else.
# Worker’s Compensation: This covers the employer for an employee’s on-the-job injuries. Employees can sue the employer for negligence for injuries during the course of their employment. Compensations to workers are paid through this protection.
# Business Interruption Insurance: This cash cover acts as a financial protection in case the business gets shut down temporarily due to any unfortunate event. The coverage includes all the necessary ongoing expenses as well as the reimbursement of the profit that the company would have been making otherwise.
# Key Person Life Insurance: This is structured to protect the company in case of the loss of a valued and skilled employee. The proceeds from this insurance can be used to hire and train a new employee as well as compensate the monetary loss caused.
# Equipment or Mechanical Breakdown: This cover protects businessmen from the unintentional breakdown of machinery and equipment by reimbursing them for property damage and business interruption losses.

Buying Commercial Insurance

Applying for commercial insurance does not necessarily entitle a business to one. Companies providing commercial insurance policies have certain underwriting standards. These are used for determining the eligibility of a business for commercial insurance. Also, the same parameters are used for deciding how much of coverage can be provided. For a business to be able to get commercial insurance, it must fall in one of the classifications laid down by insurance companies. Therefore, just a clean record does not save a company from payment of high premiums. Therefore, it is important to choose an agent who understands your business and its expansion plans.

Businesses must understand that critical coverage should be put above the premium it is required to pay.

Cheap Insurance, The Best For Less

Cheap Insurance, The Best For Less

Because of so many people are currently living on a tight budget, we see a growing number of people searching locally and online for cheap insurance that provides coverage needed.  Obviously, if you are in this situation, the goal is to find insurance that provides not just excellent coverage but also insurance that fits within your budget.  Although this might seem like an impossible task, you need to know that spending time researching online would yield a number of excellent possibilities.

One of the factors for finding cheap insurance for health, homeowner, automobile, life, and other types of coverage is to know what to look for, but also specific questions to ask.  Therefore, it would be to your advantage to spend a little time learning about the various types of insurance, as well as any new requirements.  A primary example would be searching for health insurance and reading about the new healthcare reform bill that was recently passed by Congress.  This provides you with an opportunity to become educated, which would make it easier to find the best policy for the most affordable rate.

Remember, cheap insurance coverage comes in a variety of different policy types.  Because of this, you definitely want to obtain a number of quotes.  We recommend you get four to five quotes from different companies in the state or country where you live but also from insurance companies online.  Then, with the knowledge you gained with research on insurance, you would have the ability to look at policy details, finding the one policy that would be perfect for your needs but also a policy you could afford.

One misconception about cheap insurance coverage is that because the price is low, it means the coverage must be subpar.  However, nothing could be further from the truth.  Yes, some cheap policies provide cheap coverage but because the insurance industry as a whole is a highly competitive market, finding a cheap insurance policy is actually easier than you might imagine but without sacrificing on the level of coverage.  Therefore, realize that “cheap insurance” does not automatically equate to poor coverage.

One of the most important aspects of insurance shopping is to read the fine print.  Unfortunately, many people look at the big print and overlook the details.  Although going through the information can be tedious, it is imperative to go over the policy carefully.  The reason is that often small clauses are hidden in the fine print.  Additionally, going over the details would help you understand the type and level of coverage that you need so as you go through gathering quotes, you are getting information specific to coverage for your needs.

Unfortunately, the past three years have been tough for people all over the world.  Because of the financial crisis, people are trying to live on less money while still having protection in the form of insurance.  For this reason, finding cheap insurance is even more important.  Of course, insurance companies realize the challenge that some people will face and as a result, many have created innovative policies to accommodate.  Start by determining the amount you can afford to spend on insurance, as well as the type of coverage you want to buy, and then begin the process of reviewing quotes from various companies so you can find high quality but cheap insurance so you have peace of mind.

Car Insurance, Insure Car, Insurance Car, Car Insure Requirements

Car Insurance, Insure Car, Insurance Car, Car Insure Requirements

All drivers must have car insurance, at minimum, liability.  Since you know you have to purchase car insurance, you can see why it is so important to make comparisons among brokers and companies to ensure you get not only the best insurance coverage, but also the rates for the policy chosen.  Remember, just because you find a low priced policy does not mean it provides bad coverage.

One tip for saving on care insurance is to make sure you understand all possible discounts that you might qualify to receive.  Sometimes, discounts are minimal but other times, discounts could be significant enough to save you a lot of money.  For instance, some common discounts offered to insure a care include being a non-smoker, being a student with a good GPA, and even being a driver without any tickets for a specific amount of time.  All of these would be taken into consideration in getting you a nice discount on the care insurance.  Of course, while the insurance company should offer a list of discounts, you should also ask.  That way, you can compare what different companies have to offer.

You also want to consider the make, model, and year of the car you drive.  In this case, if you were in the market for a new automobile, while it might be fun to purchase an expensive sports car, you need to remember that this would increase your monthly premium significantly.  Therefore, if you want to keep your monthly payments down but without sacrificing on the quality of coverage, consider your car.  For instance, if your car is a low-profile vehicle and one with different safety features to include dual airbags, the premium would be more reasonable.  Even keeping driving of your vehicle to just you, in other words, not allowing anyone else to drive would keep the premiums down.

Your driving record will also be a key factor in how much it costs to insure your car.  Although getting a ticket is not always in your control, the goal is to avoid being ticketed so you have a clean record.  When you go to compare different types of car insurance policies from different companies, you would likely be surprised at how this one thing can save you money.  All you need to do is follow the speed limit, avoid driving reckless, and or course, never drink and drive.

The final tip for saving on car insurance is to benefit from all the information available online.  Today, you can look at a number of websites that list all possible insurance companies for the area where you live and the type of insurance you want.  With this, making comparisons for car insurance is extremely fast and easy.  Remember that while car insurance is required by law, there is no reason you have to spend a fortune for good coverage.  Many times, just spending a little time to look at all the different companies, policies, and prices is all it takes to save money on car insurance.

Canada Insurance, Insurance In Canada

Canada Insurance, Insurance In Canada

The life and health insurance sector plays an important role in the lives of Canadians by providing insurance against unexpected events and enhancing their financial condition in the future. Traditional insurance, such as life and disability insurance, spreads risk across many persons to insure against loss of life, serious disability affecting employment or need for additional medical attention.

From estimation it is seen that more than 110,000 Canadians are employed in the life and health insurance sector, making it a significant contributor to Canada's economy. About 57,000 are employed full time by the insurers while the remainder work as independent agents. In total, the life and health insurance industry employs more people than the forestry, chemicals, or pulp and paper sectors.

Recent trends in Canadian Insurance

Canada's insurance companies have made money every year between 1993 and 2003. Profits did hit a low point of $340 million in 2002. Those profits were for 206 companies and represented a 1.7 per cent return on equity.

In March 2004, the insurance industry reported that things were starting to look better. The Insurance Bureau of Canada (IBC) reported profits of $2.6 billion - its best year ever and almost eight times the profits the bureau's 206 members enjoyed in the previous year. "The average company net earning figure was approximately $13 million," the bureau said in a news release.

For the year 2000,banks and other deposit taking institutions in Canada accounted for 50% of the total financial sector services and the rest was divided among life and health insurance (22%), mutual funds (19%), securities and commodities intermediaries (1%) and others (8%), including credit Unions.

Many Financial Institutions in Canada have become more active in abroad. Canada's expansion over the Globe have enabled them to grow in spite of the maturity of Canadian Financial market. 55 percent of the revenue is from the foreign operations of Canadian Life insurance companies.

United States is considered as the key foreign market for Canada. A number of Canadian Insurance Industries have substantial interest beyond the US, for example South East Asia and a lesser extent in Latin America and Europe.

Boat Insurance, Marine Insurance

Boat Insurance, Marine Insurance

Boat insurance can secure one’s peace of mind because we can never know when unfortunate things will happen while enjoying fun moments. We can do a lot to prevent accidents but they cannot be eliminated totally. That is why we need boat insurance to cover ourselves and our property. One should be adequately prepared before stepping on to a boat to safeguard against unforeseen circumstances.

Why you Need Boat Insurance

Boat insurance pays for claims that occur due to accidents, maintenance, usage and ownership.

Accidents on the Water: There are a lot of possibilities of unexpected events that could occur on the water, such as storms, fire, sinking, colliding with another boat and capsizing. There could be severe damages to other watercrafts, docks and even lives. Boat insurance not only takes care of all this damage but can also pay for liability and medical claims for the injured up to the coverage amount purchased.

Accidents on Land: Accidents do occur on the road while transporting boats. Marine insurance covers losses that occur on road, such as collision with another vehicle and damage while towing. Besides covering the boat, insurance can also cover the trailer used for transporting the boat.

Thefts: Thefts often happen on the shore. Marine insurance not only pays for the boat but also for the equipment lost. Furthermore, you will not have to pay the bank loan for a boat that you no longer have.


What Else Is Covered By Boat Insurance?

Boat insurance companies also cover some specific events, such as:
# Vandalism, which can occur while parking the boat at home or at the shore.
# Malfunction of the motor as well as the cost of transporting or towing the boat back to shore can also get covered by the insurance company.

Marine Insurance also includes a number of options, such as reasonable repairs to the boat, emergency services to your boat and the most important wreckage removal. Boat insurance companies can offer you some great deals according to your need. The best way to get an excellent deal is to look for several boat insurance quotes and compare prices before you buy a policy.

Auto Insurance, Automobile Insurance, Car Insurance

Auto Insurance, Automobile Insurance, Car Insurance

In the event of a car accident or damage, auto insurance will protect the owner from the expensive costs involved in fixing the car, other property or another driver's car. Car and auto insurance is essential for all drivers and is required by the law in many states and countries. It is wise to have full coverage automobile insurance, but some drivers can get by on third-party or liability insurance.
Types of Auto Insurance

There are two main types of auto insurance. They are:

Full Coverage Auto Insurance

In the event of an accident, full coverage auto insurance will protect the car and any other cars or property damaged. Normally, finance companies stipulate that any of their clients that have car loans must insure their cars fully. This protects the bank, as the car is theirs until the loan is paid off by the owner.



Third Party Auto Insurance

Third party or liability auto insurance will only protect another party in the event of an accident. So if a car with third party auto insurance hits another car, the other car's damages, and perhaps even the expenses incurred from loss of use, would be paid by the offender's third party insurance. However, any damage to his/her own car would have to be borne by the car owner. Naturally, this is less expensive than full coverage, as it carries far less risk.

Types of Auto Insurance

There are six main types of coverage that can be included in a car insurance policy. They are:

Comprehensive Coverage

Comprehensive coverage, as the name implies, means that no matter what happens to your car, you are covered. This includes theft, fire, and damage caused by extreme weather such as storms, floods, snow or even lightening. If you face the elements daily - or live in a dangerous neighbourhood - then this type of coverage is for you.

Drivers Uninsured or Drivers Underinsured

This type of coverage will protect you and your passengers in the case of an accident caused by another driver, regardless of their insurance status. Without this coverage, you may still end up paying the costs of repair even if the accident was not your fault, simply because the other driver didn't have any insurance, or their policy did not cover third party damages. With this coverage, you needn't worry.

Personal Injury Protection (PIP) Medical Coverage

A lot of drivers focus on insurance for their vehicles, forgetting that serious accidents can send drivers and passengers to hospital, leading to medical bills and loss of income. PIP policies will cover these costs, and can even extend to funeral costs.

Property Damage

And it doesn't stop with cars and passengers. Third party property can be damaged, for instance parked vehicles, buildings and gardens. This type of coverage can be used to offset costs accrued with damage to property

Bodily Injury Liability

This coverage will cover the medical bills for injuries incurred by other drivers, passengers or bystanders in the case of an accident. Don't forget that healthcare costs are the largest source of in the US - and don't add to that statistic by ensuring you are covered!

Collision

This is for the cost of collision (that's a crash to you and me) with another car, lampost, shop window or any other object. This coverage normally comes with a deductible starting from $250. The higher the deductible, the lower the premium will be, understandibly. This coverage is for physical objects only - it does not cover medical or legal bills.

Other Types of Vehicle Insurance

    * Vehicle Insurance
    * Motorcycle Insurance
    * Boat Insurance
    * Coach Hire and Insurance
    * Classic Car Insurance

Australia Insurance, Insurance In Australia

Australia Insurance, Insurance In Australia

Insurance is the gathering of a "pool" or "fund" by way of premiums collected from all policyholders. The pool must have sufficient funds to pay claims, along with the insurer's operational expenses and profit requirements, to enable them to sustain a viable business.

Australian insurers and Australian insurance policies are largely regulated by Commonwealth law under the constitutional power relating to insurance. The sources of liability among citizens are largely regulated by State and Territory laws. Although in some circumstances Commonwealth law may be relevant that is in relation to the provision of services or goods to which the Trade Practices Act might apply.

The law determining whether one party is liable to another and for how much one has tended over the last 30 years to expand situations in which liability will be found to exist. This has occurred by statutory provisions at both State and Commonwealth levels. In addition to this trend, the common law and in particular the law of negligence has developed so that there is a greater likelihood of recovery today than there would have been 30 or 50 years ago.

Insurance Industry In Australia

There were 156 private sector insurers in Australia at 30 June 2001. Among them 102 were direct underwriters dealing with the public or through agents and brokers. To support the direct underwriters there are 28 reinsures. The Australian market comprises companies that are Australian based, as well as many international insurers from the USA, Japan, Europe and the United Kingdom. General insurance industry employs 25,000 people.

For the financial year to 30 June 2001, figures show that the gross revenue of the industry was $17.25B. The total assets were $50.9B against total liabilities of $38.35B. Insurers incurred an underwriting loss in the period of $810M and after investment income produced a profit equal to a total return on shareholders funds of 8%.

In recent years the returns on shareholders funds were as follows:

2000 -2% 1999 4% 1998 1% 1997 4% 1996 3% 1995 0% 1994 2% 1993 2%
Regulations The general insurance industry is licensed and regulated by the Australian Prudential Regulatory Authority. The Australian Securities Investment Commission has authority over the conduct of insurers through the Insurance Contracts Act. (1984). In addition to this Act there are the Insurance (Agents and Brokers) Act 1984, Insurance Act (1973), Privacy Act (1988) the Financial Services Reform Act and the General Insurance Reform Act.

Self-Regulation To assist policyholders Insurance Enquiries and Complaints (IEC) commenced in 1991. IEC is a successful independent industry organization created to implement a speedy, economical and efficient alternative dispute resolution service for insurers and policyholders and is responsible for administration of:

    * General Insurance Enquiries and Complaints Scheme
    * General Insurance Code of Practice, and
    * General Insurance Information Privacy Code.

The Scheme is fully funded by the general insurance industry and is free of charge to policyholders.

Commercial Liability Insurers In Australia

There are a number of underwriting agencies, which provide cover on liability insurance. The underwriting agencies obtain their insurance capacity from Lloyd's, Australian licensed insurers, other overseas markets or reinsures. In most instances these are niche underwriters and they often handle the hard to place liability insurance.

Some liability insurances are placed overseas with insurance companies not licensed in Australia. In such cases the insured cannot rely on the protection of Commonwealth Government legislation governing the conduct of insurers.

There have been changes in the market recently as a number of insurers have been sold, withdrawn from the liability market, or restricted the cover they are prepared to provide. Recent examples of companies that have ceased writing primary liability insurance are St. Paul and AIG. Two major general insurers in AMP and GIO (NSW) were taken over by Suncorp.

Reserving for Claims In Australia

Authorized insurers in Australia are required to maintain an excess of assets over liabilities, which currently is 20% of the prior year's premium or 15% of the outstanding claims provision of the insurer. This prudential requirement is to be replaced at 1 July 2002 with a totally different prudential regime introduced under the General Insurance Reform Act 2001.

So obviously these additional requirements will increase the costs for insurers and that increased cost could be reflected in premiums. The changes also recognise explicitly the different risks associated with long tail and short tail business providing for higher capital charges for long tail business.

When an insurer is advised of a claim it immediately raises an estimate, based on the known information at the time. A provision account for any unreported claims is made based on a recommendation of an actuary.
This provision is called the "Incurred But Not Reported Claims" (IBNR) reserve.

In addition, insurers must allow in their central reserves for possible errors in the claims reserving process often attributable to lack of information on the extent of injuries when the initial claim reserve is set. This can lead to increased reserves in later years for a claim that was first reserved in an earlier year. This additional reserving factor is known as "Incurred But Not Enough Reported" (IBNER). Premium Rating and Claim Estimating In Australia

However, for pricing purposes insurers rely on their own and/or Insurance Statistics Australia data for determining the rating of various risks. Insurance Statistics Australia collects insurance data from some liability underwriters who have agreed to share this information on a macro basis. This provides subscribing underwriters with a more precise understanding of the performance of their portfolios against the wider market. Insurers are able to review their portfolio in an underwriting year, all premiums and claims received.

Following informations are taken into consideration while developing a premium for a particular account:

    * Type of occupation(s);
    * Situation(s) (location of risks);
    * Previous claims history;
    * Risk management adopted;
    * Size of business (employees/turnover);
    * Contractual obligations;
    * Products, import, exports, manufacturer or retail;
    * Sum insured;
    * Interaction with third parties, third parties on premises; and
    * Liability of contractors.

Public liability insurance covers legal liability claims by third parties for death, injury and/or property damage. (The person who allegedly caused the death/injury/damage is the first party and the insurer the second party.)

Insurers first look at two things when setting liability premiums - the previous claims record and estimate of likely future claims. They not only look at the individual policyholder but the particular category to which they belong eg adventure tourism, as the outlook for the whole public liability portfolio. If claims costs rise, the size of the pool has to increase, requiring a contribution from all policyholders. A company or organisation affected by premium increases may not have made a recent claim itself.

Insurance Tax In Australia

Australia has the highest taxes on Insurance in the world.
Taxes and Charges on Insurance StatesRates(s/d rates %) New South Wales10 Victoria10 Queens land8.5 South Australia11 Western Australia8 Tasmania8 Aust.capital territory10 Northen Territory10
Sources: - Deloitte, Touche Tohmatsu 2001

Generally speaking in Australia for every increase of $100 in public liability premiums, a further $20 in government taxes will be added.

American Healthcare System Facts

American Healthcare System Facts

The American healthcare system is one that many people are happy about while others constantly have complaints about. Such is the way healthcare often goes. The system of health in the United States is sophisticated, advanced and very competent. Unfortunately it is also very expensive. In fact it is too expensive for a large percentage of the population. The system is a very large one. It has its share of both clinics and hospitals in urban, suburban and rural areas. If you live in the remotest part of a state then you still have access to the healthcare that this great country has to offer.

The doctors, specialists and surgeons who are employed by the American healthcare system are highly skilled, very knowledgeable and are motivated when it comes to their patients. The vast majority of hospitals across the country contain the highest technology equipment around to treat any number of health conditions and diseases.

There is a down side to all of this however. The superior quality found in American hospitals comes with a very high price tag. The fees for physicians, surgeons, medicine, tests and hospital stays are some of the most expensive across the globe. With the life expectancy increasing all of the time the costs are expected to continue to rise.

For the rich the American healthcare system is very good. In fact it is reputed to be the best on the planet. However the fact that it is so pricey and that there is a limited amount of intervention by each individual state means that it is not as beneficial or as widespread for those who are out of work or live on small incomes. Approximately 15 percent of the American population does not have any health insurance. The Medicare and Medicaid health programs that are funded by the state are only in place to help those who are deemed very poor, as well as those who are disabled and over the age of 65.

In the United States there is no free health care. You either must pay for your medical care yourself or have enough health insurance to cover whatever it is you require. The price you pay for services however can vary from one hospital to another. Many city hospitals have urgent care clinics for the most serious of emergencies. These tend to be less expensive than state hospitals but the treatment will still cost you plenty of your hard earned dollars. Anyone new to the United States should obtain health insurance right away. The same is true for a person who is visiting the United States. The American healthcare system is good but you need to provide your own funds for medical assistance.

Affordable Healthcare

Affordable Healthcare

When it comes to buying health insurance, many people look for excuses. They do not consider it as an investment but as an out-of-pocket expense. However, there are several affordable healthcare plans that offer broad medical cover without putting burden on the pocket.
Affordable Healthcare: Government Schemes

In most countries, the idea of affordable healthcare corresponds to government-approved schemes. Government healthcare plans are meant especially for low-income families. These policies help extend healthcare benefits to the lowest strata. Some of the popular government healthcare plans around the world are:



    * Medicare - US
    * Medicaid - US
    * State Children's Health Insurance Program (SCHIP) - US
    * TRICARE - US
    * National Health Service - UK
    * Employees' State Insurance Corporation - India
    * Medicare - Australia
    * National Health Insurance - China

Affordable Healthcare: Look for Group Plans

Group insurance plans are the best way to purchase affordable healthcare. Most organizations purchase a group health insurance plan for their employees. It adds to the employee benefits and helps retain good quality manpower. An employer’s healthcare plan is always the best possible deal. It offers higher medical and cost benefits, as compared to an individual health plan. However, employer’s healthcare policies differ from company to company, based on their contractual agreement with the insurer.

Accident Insurance

Accident Insurance

Accident insurance provides a cash cover to a policyholder when s/he suffers injuries as a result of an accident. While insurance helps a policyholder pay off hospital and medical bills in case of accident injuries, it provides cash benefits to family members if the policyholder dies in the accident. This insurance, applicable 24 hours a day, 365 days a year, is also commonly referred to as personal accident insurance.
Types of Personal Accident Insurance Policies

Under personal accident insurance, the policyholder, if injured, receives cash benefits every month, just like income, for as long as s/he is unable to work due to the accidental injuries. This income is non-taxable and does not exceed the policyholder’s after-tax earnings minus the state benefits s/he can claim. In case of death of the policyholder due to an accident, the family receives a specific lump-sum amount.

There are eight common types of personal accident insurance policies:

* Individual: This policy can be taken by any individual. The benefits usually enclose partners and children. Since several activities are excluded from this policy, it is not as useful for people who love adventurous sports, like mountaineering and rock climbing.

* Children: The purpose of this policy is to provide financial help to parents if they are unable to work or if they incur expenses as a result of an accident.

* Group: This policy is used by companies to cover employees for expenses related to accidents.

* Self-employed: Since self employed individuals are not eligible for employee benefits, they are worse off when injured in an accident.

* Team: Through a team accident insurance policy, organizers can seek cover for all the members of a sports team.

* Professional: This policy is specifically for self employed professionals, such as a sportsperson, actor, lawyer or doctor, who have special requirements.

* Over 50: This policy targets people over 50 years of age, as accidents can cause more grievous injuries to them.

* Travel accidents: This policy offers benefits in case the policyholder meets with an accident while traveling.

There are varied accident insurance policies to suit different needs. One should understand and choose the policy with utmost care.