|
|
| home about us free pdf software downloads links privacy site map copyright policy |
|
|
Understand the basics of auto insurance and types of coverage.http://www.financialmentoring.net/14d_Car_Insurance_Module.pdf. Understand the minimum requirements for insurance and the penalty for driving without it. Identify how much insurance you need. Determine what options are available to increase your insurance protection. Shop for insurance, and ask the right questions when getting quotes. car insurance Paying good money each month towards car insurance can feel like a huge waste…until you find yourself in a situation where you really need it. Do you know exactly what your insurance covers? Simple: because driving without car insurance is illegal. Car insurance protects you, financially, if something bad happens. While car insurance can be one of the most costly parts of owning a car - it is also one of the most important! Buying a car insurance policy is like making a contract between you and an insurance company. Pays damages when you are injured in an auto accident caused by a driver who has no liability insurance or who doesn’t have enough insurance. When getting insurance quotes, ask the insurance agent the following questions: How much will my premium be (how much will it cost?) Am I eligible for any insurance discounts? (For example, you may be eligible for discounts if you have completed a safe driver training course or have another car insured by the same company.)
Automobile insurance or any motor vehicle insurance such as truck or motorcycle insurance, provides coverage in several areas.http://www.eoawc.org/Insurance.pdf. Automobile insurance coverage varies greatly from one policy to the next and the cost of the same coverage can vary greatly from one insurance company to the next. Your car insurance premiums can go up if you have had an accident that was paid by your insurance carrier, but again it pays to shop around if Even if you do not own your home, you can purchase renters insurance to provide insurance coverage for your personal items such as clothing, furniture, TV, stereo, or computer. When you are shopping for homeowners insurance, talk with your agent about the things you can do to lower your insurance premium. Also, if you carry your auto insurance and homeowners insurance through the same company, you will usually get a discount on both policies. Cost of health insurance: The individual pays the cost of health care through health insurance in four ways: Premium - The premium is collected monthly, quarterly or annually and allows the individual or family to have the health insurance coverage. Many employers offer health insurance as a fringe benefit of employment and pay for a portion of the health insurance premium. Life insurance breaks down into basically four types: term life insurance, cash value life insurance, credit life insurance, and disability insurance. Depending upon your needs and the needs of your family, the term life insurance you receive through your employer may be the only life insurance you need. If you have dependents that would suffer from the loss of your income upon your ... There are three main types of motor insurance: Third party insurance This is the minimum amount of insurance cover that you must have by law for your vehicle.http://www.adviceguide.org.uk/nm/c_motor_insurance.pdf. Comprehensive insurance This includes third party, fire and theft insurance. Most insurers will let you transfer the discount, if you want to change your insurer. you must give your insurer or the person who sells you the insurance as much information as you can about yourself and your vehicle. You must, for example, tell your insurer or the person who sells you the insurance about any driving convictions, any medical condition which could affect your driving ability, or any motoring accidents, even if you have not claimed on your insurance as a result. If you take out motor insurance in someone else's name because it's cheaper, and they are not the main driver, the insurer can refuse to pay out on a claim if the vehicle has been bought on credit, the finance company will usually insist that it is insured in the name of the person who has taken out the credit agreement. Your insurer does not have to send you a notice reminding you to renew, but most insurers do send out reminders When you take out or renew motor insurance, you will get a cover note at first. Third party claims should still be accepted your insurer believes that you have been partly to blame for an accident, it may only pay part of your claim your insurance does not cover all your losses, for example time off work, personal injuries, vehicle hire, or excesses . If someone refuses to give you details about themselves or their insurance, your insurer may be able to trace them through the registration ... life insurance? Now is a good time to think about protecting your family’s financial future.http://www.statefarm.com/_pdf/life_insurance.pdf. Life insurance is one way to provide for your family’s future, by protecting them against financial loss resulting from death. It is an insurance company’s promise – in exchange for your payment of premiums to the company – to pay your beneficiary a specific amount of money when you die. Why do I need life insurance? Although you may not think about it, your ability to earn income is a significant asset. Life insurance can help replace lost income in the event of your premature death. The death benefit may be used to: • Replace income and help maintain the family’s standard of living after the death of a wage earner. • Pay off a mortgage loan and other personal and business debts or to create a rent fund. • Create a family emergency fund or a fund for a family How much life insurance do I need? The State Farm Life Insurance Needs Calculator at www.statefarm.com provides a quick way to get an estimate of the cash needs you may have at death. Estimating those needs and the future needs of your family takes just a few minutes now, but could mean a lifetime of difference for you and your loved ones. The following terms are typically used by the environmental insurance industry, transactional specialists, and other parties involved in using environmental insurance or risk management tools.http://www.epa.gov/brownfields/insurance/ei_glossary_06.pdf. Additional Insured – An individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured's policy provides a certain degree of protection. In most cases, additional insureds are protected only when a claim filed against them also is filed against the named insured. Admitted Policy – An insurance policy that is written and issued in a specific locale, by an insurer authorized to transact business under the confines of the local insurance laws. Cancellation – Termination of an insurance coverage during the policy period by the voluntary act of the insurance company or insured, effected in accordance with provisions in the contract or by mutual agreement. Captive Insurer – A bona fide insurance or reinsurance company that is established and owned by a parent company or group of companies (who are non-insurance companies) to insure their own risks. Claims Made Based Coverage – The trigger of coverage is a claim being made and reported during the policy period; therefore, insurance coverage is applicable only if the insured files a claim with the insurer during the period expressed in the policy. Co-insurance – Co-participation that involves the payment by the insured of a predetermined proportion of all costs above the amount at which the insurance begins to pay. Conditions – Provisions of an insurance policy that state the rights and duties of the insured and insurer. ... Most are employed but work for firms that don’t offer insurance.http://www.chcf.org/documents/insurance/SnapshotIndividualMarket05.pdf. Individual insur-ance may be an option, but only a small fraction of consumers purchase individual insurance and purchase rates have been declining steadily for the past 15 years. This snapshot presents some highlights from a multi-year study of California’s individual market for health insurance commissioned by CHCF and conducted by RAND. • Tax credits and subsidies are intended to give low-income individuals a financial incentive to purchase insurance. Those making decisions about purchasing insurance are not very responsive to changes in price, and the poor and the non-poor are about equally unresponsive. Over the long term, the viability of the individual insurance market may depend on finding ways to temper price increases. Individual Insurance Notes: Potential purchasers include both adults who are uninsured and those who have purchased individual insurance. greater than 400 percent of FPL are more than three times as likely to purchase individual insurance as those with incomes less than 200 percent of FPL. Purchase rates among the self-employed are also higher, perhaps in part because premiums are tax deductible for the self-employed. Health Insurance Market Purchase rates are lower among families who expect to have access to group insurance within the year. 5 Individually Insured vs. Uninsured Families a small effect on the decision to purchase individual insurance: a 50 percent subsidy would increase the purchase rate of individual insurance by only about 5 percentage points, representing an increase of 200,000 fami-lies ... Insurance agents to be agents of insurers 48.http://www.cbg.gm/pdf/insurance-act2001.pdf. (2) The Commissioner may cancel the registration of a registered insurer if the insurer requests in writing that the registration be cancelled. (2) Regulations made under subsection (1) may prescribe different percentages of the insurance funds as aforesaid to be so invested according to the class of insurance business or description of an insurer. (2) If an insurer fails to comply with a notice referred to in subsection (1) to the satisfaction of the Bank, the Bank may itself either amend the document in question, giving the insurer particulars of the amendments, or reject the document. (3) The auditor shall satisfy himself or herself that the accounts of the insurer have been properly prepared in accordance with the books and records of the insurer. (2) No transaction relating to a change in control of an insurer or to a merger or an amalgamation of insurers shall be effected without the prior approval of the Bank. (2) The receiver shall, as soon as may be after his or her appointment, apply to the Court for the winding up of the insurer, insurance broker or loss adjuster and for this purpose, the provisions of the Companies Act relating to the winding up of companies by the Court shall apply. (2) The liquidator appointed for the winding-up shall, unless the Court otherwise orders, carry on the life assurance business of the insurer with a view to its being transferred as a going concern to another insurer, whether an existing insurer or an insurer registered for that purpose. (3) Where an insurance business is transacted through an insurance agent, the agent shall ... Different rules apply depending on whether insurance coverage is purchased directly by individuals or on behalf of a group, as in job-based health insurance.http://www.chcf.org/documents/insurance/HIMURegulatoryOversight.pdf. Among groups, rules differ depending on group size.1 Finally, rules and consumer protections vary based on how employers choose to cover the health costs of their employees, either by paying claims costs directly or by purchasing health insurance coverage through a state-regulated insurance carrier.2 This Under a fully insured plan, the employer purchases coverage from a state-regulated insurance carrier, and the carrier assumes the risk for the costs of medical claims. Since self-insured employee benefit plans are subject only to ERISA, consumers covered by self-insured plans have fewer protections than those covered through fully insured plans. In 2001, about 3 million Californians were in self-insured plans, and therefore exempt from state regulatory oversight.3 Figure 1 shows how self-insurance varies with firm size. For employers and other health insurance sponsors (for example, labor trusts and associations), self-insuring may be attractive for several reasons. Many existing insurance arrangements are hybrids between fully insured and fully self-insured. For example, many self-insured employers buy stop-loss insurance to reduce their risk of paying unexpectedly large medical claims. Federal courts have found that the ERISA preemption limits the ability of states to regulate medical stop-loss policies purchased by employers in these cases, even if a regulated insurer sells the policy.5 Some self-insured employers contract with insurance carriers to ... By Aon/Huntington Block Insurance The insurance industry is in the midst of its first true hard market since the 1980s.http://www.aahsa-insurance.com/pdfs/State_of_the_Senior_Housing_Ins_Mkt.pdf. Mold is considered by many insurance industry analysts to be the next ƒasbestos≅ or the next exposure with catastrophic consequences as the cost of remediation is quite expensive. In the past, many insurance carriers providing coverage for senior housing providers tended to view these exposures on par with a standard apartment building or habitational risk. Many small, regional companies and direct writers (companies that will write insurance directly with the insured rather than through an agent or broker) competed for these, generally, small to mid-sized risks. Unfortunately, the insurance carriers that were writing these risks were not collecting enough premium to sustain the losses occurring in the property and general liability lines. It is important to note that the long-term care insurance carriers do not view the housing provider market as having professional liability exposures similar to that of a skilled care nursing facility. Certainly at this point in time it appears that the current hard insurance market will be with us for the foreseeable future ¬ at least through 2004. To help senior housing provider«s cope we suggest that consideration be given to the following action items: Four Ways to Deal with the Current Insurance Crisis One reality of the hard insurance market which cannot be ignored is the fact that provider«s with severe losses or those with multiple claims may be offered renewal terms with premium increases The challenge of increasing insurance premiums is not expected ... The Risk Management Agency (RMA), on behalf of the Federal Crop Insurance Corporation, oversees and administers the crop insurance program under the Federal Crop Insurance Act.http://www.usda.gov/documents/FEDERAL_CROP_INSURANCE.pdf. Crop insurance is offered to qualified producers through 16 private sector crop insurance companies. Under the Standard Reinsurance Agreement, RMA provides reinsurance, pays a premium subsidy to reduce the premium charged to producers, reimburses the insurance companies for administrative and operating costs, and oversees the financial integrity and operational performance of the delivery system. While RMA bears much of the insurance risk in areas where losses have traditionally been higher, the insurance companies that deliver the program retain a large portion of the risk in the lower risk areas, which they can reinsure in the private market. In 2005, the Federal crop insurance program provided producers with more than $44.29 billion in liability protection on approximately 246 million acres through about 1.25 million policies. There are 22 plans of insurance available and nearly 30 new insurance products under various stages of evaluation or development. Approximately 80 percent of acres of major program crops are insured–many at higher levels of coverage. Crop insurance programs must be simplified so that farmers can make the best possible coverage decisions. Higher premium subsidies should be provided for those who insure their crops under a “whole farm” approach. There is a need to establish better quality loss adjustment procedures to improve the relationship between the crop insurance adjustment and the actual discount received in the ... In 2005, consumers paid almost $17 billion in premiums for title insurance countrywide.http://www.consumerfed.org/pdfs/Title_Insurance_Testimony042606.pdf.7 Title insurance remains one of the most costly items at the closing of a real estate transaction, yet consumers poorly understand it. The $17 billion in title insurance premiums paid by consumers in 2005 was roughly twice the amount paid in 2000 and four times the amount paid in 1995.9 The increase in title insurance premiums was driven by an increase in the number of title insurance transactions – home sales and mortgage refinancings – and the increase in home values and mortgage amounts. The entities with the market power in title insurance are those people who are able to steer consumers to particular title agents or title insurers. Homebuyers are not even the “consumers” of title insurance; instead they are driven to title insurance policies by real estate intermediaries through referrals. The title insurance industry maintains that it has significant costs to offering title insurance policies, but the majority of the costs are not for losses or operating costs to generate the insurance policy. In exchange for the homebuilder referring home buyers for title insurance, the title insurer reinsured the title insurance policy with the homebuilder’s captive reinsurer and paid a premium to the captive reinsurer. The loss ratio for title insurance is among the very lowest in the insurance industry. Title insurance differs from other forms of insurance because it insures against risks in the past (such as incorrect deed recordings), not against future risks. The real costs to insurers are the amounts title insurance carriers and title ... Life insurance is the foundation of financial security for you and your family.http://www.pueblo.gsa.gov/acli/buying_insur.pdf. Choosing a life insurance product is an important decision, but it can be complicated. The American Council of Life Insurance (ACLI) has prepared this guide to help you know what questions to ask when you’re buying life insurance. The ACLI is a trade association of more than 500 life insurance companies, which collectively provide about 90 percent of the life insurance in the United States. The proceeds from a life insurance policy could mean that they won’t have to sell assets to pay outstanding bills or taxes. What’s more, there is no federal income tax on life insurance benefits. How much life insurance will I need to purchase? While there’s no substitute for evaluating needs, one rule of thumb is to buy life insurance equal to five to seven times your annual gross income. What are the different types of life insurance? There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. Some term insurance policies can be renewed when you reach the end of the term—which can be from one to 30 years. • You usually can borrow from the insurance company, using the cash value in your life insurance as collateral. • A provision or “rider” can be added to a policy that gives you the option to purchase additional insurance without taking a medical exam or having to furnish evidence of insurability. • If you have a complaint about your insurance agent or company, contact the customer service division of your insurance company. Your personal insurance agent and company are good sources of ... Fake insurance policies are scams designed to steal your money, and they’re on the rise in every line of insurance, costing consumers billions in unpaid claims.http://www.insurance.state.ut.us/Fake.pdf. With very few exceptions, no insurance product can be sold by individual agents, brokers or companies without the approval of a state insurance regulator. Fake insurance is any insurance plan that is intended to defraud consumers or businesses. Just like counterfeit money, fake insurance may appear to be legitimate, but it is actually illegal and worthless. If you buy fake insurance, you’ll pay premiums, but your claims won’t be paid. Fake insurers often use slick marketing materials and choose names that are similar to names of real insurers. In the area of fake health insurance alone, the General Accounting Office reported 144 fake health insurers sold bogus policies to more than 200,000 policy holders between 2000 and 2002, resulting in $252 million in unpaid claims. In the same time period, the number of fake insurers almost doubled. Fake insurance can touch anyone at any time with potentially disastrous results. Anyone is at risk, but frequent targets of unauthorized health insurance plans are older adults and small businesses or associations looking to reduce health insurance costs. Even reputable agents can be duped into selling fake insurance. Fake insurance can be attractive because it’s typically less expensive than legal policies. As a result of fake insurance policies, Honest people and businesses are swindled; Health is endangered; Premiums stay high; and Goods and services cost more. STOP before signing anything or writing a check If you’re not ... The accessibility and ease of the Internet has revolutionized the shopping world.http://www.insurance.utah.gov/Press_Protect.pdf. That same convenience now extends into the insurance industry. Here are some tips from the National Association of Insurance Commissioners (NAIC) to help you protect yourself when buying insurance on the Internet. Determine which insurance coverage best fits your needs, then shop 4. Double-check the Company and Agent In order to sell insurance in your state, the company and you decide to purchase online, keep a copy of all the agent must be licensed. To confirm the credibility of paperwork you complete and sign, as well as any a company or agent, check with your state insurance correspondence, special offers and payment receipts. • Is the company licensed to sell the line of photocopy — of your new policy within 30 to 60 days insurance you are interested in purchasing? of purchase. • Is the agent licensed in your state and a legitimate the insurance company immediately. Insurance “Red Flags” policy complaints? Here are some quick “red flags” to warn you against possible insurance fraud: Your state insurance department can provide a list of • Don’t submit to high-pressure tactics. The newer browsers are as a reputable local insurance agent, an accountant equipped with more current security measures. Visit your state closed lock icon located somewhere in the bottom insurance department for more information on company left or right corner of the screen. • If you cannot confirm the security of the browser, You can link to your state insurance department’s Web contact the company or agent and submit your site by visiting www.naic.org. The ... The following definitions are reprinted from Insurance for the Dentist, which is published collaboratively by the ADA Council on Members Insurance and Retirement Programs and the ADA Council on Dental Practice.http://www.insurance.ada.org/dictionary.pdf. The legal transfer of total or partial ownership of an insurance policy, for purposes of benefit payment. The person (or entity) to whom the proceeds of an insurance policy are payable when the insured dies. The amount payable by the insurance company, as stipulated in your policy. The written contract between a group and the insurance company that is issued to individual insured members of the group. Generally applies to group insurance only. The person to whom a Certificate of insurance is issued unless otherwise assigned. A request or demand for payment of benefits under the terms of your insurance policy. The cooperative method by which multiple insurance carriers manage benefits to avoid duplication in payment when an insured is covered by more than one policy. Coverage that the insurance company will guarantee to issue, or for which you will qualify (pending eligibility), without providing proof of insurability. Any statements by you and/or your personal physician, laboratory test results, or medical records and reports, that help the insurance company determine your insurability when applying for life, medical, or disability coverage, or your eligibility for a benefit when you file a claim. Proof of good health Written evidence that you are insurable according to the general underwriting standards of the insurance company. ADA INSURANCE PLANS GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY Issued ...
| |
