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This type of insurance is known as pure protection insurance.http://www.uaex.edu/Other_Areas/publications/PDF/MP336.pdf. Convertible term insurance allows the insured to change a term insurance policy into a perma - nent form of coverage at or before the expira - tion date, without further evidence of insurability, such as a medical examination. With an ordinary life or straight life policy, premiums are paid as long as the insured wishes the policy to be in force, or until it expires, but not past the insured‘s age of 100. Insurance policies may combine or alter the basic types of insurance to meet special needs for individuals or families. A multiple protection insurance contract uses term insurance to provide double, triple or some multiple of the face amount of a perma - nent insurance policy. Several insurance companies have package contracts available to provide life insurance for children. When considering the purchase of this type of insurance, remember the wisest use of life insurance is protection against ›nancial losses resulting from the death of a breadwinner. Juvenile life insurance coverage often is provided as a rider on some other form of permanent insurance, such as for the parent. Group life insurance is usually a form of term insurance and is generally the least expensive form of life insurance for quali›ed members. If the insured dies before the loan is repaid, the credit life insurance pays the balance owed on the installment contract. The insured may choose the investments that are made with the premiums and the cash value that accumulates in the individual‘s insurance policy. It is very important to select an insurance agent who will be around in the ... The following described policy(ies) has been issued to the Insured stated above.http://www.bart.gov/docs/BART_Cert_Insur.pdf. Inclusion of San Francisco Bay Area Rapid Transit District, and any other entity as required by Agreement and their respective directors, officers, trustees, representatives, agents and employees as additional insureds as respects work or operations performed in connection with this Agreement. 9. Stipulation that this insurance is primary and that no other insurance or self-insurance of the District will be called upon to contribute to a loss. If the exclusion remains in the General Liability coverage, a Railroad Protective Policy is required [See Section J. Railroad Protective Insurance for recording policy information in lieu of coverage under GL]. 2. Coverage will be endorsed to include the insurer’s waiver of subrogation in favor of the San Francisco Bay Area Rapid Transit District, and any other entity as required by contract, and their respective directors, officers, trustees, representatives, agents and employees. Any claim or suit by or behalf of a governmental authority demanding that the insured or others test for, monitor, clean-up, remove, contain, treat, detoxify or neutralize, or in any way respond to, or assess the effects of pollutants. The following described policy(ies) has been issued to the Insured stated above. Property Damage Insurance to cover all forms of physical loss or damage to District property while in transit from or to District facilities, or otherwise in the care, custody and control of Contractor. Builders’ Risk Insurance provided on an “All-Risk” basis excluding Earthquake for the full replacement cost ... Forward-looking statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Group.http://www.hsbc.com/1/PA_1_1_S5/content/assets/investor_relations/060629_accounting_for_insurance_business_in_hsbc.pdf. These forward-looking statements represent the Group’s expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional detailed information concerning important factors that could cause actual results to differ materially is available in our Annual Report. June 2006 Scale of insurance business 3-5 Analysis of result by type of business 6 Accounting issues 7 Analysis of result in group accounts 8-9 Other insurance features Insurance manufacturing profit in 2005 $1.3bn Distribution commission earned by HSBC in 2005: Intra-group arrangements on arms length basis Insurance operations owned by local banks – Investment as investment (e.g. unit linked) Change from single line consolidation to multi-line Premiums and investment return offset in claims. Claims represent three distinct movements: Disability insurance is an essential, but often overlooked, part of financial protection plans.http://www.uaex.edu/Other_Areas/publications/pdf/FSHEC-68.pdf. Paid sick leave provides some insurance. Workers’ compensation insurance may provide disabil ity coverage for workers who are injured on the job. However, if the only disability insurance a person has requires that the person be injured on the job, someone injured while playing softball, skiing or hang gliding would not be covered. If disability insurance is not provided, some group health insurance policies allow employees to add a disability income rider for a modest price. Disability insurance can also be obtained by attaching a rider to a life insurance policy. An income rider could provide pay ments such as $10 per month for every $1,000 of life insur ance owned. To receive Social Security disability benefits, employees must be fully insured (as defined under Social Security guidelines). To be fully insured, they must have worked 40 quarters. To claim disability, someone who is fully insured must have worked 20 of the last 40 quarters, ending with the quarter the disability begins. Coordination-of-benefits – provides that if the insured is covered under two policies, each will only pay a portion of the total bene fits, without profit or loss to the insured. Waiver of premium clause – eliminates required payment of life insurance premi ums in the event the insured becomes disabled. Insurance Pointers Be sure to check the insurance company’s definition of disability. Moody’s Investors Service <http://www.moodys.com> Link to insurance and then to insurance financial strength ratings. Social Security benefits ... In 2003, health insurance represented about 13 percent of the over US$2 billion insurance market in Mexico, following property and casualty (48 percent), and life (37 percent).http://www.buyusa.gov/mexico/en/269.pdf. Because Mexicans are more accustomed to paying out-of-pocket for medical care than purchasing health insurance, health insurance products have seen low penetration into the Mexican market, yet this mentality is changing. According to the Asociacion Mexicana de Instituciones de Seguros (AMIS), or the Mexican Association of Insurance Companies, the total number of Mexicans with a medical insurance product increased by 80 percent between 2000 and 2003. The Mexican market provides significant opportunities for insurance companies to offer health insurance products. Health insurance is in its infancy in Mexico, however, so to be successful, U.S. companies must be willing to invest the time and resources to educate the end-users new to health insurance, and adhere to strict oversight and regulation. At the end of 2003, only approximately 3 percent of Mexicans had private health insurance, yet health insurance is being marketed aggressively. Hence, Mexicans are more familiar with paying out-of-pocket for medical care than purchasing health insurance products. The United States, as a NAFTA country, has a unique advantage over third country insurance firms because, as of 2000, U.S. companies can participate with 100 percent involvement, and implement innovative services already available in the United States. As of July 2004, 84 private insurance companies operate in Mexico, 36 of which are foreign-owned. The United States is the largest foreign supplier of ... Caterer shall obtain and thereafter maintain continuously throughout the term of this Agreement, at no expense to the City, insurance to protect the City from claims and risks in connection with activities performed by the Caterer by virtue of this Agreement or any use and occupancy of the premises authorized by this C.http://www.spl.org/pdfs/mtgrm/mtgroom_InsuranceAddendum.pdf. Worker’s Compensation Insurance: Caterer shall secure its liability for industrial injury to its employees, or the employees of any subcontractors who supply services under this Agreement, in accordance with the provisions of Title 51 of the Revised Code of Washington. Caterer waives, with respect to the City only, its immunity under RCW Title 51, Industrial Insurance, of the Revised Code of Washington. If the Caterer is qualified as a self-insurer in accordance with Chapter 51.14 of the Revised Code of Washington, Caterer shall so certify to the City by submitting a letter signed by a corporate officer, indicating that it is a qualified self-Insurer and setting forth the limits of any policy of excess Best's Key Rating Guide and licensed to do business in the State of Washington or filed as surplus lines by a Washington surplus lines broker unless otherwise approved by the City of Seattle Risk Management Division. Except for Worker’s Compensation (paragraph 2.C., above), all insurance policies shall be endorsed to include the City of Seattle, the Seattle Public Library and the Seattle Public Library Foundation as additional insureds for primary limits of liability subject to a severability of interest clause. C. Deductibles. Caterer is responsible for payment of any claim within any deductible ... And, to the extent that catastrophe insurance exists, are the insuring firms sufficiently capitalized so that widespread insolvencies would not occur? Some have suggested that federal action is advisable to make sure that insurance industry resources are adequate to ensure the availability and affordability of disaster insurance and payment of claims when disasters occur.http://www.fas.org/sgp/crs/misc/RL33060.pdf. One widely-discussed proposal would change the tax treatment of catastrophic risk insurance by permitting insurance companies to establish tax-deductible reserve funds for catastrophes. The proposals’ supporters argue that they would enhance the ability of insurance firms to meet the requirements of major disasters without risking insolvency and would increase the availability of catastrophe insurance. In terms of economic analysis, the large size of catastrophes produces a particular result for insurance: it makes the elimination of uncertainty by an individual insurance firm difficult. The market for insurance is based on insurance firms being able to pool risks faced by a large number of policyholders whose risks are not related to each other. Thus, to sell catastrophe insurance, insurance firms must pool an exceedingly large group of risks in order to avoid correlated risks and develop marketable insurance.1 In keeping with this feature of catastrophe insurance, an important characteristic of the market is its reliance on what is known as “reinsurance” in insurance parlance. Under the insurance industry’s tax-deductible catastrophe reserve proposal, state insurance regulators would approve catastrophe insurance rates that insurers insist must reflect ... 1 In general terms, wrap-up insurance consolidates all major insurance coverages for various entities into one insurance policy.http://www.gao.gov/decisions/appro/290162.pdf. For the reasons stated below, if you determine that purchasing wrap-up insurance is reasonably necessary or incident to the accomplishment of the construction of the CVC and demonstrate that the rule’s rationale does not apply to your situation, we would not object to the use of appropriated funds to purchase wrap-up insurance covering both the Insurance is a major cost component in construction contracts.2 Construction insurance has experienced large rate increases over the past two decades partly due to general market forces and the adversarial nature of the construction industry.3 The terrorist attacks of September 11th compound the problem.4 In traditional insurance One such alternative is commonly known in the insurance and construction industries as wrap-up insurance. Wrap-up insurance, in contrast to traditional insurance, is when the project owner purchases one policy and “wraps-up” the multiple insurance coverages for various entities into the one policy.5 The objective of wrap-up insurance is usually to reduce project costs. GSA reports that coverage normally provided under wrap-up insurance includes workers’ compensation, commercial general liability, excess indemnity (umbrella), and builder’s risk property insurance.6 Coverage sometimes provided under wrap-up insurance includes asbestos abatement, environmental and professional (errors and omissions coverage) liability.7 Coverage not normally provided under wrap-up insurance includes automobile insurance, construction ... Little or no change in employment is projected as insurance companies increasingly use computer underwriting software that automatically analyzes and rates insurance applications.http://www.umsl.edu/services/govdocs/ooh20022003/ocos026.pdf. In making this determination, underwriters serve as the main link between the insurance carrier and the insurance agent. Property and casualty underwriters usually specialize in either commercial or personal insurance, and then by type of risk insured, such as fire, homeowners, automobile, marine, liability, or work-ers’ compensation. For business insurance, the underwriter often must be able to evaluate the firm’s entire operation in appraising its applica-tion for insurance. An increasing proportion of insurance sales, particularly in life and health insurance, is being made through group contracts. Insurance underwriters review insurance applications and determine the appropriate premium to charge a customer. Of these underwriters, most work for property and casu-alty insurance carriers; many others work for life insurance carriers. Most of the remaining underwriters work in insurance agencies or for organizations that offer insurance services to insurance compa-nies and policyholders. Most underwriters are based in the insurance company’s home office, but some, mostly in the property and casualty area, work out of regional branch offices of the insurance company. The Insurance Institute of America offers a program called “Introduction to Underwriting” for beginning underwriters, and the specialty designation, Associ-ate in Commercial Underwriting (AU), the second formal step in developing a career in underwriting business insurance policies. ... In these states licensed medical malpractice insurance providers are required by law to sub-mit data on closed claims to a central state agency, typi-cally the Department of Financial and Insurance Regula-tion.http://www.ojp.usdoj.gov/bjs/pub/pdf/mmicss04.pdf. About a third of closed medical malpractice insurance claims in Maine, Missouri, and Nevada resulted in an insurance payout. Medical malpractice insurance payouts increased as the insurance claims advanced through the legal system. In Texas detailed medi-cal malpractice insurance claims data were collected only for closed claims that had an insurance payout of more than $10,000. Self-insured groups are typically not required to report closed claim information to state insur-ance regulators. Medical malpractice insurance payouts were higher for major or grave permanent injuries than for temporary or emotional injuries States using the National Association of Insurance Com-missioners’ (NAIC’s) injury scale rank medical malpractice injuries according to escalating levels of severity. About 95% of medical malpractice insurance claims settled prior to trial Most medical malpractice insurance claims that resulted in a payout were settled prior to being decided by a jury or bench (judge) trial. Insurance payouts increased as claims moved through the legal system Insurance payouts for medical malpractice insurance claims decided by trial were substantially larger than claims that were settled. Texas data are limited to medical malpractice insurance claims with insurance payouts of more than $10,000. Loss adjustments cover the amount insurance companies pay their legal counsel for investigating, settling, and trying their ... All insurance companies and providers licensed during the tax year must file a premium tax return even if they have not actually transacted insurance business in Minnesota during the tax year.http://www.taxes.state.mn.us/taxes/special/insurance/prior_years/2004/instructions/CM2_007845.pdf. Insurers and providers with a premium tax liability of $500 or more must also make estimated tax payments. Insurance companies are no longer subject to Minnesota corporation franchise tax. Insurance companies, except those required to file Form M11H (see below), use Form M11 to file their premium taxes. Ocean-marine insurance. Insurers authorized to write ocean-marine insurance must include direct written premiums on line 1 of Form M11. Insurance companies, excluding township mutuals, that do not file statements with the NAIC are required to file a copy of their statement with the Department of Revenue (9” x 14” version). If your estimated tax for premium and/or fire insurance is more than $500, you must make installment payments based on the entire estimated amount. A domestic insurer is an organization that is principally engaged in the business of insurance and is incorporated under Minnesota law. A foreign insurer is an organization that is principally engaged in the business of insurance and is incorporated under the laws of a state other than Minnesota. An alien insurer is an organization that is principally engaged in the business of insurance and is incorporated under the laws of a country other than the United States. Exclude premiums received, contributed or credited for the insurer’s employees’ and agents’ life, accident and health insurance plans; and all return premiums on policies not taken, except cash surrender ... A guide for employers Most employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment.http://www.biba.org.uk/consumer/consumernotes/notes/hse40.pdf. It is not a legal interpretation of the Employers’ Liability (Compulsory Insurance) Act and it has no legal status. What is employers’ liability insurance? The Employers’ Liability (Compulsory Insurance) Act 1969 While public liability insurance is generally voluntary, employers’ liability insurance is compulsory. Which insurance companies can sell me employers’ liability insurance? You should check that your insurer is authorised before you take out employers’ liability insurance. If you take out employers’ liability insurance, you will have an agreement with your insurer about the circumstances in which they will pay compensation. There are certain conditions which could restrict the amount of money your insurer might have to pay, which you cannot agree and your insurer cannot impose. If your insurer believes that you have failed to meet your legal responsibilities for the health and safety of your employees and that this has led to the claim, the policy may enable the insurer to sue you to reclaim the cost of the compensation. When you take out or renew a policy, your insurer will give you a Certificate of Employers’ Liability Insurance. Further exemptions from the need to have employers’ liability insurance are listed at section 3(1)(a) and section 3(1)(b) of the Employers’ Liability (Compulsory Insurance) Act 1969, and Schedule 2 to the 1998 Regulations. The Health and Safety Executive (HSE) enforces the law on employers’ liability insurance and HSE ... In its simplest form, insurance reduces risk by making payments to insured farmers when yields or revenues fall below a guaranteed level.http://www.ers.usda.gov/AmberWaves/May07SpecialIssue/PDF/Insurance.pdf. Farmers can choose from a variety of insurance plans in the subsidized Federal crop insurance program, including yield insurance plans, which have been part of the program from the outset, and revenue insurance plans, which were added in the mid-1990s. As a tool based on revenue shortfalls rather than on yield or price shortfalls, revenue insurance can be more effective at stabilizing income than insurance plans or farm programs that protect against yield and price risks separately or that provide fixed-income transfers. Finally, revenue insurance plans are designed to match costs of risk protection with benefits and to base coverage on the market value of the item insured. Because of the low yield variability and the strong price-yield correlations, revenue insur-ance costs are relatively low in these areas and producers tend to see a correspondence between revenue variability on their farms and the protection offered by revenue insurance. The benefits from revenue insurance depend on the type of pro-gram and the type of subsidy offered with revenue insurance. The Federal crop insurance program pays premium subsidies that encour-age producers to buy revenue insurance and pays administrative subsi-dies to private insurance companies that sell and service revenue insurance. While the subsidization of revenue insurance helps producers reduce risk, the subsidies also transfer income, although this income is realized only when an insurable loss occurs and results in an indemni-ty payment. . This guide was produced by the Maryland Insurance Administration, an independent State agency that regulates Maryland’s insurance industry and protects consumers by ensuring that insurers and health plans act in accordance with insurance laws.http://www.mva.state.md.us/Resources/Consumer_Auto_Guide.pdf. The Insurance Administration also is responsible for investigating and resolving complaints and questions concerning insurance companies operating in Maryland. Agents/agencies have contractual arrangements with insurance companies to sell insurance on the insurance companies’ behalf. Once you have selected an insurance company, contact the Maryland Insurance Administration to verify that the company is licensed to sell insurance in the State. Most insurers will ask about your insurance history, including whether or not you currently have coverage or if you have ever been cancelled or nonrenewed. Some insurers require individuals to pay higher premiums if there has been any lapse in insurance coverage. However, there are specific guidelines that insurance companies must follow when using a consumer’s credit history to underwrite or rate an automobile insurance policy. Those guidelines state that an insurer may not: Increase a renewal premium based on the credit history of the insured. Additionally, consumers have the right to request that their insurer recheck their credit history once per policy period which may result in a reduction in renewal premium if the insured’s credit history has improved. Although an insurance company cannot require you to buy a homeowners’ insurance policy with an auto insurance policy, some companies may offer a discount to policyholders that purchase ... — adequate health insurance coverage is one of the best ways to protect personal assets.http://www.businessweek.com/adsections/2005/pdf/0520_insurance.pdf. But purchasing health care cover-age has become a challenge for employers and individuals as health care costs continue to rise. In response, insurers have developed new products to help bridge the gap between what Americans need and what they can afford. “Our member companies work to make sure small employers, large employers, and individuals have as many options as pos-sible to access the health care coverage they seek,” confi rms Mohit Ghose, vice president of public affairs for Washington, DC-based America’s Health Insurance Plans (AHIP), a national trade association repre-senting nearly 1,300 member companies. Today, insurance companies vary the components of health care expenses — to provide products tailored for each individual’s lifestyle. Before making a selection, “families need to determine what they want and how they want to interact with the health care system,” says Ghose. CONSUMER CHOICE Families and individuals who don’t mind selecting a particular primary care physician can minimize their health care expenses by receiving care through a health maintenance organization (HMO). Such plans can offer a wide range of co-payment options for primary care physician visits, from $10 to $20 in Pennsylvania, for example, and reason-able monthly premiums, reports Patrick Young, general manager for small group and individual products with Aetna’s Mid-Atlantic Region. In Pennsylvania, the premium for a male up to age 18 can be as little as $80 a month, subject to review, with a $20 co-payment for each primary care physician ... | |
