Insurance and Its Importance

Insurance-and-Its-Importance

Insurance-and-Its-Importance

What is Insurance? Insurance is a form of management of risks or danger, which on loss can be covered with other form of entity. Generally insurance companies provide policies for the customers to get protection financially when they incur loss of things or person that are insured. By taking an insurance policy the customer has to pay some amount called as premiums annually or monthly to get protection against any loss. The loss can be reduced by claiming the insurance.
The insurance company collects premiums for providing protection against the loss or damage of any asset or the insured. The insurers earn more through premiums and the investment. The profit made by them is the money left after giving away the incurred loss and underwriting expenses.
The insurance companies give the insurance compulsorily when the loss is definite and the details of loss are completely known like the time of loss, its cause and the place where it happened. For example, if a person insured dies or if a person gets injured badly due to fire accidents or other accident. The insurance is given against accident loss, large losses, calculable losses, affordable losses. In US the government and insurance companies’ gives insurance is against the loss due to hurricanes or earthquakes or winds or floods.
Basic Requirements for Insurance: When an individual gets insured there are legal requirements. Some legal principles are that the insurance company should compensate the insured if a loss is incurred. The insured must suffer directly from the loss. The company can pursue recovery on behalf of the insured. After the loss or casualty of the asset the owner must keep the loss to minimum as if the asset is not insured. There should be good faith bond of honesty and fairness among the insured and the insurer.
Importance: Even when we have savings and stable financial budgets sometimes the situations may arise beyond our thinking and expectations and cannot be completely secured. In order to face such situations it is better to take safety measures to attain financial stability. The best way is by insurance to get financial stability. By taking insurance we come in contract with the insurance company which is called as insurance policy. With this risks and financial losses can be transferred to the insurance company. For this the company takes monthly payments or installments which are referred as premium. According to the policy the company covers the complete losses or only part of them.
Having an insurance policy saves you from financial troubles when you have to pay sum which exceeds your possibilities. Insurances are available for cars, vehicles, property, health, business etc. Automobile insurance has become compulsory, without the insurance the vehicle cannot be taken on roads. It covers the damage caused to the vehicle. It also gives the liability coverage for the damage caused to others property or bodily injuries. Medical coverage is given for treating injuries and other expenses.
Types of Insurances: Insurance is available for homes. There may be numerous dangers which can cause damage to your home, like fire, threats, and natural disasters. By having the insurance you can reduce the loss caused to our homes. Life insurance is one of the important insurances which give security against premature death and also for old age sufferings. By having the security it will be easy to work without having tensions and gives peace of mind. Property insurance is also another type which gives security to our important assets. You can get the furniture, vehicles, and other expensive assets insured as any unexpected damage or theft can reach these assets. The situations are not under our control; to overcome these situations insurance is the best option which reduces losses.
Health is wealth. Health comes in first place, it should be insured. Health insurance covers any unexpected and expensive medical services which may be needed when you suffer illness or injury. You can also get income protection insurance which protects your business. With this type of insurance the expenses of office rent, equipment leasing costs and bills can be covered. In business get the key staff member covered. The loss of important staff member may effect the profitability, management of the business. It is very difficult to recover this loss. By covering the key person you can fund the loss of valuable employee with cash for revenue or capital purpose.
You can also get the liability insurance which can be claimed when the insured is asked to pay someone else for the harm caused at his home or with any of his assets or by thrashing someone accidentally with the vehicle. These liability policies cover the insured only when the harm is caused due to negligence and unintentional. If the act is willful or intentional the insured will not get covered. To recover from unexpected dangers and uncertainties of life getting insured is the best defensive measure you can take.

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Liability Insurance Is Beneficial For Business!

Liability Insurance Is Beneficial For Business!

Liability Insurance Is Beneficial For Business!

Liability Insurance Is Beneficial For Business! : Liability insurance is a kind of insurance policy that helps in protecting the individual or business from the risks of getting sued and held legally liable for things like malpractice, injury or negligence. These types of insurance policies provide coverage to the insured when the insured is responsible for legal costs as well as legal payouts, when found officially liable. Liability policies do not cover intentional damage and contractual liabilities. Policies of liability insurance are also referred as Commercial General Liability Policies as it covers mostly for small or large businesses, organizations and home based business.
Generally liability insurance policies offer protection against the third party insurance claims. This means, the payment is paid to the sufferer who doesn’t signs any contract to the insurance company and not paid to the insured in general. Whenever the insured makes a claim, it is the duty of insurer to protect/defend the insured. Liability insurance is beneficial as the legal costs of defending the insured do not affect limits of the policy.
Who Can Purchase Liability Insurance?
Liability insurance is important for medical practitioners and business owners, as they may be held legally liable for causing injuries to others. Purchasing liability insurance for the Business owners becomes mandatory as it covers them in case an employee gets injured in business processes. A product manufacturer may purchase liability insurance for its products as it may cause harm to the consumers or other third party if the product is damaged or imperfect.
Covered Claims In Liability Insurance:
Following third party claims are mostly covered by the insurance companies for small businesses when a business owner or his/her employee are held legally liable –
1) Third party’s claim, for the property damage caused due to an accident or some other reason in your client premises, is covered if you are liable for property injury.
2) In the event of third parties claims for bodily injury and if you are legally liable coverage is provided. The client may be injured bodily even if he slips at your office. It might or might not be your fault, but liability insurance companies cover such third party claims when you are legally liable.
3) If you are legally responsible for defame, insult or slander and third parties claim against it, general liability insurance provides coverage for such personal injuries.
4) Liability insurer provides coverage against advertising injury caused by you or your employee when third party claims for it. Advertising injury includes unintentional usage of the ideas and materials of third party.
5) If you are legally responsible for occurrence of any accident to a person other than your employee, an insurer covers the medical expenses when claimed.
6) If a fire accident or explosion takes place in your rented office space, coverage is given by liability insurers to your and neighbor’s business.
7) Liability insurance policies also cover contractual liability that arises out of entering into lease contract, license contract, etc.
8) Many Liability insurers also provide liability for electronic data. Generally, it is provided to the consultants and technology service providers. It covers the damage or loss of electronic data caused in the client server either by you or your employee if you are legally liable.
9) Commercial liability insurance also covers the liabilities caused by damaged products through which the consumer is harmed. The third party can claim report to the insurer. Insurer provides coverage if you are legally liable.
10) If you are held legally responsible, all defense costs incurred in appointing a lawyer and other related costs are paid by liability insurance provider.

What Cannot Be Covered?
Liability insurers do not cover damages caused to your property or any property which is under your custody or control. Expenses are not covered for the loss of personally identifiable information under your care or custody. Improper Professional services rendered by you are not included and covered in general liability insurance policy. Any injury caused to your employee on job is not covered for medical expenses by the insurer. Claims arising out of the ownership of Automobiles or boats are not covered under liability insurance.
Benefits of Liability Insurance: Many insurers provide rate reductions based on type of your business. Special discount is offered in the policy for your small/home based business. Payment of premiums can be done on a monthly basis with no additional charges to be paid. Claims pertaining to coverage is reported then it is the responsibility of insurer to defend the insured even by appointing a lawyer if necessary.
Endorsement: In commercial general liability policy, insurers include many people in a covered policy. These people are often referred as ‘Additional Insured entities’. This allows the insured parties to have the right to the policy. Generally, these are added through endorsement. In this process, the additional insured entities do not pay the premiums or follow the terms of the policy. Therefore, it is crucial for businesses to purchase a general liability insurance policy as it helps in lowering and managing the risks caused to your business and getting sued.

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Life Insurance and Its Types

Life Insurance and Its Types

Life Insurance and Its Types

Life Insurance and Its Types:
What Is A Life Insurance?
Life insurance is contract between the insured and the insurer where insurance company (insurer) pays the assured sum to the nominee after the death of the insured person. According to the terms of contract the payment can be triggered for critical illness of the insured. The insured holding the policy pays the premium regularly or as lump sum. Sometimes the funeral expenses are also given as the benefits for the policy holders.
The main advantage of having life insurance policy is that it gives peace of mind, knowing that no financial problems would be faced by the dependents after the death of the insured person. These policies are legal contracts and have certain exclusions in written form, to restrict the liability of the insurance policy owner, like claims related to fraud, suicide or war etc.
Various Types of Policies:
These policy contracts come under two major categories-protection policies and investment policies. Protection policies are utilized to gain benefit after the occurrence of specific event, usually in the form of lump sum amount. This type of policies is termed as insurance.
Investment policies facilitate the growth of capital as well as give the protection for the risks. The premiums are collected from the policy holders and invested in markets. These earn profits and are returned to the holders after the policy ends.
Types Based On Time Period:
Life Insurance can be broadly classified into two categories based on the time period as -
1) Temporary life insurance policy or Term Life policy and
2) Permanent Life insurance policy
Temporary life insurance policy or Term Life policy: Term Insurance provides coverage for specific term has low premiums and do not gather cash value. The term can be for one year or more. The premium can increase or remain at a constant level. This type of insurance includes level, mortgage and annual renewable insurances.
In level term policy the premiums can be fixed for the variable terms ranging for 5years or 10years or more. This policy is used for long term planning and asset management. Some insurance companies provide guaranteed renewal and conversion options in level term policy with which you can convert your term policy to permanent one by paying higher premiums. Annual renewable is a kind of one year policy which provides the applicant a policy of equal or less amount according to the premium set at that time for the applicant’s age.
Mortgage insurance is common type of term insurance in which the premium is level and has declining face value policy. A policy holder insures life for specific term against certain risk. The beneficiary or nominee receives the assured amount if the insured dies in the specified term. If the insured survives in that period no payment is made and you cannot earn any benefits by the insurer.
Permanent Life Insurance: This insurance remains active till the policy matures and without failure in payment of due premiums. It gathers cash value reducing the risks of insurance expenses. The policy owner can withdraw payments in cash by borrowing cash value or surrendering the policy.
The main types of permanent insurance are whole life, endowment, universal and limited pay.
Whole life insurance: It is used to get coverage for lifetime with level premiums. The premiums paid for the permanent whole life insurance is higher when compared to the term insurance. Loans are also available for the insurance policy owners. If the loans are not paid till the death of the insured then the loan amount is deducted from the assured sum by insurer. The insurer pays the remaining to the beneficiary named by the insured in the policy. One of the advantages of the whole life insurance is that its premiums are predictable. Other benefits of whole life insurance include guaranteed cash values and death benefits. The cash value of the policy is not reduced due to the mortality and expense charges. By using the policy dividends the death benefits can be increased.
Universal Life coverage: It is intended to get growth of cash values and provides permanent coverage and premium payment flexibility. The different universal life policies include variable universal life, guaranteed death benefit, fixed universal life and equity indexed life insurance. Universal life insurance does not have disadvantages of fixed premiums and death benefits as those of the whole life. This means that both premiums and death benefits are flexible.
Endowments: In this type, the policy gets cumulative cash value for it and becomes equal to the death benefit at a particular age. This age is known as endowment age. The endowment policies are fairly expensive when compared to either whole life or universal life insurances. One reason for this is the period for paying premium is shorter and has early endowment date.
Limited-Pay is a type of permanent insurance where the premiums are paid for fixed time period after this; there are no additional premiums to be paid towards the policy. Therefore, have a life insurance policy for you and your family to gain financial benefits.

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Personal Insurance Policies

Personal-Insurance-Policies

Personal-Insurance-Policies

Personal Insurance Policies:
Personal insurance policies offer insurance policies and plans to individuals including small term and long term financial investment planning, retirement plans, pension plans, savings and protection against various risks and threats which cause losses to life and personal things. Large numbers of insurance policies are present which provide special covers for health, life and accident, travel, payment protection. These policies can be chosen as per our requirement and necessity. Choosing appropriate policy lessens the risk burden that may arise due to some uncertain events occurring in future.
Personal Health Insurance:
Personal health insurance is a type of medical insurance that provides special benefits when you become ill or suffer any injuries. It is designed in such a way that we can easily access the costlier medical treatments. Benefit of this policy is that you can get right treatment at right time in very less duration. This helps in lessening of medical expenses and the policy can be chosen that suits our requirement and budgets.
Benefits: There are different packages that are available for personal health insurance. These insurance policies have limited diseases and injuries that can be cured in small span of time. The health insurance policy provides fast medical treatment to the injured or ill person. The insured person can receive treatment in hospital of his choice. More facilities and special private room can be availed by the policy holder. The amount of benefits paid by the insurer depends on the policy.
Limitations: These policies do not support or cover diseases that are pre existing, infertility and pregnancy, HIV related illness, cosmetic surgeries. The policy does not cover GP services, routine checks, treatments for alcohol or drug abuses. These insurances do not cover the illness caused while traveling abroad. Insurer and each policy is different you should check the requirements you want to be covered while taking a policy.
Income Protection Insurance:
Due to increase in unemployment in the present scenario it would be wise to get an income protection insurance. If you have undergone an accident or become ill and cannot work then insurance would be beneficial and gives financial security as some of the bills, mortgage payments are kept up by the insurer. This insurance is quite expensive but you can compare various income protection policies and get the right one which is suitable for you and in right price.
Income protection insurance covers any age and these policies are on rolling contract and can be cancelled whenever you wish. At hard and tough circumstance more money can be got but it may not cover complete outgoing of the month. There are number of limitations that you need to be aware while purchasing the policy. The policy does not cover if you are dismissed from the job. Introductory periods are present in some policies where claims cannot be made during that period. If the job is temporary or part time the insurance providers do not give the policy. Child birth and pregnancy do not come under illness so claim cannot be made.
Family Insurances:
You can also get insurance for the family. Large number of family insurance policies is provided by insurance companies. They include life insurance, pet insurance, and health insurance. Family members can be protected and benefited if any uncertain event or death occurs in a family. The animals which became the part of the family can be insured to cover risks against getting hurt or sick. Entire family can be insured by taking health insurance policy which covers risks and gives protection against medical expenses.
Home Insurance Policies:
There is family home insurance policy which protects against the risks of the damages caused to the house building. This includes other policies like buildings insurance, contents insurance, mortgage protection insurance and payment protection insurance.
Buildings insurance means that the building outer structure is insured. This insurance covers the damage caused to the building by fire, storms, explosions, smoke, subsidence, floods and lightning. Some policies cover the damage to fixed glass, pipes and drains. By adding accidental damage to your policy you can cover the damage caused by others or by you accidentally.
Possessions inside the house may be summed around to large amount can be stolen or damaged by fire, such possessions can be insured so that they could be replaced or cover the loss. You can get contents insurance against damage to jewelry, furniture, electrical equipments and household fixtures.
Mortgage protection insurance protects you and your family if the repayments of mortgage become difficult. It covers when the policy holder becomes ill or injured or when redundancy occurs. The amount covers your medical bills and other extra household bills also. Family car insurance gives coverage against any damage caused to the car due to accidents, traffic collisions which may be man made or by nature. It also covers the persons who get injured during the accident.

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The Best Automobile Insurance Is Yours!

The Best Automobile Insurance Is Yours!

The Best Automobile Insurance Is Yours!

The Best Automobile Insurance Is Yours:  Automobile insurance refers to the insurance which is bought for the vehicles by the owners to provide protection financially against any damage caused to the vehicle or when the vehicle gets theft or any other problems faced. The insurance company pays the amount for the destruction or damage caused when claimed, according to the terms and conditions of the insurance policy. The terms and conditions of the automobile policies differ with regions.
Automobile insurance can be purchased for various vehicles either on roadways or any other means of transport. Generally this automobile insurance refers to the insurance of vehicles like cars, trucks, motors, bikes and other road vehicles. The insurance policies are different for two wheelers and four wheelers.
Automobile Insurance: It has become compulsory to the owners of the vehicles to get automobile insurance in most of the countries. The vehicle should be insured before bringing it on road. Each and every person having an automobile should buy insurance for their vehicle to get the accidental coverage. In some places there is no separate insurance policy for the vehicles but the extra amount is collected from the vehicle users with the gasoline charges which are paid to the third party or insurance companies. In some countries the insurance is paid only for personal injuries.
These policies will give the vehicle owners protection financially, when the vehicle undergoes an accident or traffic collision which may be man made or by natural calamities. The insurance companies provide insurance policies for the drivers along with the vehicle.
Damage through Natural Calamities: The vehicle gets struck in heavy storms or is blown away with high air tides or during floods the vehicle gets damaged and most of the parts get jammed or get destroyed. Sometimes the vehicle may fall off the bridge or any high areas due to extreme atmospheric conditions. When the damage is caused due to such atmospheric or natural calamities then the insurance company pays the charges for all the destruction caused to the automobile.
The insurance is given for the damage caused to the vehicles or when the vehicle is robbed or theft, accident, fire, explosions, or other malicious acts etc. the company pay the customer according to the premium amount and the policy for the electronic or electrical accessories damage. Vehicles can be insured independently against the theft or accidental damage or damage through fire. Some insurance companies provide insurance for repairing the vehicles, due to mechanical problems or repair the parts of the vehicles.
When is automobile insurance not claimed? The insurance is not paid for the mechanical problems like breakage or failure of any parts of the vehicle. The owner himself should bear the charges for repairing. When the damage is caused to the vehicle when used outside the geographical area the insurance cannot be claimed. You cannot claim insurance when the accident occurs by drunken driving or during wars or any nuclear perils.
Getting your automobile insured
There are certain aspects that are to be kept in mind while buying an insurance policy for your car or automobile. First of all decide what coverage you would require for the automobile collision coverage or comprehensive coverage. Collision coverage gives coverage against accident or hitting huge objects whereas comprehensive coverage covers the damage caused due to fire or floods or winds etc.
Review the insurance policy thoroughly and contact the insurance company to get the details of the amount that you have for the coverage and how much you require paying. You can also make the payment monthly or yearly according to the quotes.
The quotes are available online for the car insurances. To avail these quotes you need to fill form which takes hardly 15 minutes. Keep in hand the current policy, driver license number and vehicles registration. After filling the form the quotes are suggested by the sites after the calculation, the quotes are not provided instantly for the customers these quotes are sent via email or through agents to the customers.
Gather the information about the quotes and the company. Compare the monthly and annual quotes of different coverage. Collect the phone numbers of the insurance company so that if there are any doubts or questions, which cannot be solved online, can be made clear by contacting them. You have to find out about the insurance company’s payment plans and what happens if payment is made late.
After the information is collected online, contact the company’s which are not available online through phones. Get their quotes on telephone and also via e-mail so that the prices are confirmed without any errors. Collect information about discounts provided by the insurance companies like good drivers discounts etc. which helps in lowering the insurance costs.
Now choose the best coverage provided by the insurance company at least expenses. It is better to choose the company checking its record for customer services, financial stability and fairness. After doing the research and deciding, review the policy and verify the coverage and price that you requested before signing it. Now you secured the coverage policy for your automobile.

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What Are Insurance Companies

What Are Insurance Companies

What Are Insurance Companies

What Are Insurance Companies:
Generally Insurance involves the group of people having a contract that is used to face the risks of a contingent and tentative loss/damage. Insurance processes have many people associated with it. An insurer, also called as insurance carrier, is the service provider. In short, it is an insurance company that sells the insurance policies (contract). Insurance companies mainly focus on the risk management of the life of a person, assets, properties, business, travel, endowments, etc.
Insurance companies sell their policies to individual, group or family. One who purchases insurance policy is called an insured or buyer or policy holder. Insured signs a contract with insurance company for the risk of loss which may occur to his/her life, property, automobiles, etc. In turn for the amount of coverage rendered by insurance companies, amount is to be paid in form of ‘premiums’. The deal between insurance company and insured involves the assurance of lesser loss in the form of payment (premiums) by the insured to the insurer. In turn insurance company guarantees to indemnify the policy holder in case of financial loss when claimed for coverage. Most of the insurance policies provided by insurance companies have a policy period of one year.
Categories of Insurance:
Insurance companies sell their policies to individual, group or family. For insurances based on individual, insurers or insurance companies provide policies and coverage to a single person. Insurance for a family covers for all the members of the family like husband, wife and a child or husband, wife and two children. Some insurance companies provide insurances for parents and some provide even for parents-in-law.
Group insurances are generally purchased by business owners to provide insurance to their employees. In certain business groups it may optional whereas some have it as a compulsion. Employees purchase the policies and pay their premiums against the coverage provided.
Forms of insurance: Now-a-days, there are many forms of insurances provided by insurance companies. Some of the insurances provided by these companies include health insurance, dental insurance, automobile insurance, endowment insurance, liability insurance, holiday package insurance, travel insurance, life insurance, personal accidental insurance, etc.
Working of insurance companies: In an insurance company there are many insured entities that purchase the policies and pay their premiums. Thus funds are being pooled from many policy holders. These funds are used to pay in providing coverage when claimed to the insured if losses may occur. Therefore, the insured entities are guaranteed and protected from the risk of finances. The payment when claimed depends upon the severity of the loss incurred.
What Do Insurance Companies Cover?
In the automobile insurance policy, insurance companies cover the loss against damage caused to your automobile. Personal Accidental insurance covers the medical expenses incurred in treatment of the bodily injuries. Health insurance provides coverage for regular medical checkups. It includes hospital/doctor charges, medical bills, lab charges, etc.
Property insurance covers the losses that occurred to residences, shops, etc, due to floods or earth quakes. Damage can also be due to theft or fire explosions. Life insurance policy provides death benefits to beneficiary/nominee of policy holder. Some insurance companies provide policies that allow insured to use certain amount from the premiums whilst he is alive at the end of policy period.
Liability insurance covers against the risk of losses that may incur in your business. Travel insurance provides coverage for the travelers in case of loss of luggage, flight cancellation or for medical expenses incurred. Dental insurance provides coverage against the out-of-pocket expenses that arise out of dental care. These include expenses for regular checkups, cleanings, oral surgeries, dental implants, crowns, dentures, fillings, etc.
Except for the life insurance and liability insurance payment is made to the policy holder by the insurance companies against the losses when claimed. In the life insurance death benefits are paid to beneficiary chosen by the insured, whereas in liability insurance payment is given to the third party who incurs loss or damage when reported a claim to the insurance company if the insured is legally liable.
Exceptions: Insurance companies do not pay in cases of suicide for the life insurance or accidental life insurance policy holder. Liability insurance cannot be claimed for the bodily injuries or property loss of the business owner or any of his employees.
Choosing the Best Insurance Company
To purchase a policy from the insurance company/insurer, you should know primarily about the terms and conditions involved in insurance procedure. You need to be aware of the policies which are required for you and available in the market. In choosing the best company, an insurance company agent can assist you in selecting the best policy for you. Insurance agents work for the insurance company to sell their policies and also act as financial planners. You can also choose policy according to your necessity and requirements online. Many insurance websites are available, in the internet markets, which help in comparing the rates of policies and the benefits provided by each policy.

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Travel Insurance and Its Importance

Travel-Insurance-and-Its-Importance

Travel-Insurance-and-Its-Importance

Travel Insurance and Its Importance:
Travel insurance
is the insurance which is used to get protection against different risks associated while travelling. It covers the medical expenses incurred while travelling, financial default of travel suppliers and other losses which occur when a person travels within the country or goes on international tours. There are basic categories which are covered by any travel insurance policy is Trip cancellation, Major medical emergencies, Travel medical expenses, flight accident , accidental death and emergency medical evacuation.
We are exposed to risks while we travel which is the main reason for the requirement of travel insurance. Any person who is a professional or student can get travel insurance. There are certain important rules and regulations are there for the insurance policies when compared to other groups of people. You can plan vacations and holiday travels for your family with good travel insurance policy which helps in saving your money and safeguard the journey and protect yourselves with any unforeseen events that may occur during travelling. At the time of booking a trip we can avail temporary travel insurance to cover the trip which has fixed duration. To cover unlimited trips then multi trip policy can be purchased within fixed time period. The coverage can be varied and purchased for risks such as winter sports.
Risks Covered In Travel Insurance Policy:
The common risks that travel insurances cover are medical emergency caused due to accident or sickness, emergency evacuation, trip cancellation, repatriation of remains, return of minor. The coverage is also provided for accidental death or disablement or injury, overseas funeral expenses, lost, stolen or damaged luggage, travel documents, travel delays due to weather, missing the flight due to airline schedule, and delayed baggage.
The trip cancellation insurance covers when trip is cancelled due to the business conflicts or weather related issues or illness or injuries. Some policies also insure you due to the act of terrorism, accident while going to airport, airline going out of business, fire or floods then the insurer pays the remaining amount you get after refunding from the airport you originally paid for the trip.
Travel medical insurance is provided for short time duration ranging from 5 days up to 1year depending on the policy when the insured gets injured or becomes ill while traveling. Major medical insurance is provided for long trips of six months or 1year to the insured. These medical insurances bear the medical expenses and find doctors and healthcare services while traveling overseas.
Emergency medical evacuation insurance covers the medically necessary evacuation and transportation to get the medical facilities. Accidental Death and Flight accident insurance provides the benefits to the nominee like life insurance if the traveler dies with serious injury or accident.
You can also get insurance with additional costs which include diseases like asthma and diabetes , sports with risk like scuba diving, skiing, travel to countries that are at high risks due to war, natural disasters, terrorism, and 3rd party insolvency(pre payments made for the hotel and airports etc. which are non refundable) There is some common exclusion in Travel insurance which involves illness or injury caused due to usage of drugs and alcohol, already existing medical conditions and Incidents occurring during war and terrorism.
Types of Travel Insurance Plans:
Travel Insurance Plans are of various types based upon the customer’s requirement. These include individual Travel Insurance, Family travel Insurance, senior citizen travel insurance and student travel insurance.
Individual travel insurance is done to the person who is travelling abroad alone. This policy covers risks entailed, medical emergencies, delays and losses during the travel. Family Travel insurance is done to the entire family member cited by the customers who are travelling abroad or are on holiday packages. Risks, Medical expenses in emergency are covered.
Senior citizen travel insurance is done for the older people or parents of the policy holders who visit their children abroad. This policy covers Medical expenses and risks during the travel period. Student travel insurance is for the students who wish to study abroad. It is considered as a solid supporting system to students. In this Policy study interruption is covered, the sponsor is protected, compassionate visits both ways and more over accident and sickness reimbursement is covered. All Risks, personal accidents and medical expenses are covered.
The other travel insurance plans include corporate travel insurance, overseas travel insurance Domestic Travel insurance. Corporate travel insurance plan is for international business travelers who get comprehensive package that provides health cover and complete medical cover. Overseas Travel insurance policy is valid for the whole year and is available 24 hours a day. This is a global protection policy. It covers loss of passports, delays of baggage and medical expenses. Domestic travel insurance is policy is policy which covers risks caused while travelling with in the country. It covers delayed trip accommodation charges, missed departures ticket lost and other medical expenses.

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How to Handle Situations like Debt Collector Abuses

How to Handle Situations like Debt Collector Abuses

How to Handle Situations like Debt Collector Abuses

How to Handle Situations like Debt Collector Abuses :
There are all sorts of jobs in this world and most of them require for the employee to get up n the morning attend the working place and perform the job until the end to the working program and the same goes for debt collecting agents. They are employees hired to do their job which consists mainly of contacting the debtors and request them to pay off their debts.

But this is the ideal case scenario in this type of job because most of these agents seem to have graduated the classes of mean behavior so to speak. This is actually the most polite way to describe the attitude of many debt collectors. They are in their majority very abusive in their language having the only purpose to intimidate you to eventually pay off the debt.

An abusive attitude and language coming from a debt collector is mostly described by a rude way of having a phone call conversation not to mention the hours that this phone call is made: at 7 a.m. and 11 p.m. while this is definitely not a pleasant issue to confront with, you will want to know what these agents have the right to do and what you can do in order to fight them back.

The following lines are not something that I imagine you should do, but are provided by the Fair Debt Collection Practices Act – FDCPA – and act passed by Congress several years ago. This act will also specify what these debt collectors can not do. Read on and find out more about this:

* One thing they can not do is to call you before 8 a.m. and after 9 p.m.
* They do not have to call you several times per day.
* They shouldn’t call at places that you are not comfortable with, such as working place.
* They shouldn’t threaten to spread the news about your debt or any false credit information for that matter.
* They shouldn’t keep their identity hidden when they call you and never ask you for any bank account number or security card number.

The same act will have some references on what you can do in order to defend yourself against any abusive behavior and language of a debt collector.

1. You should write a letter known as cease or desist letter (there are many examples of it online). This is in fact a way of telling them not to contact you any more. Make sure that the letter as a certified one with return receipt to ensure that the agency has received it and signed as such upon its receiving.

2. Another thing that you can do in case the agency decline this letter and continue calling you, is to change your phone number. Well, this is definitely not a long term solution but at least it can buy you some time, before they fund you and reach back at you.

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Types of Insurance

Types of Insurance

Types of Insurance

Insurance has become important because of fears and worries in life. To safeguard and get financial stability insurance has become compulsory to overcome the worst situations that occur in life. By estimating the risk that may occur in life and taking the required insurance plan may help in recovering from the financial losses when the damage occurs. Insurance is mostly classified as two types – general and life insurances. In General insurance there are three types of insurances like marine insurance, fire insurance and accidental insurance where as life insurance can be for term or permanent life insurance.
Life Insurance:
Life insurance is a contract which provides payment of money, after certain even happens, to the person assured or the person whom the insured has entitled. This protects the family financially after the death of person for the loss of income.
Term life insurance: This type of life insurance, the insured gets coverage till the term contracted. These have very low premiums and do not carry any cash values. The insurance company pays the member entitled or the beneficiaries, if the insured dies during the term. If a person survives the specific term, then no payment will be given which becomes burden mainly for the old people to pay the premiums.
Permanent life insurance: This policy is utilized by most of the people. The money which is paid as premiums is invested in funds and in period of time, the policy accumulates cash value, which we can get during the policy or after the end of the policy. Life insurance policy can be bought at any age based on the circumstances, and the style of your living. You can cover your dependents financially without affecting their style of living even after death. Some policies like whole life, universal life allows you to use some part of money at the end of the policy when you are alive.
There are different types of insurance plans like whole life, money back, endowment, term, unit linked plans.
In endowment plan the premiums are paid for certain period, and the sum amount is paid after the death of insured or after end of the policy, whichever occurs first.
Money back policy can be used for investors who require payments periodically. The premiums are collected by the insurance company for a term, and then pay percentage of amount at regular intervals to the insured. If the insured dies during the term, then the company pays the sum assured and accrue bonus to the beneficiaries or nominees.
Unit linked plan (ULIP) is a new type of insurance which is both investment and insurance. The premiums collected are invested into equity and debt markets. The returns are passed to the investors after the maturity of the policy. The insured gets profits as well as risk coverage. In case of death, nominee receives the fund value or sum assured whichever is higher.
General Insurance:
General insurance is non-life insurance and is given to the property or goods, vehicles or automobiles to get protected by financial losses occurring through them. These insurance contracts are made up to 1 year; some companies provide this type of insurances to a maximum term of five years.
Marine insurance: This insurance is one of the oldest forms. The ships while importing and exporting goods and cargo had several risks as they could be sunk in the waters or lost while transportation or expensive things might be stolen or may be attacked by the enemies. To overcome these risks marine insurance has become the defensive measure. During the ancient times, the people used to individually distribute the losses so that there is no unfortunate victim who has to bear all the financial losses. Now-a-days the companies are providing the businessmen who exports goods through the sea passage can get secured with the sea risks by paying premiums to the marine policy and insuring their goods.

Fire Insurance: Fire insurance is given to safeguard with the risks of getting burnt. Houses and property can be insured to avoid any risks of fire and incurring losses when they get burnt and destroyed. With the uncertainties of life any unexpected danger may cause fire and many expensive things, houses can get completely burnt and damaged. Natural calamities like forest fires may also be reasons for the destruction and burning of properties. Even the individuals while accidents or explosions get burnt, this fire insurance will be beneficial in coping up with these situations. Victims of fire are provided with the necessities of life and also given financial support.
Accidental insurance: Accidental insurance protects financially individuals or groups whose assets or life which is at risk of accidents. By taking defensive measures and getting insured the losses can be reduced or lessened by the financial provisions. We hear daily about number of accidents taking place which may be by the vehicles or by any other means. By having vehicle insured the damage caused to the vehicle, damage to others property or life and the medical expenses can be covered. Accidental insurance does not give coverage when the injuries or harm is caused by the self intentionally Apart from these there are insurances like liability insurance, Auto insurance, burial insurance, property insurance, fidelity insurance, crime insurance are also available.

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Benefits of Purchasing Property Insurance

Purchasing-Property-Insurance

Purchasing-Property-Insurance

Benefits of Purchasing Property Insurance:
Property Insurance
gives protection against risks like fire, theft and damages caused by weather to the property and assets insured. The insurance companies also provide property insurances against the damages caused due to floods and earth quakes. The property insurance policies have been classified into two types, based on the cause of damage, as open peril policies and named peril policies. In open peril policies the insurer cover only the specific losses mentioned in the policy and do not cover the damages caused due to wars, floods, terrorism attacks and nuclear incidents, etc.  In named peril the insurer covers the damage when the cause of loss is known and provides coverage to named perils like fire, explosions, threats and thefts.

Coverage in Property Insurance:

Insurance coverage provided with Property Insurance policy is of three Types. The property can be replaced by Replacement cost coverage without considering any depreciation. You have to pay premiums based on replacement costs and not on actual cash value to get this type of coverage. The other type of coverage is the actual cash value coverage which provides replacement cost after reducing the depreciation.  Extended replacement cost is provided if the costs of construction have increased from the coverage limit. This would not exceed 25% above limit.

The highest amount which the insurance company pays is the coverage limit that is established in the insurance policy on the loss of the property.  The amount fluctuates if the prices are rising.  In case of expensive items the insurance company asks to cover them independently excluding it from the household items. The last coverage option for home insurance policy is that they provide alternative living arrangement when the home gets completely damaged and cannot be resided, then the policy helps in paying for hotel or other living place.

Risks covered in the policy: According to the Standard Fire and Special Perils Policy, the risks covered for dwellings, offices, hospitals, shops, industries, machinery accessories, tank farms, storage item. The coverage is given when the loss is caused due to fire, storm, lightning, explosion, bursting of tanks, landslides, riots and strikes, terrorism, missile testing and bush fire. The loss caused due to war, nuclear activity, and change in temperature damaging the stocks, and over-running of machines.

After the fire accident according to the policy, the policy holder has to inform the property insurance company about the accident and give in written the details about the losses and damage occurring to the property and their estimated value within 15 days to claim the insurance.

Home Insurance:

There are many companies in the market which provide property insurance to cover homes, business enterprises, expensive industrial machinery and other properties. Home insurance is a familiar type of insurance that covers private homes.

Coverage in Home Insurances:

Home insurance includes the coverage of house as well as house hold things like furniture, electronic items like television, refrigerators, DVD players, computers, microwave, air conditioners, heaters etc, and also jewelry items. The coverage is provided to the electronic items when there is sudden breakage or damage is caused due to named perils and theft. Some insurance company also provides benefits of personal insurance with the home insurance in which the family members can also be insured. If any accident happens to them the medical expenses are covered.

They also provide accidental cover to the members of the family on account of death or partial disablement. The bills and ambulance charges are paid to certain limit by the insurance company. Home insurance also include liability insurance which is given when any accident happens at the home, or by the homeowner. The main requirement for the home insurance policy is that one named insured should stay in home or occupies home. Similar to home policy, dwelling policy gives coverage to the residences which are vacant or non-occupant, age. It includes both property and liability coverage with single premium paid for all the risks.

The costs for home insurance policy depend upon the replacement costs of the house, additional items to be insured. Exclusions are made for the damage caused due to nuclear explosions, floods, war etc., in the contract. Certain companies offer low premium costs if the houses are close to fire stations, or well equipped with fire alarms, security systems and locks approved by insurer etc. The contract is for fixed term period. The premiums are to be paid each term to the insurer. Home insurance without fixed term period can be obtained in certain areas, which is called as perpetual insurance.

You can also ask for additional coverage for your house by protection against floods, earth quakes, and wind storms. If the area where you live is flood prone, then take the flood insurance, which helps to pay the financial losses caused to your home and its contents during the floods. Earthquake insurance can be taken to cover the losses caused due to earthquakes.

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