Type Of Insurance

Riders and Additional Benefit

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:11:00 +0000

A rider provides some additional benefits under an insurance policy which is not provided in the basic policy, usually at an extra premium.Riders are also used to add non-life insurance benefits to life insurance policies.

Most riders involve benefits that do not require nonforfeiture values, and the benefits described here do not, except where noted.

Type Of Riders And Additional Benefit

1. Accident Benefit
2. Disability Benefits
3. Long-Term Care Benefits
4. Accelerated Death Benefits
5. Guaranteed Insurability
6. Automatic Increase ('Cost Of Living Adjustment"

Variable Life

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:10:00 +0000

Variable life insurance provides the policyholder with the opportunity to invest the funds in one or more separate accounts with specified investment goals.As the value of the separate account varies, (usually it is recalculated on a daily basis ) the death benefit may also vary, according to mechanism described elsewhere in this text.

Variable "Universal Life is Universal Life with the fund invested in one or more separate accounts, as selected by the policyholder.Generally , the mortality and expense charges are made on a daily basis, since the amount of insurance is subject to daily variation based on the value of the separate accounts.

Universal Life

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:09:00 +0000

In a universal life policy.sometimes called interst sensitive life insurance, each premium is deposited into a fund, sometimes given a name like "savings element", as it received.The fund periodically (usuallly monthly) charged with mortality costs and expenses , and interst is credited to the fund.

Universal Life Insurance may be offered with fixed premiums, or as "flexible premium life insurance" , where the plan allows maximum flexibility in timing, frequency and amount of premiums.

Once a year the policyholder receives a statement showing the operation of the fund for the year.

Whole Life Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:08:00 +0000

Guarantees coverage for the entire life span of the insured, ensuring that a death benefit will paid if the policy is keep in force by payment of premiums.Whole life insurance always generates reserves and cash and other nonforfeiture values.

Type Of Whole Life Insurance

1. Level Premium Whole LIfe
2. Limited Payment Life
3. Graded Premium Life
4. Joint Life
5. Endownment
6. Combinaion Plans
7. Dividend Anticipation Plans

Term Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:06:00 +0000

The insurance that does not extend for the entire life span, ends after a specified time , if the insured is then still alive.Term insurance often includes provisions guaranteeing the rights to:

renewal- to buy a new term policy or extend the existing one for period of time after expiry of the initial term period without providing any additional evidence of insurability.
conversion-to buy a new policy which is not term insurance at some specified time at or before expiry of term (again, without evidence of insurability)

Types Of Term Insurance

* One-Year Renewable Term
* Re-Entry Term
* Level Term
* Decreasing Term
* Automatically Convertible Term

Life Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Tue, 28 Oct 2008 13:04:00 +0000

Insurance policy is a contract between two parties.The first party ,the insured agrees to make one or more payments (premiums) to the second party, the insurer.The insurer, agrees in return to make payment (the amount of insurance) to the insured, if and when the event insured against occurs.

In case of life insurance ,there are many parties involved.If the insured death,the third party to whom the insurance is payable is called beneficiary.

It is not necessary that the insureds pay the premiums.It can be paid by fourth party which is called policyholder or owner.In return for payment of premium, the policyholder has the rights including to name the beneficiary.

Travel Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Sun, 26 Oct 2008 10:29:00 +0000

Travel insurance coverage is usually limited to the period of your travel. However, some insurance companies may offer various combinations of protection to cater to the specific needs of customers, including long-term annual policies for a frequent traveller.

A travel insurance can be purchased for you and/or your family to insure against travel-related accidents, losses or interruptions, such as:

Personal accident
medical-related expenses
loss of travel or accommodation expenses due to cancellation or curtailment of the journey
losing your baggage, belongings and money
losing your passport
personal liability
delayed baggage
travel delays
hijacking
repatriation

Personal Accident Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Sun, 26 Oct 2008 10:26:00 +0000

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.

You can either take a PA policy for yourself or a group policy for your family, protecting you and them anywhere in the world, anytime of the day. PA insurance provides 24-hour worldwide insurance protection.

Medical and Health Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Sun, 26 Oct 2008 10:24:00 +0000

Medical and Health Insurance (MHI), is an insurance policy which is designed to cover the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery. MHI also ensures that you won't have to worry about the cost of seeking treatment during emergencies. In addition, MHI also provides you with an income stream while you undergo treatment.

Each policy offers different benefits, and different insurance companies offer different scopes of coverage. Some insurance companies also offer comprehensive policies which offer more coverage than just the basic insurance cover.

Motor Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Sun, 26 Oct 2008 10:21:00 +0000

You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft.

There are three common types of motor insurance available: third party; third party, fire and theft; and comprehensive cover. The level of your coverage dictates what you can claim if your vehicle sustains loss or damages.

Home Insurance

noreply@blogger.com (MOHD HAFIZ BIN SAAD) — Sun, 26 Oct 2008 10:16:00 +0000

Home Insurance, or Houseowners / Householder Insurance as it is also known, is one of the most important insurance policies you can buy in your adult life. Your home is one of the largest financial investment you’ve made, and that’s why it’s so important to protect it. There are three main types of policies which you can buy to protect your home:

Basic Fire Policy

This policy provides you with coverage for the building only and covers loss or damage by fire, lightning or explosion.

Houseowners Policy

This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to flood, burst pipes, etc.

Householders Policy

This is a policy which covers your household contents and includes coverage for fatal injury to you as the insured. This policy does not cover damage to the house itself.