INSURANCE GUIDES

How to Access Medical Insurance Benefits

2011-09-07T05:03:00.000-07:00

Health benefits have been in the marketplace for quite some time now. Since their introduction, however, many people have succumbed to the needs since they are usually affirmed as necessities that every person should get. Medical insurance benefits can be extended to an individual through several ways. Some of the well-known ways include jobs and family individuals. The meaning of this concept is that medical insurance benefits can be acquired by way of signing particular contracts at the work premises with the employers to the fact that some of the money within the employees salary would be taken to help cover the medical insurance benefits.

The other known way in which an individual could access medical insurance benefits would be through insurances extended to family members. This method of accessing this service is also known as group insurance and it is usually termed as the least expensive in terms of how much to pay for, as it is in the case of employer and employee relations, the employer plans on how to reach to the payments according to the written agreement between him and the employee. It is usually related to the fact that the employee might decide to try and payoff some amounts while on the other hand the employer pays the remaining amount. All this and the question of whether the employee could agree with the employer on the terms that the employer could cover the entire insurance bill while the result may be that the employee may end up incurring heavier deductions compared to the employer paying just a half of the amount.

There are situations that may render an employer not being in a position to cover medical insurance benefits of certain employees to the capacity that the employer may not support group insurances which are usually the perfect ways of getting insured on medical cover for individuals under a low payroll. When faced with this kind of situation, the employee stands a chance of buying medical insurance benefits as an individual policy.

This is also applicable if the insurances offered are quite limited. Either way, before going for the individual policies, the employee should be in a position to know what to cover on the individual policy and what not to. This is one of the demerits of individual policies compared to group insurances. It is also important to know that the policies vary from one company to another and so extensive research may be vital.

so why opt for Jewelry Insurance?

2011-08-12T11:03:00.000-07:00

We all own at least one piece of expensive jewellery such as a diamond engagement ring or wedding ring. Therefore it is really important that the right kind of jewellery insurance is taken out to protect such items. You may think that your household insurance policy will provide enough cover, but this may not be the case.

If you check you may find that the value of these items you may find that they will not be covered by the highest insured limit on your household policy. Therefore if the item is lost, damaged or stolen, and claim for it on this policy you won't receive the true value of the item back.

So why opt for jewellery insurance?
Well of course the first benefit to be gained from insuring such items under specialist policies is that you will be reimbursed for the total amount that the item is currently worth. So of course if the item is worth over N30,000 then this is what the insurance companies will pay out should the item become lost or stolen.

With such policies you will find that not only is cover provided on the items of jewellery named in the policy for where you live, but across the world. Of course although these are "all risk" basis type policies we would look at seeing if there are any other forms of insurance that they can provide.
Of course when you are trying to arrange jewellery insurance we highly recommend that you actually arrange to have the items in question valued first. If you visit any reputable jewellers close to where you live they will normally carry out this service for you for free. However some may charge a nominal fee, but isn't paying this worth it to ensure that you then arrange sufficient coverage so that if the item does get lost or stolen you will be able to replace it without the need for you to spend more of your own money.
Also when arranging jewellery insurance take photographs of the items from various angles to keep with the policy. This way should the items be recovered you can clearly identify them.

Why Is There a Need to Be Protected by Insurance Policies?

2011-08-12T10:54:00.000-07:00

Basically, an insurance policy can serve as a way for an individual to protect one's assets, income, property, lifestyle and health. When one is protected by an insurance policy and has encountered an event in one's life that is under its coverage, the individual or his beneficiaries will surely be given the money as stated in the insurance policy's coverage. The amount and coverage of the insurance will depend on what policy one has purchased. Given that a person is protected by an insurance, one will surely achieve a piece of mind because of the assurance that financial help is sure to be received once the worst case scenarios would occur.

Indeed there are different types of insurance policies that one can choose in order to be prepared one's self for the time to come. Here is an overview of some of these policies that may avail:

• Medicare - If you want to prepare yourself for the expenses that in terms of hospitalization cost, medication and also for the prescribed medicines, then this type of insurance is the right one for you.

• Long Term Care - Being covered by this type of insurance will protect you from the staggering cost of thing you do daily, home health care, respite care, hospital care, care for adult day, nursing home care, or assisted living facility care.

• Life Insurance - This insurance policy will ensure that your surviving family members will still have the financial stability if ever you pass away since they will be receiving money to compensate for their sudden of bread winner.

• Fixed-index Annuities - For people who want to become financially stable even after retirement, then this is the right insurance policy that fits your future plans.

• Home Health Care - It covers the expenses of the one's medical services as well as the wellness programs while in one's own residence.

• First Diagnosis Cancer Policy - It helps individuals prepare for any potential diagnosis of becoming a cancer patient in the future. Being covered by this policy will help with the expenses that are no longer covered by Medicare.

With the different insurance policies that can be useful in the future, being covered by insurance policies will surely give one a piece of mind. After all, one can rest assure that whatever happens, finances will no longer be part of one's future problems. The only thing left to do is to find the right insurance provider and inquire from of the further details regarding the different insurance policies as well as the coverage.

blogginworld

2011-07-20T05:28:00.001-07:00

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LIFE INSURANCE GUIDES FOR STARTERS

2011-07-17T13:46:00.000-07:00

The general principle of life insurance is an agreement between an individual who purchases an insurance deal and the insurance company he purchased it from. This bond benefits both parties, as both get paid but in different ways. The insurer gains by the premiums paid gaining a profit as the years go on, and the individual benefits in retrospect, as his partner and children will be compensated when the unfortunate happens.
There are many types of life insurance an individual can buy, and the type best suitable depends on various alternating factors such as critical illness, accidental death, temporary, permanent or even if he has the mortgage tied in with the policy.

So, who needs Life Insurance?

That Question is probably the most simple you will ever come across. Depending on the status of your loved ones, I think most people will require it for the sole purpose of helping your family escape financial difficulty and for your own peace of mind.

The Basic types of insurance as stated above suit different individuals in different ways depending on what they want to get out of their insurance. Now Life Insurance can get a lot more complicated when digging deep, such as including riders and add-ons for extra benefit, but below summarises the basics.
Whole Life;
This insurance provides cash value over time with a tax-deferred basis, and some insurance companies may even pay the policyholder a dividend. This type of insurance would be highly recommended by many due to the cash value that is available for you or your family before you die. It helps with many life aspects such as providing for your children's school education, or for your retirement funds. This type of cover is more situated for protection of your family's interests.
Temporary (Term);
Being the least expensive, it is also the simplest. Temporary policies are fixed over an extended period of time (usually 1-10 years) and don't amass a cash value. This form of life insurance pays a fixed amount to your spouse in the event of your death. Simple in the fact that the premiums are paid and the beneficiaries are looked after.
Universal Life;
This type of life cover is a flexible plan. These policies increase interest and allow the owner to adjust the death benefits and premiums to their current life circumstances. You decide the amount to be paid as a premium for this type of insurance, and if you miss out a payment, this will be taken away from your death benefit. Universal life insurance stays in consequence as long as your cash value can cover the costs of the policy.
Variable Life;

Variable life cover is for individuals who like their life insurance policy to act simultaneously to the financial market. The policyholder, not the insurer, decides how the money is invested and the cash value, if done right, can gain at a much more rapid rate in comparison to other plans. The disadvantage of this plan is that if the financial market is in poor economic state, then so will be your life policy. Similar to whole life and universal life insurance, you may withdraw against the cash.

COMMERCIAL INSURANCE FOR BEGINNERS

2011-07-17T13:29:00.000-07:00

Would you go boating without a life-vest? I certainly hope not. In the same way; would you run your business without having it insured in any way? Risking bankruptcy and failure, simply by not protecting yourself against theft, lawsuits, damage from water and fire, etc - would you make that mistake?
That should suffice for rhetorical questions for now, I think. Of course you wouldn't jeopardize your livelihood like that, so as any sensible business owner,you want commercial insurance. What type you want depends on what sort of business you run: If you work in the transport and freight sector, you would likely need to insure a vehicle of some sort - perhaps a truck. Well then; commercial truck insurance is what you need. The premiums will depend on the size of the truck, the use of it (could be hazardous materials), what shape it is in, etc. If on the other hand you are a doctor, you wouldn't dream of practising your work without a malpractice insurance, would you? A single malpractice lawsuit could ruin you for life, so you probably would not risk that. No matter what field of business you are in though, there is one type of insurance you probably can't escape: Commercial liability insurance. This will save you from financial ruin, in case you, your company or a product you manufacture causes damage to someone. Most people have personal liability insurances, so the concept may not be foreign to you. Well, liability is just as important for businesses to concerned with - if not more so. No matter how sure you are of the qualities and safety of your products or services, you can never know for certain that they won't be able to cause damage to someone somewhere. No matter how well written your legal disclaimers and user manuals are; there will be people who misuse the product, so even if you are legally not at fault, you could still become subject to a lawsuit. Of course there is also the possibility that you missed a detail when designing your product - no matter how good your quality control is. Insurance is the only way to protect yourself against issues like these.
Commercial motor insurance is another example of how business insurance differs from personal insurance. To an insurance company, a vehicle used for business purposes will be subject to more wear, higher risk, etc; than a personal vehicle is. This may mean you have to pay more to insure a business vehicle in some cases, but not necessarily. What it does mean for certain though, is that the criteria used for risk-assessment are different when insuring the company car. A van insurance quote for instance, will be calculated differently if the van is to be used by a courier business, than if it was for private use. It may end up costing more - or it may end up costing less. No matter what you are insuring, remember to shop around for the best commercial insurance quotes. Take the time you need to find something that fits your needs, and spend what you have to - but please don't omit insurance when building your business.

INSURANCE FOR BEGINNERS

2011-07-17T13:19:00.000-07:00

INTRODUCTION

Welcome to the global business guide. In this context, we will be taking about the insurance industry, the general definition of insurance, adequate and precise explanation of the definition, brief talk about the history, the insurer, the insured, classes of insurance, the role of the underwriter in the industry and how you as an individual can benefit maximally when you get yourself, your car, your house, even that your business insure. We do hope you will enjoy reading this article and the essence of your quest for the topic above will be met.
Insurance is a financial institution classified as a non bank financial institution. They are important financial inter-mi diaries. It is believed to have originated from the ancient practices of inhabitants of the valleys of rivers Tigris and Euphrates in the present day Iraqi in about 4.000BC. History has it that in 1800BC, the Babylonians code of Hammurabi contained provisions which had elements of insurance in the laws that govern their commerce. But today what we have in the industry, both locally and internationally had moved from just an agreement between two persons into a very big industry across the globe.

Going by definition, we learn that insurance means a situation whereby someone protects his or herself against risk and reduce effects of uncertainties as well as distribute loss. Other explanation to this owe it to the situation whereby a certain amount of money when collected from someone by an insurance company agrees to pay a compensation or render services to that person if and whenever that person suffers the kind of loss specified in the insurance agreement; and from the explanation, this is where an insurance company comes into play since they are the people that will go into agreement with the person taking any insurance policy against any of his belongings. This industry has widely been believed as a means whereby people reduce the risk of unforeseen circumstances. As financial intermediaries, they act as middlemen between the surplus units and deficit units of the economy thereby sustaining the general growth of the economy.
One may ask, how do insurance companies generate the money used in compensating their policy holder when affected by any mishap? The answer to this question, will lead us into talking about the various means via which the insurance companies make their money and how their policy holders are compensated. The truth is that, the money they collect from their policy holder (i.e one that has an agreement with the insurance company) is invested in the form of premiums (an extra sum of money paid in addition to the normal cost of something. by BBC. Eng. dict) and that money is invested in Bonds, in stocks, mortgages (i.e house) and government securities (in our subsequent article, we will explain more of this: Bonds, stocks, mortgages and govt. securities). They generate income for themselves and those who are in their service. They invest their policy holder's money in better business that has short term maximum returns on investment and from there meet their numerous needs when needed in claims and losses. These funds themselves are invested, that not only do they earn interest to be added to the funds, but they also benefit the government, public authorities, and industries whose securities the investment are spread, because of the investment policy of the insurer (we will explain later), their reserve funds are not left idle butt are used productively.
Another way via which the insurance companies compensate those who are in their service is that the contribution of many is used to compensate the few among them who were affected by the misfortune insured against. So the loss of few people is share by many.
We hope that to this extend, you must have understood the above explanation about insurance company. Now the next thing we will be considering is the functions of the insurance companies.
Amongst other functions, the main function of the insurance company is risk bearing, the financial losses of individuals are judiciously distributed among many people, for example, in the case of fire, the policy holder in fire insurance pays a premium into a common pool, out of which those who suffer loss are compensated.

FUNCTIONS INCLUDE

1. The insurance industry encourages thrift (i.e money conservation) especially via it's life policies which provide funds for family, welfare and old age provisions. It provides employment opportunity for those that have the interest of working with the industry.
The insurance companies works hand in hand with commerce. It owes it's existence to commerce (i.e business in general both industrial etc) and commerce in return owes it's strong stability to insurance, this is because it helped in various ways to enhance the general trend in business.
Before we proceed further to other functions, let's explain this two terms: the insurer; the insured as it will aid us in our understanding.

The insured: This is the party affecting the insurance in other words, the individual or individuals which is taking the insurance policy. This can be done either directly or indirectly or via an agent or broker.

The insurer: This is the party providing the protection to cover by the policy. The insurer covers every other terms which includes the underwriter who is a senior official of an insurance company whose business lies in undertaking new business for the company.
The insurance company has a contract which promises to pay compensation at a future date for a consideration known as premium (i.e. the money paid by the insured to the insurer for the insurance cover provided in the policy). Like the way we have it in other contracts, i.e having it that contracts is based on the principles of offer and acceptance, consideration and capacity to contract. These contract, especially in insurance involves two parties i.e. the insurer and the insured.

FUNCTIONS 2

Insurer, by reason of their principal function accumulate large funds which they hold as custodians and out of which claims and losses are met. Like in some countries, their insurers operate in many parts of the world and earn vast sums in overseas market in terms of underwriting profit and investment income. This tells us that insurance forms a considerable part of that country's invisible exports.
As we continue in our functions, let's see the role of the insured and the insurer.

ROLES OF THE INSURED:

In insurance, when the proposer becomes insured the party effecting an insurance is known as the proposer throughout the negotiations, and until the contract is in full force. The insurer plays a vital role in making this aforementioned contract to come into force, knowing that in insurance contract, just like we said before is base on the principle of offer and acceptance, consideration and capacity to contract, the contracts are always evidenced in writing which is made up of various forms to be filled and signed. If the insured does not accept the insurance offer and giving meticulous consideration to that, there can hardly be capacity to contract i.e the insurance contract can never be. So, from this, we now learn that this two parties (i.e the insurer and the insured) must be involved before an insurance contract can becomes a policy.

ROLES OF THE INSURER

Here we are considering the roles of the insurer as a subsidiary functions of insurance; this is because in general sense (they have a very wide range of function), the insurer is the one providing the necessary insurance services, benefits to the insured, should any mishap, depending on the insurance policy undertaken. The insurer helps also in loss-prevention in the following ways:
We know that the extend to which loss prevention is seen, is mostly on property. An individual or a population can suffer great loss materially, if it were not for the intervention of loss prevention scheme by insurance companies to their policy holders.
The insurer also assists in boasting business venture: Many large -scale enterprise today can make their business in good faith, having transferred all their risk to the insurance company, in other words. The insurance companies help to maintain and to stabilize the atmosphere of the present day large-scale business and organizations.
Many questions had risen by on onlookers, as on how the policy holder can be compensated, should there be any mishap on the policy covered. It is better for us to note that the insurance company, when a loss is incurred to the policy holder can make for his or her loss, but that can only compensate him and make him return to his normal financial position before the occurrence of the incidence and not to profit him from the misfortune. This is generally because, no amount of financial compensation can pay adequately for the life and health of persons, so life and personal accidents are regarded as benefit policies. So let there be no misconception on this fact when mishap occurs, where the public is looking for the victim to be given everything lost, and having a meager compensation given to him or her. So let's not distrust insurance companies in this area, knowing that it's only the restoration to the exact position before the loss that is provided.
Now, as we have gone so far in understanding the functions of the insurance companies, the roles of the insured and the insurer, we will be proceeding forward to look at the various ways via which one can benefit from being insured in all spheres of life. For those who against all odds, accept insurance policy adequately, benefits, awaits them in areas like
1. pecuniary insurance
2. personal insurance
3. property insurance
4. liability insurance
We will take our time to give you enough explanation in all the sub-sections of these areas that will be of help to you.

1. PECUNIARY INSURANCE: This has to do with money or relating to something of such nature. This insurance policy benefits mostly company owners, directors, managers e.t.c This insurance policy provides cover to the employer against the loss of money unintentionally, or in a situation where an employee defrauds his or her employer on certain amount of money placed under his or her custody or in things relating to other occurrence/loss. Other policies under pecuniary insurance are; fidelity guarantee (known also as surety ship), legal expenses, credit insurance and business interruption insurance. All of these have their various function which in one way or the other relates to pecuniary. Like earlier stated, pecuniary insurance provides cover for C.E.O., M.D'S etc in case of loss of money either by intent or accident placed under the care of their employee or any officer of higher responsibility. These type of insurance cover, which their employee has will help to compensate them (i.e the employer's) and also ease the employee the fear and tension which the mishap might generate for him or her. It is therefore advisable you consider this policy very well as an MD, C.E.O. etc, especially with the assistance of your insurance broker so as to adequately know, and be directed properly on how to go about it.

2. PERSONAL INSURANCE
This involves all classes of life assurance and also accident policies. There are other types of person insurance, and the purpose of each is to meet the different need of individuals in their aim to provide for the future either for themselves or for their dependents. Other sub-divisions of personal insurance are:
i. Life assurance
ii. Personal accident and sickness insurance,
iii. Permanent health insurance,
iv. Social security
These sub-divisions has various similarities which come out at the end to meet the same aim, like in life assurance, personal accident and sickness insurance, this policy ensures that the policy holder when befallen by any misfortune, which resulted into permanent disability or death will still be able to fend for his or herself and also for his or her dependants in the case of death.

3. PROPERTY INSURANCE
Property insurance policy involves insurance cover for property should any risk of damage or loss by fire, accident, burglary or other risks that may occur. Under this, there are other sub-divisions which include:
i. Motor Insurance
ii. Marine Insurance
iii. Fire Insurance
iv. Burglary Insurance
v. Special peril Insurance
vi. All risk Insurance
In all these sub-divisions of property insurance, respective insurance cover is given to them all should there be any damage or loss relating to the type of policy the holder has.

4. LIABILITY INSURANCE
This provides cover for the insured against his legal liability to others. This can arise via negligence of the insured in failing to act in a reasonable manner. Such manners like crossing the road without properly looking on both side of the road which might result in accident. This may also arise via the insured's unlawful disturbance of another person in the enjoyment of his or property (i.e constituting a nuisance to them) or via the insured's trespass which is an unlawful act committed with force or violent on another person's property. Liability insurance is also sub-divided into employer's liability to his employee and public liability by the insured. The two sub-divisions of liability insurance owe their explanation to their respective liabilities, and since liability generally arises from lawsuits, liability policy covers only claims which the insured becomes legally obligated to.
We should also bear in mind that no insurance policy can prevent theft, fire, or other misfortune or the creation of legal liability, but can provide financial assistance in such situations. It does not also protect for example, the material property which is the subject matter of the insurance, but the financial interest of the insurer. This mean that the insurer can only get a financial compensation when any mishap happens to any thing insured against and not having the property restored back in case of fire or collapse (for building).

CONCLUSION

In all, we do hope that all these explanation will give you a better insight towards getting what you want on the good step to take while taking your insurance policy. But, always make sure that you don't do anything without first of all consulting your insurance broker ( who will take more time to tell you one-on-one the policy that will be suitable for you) before going to any insurance company knowing already that the cost of insurance is less than what would be the cost of insurance because the cost of insurance to industrialist for e.g is passed on to consumers along with other product cost and the consumers benefits from the existence of insurance via reduced prices. So make sure you get insured today.

WELCOME TO THE WORLD OF INSURANCE

2011-07-17T13:11:00.000-07:00

IMPORTANCE AND THINGS YOU NEED TO KNOW ABOUT INSURANCE

Amongst all the things in our lives, insurance is probably one thing that is always overlooked and taken for granted. Not many realize the importance of an insurance policy until the time they need it. Insurance policies are actually defensive mechanisms put in place for use against future unconditional losses to hedge future risks. These policies can cover a wide range of things ranging from individual health to vehicles and buildings.

Insurance contracts are actually properly designed and tailored policies provided by companies to provide cover for unforeseen and unconditional losses. The regular amount charged from customers is known as the premium. In the event of a definite loss, the companies would pay back, either partly or wholly, to the customers based on the regular premiums they paid. It is almost impossible to fully avoid losses. You might never know when you will fall ill or when you might sustain property damages. Therefore insurance policies serve as a hedging principle against these risks by providing financial security should such a loss happen
There are indeed whole lists of different insurance policies out there. Individuals might seek out private health insurances for personal cover and businessmen would opt for general covers to protect their properties. And then again there are vehicle insurance policies. These policies work the same like any other insurance policies; with financial subsidies paid out to customers should any unconditional losses occur. There are a wide range of institutions which provides cover for any kind of damages pertaining to natural or manmade calamities. Over the years the popularity of vehicle insurance has increased by leaps and bounds and nowadays every owner of a moving vehicle would endeavor to pursue such a cover for their vehicles.

The insurance policy market is currently experiencing a boom in Malaysia. With an increased demand for different covers, new insurance institutions are fast catching up to existing market leaders. With a much diluted market, customers would not have a clear picture of the available insurance policies. When faced with such a situation, a customer can seek for an insurance agent for assistance. An insurance agent can help the customer search for policies that are tailored to meet their requirements. Different companies provide different policies with different cover and benefits. A customer will naturally be oblivious if such information were not made available to them. An insurance agent can in fact inform a potential customer of the very details of an insurance policy. Some agents are not attached to a specific company and these independent agents can provide an unbiased perception of available insurance policies on the market. Captive agents are often self laudatory since they work for a specific company. They would do their best to promote their own policies while perhaps overlooking better available deals on the market which suits different people better.

Therefore if you are an individual or an entity searching for insurance cover needs, then acquiring the services of an independent agent might prove to be helpful for you. These agents can provide you with a whole list of insurance quotes, make comparative analysis between policies and provide useful advice on your policy of choice. With such information made available, the final decision is up to you to choose the policy which is tailored for your needs.