Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group insurance may or may not be converted to individual coverage. As group insurance gets big business for an insurance company with minimum operational expenses (under one master policy issued to an employer, union or any recognised group), it is usually less expensive than individual policies.
Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance (thus increasing adverse selection); instead they are in the group for reasons unrelated to insurance, such as all working for a particular employer.
A feature which is sometimes common in group insurance is that the premium cost on an individual basis may not be risk-based. Instead it is the same amount for all the insured persons in the group. So for example, in the United States, often all employees of an employer receiving health insurance coverage pay the same premium amount for the same coverage regardless of their age or other factors. Whereas under private individual health insurance coverage in the U.S., different insured persons will pay different premium amounts for the same coverage based on their age, location, pre-existing conditions, etc. Another distinctive feature is that under group coverage, a member of the group is generally eligible to purchase or renew coverage all whilst he or she is a member of the group subject to certain conditions. Again, using U.S. health coverage as an example, under group insurance a person will normally remain covered as long as he or she continues to work for a certain employer and pays their insurance premiums whereas under individual coverage, the insurance company often has the right to non-renew a person's individual health insurance policy when the policy is up for renewal, which they may do if the person's risk profile changes (though some states limit the insurance company's ability to non-renew after the person has been under individual coverage with a given company for a certain number of years).
Monday, January 19, 2009
Lenders Mortgage Insurance
Lenders Mortgage Insurance (LMI), also known as Private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.Typical rates are $55/mo. per $100,000 financed, or as high as $1,500/yr. for a typical $200,000 loan.
Landlords insurance
Landlords insurance is a policy to cover a property owner from financial losses connected with their property which they let out. Mainly a landlord insurance policy will cover the building itself with the option of including the contents left within. Landlords are usually required to take out specialist insurance as most standard house insurance excludes covers whilst a property is being rented
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Most companies will provide the option to have extra cover on top of what is considered the standard cover. These may include things such as accidental damage, legal protection, alternative accommodation costs or rent guarantee cover.
Common differences in use of the phrase landlords insurance is buy to let insurance, let property insurance, rented property insurance, or property owners insurance.
The policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, flood, escape of water/oil, subsidence, theft and malicious damage. Each insurance policy is different and may or may not include all these items. Most companies will provide the option to have extra cover on top of what is considered the standard cover. These may include things such as accidental damage, legal protection, alternative accommodation costs or rent guarantee cover.
Common differences in use of the phrase landlords insurance is buy to let insurance, let property insurance, rented property insurance, or property owners insurance.
Keyman insurance
Keyman insurance is an important form of business insurance. There is no legal definition for Keyman Insurance. In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s usefulness to the business. The aim is to compensate the business for losses and facilitate business continuity. Keyman Insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.
An employer may take out a Key Man insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.
Who can be a Keyman?
A Keyman can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, they could be: a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
An employer may take out a Key Man insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.
Who can be a Keyman?
A Keyman can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, they could be: a Director of a company, a Partner, key sales people, key project managers and people with specific skills or knowledge which is especially valuable to the company.
Inland marine insurance
Inland marine insurance indemnifies loss to moving or movable property and is an outgrowth of ocean marine insurance. Historically, ocean marine insurance held the transporter responsible for property loss before, during, and after the completion of the voyage. In the 1800s the non-ocean portion of the journey grew as cargoes were transferred to non-ocean vessels (such as barges) and the term "inland marine" was coined.
Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation. The property that is insured under inland marine coverage is typically one of the following:
* Actually in transit
* Held by a bailee
* At a fixed location that is an instrument of transportation
* A movable type of goods that is often at different locations
The following coverages represent a wide range of the types of coverages typically called "inland marine":
* Accounts Receivable
* Bailee Customer's Goods
* Builders' Risk
* Communication Towers and Equipment
* Computer Coverage
* Contractors Equipment
* Commercial Floaters
* Dealers
* Exhibitions
* Fine Arts
* Furriers
* Installation
* Jewelers
* Leased Property
* Mobile Medical Equipment
* Motor Truck Cargo
* Museums
* Musical Instruments
* Processing Risks
* Rigger's Liability
* Scheduled Property
* Transportation
* Trip Transit
* Valuable Papers
* Warehouse Legal
Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation. The property that is insured under inland marine coverage is typically one of the following:
* Actually in transit
* Held by a bailee
* At a fixed location that is an instrument of transportation
* A movable type of goods that is often at different locations
The following coverages represent a wide range of the types of coverages typically called "inland marine":
* Accounts Receivable
* Bailee Customer's Goods
* Builders' Risk
* Communication Towers and Equipment
* Computer Coverage
* Contractors Equipment
* Commercial Floaters
* Dealers
* Exhibitions
* Fine Arts
* Furriers
* Installation
* Jewelers
* Leased Property
* Mobile Medical Equipment
* Motor Truck Cargo
* Museums
* Musical Instruments
* Processing Risks
* Rigger's Liability
* Scheduled Property
* Transportation
* Trip Transit
* Valuable Papers
* Warehouse Legal
Flood insurance
Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding.
Hidden Floods
Nationwide, only 20% of American homes at risk for floods are covered by flood insurance. Private insurers are unable to insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss. Unfortunately, in flood insurance, the numbers of claimants is larger than the available number of persons interested in protecting their property from the peril, which means that insurers are unable to cover their costs in flood insurance.
In certain flood-prone areas, the Federal Government requires flood insurance to secure mortgage loans backed by federal agencies such as the FHA and VA. However, the program has never worked as insurance, because of adverse selection. It has never priced people out of living in very risky areas by charging an appropriate premium, instead, too few places are included in the must-insure category, and premiums are artificially low." The lack of flood insurance can be detrimental to many homeowners who may discover only after the damage has been done that their standard insurance policies do not cover flooding.
Flooding is defined by the National Flood Insurance Program as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property from: Overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from ANY SOURCE, and mudflows.
This can be brought on by landslides, a hurricane, earthquakes, or other natural disasters that influence flooding, but while a homeowner may, for example, have earthquake coverage, that coverage may not cover floods as a result of earthquakes.
Hidden Floods
Nationwide, only 20% of American homes at risk for floods are covered by flood insurance. Private insurers are unable to insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss. Unfortunately, in flood insurance, the numbers of claimants is larger than the available number of persons interested in protecting their property from the peril, which means that insurers are unable to cover their costs in flood insurance.
In certain flood-prone areas, the Federal Government requires flood insurance to secure mortgage loans backed by federal agencies such as the FHA and VA. However, the program has never worked as insurance, because of adverse selection. It has never priced people out of living in very risky areas by charging an appropriate premium, instead, too few places are included in the must-insure category, and premiums are artificially low." The lack of flood insurance can be detrimental to many homeowners who may discover only after the damage has been done that their standard insurance policies do not cover flooding.
Flooding is defined by the National Flood Insurance Program as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property from: Overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from ANY SOURCE, and mudflows.
This can be brought on by landslides, a hurricane, earthquakes, or other natural disasters that influence flooding, but while a homeowner may, for example, have earthquake coverage, that coverage may not cover floods as a result of earthquakes.
Earthquake insurance
This is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake loss.
Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.
As with flood insurance or insurance on damage from a hurricane or other large-scale disasters, insurance companies must be careful when assigning this type of insurance, because an earthquake strong enough to destroy one home will probably destroy dozens of homes in the same area. If one company has written insurance policies on a large number of homes in a particular city, then a devastating earthquake will quickly drain all the company's resources. Insurance companies devote much study and effort toward risk management to avoid such cases.
Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick.
As with flood insurance or insurance on damage from a hurricane or other large-scale disasters, insurance companies must be careful when assigning this type of insurance, because an earthquake strong enough to destroy one home will probably destroy dozens of homes in the same area. If one company has written insurance policies on a large number of homes in a particular city, then a devastating earthquake will quickly drain all the company's resources. Insurance companies devote much study and effort toward risk management to avoid such cases.
Dental Insurance in the United States
This insurance designed to pay the costs associated with dental care. Dental insurance pays a portion of the bills from dentists, and other providers of dental services. By doing so, dental insurance protects people from financial hardship caused by unexpected dental expenses.
The most recent data (2007) from the National Association of Dental Plans shows that 57% of the population in the United States has dental benefit coverage. Some 97% of those who do have dental coverage get it through their employer or another group, most often as a policy separate from their health insurance plan. Depending upon the type of medical coverage you have, it may be a good idea to have a compatible program to eliminate any gaps or overlap between the two plans. That may save money while allowing you to take advantage of receiving necessary preventive care.
Not all dentists are pleased about participating in any type of dental plan. It means more work for them (and especially more paperwork), and less pay. It is also important to have adequate coverage for your situation, so you can access the features you need and are not paying for something you will not use. Most group dental insurance plans do not have restrictions, such as pre-existing conditions but do have annual maximum payments.
The most common types of dental insurance plans are either Preferred Provider Organization (PPO) or Dental Health Maintenance Organization (DHMO). Both types are considered managed care, and each dental insurance plan has advantages and disadvantages.
Dentists participating in the PPO plans have negotiated their fees with the administering company, and provide their services under the plan, but this usually does not cover all fees. Dental plans usually have small deductibles to consider about $50 and DPPOs and traditional indemnity plans usually pay a percentage of the charges, leaving the patient with a co-pay. DHMOs usually state their co-payments as a fixed dollar amount per procedure.
If your employer is paying the monthly premiums for the dental insurance plan and the dentist you use is part of the PPO, this might be an attractive option.
A Dental Health Maintenance Organization is another dental insurance plan option, based on the model of medical HMOs. Here, too, the patient is enrolled in a program, and can visit any dentist in that program. However, dentists may end up having to provide services at 'below cost' rates, and not be able to spend as much time with each person as a PPO could offer. Working in an HMO setting, the dentist has many more people to see and is compelled to function in an environment where volume matters. Although a patient will be seen and treated, the relationship with the dentist may not developed if there is a lack of time. If you want to be seen by a dentist who takes time with his or her patients, this may not be your optimum dental insurance plan.
The most recent data (2007) from the National Association of Dental Plans shows that 57% of the population in the United States has dental benefit coverage. Some 97% of those who do have dental coverage get it through their employer or another group, most often as a policy separate from their health insurance plan. Depending upon the type of medical coverage you have, it may be a good idea to have a compatible program to eliminate any gaps or overlap between the two plans. That may save money while allowing you to take advantage of receiving necessary preventive care.
Not all dentists are pleased about participating in any type of dental plan. It means more work for them (and especially more paperwork), and less pay. It is also important to have adequate coverage for your situation, so you can access the features you need and are not paying for something you will not use. Most group dental insurance plans do not have restrictions, such as pre-existing conditions but do have annual maximum payments.
The most common types of dental insurance plans are either Preferred Provider Organization (PPO) or Dental Health Maintenance Organization (DHMO). Both types are considered managed care, and each dental insurance plan has advantages and disadvantages.
Dentists participating in the PPO plans have negotiated their fees with the administering company, and provide their services under the plan, but this usually does not cover all fees. Dental plans usually have small deductibles to consider about $50 and DPPOs and traditional indemnity plans usually pay a percentage of the charges, leaving the patient with a co-pay. DHMOs usually state their co-payments as a fixed dollar amount per procedure.
If your employer is paying the monthly premiums for the dental insurance plan and the dentist you use is part of the PPO, this might be an attractive option.
A Dental Health Maintenance Organization is another dental insurance plan option, based on the model of medical HMOs. Here, too, the patient is enrolled in a program, and can visit any dentist in that program. However, dentists may end up having to provide services at 'below cost' rates, and not be able to spend as much time with each person as a PPO could offer. Working in an HMO setting, the dentist has many more people to see and is compelled to function in an environment where volume matters. Although a patient will be seen and treated, the relationship with the dentist may not developed if there is a lack of time. If you want to be seen by a dentist who takes time with his or her patients, this may not be your optimum dental insurance plan.
Crop insurance
This insurance is purchased by agricultural producers, including farmers, ranchers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance.
Crop-yield insurance: There are two main classes of crop-yield insurance:
Crop-hail insurance is generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. The earliest crop-hail programs were begun by farmers cooperatives in France and Germany in the 1820s.
Multi-peril crop insurance (MPCI): covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance (MPCI) policy. MPCI coverage is usually offered by a government insurer and premiums are usually partially subsidized by the government. The earliest MPCI program was first implemented by the Federal Crop Insurance Corporation (FCIC), an agency of the U.S. Department of Agriculture, in 1938. The FCIC program has been managed by the Risk Management Agency (RMA), also a U.S. Department of Agriculture agency, since 1996.
Crop-revenue insurance: is a combination of crop-yield insurance and price insurance. For example, RMA establishes crop-revenue insurance guarantees on corn by multiplying each farmer's corn-yield guarantee, which is based on the farmer's own production history, times the harvest-time futures price discovered at a commodity exchange before the policy is sold and the crop planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee.
Crop-revenue insurance covers the decline in price that occurs during the crop's growing season. It does not cover declines that may occur from one growing season to another. That would be called "price support," and would raise a series of complex agricultural-policy and international-trade issues.
Crop-yield insurance: There are two main classes of crop-yield insurance:
Crop-hail insurance is generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. The earliest crop-hail programs were begun by farmers cooperatives in France and Germany in the 1820s.
Multi-peril crop insurance (MPCI): covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance (MPCI) policy. MPCI coverage is usually offered by a government insurer and premiums are usually partially subsidized by the government. The earliest MPCI program was first implemented by the Federal Crop Insurance Corporation (FCIC), an agency of the U.S. Department of Agriculture, in 1938. The FCIC program has been managed by the Risk Management Agency (RMA), also a U.S. Department of Agriculture agency, since 1996.
Crop-revenue insurance: is a combination of crop-yield insurance and price insurance. For example, RMA establishes crop-revenue insurance guarantees on corn by multiplying each farmer's corn-yield guarantee, which is based on the farmer's own production history, times the harvest-time futures price discovered at a commodity exchange before the policy is sold and the crop planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee.
Crop-revenue insurance covers the decline in price that occurs during the crop's growing season. It does not cover declines that may occur from one growing season to another. That would be called "price support," and would raise a series of complex agricultural-policy and international-trade issues.
Crime insurance
This insurance to cover losses due to victimization by criminals. Many businesses purchase crime insurance that allows them to file claims for employee theft or other offenses with the potential to cause financial ruin. Anarcho-capitalists favor the use of crime insurance by individuals as well, to cover losses due to murder, rape, and other violent crimes in addition to property crimes; this type of crime insurance is termed aggression insurance.
Chargeback insurance
This refers to an insurance coverage protecting a merchant who accepts credit cards. The coverage protects the merchant against cardholder fraud in a transaction where the use of the credit card was unauthorized, and covers claims arising out of the merchant’s liability to the service bank.
This coverage can apply under a number of circumstances, including:
* A credit card is lost or stolen and used before the cardholder can report it
* Identity theft
* Post-purchase "ship to" information changes
This coverage can apply under a number of circumstances, including:
* A credit card is lost or stolen and used before the cardholder can report it
* Identity theft
* Post-purchase "ship to" information changes
Bond insurance
This is a service whereby issuers of a bond can pay a premium to a third party, who will provide interest and capital repayments as specified in the bond in the event of the failure of the issuer to do so. The effect of this is to raise the rating of the bond to the rating of the insurer; accordingly, a bond insurer's credit rating must be almost perfect.
The premium requested for insurance on a bond is a measure of the perceived risk of failure of the issuer.
Government bonds are almost never insured; municipal bond insurance was introduced in the US in 1971, and by 2002 over 40% of municipal bonds were insured, often by a procedure involving payment of a single premium at the purchase of the bond.
The premium requested for insurance on a bond is a measure of the perceived risk of failure of the issuer.
Government bonds are almost never insured; municipal bond insurance was introduced in the US in 1971, and by 2002 over 40% of municipal bonds were insured, often by a procedure involving payment of a single premium at the purchase of the bond.
Accidental death and dismemberment insurance
This is a form of insurance covering death or specific types of injury as a result of an accident.[1] In the event of accidental death, this insurance will pay benefits in addition to any life insurance held. Death by illness, suicide, or natural causes is generally not covered by AD&D. Additionally, AD&D generally pays benefits for the loss of limbs, fingers, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly enumerated in the insurance policy.
There are four common types of group AD&D plans offered in the United States:
* Group Life Supplement - the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit;
* Voluntary - the AD&D is offered to members of a group as a separate, elective benefit, and premiums are generally paid as a payroll deduction;
* Travel Accident (Business Trip) - the AD&D benefit is provided through an employee benefit plan and provides supplemental accident protection to workers while they are traveling on company business (the entire premium is usually paid by the employer);
* Dependents - Some group AD&D plans also provide coverage for dependents.
There are four common types of group AD&D plans offered in the United States:
* Group Life Supplement - the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit;
* Voluntary - the AD&D is offered to members of a group as a separate, elective benefit, and premiums are generally paid as a payroll deduction;
* Travel Accident (Business Trip) - the AD&D benefit is provided through an employee benefit plan and provides supplemental accident protection to workers while they are traveling on company business (the entire premium is usually paid by the employer);
* Dependents - Some group AD&D plans also provide coverage for dependents.
Term Insurance
Term insurance covers you for a term of one or more years. It pays a death benefit only if the policy holder dies during the period the insurance is in force. Term insurance generally offers the cheapest form of life insurance. You can renew most term insurance policies for one or more terms even if your health condition has changed.
However, each time you renew the policy for a new term, premiums may climb higher, just like a rent agreement every time you renew the lease. This policy is particularly useful to cover any outstanding debt in the form of a mortgage, home loan, etc.
For example if you have taken a loan of Rs10 lakh, you will have an option of taking an insurance to protect the loan in case of passing away before the debt is repaid
Universal Life
This is a flexible life insurance policy and is also market sensitive. You decide on the several investment options on how your net premium are to be invested. While the mony invested has the potential for significant growth, such funds are subject to market risks including the loss of the principal.
Unit Linked Product
Market-linked plans or unit-linked insurance plans (ULIP) are similar to traditional insurance policies with the exception that your premium amount is invested by the insurance company in the stock market.
Market-linked insurance plans (MLP) mimic mutual funds and invest in a basket of securities, allowing you to choose between investment options predominantly in equity, debt or a mix of both (called balanced option).
The major advantage market-linked plans offer is that they leave the asset allocation decision in the hands of investors themselves. You are in control of how you want to distribute your money among the broad class of instruments and when you want to do it or pull out. Any of the products mentioned above except term products could be unit-linked.
However, each time you renew the policy for a new term, premiums may climb higher, just like a rent agreement every time you renew the lease. This policy is particularly useful to cover any outstanding debt in the form of a mortgage, home loan, etc.
For example if you have taken a loan of Rs10 lakh, you will have an option of taking an insurance to protect the loan in case of passing away before the debt is repaid
Universal Life
This is a flexible life insurance policy and is also market sensitive. You decide on the several investment options on how your net premium are to be invested. While the mony invested has the potential for significant growth, such funds are subject to market risks including the loss of the principal.
Unit Linked Product
Market-linked plans or unit-linked insurance plans (ULIP) are similar to traditional insurance policies with the exception that your premium amount is invested by the insurance company in the stock market.
Market-linked insurance plans (MLP) mimic mutual funds and invest in a basket of securities, allowing you to choose between investment options predominantly in equity, debt or a mix of both (called balanced option).
The major advantage market-linked plans offer is that they leave the asset allocation decision in the hands of investors themselves. You are in control of how you want to distribute your money among the broad class of instruments and when you want to do it or pull out. Any of the products mentioned above except term products could be unit-linked.
Whole Life Insurance
Whole life insurance covers you for as long as you live if your premiums are paid. You generally pay the same premium amount throughout your lifetime.
Some whole life policies let you pay premiums for a shorter period such as 15, 20 or 25 years. Premiums for these policies are higher since the premium payments are made during a shorter period. There are options in the market to have a return of premium option in a whole life policy. That means after a certain age of paying premiums, the life insurance company will pay back the premium to the life assured but the coverage will continue
Some whole life policies let you pay premiums for a shorter period such as 15, 20 or 25 years. Premiums for these policies are higher since the premium payments are made during a shorter period. There are options in the market to have a return of premium option in a whole life policy. That means after a certain age of paying premiums, the life insurance company will pay back the premium to the life assured but the coverage will continue
Money Back Insurance
The money back plan not only covers your life, it also assures you the return of a certain per cent of the sum assured as cash payment at regular intervals. It is a savings plan with the added advantage of life cover and regular cash inflow. This plan is ideal for planning special moments like a wedding, your child's education or purchase of an asset, etc. Money back plan have "participating" and "non participating" versions in the market.
Friday, January 16, 2009
Working for Aviva
The business landscape in the insurance sector is rapidly evolving with an enhanced focus on responsive 'go to market' strategy, innovative and flexible product portfolios, cutting edge processes and systems, robust distribution models, diversified investment options and high quality talent.
We at Aviva India believe in defining the market by continuously creating competitive advantage on a sustainable basis on the back of becoming a 'trusted adviser' of our key stakeholders and creating 'customers for life'.
The open and transparent culture at Aviva encourages individuals to create their own boundary, take risks and realise their potential. This has been done to enable them to expand their horizons for both personal and professional growth. By sharing our strategic direction, business performance and success stories, we encourage employees to become our 'Partners' in driving critical business agendas. Empowerment, confidence in abilities, recognition and support are some of the key building blocks for encouraging the spirit of entrepreneurship and passion for winning at Aviva.
At Aviva, we give you the opportunity to chart your own destiny, as you grow with and contribute to building the organisation.
We at Aviva India believe in defining the market by continuously creating competitive advantage on a sustainable basis on the back of becoming a 'trusted adviser' of our key stakeholders and creating 'customers for life'.
The open and transparent culture at Aviva encourages individuals to create their own boundary, take risks and realise their potential. This has been done to enable them to expand their horizons for both personal and professional growth. By sharing our strategic direction, business performance and success stories, we encourage employees to become our 'Partners' in driving critical business agendas. Empowerment, confidence in abilities, recognition and support are some of the key building blocks for encouraging the spirit of entrepreneurship and passion for winning at Aviva.
At Aviva, we give you the opportunity to chart your own destiny, as you grow with and contribute to building the organisation.
Fire Insurance
Fire Insurance is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body. It is a commercial policy covering building, offices, machinery, contents and personal belongings of the office. It mitigates the risk of loss of customers arising from fire breakout. The insured should take all possible steps to minimize the loss.
Calculation of Fire Insurance Amount/Premium:
The market value of the property is considered while insuring the sum. The amount of premium depends on a number of factors and individual policies of different insurers.
Fire Insurance Claim Procedure:
* Individuals/corporates must inform insurer
as early as possible , in no case later than 24 hours.
* Provide relevant information to the surveyor/claim representative appointed by the insurer.
* The surveyor then analyzes the extent/ value of loss or damage.
* The claim process takes anywhere between one to three weeks
Calculation of Fire Insurance Amount/Premium:
The market value of the property is considered while insuring the sum. The amount of premium depends on a number of factors and individual policies of different insurers.
Fire Insurance Claim Procedure:
* Individuals/corporates must inform insurer
as early as possible , in no case later than 24 hours.
* Provide relevant information to the surveyor/claim representative appointed by the insurer.
* The surveyor then analyzes the extent/ value of loss or damage.
* The claim process takes anywhere between one to three weeks
Long Stay Travel Insurance
Long stay travel insurance comes in a variety of flavours ranging from the young backpacker or gap year student looking for adventure and the opportunity to see the world before settling down to 40 years of daily grind right through to the 75 year old grans and grandads who want to spend the winter visiting their grandchildren in Australia. We provide below details of various long stay travel insurance policies available for all ages from 18 to 89. Policies designed for the younger people include cover for a wide range of sports together with winter sports cover. Sadly if you're an 80 year old great grandmother with a penchant for white water rafting then I'm afraid that we'll have to negotiate a special rate on that policy.
Income Protection Insurance
Payment Protection Insurance - Otherwise known as Income Protection Insurance. Similar in many ways to Mortgage Protection Insurance, this is a more flexible cover that can be used for any number of purposes. The main differences between the two types of policy are outlined below :-
Mortgage protection insurance benefits are paid directly to the lender i.e. the building society or bank that granted the mortgage, whereas payment protection benefits are payable directly to you.
Payment protection benefits can be used for any purpose. They can be used to pay mortgage payments, but the premiums for mortgage protection insurance are cheaper.
Mortgage protection insurance can cover 100% of your mortgage payments up to a maximum of 65% of your normal income. Payment protection can cover up to 75% of your income.
Mortgage protection insurance gives 3 months free cover on every new policy, and the premiums are slightly less than for payment protection insurance. It is not unusual for a customer to take out both types of policy, one to cover mortgage payments, the other to pay loans etc and to provide living expenses in the event of a claim.
Mortgage protection insurance benefits are paid directly to the lender i.e. the building society or bank that granted the mortgage, whereas payment protection benefits are payable directly to you.
Payment protection benefits can be used for any purpose. They can be used to pay mortgage payments, but the premiums for mortgage protection insurance are cheaper.
Mortgage protection insurance can cover 100% of your mortgage payments up to a maximum of 65% of your normal income. Payment protection can cover up to 75% of your income.
Mortgage protection insurance gives 3 months free cover on every new policy, and the premiums are slightly less than for payment protection insurance. It is not unusual for a customer to take out both types of policy, one to cover mortgage payments, the other to pay loans etc and to provide living expenses in the event of a claim.
Travel Insurance
Our travel insurance providers all offer an easy to use online system that lets you buy your travel insurance online. The cover can be arranged within a matter of minutes and in all cases the certificate can be printed from your PC, truly instant holiday insurance.
Each of the insurers below offer a variety of policies able to cover everything from a weekend in Paris to 12 months backpacking around the world. Their customer care is second to none, giving you total peace of mind without having to worry about what to do should things go wrong. They are all internet travel insurers with policies underwritten by major international insurance companies.
Quotes can be obtained for a single trip of any duration from 1 day to 18 months, annual multi-trip cover, or the special 'BackPackers' policy of 6, 12 or 18 months.
Each of the insurers below offer a variety of policies able to cover everything from a weekend in Paris to 12 months backpacking around the world. Their customer care is second to none, giving you total peace of mind without having to worry about what to do should things go wrong. They are all internet travel insurers with policies underwritten by major international insurance companies.
Quotes can be obtained for a single trip of any duration from 1 day to 18 months, annual multi-trip cover, or the special 'BackPackers' policy of 6, 12 or 18 months.
Employers Liability Insurance
Not so long ago, when all insurance was done via a broker, there was a clear line between employers liability insurance and public liability insurance. Public liability insurance was insuring you and / or your staff against any claim made by the general public, whereas employers liability insurance covered you or your company against claims made by members of your staff. The advent on online insurance has allowed the insurance companies to build more complex products that offer both of the above types of cover together with other benefits. These products are variously called business insurance or tradesman's insurance or liability insurance. The public liability insurance page has business insurance from all of the leading online insurers. Basically the insurers will now build a product containing whichever elements you require.
If you employ staff, however small the company, it is a legal requirement to take out employers liability insurance, so that you and they are protected if they need to claim as a result of some act or omission of yours.
We are delighted to be working with 4 of the UK's leading employers liability insurers.
If you employ staff, however small the company, it is a legal requirement to take out employers liability insurance, so that you and they are protected if they need to claim as a result of some act or omission of yours.
We are delighted to be working with 4 of the UK's leading employers liability insurers.
professional indemnity insurance
Professional indemnity insurance covers you against claims where you have provided advice or services, in a professional capacity. Some of the modern business insurance products that can be found on our public liability insurance page have indemnity insurance combined with public and employers insurance to offer a single insurance product to suit many small businesses.
Insuredrisks.co.uk is one of the leading providers of online business insurance. Since starting at the end of 2002, the company has issued over 30,000 online policies. Try their link first, answering just 7 simple questions will get you an online quote for professional indemnity insurance. Policies can be bought online and all certificates and policy documents are delivered electronically for you to print immediately. Should your profession not be covered by the online quote system insuredrisks.co.uk has access to Lloyds brokers that enables almost all risks to be covered.
Insuredrisks.co.uk is one of the leading providers of online business insurance. Since starting at the end of 2002, the company has issued over 30,000 online policies. Try their link first, answering just 7 simple questions will get you an online quote for professional indemnity insurance. Policies can be bought online and all certificates and policy documents are delivered electronically for you to print immediately. Should your profession not be covered by the online quote system insuredrisks.co.uk has access to Lloyds brokers that enables almost all risks to be covered.
Public Liability Insurance
If you are a self-employed tradesman or small business, your livelihood could be ruined by one simple error. Public Liability insurance is designed to shield you from this, by covering you against damage to property occurring in the course of your trade. Cover can be arranged for up to £10 million, and is now often a requirement for corporate employers.
Unfortunately the culture of claiming millions of dollars in damages for anything and everything has found its way across the Atlantic and we are now seeing huge rises in premium costs for all types of liability insurance. Even more disturbing is the fact that fewer and fewer insurers are offering policies, making it ever harder to get underwriters to cover particular risks.
An equally frustrating situation is that many councils and organisations are demanding that public liability insurance be in place before their buildings, grounds or playing fields can be used for leisure purposes such as exhibitions, fetes, parties or whatever. The cost of insurance for such a one-off event has risen to ridiculous levels and I'm afraid that we are now looking at premiums of at least £100 for such cover.
Having painted such a gloomy picture, we are delighted to be working with some of the UK's leading providers of online liability insurance.
Unfortunately the culture of claiming millions of dollars in damages for anything and everything has found its way across the Atlantic and we are now seeing huge rises in premium costs for all types of liability insurance. Even more disturbing is the fact that fewer and fewer insurers are offering policies, making it ever harder to get underwriters to cover particular risks.
An equally frustrating situation is that many councils and organisations are demanding that public liability insurance be in place before their buildings, grounds or playing fields can be used for leisure purposes such as exhibitions, fetes, parties or whatever. The cost of insurance for such a one-off event has risen to ridiculous levels and I'm afraid that we are now looking at premiums of at least £100 for such cover.
Having painted such a gloomy picture, we are delighted to be working with some of the UK's leading providers of online liability insurance.
Wednesday, January 14, 2009
Transport Insurance
Car Insurance
Both in the High Street and in the Hyperspace world of the Internet, the motor insurance marketplace is an area of keen prices and tight margins. Most of the large direct insurers now have an internet presence, together with the traditional insurance companies, and many of the larger brokers. The amount of information that you must input before you can get a quote varies greatly from site to site, so follow our hints below if you really are in a hurry.
We are continually scouring the web, looking for the best car insurance offerings, and we've tried to bring you the best of the bunch, with a mixture of brokers and direct insurers. Please try and find time to get quotes from at least two or three of our sites, since they all vary dramatically depending on the parameters input. Good Luck.
Bike Insurance
The insurers featured below offer the very best deals on all type of bike, scooter and moped assurance. They are a mixture of online direct insurers and traditional brokers but they all offer the same high class of customer care combined with low online prices. An insurance is influenced by a number of factors such as the area that you live in, engine size, your age and insurance history etc. We strongly advise you to obtain a quote from several of the insurers listed. Although it's a pain, the savings that can be made will make it all worthwhile.
Van Insurance
All of our commercial vehicle insurers offer a wide range of cover and pricing options, and special schemes for many different trades. They specialise in selling van assurance on the internet, they pride themselves on offering a high standard of customer care, and should be able to beat all high street quotes. Give them a try, they might be able to save you a considerable sum on your commercial insurance premiums.
Caravan Insurance
The purchase of a go anywhere home is a dream that is shared by millions of people. However the purchase of a touring caravan is a serious financial outlay and it is essential that your caravan is properly insured and secured. Our insurers offer the very best online caravan insurance available in the UK.
Cycle Insurance
Each year, over 150,000 bikes are stolen and 26,000 cyclists are involved in accidents - shouldn't you be insured? More disposable income is being spent on leisure activities year on year but unfortunately leisure equipment and accessories are seen as rich pickings by would-be thieves. Many household insurance policies don't fully cover leisure items, or even if they do the cover can be expensive. Both of our cycle insurance providers offer a value for money product and should be able to beat all high street quotes. Give them a try, they might be able to save you a considerable sum on your bicycle insurance premiums.
Breakdown Insurance
You don't want your car to break down, but you know it's going to happen one day - and inevitably at the worst time. Roadside rescue breakdown insurance comes in a variety of flavours, the more features that you add, the more expensive the product, and the greater the peace of mind to you, the driver. Both of the insurance brokers featured below offer an excellent value for money product. As always, we advise you to obtain more than one quote since premiums vary greatly between insurance companies depending on the weighting that they apply to the various variables that determine the cost of a particular product.
Both in the High Street and in the Hyperspace world of the Internet, the motor insurance marketplace is an area of keen prices and tight margins. Most of the large direct insurers now have an internet presence, together with the traditional insurance companies, and many of the larger brokers. The amount of information that you must input before you can get a quote varies greatly from site to site, so follow our hints below if you really are in a hurry.
We are continually scouring the web, looking for the best car insurance offerings, and we've tried to bring you the best of the bunch, with a mixture of brokers and direct insurers. Please try and find time to get quotes from at least two or three of our sites, since they all vary dramatically depending on the parameters input. Good Luck.
Bike Insurance
The insurers featured below offer the very best deals on all type of bike, scooter and moped assurance. They are a mixture of online direct insurers and traditional brokers but they all offer the same high class of customer care combined with low online prices. An insurance is influenced by a number of factors such as the area that you live in, engine size, your age and insurance history etc. We strongly advise you to obtain a quote from several of the insurers listed. Although it's a pain, the savings that can be made will make it all worthwhile.
Van Insurance
All of our commercial vehicle insurers offer a wide range of cover and pricing options, and special schemes for many different trades. They specialise in selling van assurance on the internet, they pride themselves on offering a high standard of customer care, and should be able to beat all high street quotes. Give them a try, they might be able to save you a considerable sum on your commercial insurance premiums.
Caravan Insurance
The purchase of a go anywhere home is a dream that is shared by millions of people. However the purchase of a touring caravan is a serious financial outlay and it is essential that your caravan is properly insured and secured. Our insurers offer the very best online caravan insurance available in the UK.
Cycle Insurance
Each year, over 150,000 bikes are stolen and 26,000 cyclists are involved in accidents - shouldn't you be insured? More disposable income is being spent on leisure activities year on year but unfortunately leisure equipment and accessories are seen as rich pickings by would-be thieves. Many household insurance policies don't fully cover leisure items, or even if they do the cover can be expensive. Both of our cycle insurance providers offer a value for money product and should be able to beat all high street quotes. Give them a try, they might be able to save you a considerable sum on your bicycle insurance premiums.
Breakdown Insurance
You don't want your car to break down, but you know it's going to happen one day - and inevitably at the worst time. Roadside rescue breakdown insurance comes in a variety of flavours, the more features that you add, the more expensive the product, and the greater the peace of mind to you, the driver. Both of the insurance brokers featured below offer an excellent value for money product. As always, we advise you to obtain more than one quote since premiums vary greatly between insurance companies depending on the weighting that they apply to the various variables that determine the cost of a particular product.
Income Protection Insurance
Payment Protection Insurance - Otherwise known as Income Protection Insurance. Similar in many ways to Mortgage Protection Insurance, this is a more flexible cover that can be used for any number of purposes. The main differences between the two types of policy are outlined below :-
Mortgage protection insurance benefits are paid directly to the lender i.e. the building society or bank that granted the mortgage, whereas payment protection benefits are payable directly to you.
Payment protection benefits can be used for any purpose. They can be used to pay mortgage payments, but the premiums for mortgage protection insurance are cheaper.
Mortgage protection insurance can cover 100% of your mortgage payments up to a maximum of 65% of your normal income. Payment protection can cover up to 75% of your income.
Mortgage protection insurance gives 3 months free cover on every new policy, and the premiums are slightly less than for payment protection insurance. It is not unusual for a customer to take out both types of policy, one to cover mortgage payments, the other to pay loans etc and to provide living expenses in the event of a claim.
Mortgage Protection Insurance
Mortgage Protection Insurance continues to pay your mortgage payments during unemployment or disability. Payments are made for a maximum fixed term, usually one or two years. You may be able to obtain cheaper mortgage protection cover by using an age rated payment protection plan such as the PayProtect product
Mortgage protection insurance benefits are paid directly to the lender i.e. the building society or bank that granted the mortgage, whereas payment protection benefits are payable directly to you.
Payment protection benefits can be used for any purpose. They can be used to pay mortgage payments, but the premiums for mortgage protection insurance are cheaper.
Mortgage protection insurance can cover 100% of your mortgage payments up to a maximum of 65% of your normal income. Payment protection can cover up to 75% of your income.
Mortgage protection insurance gives 3 months free cover on every new policy, and the premiums are slightly less than for payment protection insurance. It is not unusual for a customer to take out both types of policy, one to cover mortgage payments, the other to pay loans etc and to provide living expenses in the event of a claim.
Mortgage Protection Insurance
Mortgage Protection Insurance continues to pay your mortgage payments during unemployment or disability. Payments are made for a maximum fixed term, usually one or two years. You may be able to obtain cheaper mortgage protection cover by using an age rated payment protection plan such as the PayProtect product
Life Insurance
The insurers shown below quote online for UK life insurance. You are encouraged to get quotes from a number of companies, a half hour spent online could save you hundreds of £££s in life insurance premiums. On this website you will find pages of insurers offering a variety of general insurance available to residents of the United Kingdom. The products include home, van, motorcycle, travel, life and pet insurance. As we only display insurers who provide quick online quotations for UK residents you can instantly compare quotes
Student Insurance
Student insurance is a must if you're living in digs, a flat, shared accommodation or a hall of residence. Your personal possessions stand a very real chance of being stolen or destroyed. Can you afford to replace them? The cost of insurance is extremely small if you compare it to the replacement cost should the unexpected happen.
Wedding Insurance
Today's average wedding costs well over £10,000. Did you know that you can be held financially responsible for the behaviour of the guests at your reception ?. Wedding insurance policies bring financial safety to the various expenses associated with the modern wedding.
Wedding Insurance
Today's average wedding costs well over £10,000. Did you know that you can be held financially responsible for the behaviour of the guests at your reception ?. Wedding insurance policies bring financial safety to the various expenses associated with the modern wedding.
Home Insurance
We offer you a choice of home insurers. Each of them offers some excellent, value for money prices on house and contents insurance, and no single one is consistently cheaper than the others. They all offer a variety of policies providing house and contents cover and several offer specialist policies for special circumstances such as holiday homes, listed buildings and leased properties. We've tried to point out the strong points of each one, but if you have the patience, we would strongly advise you to get a quote from at least two of them. We are confident that all of them offer extremely competitive quotes for buildings and contents insurance and rest assured that each of them has a customer care policy that absolutely guarantees…
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