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| OLDWICK, N.J., JUNE 15, 2009 A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of "a" of Oman Insurance Company (PSC) (OIC) (United Arab Emirates). The outlook for both ratings is stable. The ratings of OIC reflect its adequate level of risk-adjusted capitalisation, excellent underwriting performance and established business profile in the United Arab Emirates (UAE) insurance market. An offsetting factor is the company's volatile investment performance, stemming from a weak investment strategy. In A.M. Best's opinion, OIC's risk-adjusted capitalisation remains supportive of the current ratings, despite deterioration of its fair value of investments reserves, resulting from falling equity prices. A.M. Best expects OIC's capital base to benefit from prospective changes in investment policy, which is anticipated to reduce exposure to the volatile equity markets, with a movement into more secure investments. In A.M. Best's view, further deterioration in the company's capital position is likely to increase downward pressure on the current ratings. Furthermore, OIC has established a leading market position in the UAE with a diversified portfolio for both non-life and life insurance, accounting for 15% of gross market premiums. Moreover, the company has expanded its regional profile by establishing operations in Oman and Qatar during 2008. In A.M. Best's view, OIC has experienced excellent underwriting results across all lines of business, with consistently improving technical profits of approximately AED 220 million (USD 60 million) in 2008, supported by an excellent combined ratio of 75%. Conversely, OIC has a weak investment strategy with significant concentration (in excess of 35% at year-end 2008) of investments in the domestic equity markets. In A.M. Best's opinion, it is vitally important for OIC to address its shortcomings in its investment strategy and adopt a prudent approach to investment risk management in order to create a balanced portfolio. OIC's investment performance has suffered, with low returns below 2% in 2008. | ||||
Tuesday, June 16, 2009
A.M. Best Affirms Ratings of Oman Insurance Company (PSC)
Best's Credit Ratings
| A.M. Best Company is a global full-service credit rating agency dedicated to serving the financial and health-care service industries. It began assigning credit ratings in 1906, making it the first of today's rating agencies to use symbols to differentiate the relative creditworthiness of companies. Best's Credit Ratings are independent opinions regarding the creditworthiness of an issuer or debt obligation. Best's Credit Ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile, or, where appropriate, the specific nature and details of a debt security. A complete list of Best's Credit Rating Methodologies is available. A.M. Best assigns the following types of ratings:
For more detailed information regarding each of these types of ratings, read our guides for Financial Strength, Bank Deposit, Issuer Credit, or Debt Ratings. Best's Credit Ratings are not a warranty, nor are they a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor do they address the suitability of any particular financial obligation for a specific purpose or purchaser. For complete details, read this Important Notice. Usage of Best's RatingsBest's Credit Ratings are proprietary and may not be reproduced without permission from A.M. Best. A company assigned a Best's Credit Rating should review the Guide to Proper Use, which outlines the acceptable parameters of the use of these ratings. |
Insurance information
Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another.
The entity, which may be an individual or association of any type, including a government or government agency, that is transferring the risk is called the "insured". The entity accepting the risk is called the "insurer". The agreement between the two by which the risk is transfered is called the "policy". The policy is a legal contract that sets out exactly the terms and conditions of the coverage. The fee paid by the insured to the insurer for assuming the risk is called the "premium". The premium is usually determined by the insurer to fund estimated future claims paid, administrative costs, and profit.
For example, let us assume for a moment a couple buys a home costing $100,000. Knowing the loss of their home would bring them financial ruin, they acquire insurance coverage in the form of a homeowner's policy. That policy will pay them the cost of replacing or repairing their home in the event of a catastrophe. The insurance company charges them a premium of $1,000 a year. Risk of loss has been transferred from the homeowners to the insurance company.
The insurer uses actuarial science to quantify the risk they have assumed. Actuarial science uses mathematics, particularly statistics and probability, which can be applied to many covered risks to approximate future claims with reasonable accuracy.
For example, many individual people purchase homeowner's insurance policies and they each pay a premium to an insurance company. If a covered loss occurs, the insurer pays the claim. For some insureds, the insurance benefits they receive will exceed far more money than they have ever paid to the insurer. Others may never make a claim. When averaged out over all the policies sold, total claims even out should be less than total premiums, with the difference being costs and profit.
Insurance companies also earn investment profits. These profits are generated by investing premiums received from the time they receive it until the time they need it to pay claims. This money invested is called the float. And the insurance company may have profits or losses from the value change in the float as well as interest or dividend on the float. In the United States, property and casualty insurance companies have in the recent past made no profit on underwriting (i.e., selling) insurance, with all profits coming from investments.
Some people consider insurance a type of wager or bet that executes over the policy period. The insurance company bets that you or your property will not suffer a loss while you put money on the opposite outcome. The difference in the fees paid to the insurance company vs the amount they can be held liable for if an accident happens is roughly analogous to the odds one might expect when betting on a racehorse, i.e 10:1. For this reason, a number of religious groups including the Amish avoid insurance and instead depend on support provided by their communities when disasters strike. In closed, supportive communities where others will actually step in to rebuild lost property, this arrangement can work. Most societies could not effectively support this type of system and the system will not work for large risks.
Contents [showhide]
1 History of insurance
2 Types of insurance
3 Types of insurance companies
4 Life insurance and saving
5 Criticisms of the insurance industry
5.1 Insurance insulates too much
5.2 Lack of knowledge of policyholders
5.3 Redlining
5.4 Health insurance
6 External links
7 See Also
[edit]
History of insurance
Insurance has been an institution of human society for thousands of years, having been practiced by Babylonian traders as long ago as the 2nd millennium BCE. Eventually it was given legal mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants. The Greeks and Romans had "benevolent societies" which acted to care for the families and funeral expenses of members upon death. Guilds in the middle ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Insurance became much more sophisticated in post-Renaissance Europe, and specialized varieties developed. In America, Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire.
In the United States, the insurance industry is highly regulated, primarily by the states, who operate both individually and in concert through a national insurance commissioner's organization.
[edit]
Types of insurance
Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:
Automobile insurance, also known as auto insurance, car insurance and in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the vehicle itself.
Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance.
Casualty insurance insures against accidents, not necessarily tied to any specific piece of property.
Liability insurance covers legal claims against the insured. For example, a doctor may purchase insurance to cover any legal claims against him if he were to be convicted of a mistake in treating a patient.
Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover failure of a creditor to pay money it owes to the insured. Fidelity bonds and surety bonds are included in this category.
Title insurance provides a guarantee on research done on public records affecting title to real property, usually in conjunction with a search done at the time of a real estate transaction, such as a sale, or a mortgage.
Health insurance covers medical bills incurred because of sickness or accidents.
Life insurance provides a benefit to a decedent's family or other designated beneficiary, to replace loss of the insured's income and provide for burial and other final expenses.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the opposite of life insurance.
Credit insurance pays some or all of a loan back when certain things happen to the borrower like unemployment, disability, or death.
Terrorism insurance
Political risk insurance can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.
Worker's compensation insurance replaces all of part of a worker's wages and accompanying medical expense lost due to a job-related injury.
A single policy may cover risks in one or more of the above categories. For example, car insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from say, causing an accident). A homeowner's insurance policy in the US typically includes property insurance covering damage to the home and the owner's belongings, liability insurance covering certain legal claims against the owner, and even a small amount of health insurance for medical expenses of guests who are injured on the owner's property.
Potential sources of risk that may give rise to claims are known as perils. Examples of perils might be fire, theft, earthquake, hurricane and many other potential risks. An insurance policy will set out in details which perils are covered by the policy and which are not.
[edit]
Types of insurance companies
Insurance companies may be classified as
Life insurance companies, who sell life insurance, annuities and pensions products.
Non-life or general insurance companies, who sell other types of insurance.
In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules. The main reason for the distinction between the two types of company is that life business is very long term in nature - coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers shorter periods, such as one year.
Insurance companies are also often classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders, (who may or may not own policies) own stock insurance companies.
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks, and protects them from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves.
There are also companies which are known as Insurance Brokers. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies.
[edit]
Life insurance and saving
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annutities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. See life insurance.
In many countries, such as the US and the UK, tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.
[edit]
Criticisms of the insurance industry
[edit]
Insurance insulates too much
By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they should be (since the insured assumes the risk belongs to the insurer). To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in some kind of behavior that grossly magnifies their risk of loss or liability.
For example, liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider was irrational enough to try to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.
[edit]
Lack of knowledge of policyholders
Insurance policies can be complex and some policyholders may not understand all the fees, regulation and coverages included in a policy. As a result, people could buy policies at unfavorable terms. In response to these issues, governments often make detailed regulations that set down minimum standards for policies and govern how they may be advertised and sold.
Many individuals purchase policies through an insurance broker. The broker can councel the policyholder on which coverage to purchase and limitations of the policy. A broker generally holds contracts with many insurers which allows the broker to "shop" the market for the best rates and coverage possible.
[edit]
Redlining
Redlining was originally denial of insurance to any area because of the area.
Risk determines premium. Evaluation of risk by the insurer considers every available, quantifiable factor, including location, credit scores, gender, occupation, marital status, and education level. However, some people consider all or some of these factors to be "unfair" and hurl unproven claims such as racist. So, for political reasons, governments may limit the factors that may be used.
An interesting refutation to this is that the job of an insurance underwriter is to properly categorize a given risk as to the likelihood that the loss will occur. Any factor that causes a greater likelihood of loss should in theory, be charged a higher rate. This is a basic principle of insurance and must be followed for insurance companies or groups to operate properly, even for non-profit groups. Thus, discrimination of potential insureds by legitimate factors is central to insurance. Therefore the only thing that can be considered legitimately "unfair" are practices that discriminate against a given group without actual factors that show that the group is a higher risk. So, eliminating real factors discriminates against other insureds by forcing them to bear part of the cost of the disallowed perceived factors.
Health insurance
Health insurance, that is coverage for individuals to protect them against medical costs, is a highly charged and emotional issue in the United States. In theory, it should work as any other insurance policy but the skyrocketing costs of health coverage has polarized the issue. Please see health insurance elsewhere in Wikipedia for a discussion of this category.
The entity, which may be an individual or association of any type, including a government or government agency, that is transferring the risk is called the "insured". The entity accepting the risk is called the "insurer". The agreement between the two by which the risk is transfered is called the "policy". The policy is a legal contract that sets out exactly the terms and conditions of the coverage. The fee paid by the insured to the insurer for assuming the risk is called the "premium". The premium is usually determined by the insurer to fund estimated future claims paid, administrative costs, and profit.
For example, let us assume for a moment a couple buys a home costing $100,000. Knowing the loss of their home would bring them financial ruin, they acquire insurance coverage in the form of a homeowner's policy. That policy will pay them the cost of replacing or repairing their home in the event of a catastrophe. The insurance company charges them a premium of $1,000 a year. Risk of loss has been transferred from the homeowners to the insurance company.
The insurer uses actuarial science to quantify the risk they have assumed. Actuarial science uses mathematics, particularly statistics and probability, which can be applied to many covered risks to approximate future claims with reasonable accuracy.
For example, many individual people purchase homeowner's insurance policies and they each pay a premium to an insurance company. If a covered loss occurs, the insurer pays the claim. For some insureds, the insurance benefits they receive will exceed far more money than they have ever paid to the insurer. Others may never make a claim. When averaged out over all the policies sold, total claims even out should be less than total premiums, with the difference being costs and profit.
Insurance companies also earn investment profits. These profits are generated by investing premiums received from the time they receive it until the time they need it to pay claims. This money invested is called the float. And the insurance company may have profits or losses from the value change in the float as well as interest or dividend on the float. In the United States, property and casualty insurance companies have in the recent past made no profit on underwriting (i.e., selling) insurance, with all profits coming from investments.
Some people consider insurance a type of wager or bet that executes over the policy period. The insurance company bets that you or your property will not suffer a loss while you put money on the opposite outcome. The difference in the fees paid to the insurance company vs the amount they can be held liable for if an accident happens is roughly analogous to the odds one might expect when betting on a racehorse, i.e 10:1. For this reason, a number of religious groups including the Amish avoid insurance and instead depend on support provided by their communities when disasters strike. In closed, supportive communities where others will actually step in to rebuild lost property, this arrangement can work. Most societies could not effectively support this type of system and the system will not work for large risks.
Contents [showhide]
1 History of insurance
2 Types of insurance
3 Types of insurance companies
4 Life insurance and saving
5 Criticisms of the insurance industry
5.1 Insurance insulates too much
5.2 Lack of knowledge of policyholders
5.3 Redlining
5.4 Health insurance
6 External links
7 See Also
[edit]
History of insurance
Insurance has been an institution of human society for thousands of years, having been practiced by Babylonian traders as long ago as the 2nd millennium BCE. Eventually it was given legal mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants. The Greeks and Romans had "benevolent societies" which acted to care for the families and funeral expenses of members upon death. Guilds in the middle ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Insurance became much more sophisticated in post-Renaissance Europe, and specialized varieties developed. In America, Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire.
In the United States, the insurance industry is highly regulated, primarily by the states, who operate both individually and in concert through a national insurance commissioner's organization.
[edit]
Types of insurance
Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:
Automobile insurance, also known as auto insurance, car insurance and in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the vehicle itself.
Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance.
Casualty insurance insures against accidents, not necessarily tied to any specific piece of property.
Liability insurance covers legal claims against the insured. For example, a doctor may purchase insurance to cover any legal claims against him if he were to be convicted of a mistake in treating a patient.
Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover failure of a creditor to pay money it owes to the insured. Fidelity bonds and surety bonds are included in this category.
Title insurance provides a guarantee on research done on public records affecting title to real property, usually in conjunction with a search done at the time of a real estate transaction, such as a sale, or a mortgage.
Health insurance covers medical bills incurred because of sickness or accidents.
Life insurance provides a benefit to a decedent's family or other designated beneficiary, to replace loss of the insured's income and provide for burial and other final expenses.
Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the opposite of life insurance.
Credit insurance pays some or all of a loan back when certain things happen to the borrower like unemployment, disability, or death.
Terrorism insurance
Political risk insurance can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.
Worker's compensation insurance replaces all of part of a worker's wages and accompanying medical expense lost due to a job-related injury.
A single policy may cover risks in one or more of the above categories. For example, car insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from say, causing an accident). A homeowner's insurance policy in the US typically includes property insurance covering damage to the home and the owner's belongings, liability insurance covering certain legal claims against the owner, and even a small amount of health insurance for medical expenses of guests who are injured on the owner's property.
Potential sources of risk that may give rise to claims are known as perils. Examples of perils might be fire, theft, earthquake, hurricane and many other potential risks. An insurance policy will set out in details which perils are covered by the policy and which are not.
[edit]
Types of insurance companies
Insurance companies may be classified as
Life insurance companies, who sell life insurance, annuities and pensions products.
Non-life or general insurance companies, who sell other types of insurance.
In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules. The main reason for the distinction between the two types of company is that life business is very long term in nature - coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers shorter periods, such as one year.
Insurance companies are also often classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders, (who may or may not own policies) own stock insurance companies.
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks, and protects them from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves.
There are also companies which are known as Insurance Brokers. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies.
[edit]
Life insurance and saving
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annutities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed. See life insurance.
In many countries, such as the US and the UK, tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.
[edit]
Criticisms of the insurance industry
[edit]
Insurance insulates too much
By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they should be (since the insured assumes the risk belongs to the insurer). To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in some kind of behavior that grossly magnifies their risk of loss or liability.
For example, liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider was irrational enough to try to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.
[edit]
Lack of knowledge of policyholders
Insurance policies can be complex and some policyholders may not understand all the fees, regulation and coverages included in a policy. As a result, people could buy policies at unfavorable terms. In response to these issues, governments often make detailed regulations that set down minimum standards for policies and govern how they may be advertised and sold.
Many individuals purchase policies through an insurance broker. The broker can councel the policyholder on which coverage to purchase and limitations of the policy. A broker generally holds contracts with many insurers which allows the broker to "shop" the market for the best rates and coverage possible.
[edit]
Redlining
Redlining was originally denial of insurance to any area because of the area.
Risk determines premium. Evaluation of risk by the insurer considers every available, quantifiable factor, including location, credit scores, gender, occupation, marital status, and education level. However, some people consider all or some of these factors to be "unfair" and hurl unproven claims such as racist. So, for political reasons, governments may limit the factors that may be used.
An interesting refutation to this is that the job of an insurance underwriter is to properly categorize a given risk as to the likelihood that the loss will occur. Any factor that causes a greater likelihood of loss should in theory, be charged a higher rate. This is a basic principle of insurance and must be followed for insurance companies or groups to operate properly, even for non-profit groups. Thus, discrimination of potential insureds by legitimate factors is central to insurance. Therefore the only thing that can be considered legitimately "unfair" are practices that discriminate against a given group without actual factors that show that the group is a higher risk. So, eliminating real factors discriminates against other insureds by forcing them to bear part of the cost of the disallowed perceived factors.
Health insurance
Health insurance, that is coverage for individuals to protect them against medical costs, is a highly charged and emotional issue in the United States. In theory, it should work as any other insurance policy but the skyrocketing costs of health coverage has polarized the issue. Please see health insurance elsewhere in Wikipedia for a discussion of this category.
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Top 10 Things to Know About Life Insurance
We all recognize the importance of life insurance. After all, we want to make sure that our loved ones are taken care of when we die. But before you run out and purchase a policy, do some research ahead of time. That way, you'll be sure to get the best possible coverage at the right price. Here are some helpful tips to get you started:
1. Shop around
2. Never buy more coverage than you need
3. The healthier you are, the better the rates
4. Buy sooner rather than later
5. Realize the importance of periodically reviewing your coverage
6. You don't necessarily have to pay a commission
7. You may be paying more for monthly premium payments
8. Don't rely solely on the life insurance offered by your employer
9. Tell the whole truth and nothing but the truth
10. Buying more is sometimes cheaper
Term Life Insurance Texas: Should you get a term life or whole life policy?
Term Life Insurance in Texas
Term Life insurance ownership has been slowly declining for several decades. According to a survey of U.S. residents in 25 major U.S. cities conducted by Allstate in conjunction with LIMRA International (a leading life insurance marketing association), the average amount of life insurance coverage respondents have is $175,000.
As a multiple of household income, this means the average respondent indicates that they have individual life insurance coverage equal to about four times their household income.
However, according to a recent LIMRA report, the average recommended life insurance need is about $459,0001. Inadequate coverage can put a financial burden on dependents of those who die prematurely. A general rule of thumb is to buy an amount that is equal to seven times your salary. However, each family is different.
The age of your children, the amount of your mortgage, debt and living expenses, and other factors, should all be carefully evaluated as you determine the amount to buy.
Allstate’s survey also revealed that one fourth (25 percent) of respondents felt they needed more life insurance coverage. But why would people need more life insurance?
With the right amount of coverage, a spouse and family can maintain their current standard of living after the passing of a loved one; funds can be used toward a child’s education and the proceeds can cover mortgage payments, debt payments or funeral expenses.
If your employer provides life insurance coverage, keep in mind that it may not be enough for your family to maintain their standard of living and fund their future financial goals. And you may not be able to take your life insurance policy with you if you change jobs.
http://www.texastermlife.com/
Life insurance can be a cornerstone of a solid financial future. Now that you know how important having life insurance can be; what steps can be taken to help build financial security?
Help protect what’s yours
One way to think about your financial needs is to picture a pyramid that you build from the bottom up. Life insurance can play an important role in helping protect your loved ones and to make sure they can have the future you’re working toward – no matter what.
The foundation of any financial strategy should be protection against loss, starting with your car and home. As you build your assets, it’s important to update your policies and further help protect yourself from unexpected events. This is where auto and homeowners term life insurance comes in to play.
Help protect those you love
Consider what your family’s financial future would be without you or your income. Even if you already have life insurance coverage through work, is it enough to help provide for their entire financial future? Individual life insurance and disability or extended care insurance should be considerations.
Also keep in mind the financial impact of an unexpected death of a spouse who does not earn income, but provides care to either children or a sick or older family member.
Reviewing your life insurance coverage each year is a good idea as well. Allstate’s survey found that 37 of respondents claim they “never” review their current life insurance coverage against their current situation. As your life changes, your insurance coverage should change with you.
Prepare for tomorrow
Once you’ve helped protect your family and what you have, an important next step is to determine your goals for the future and how your investments can meet those needs. For example, do you have kids who are college bound? Have you started saving enough for retirement? Do you have an emergency fund? The earlier you start saving, the more your investments can grow and compound interest over time.
Pass it on
After a lifetime of working hard to build your wealth, life insurance as a wealth transfer tool is something to consider if you want to make sure as much possible goes to your loved ones.
When thinking of your family’s financial security, term life insurance shouldn’t be confusing. Buying the right amount of life insurance coverage should be one of the first steps to putting you, and your family, on the right path to a bright financial future.
Allstate Personal Financial Representative Jeffrey Long can be reached at or by visiting his office at 94 East Avenue in Norwalk, CT. For more information, you can also visit www.allstate.com.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer. Widely known through the “You’re In Good Hands With Allstate®” slogan, Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow through approximately 14,900 exclusive agencies and financial representatives in the U.S. and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at allstate.com and 1-800 Allstate®. Encompass® and Deerbrook® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and worksite customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA.) Registered Broker-Dealer. Member FINRA, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE 68506. 
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Life insurance and fixed annuities issued by Allstate Life Insurance Company, Northbrook, IL and Lincoln Benefit Life Company, Lincoln, NE. In New York, Allstate Life Insurance Company of New York.
The information provided here is for educational purposes only and is not intended as legal, investment or tax advice. We recommend that you consult with an attorney or tax advisor regarding the tax implications of purchasing life insurance.FREE International Income Protection Insurance Quotation
Expatriates anywhere: living inside or outside the USA, should complete the Free quotation form, below.
If you would like someone to contact you by telephone to discuss your needs in more detail, please let us know in the "Questions" box at the end of this form and we will call you at a convenient time to give you information about our plans and answer any questions that you may have.
Please note that it is not always possible to provide quotations for income protection insurance where occupations are considered hazardous, there is substantial manual work or where a client works offshore.
As Expatriate Insurance Brokers
At Globalsurance we are insurance brokers. This means that we will work to further the interests of our clients and not those of the insurance companies.
What this means for you is that we will always work to ensure that you have the best plan available. By working with some of the biggest insurance companies in the world we have access to a multitude of plans and will always find you the perfect policy.
Our relationship with many insurance companies allows us to provide our clients with the lowest possible premiums. In addition to this you will never have to pay more when working with us.
We are paid by the insurance company only if you decide to purchase a plan. There are no hidden fees, and no extra expenses. By working with us you are guaranteed the best possible plans at the best possible prices.
Insurance
As an insurance broker we are able to provide rates from many insurers which guarantees you the best rate and coverage options. Our prices are exactly the same as the insurer so you never pay more for using us.
As one of Asia's biggest insurance brokers, Globalsurance works with some of the worlds best insurance companies to provide you with the best international medical insurance policies available. As a broker we work to further your interests and not those of the insurance companies. By working with such a large number of insurers we are able to find you the best policies at the best prices. Some of the insurers that we work with are;
We are paid by the insurance company after you purchase a policy; you will never have to pay extra when working with us. We are not limited to working with the insurers that we have listed, and will always work to find you the plan that best fits your needs. For more information about the insurance companies that we work with, or to receive a free quote, please contact us today.International Cargo Insurance
Our international cargo insurance makes sure your valuable cargo and other property is protected while transported through high risk areas (including Iraq and Afghanistan).War risk international cargo insurance is designed to insure your cargo and other property during transport and includes protection against acts of war. Our international cargo insurance policies insure the following forms of transport:
Ocean vessel
Aircraft
Truck
Barge
Rail
A comprehensive cargo insurance policy makes sure your cargo, and those of your clients, are as secure as they can be, so any cargo problems don't damage your business.
Health Insurance Made for Global Citizens
International health insurance plans are designed for people who are working or residing abroad. These global citizens include expatriates and local nationals who want the freedom to seek care beyond their borders. International health insurance plans have also been growing in popularity, as more people understand the shortfalls in their current domestic health insurance.Problems with domestic health insurance coverage overseas:
Limited coverage outside of U.S.
Residency requirements – Most plans require that you physically reside in the state in which the policy was issued 6 months each year, or the policy is void.
Reductions in benefits – Coverage is reduced to “emergency only” care.
No resources such as assistance with claims, emergencies or foreign healthcare systems.
Limited coverage amounts – Benefits can be reduced substantially.
No network of providers or endorsement of doctors.
International health insurance plans eliminate the problems with domestic health insurance by providing the following benefits:
Global coverage area – Live and work anywhere in the world.
No residency requirements – Stay at home or abroad as long as you like.
Full range of benefits anywhere in the world.
Web-based resources such as global provider directories, health and safety reports, and medical translation guides.
Up to $5,000,000 of lifetime coverage.
No restrictions on doctors or healthcare facilities – and no referrals needed!
Worldwide Insurance Network Group
Global reach, personal service The WING group of independent partner brokers offers a powerful alternative to the mega brokers’ impersonal, corporate approach to global insurance services.Our well-established international partnership covers more than 50 countries, with each WING broker dedicated to delivering co-ordinated, integrated insurance, risk management and employee benefits consultancy services through expert specialist teams. Every WING member shares the same total commitment to maintaining the very highest service standards and scrupulous integrity. We believe that these fundamentals lie at the heart of every successful business relationship - however large or small the client. Opening doors to open minds
The membership of WING has been carefully selected from independent brokers who built their excellent reputations through total commitment to quality and by providing clients with a professional, personal and dedicated service.Why WING? Because we are totally client focussed. Choose your region and make contact now with your local WING partner. It’s your fast route to securing high quality commercial insurance services both near to home and further afield - whichever direction your business is heading.
The membership of WING has been carefully selected from independent brokers who built their excellent reputations through total commitment to quality and by providing clients with a professional, personal and dedicated service.Why WING? Because we are totally client focussed. Choose your region and make contact now with your local WING partner. It’s your fast route to securing high quality commercial insurance services both near to home and further afield - whichever direction your business is heading.
Insurance
Property
Business Interruption
Public/Product Liability
Employers’ Liability
Workers’ Compensation
Professional Indemnity
Auto
Construction
Engineering
Marine
Aviation
Personal Accident
Political Risks
Property
Business Interruption
Public/Product Liability
Employers’ Liability
Workers’ Compensation
Professional Indemnity
Auto
Construction
Engineering
Marine
Aviation
Personal Accident
Political Risks
Utilities Insurance
What Is The Grundy N.A.W.C. Insurance Program For Utilities?
Insurance for Water Companies
Insurance for Water Districts
Insurance for Waste Water Systems
This program is available through your current insurance agent or on a direct basis.
More than fifteen years ago the National Association of Water Companies, N.A.W.C, asked Grundy Worldwide to develop an insurance program which would benefit its membership and protect purveyors of drinking water nationwide. Grundy Worldwide is credited for having created an insurance program for the typically neglected small water company owners of America. Time and experience have broadened that program to now offer a full range of superior coverage to water and wastewater companies of all sizes, smallest to largest, in all fifty states! When you choose Grundy Worldwide, you also inherit a legacy of:
Insurance for Water Companies
Insurance for Water Districts
Insurance for Waste Water Systems
This program is available through your current insurance agent or on a direct basis.
More than fifteen years ago the National Association of Water Companies, N.A.W.C, asked Grundy Worldwide to develop an insurance program which would benefit its membership and protect purveyors of drinking water nationwide. Grundy Worldwide is credited for having created an insurance program for the typically neglected small water company owners of America. Time and experience have broadened that program to now offer a full range of superior coverage to water and wastewater companies of all sizes, smallest to largest, in all fifty states! When you choose Grundy Worldwide, you also inherit a legacy of:
Outstanding Service
A- (Excellent) Rated Underwriting Companies
Rapid Response
Experienced Claims Settlement
Expert Insurance Service in Your Industry
A- (Excellent) Rated Underwriting Companies
Rapid Response
Experienced Claims Settlement
Expert Insurance Service in Your Industry
Unmatched Flexibility
Accommodating Underwriting Guidelines
Coverage Tailored to Your Needs
Accommodating Underwriting Guidelines
Coverage Tailored to Your Needs
Life Insurance
Life insurance can play an important role in your financial planning. We offer a wide range of life insurance plans to help provide the protection you need, while helping to manage your personal finances. Our expertise means you can concentrate on the important things in life.
LifePlus
A whole life participating plan tailored to your savings and protection needs.
Platinum Low Cost
A whole life participating plan offering high protection for relatively low premium payments.
Save & Cash 20
A 20-year limited pay plan combining cash savings with a guaranteed cash endowment and lifelong protection.
Value Protector Plus Supreme
A whole life plan offering relatively high protection and guaranteed cash values.
Partner One Plan
A participating plan offering whole life protection with an additional Partner Bonus from just one single premium payment.
Partner Retirement Plan
A secure choice for asset accumulation, with relatively high guaranteed values, guaranteed retirement bonus, special dividend and whole life protection.
Value Savings
A savings plan offering life protection for a specified saving period and rewarding return at maturity.
Prestige Savings
A regular savings plan combining cash accumulation with life protection.
Flexi Savings
A whole life protection plan offering different premium payment period options and strong saving elements.
Goalset Savings
A savings plan providing whole life protection and comparatively high guaranteed returns on savings, with guaranteed cash endowment.
Comfort Senior Savings
A 10-year limited pay senior plan offering savings with lifelong protection.
Multi-Select Term
A renewable and convertible form of term insurance plan, providing life protection with multiple policy terms at affordable premiums.
Option to Purchase Paid-Up Additions
A supplementary benefit providing extra protection on top of the basic insurance policy.
Lifetime Protector
A whole life insurance plan offering lifelong protection from affordable premiums.
LifePlus
A whole life participating plan tailored to your savings and protection needs.
Platinum Low Cost
A whole life participating plan offering high protection for relatively low premium payments.
Save & Cash 20
A 20-year limited pay plan combining cash savings with a guaranteed cash endowment and lifelong protection.
Value Protector Plus Supreme
A whole life plan offering relatively high protection and guaranteed cash values.
Partner One Plan
A participating plan offering whole life protection with an additional Partner Bonus from just one single premium payment.
Partner Retirement Plan
A secure choice for asset accumulation, with relatively high guaranteed values, guaranteed retirement bonus, special dividend and whole life protection.
Value Savings
A savings plan offering life protection for a specified saving period and rewarding return at maturity.
Prestige Savings
A regular savings plan combining cash accumulation with life protection.
Flexi Savings
A whole life protection plan offering different premium payment period options and strong saving elements.
Goalset Savings
A savings plan providing whole life protection and comparatively high guaranteed returns on savings, with guaranteed cash endowment.
Comfort Senior Savings
A 10-year limited pay senior plan offering savings with lifelong protection.
Multi-Select Term
A renewable and convertible form of term insurance plan, providing life protection with multiple policy terms at affordable premiums.
Option to Purchase Paid-Up Additions
A supplementary benefit providing extra protection on top of the basic insurance policy.
Lifetime Protector
A whole life insurance plan offering lifelong protection from affordable premiums.
Health Insurance
Health is wealth. Thanks to advances in medical technology, we are able to treat and combat many more medical conditions than ever before. However, it also means the cost of treatment has risen and finding the right medical institution has become a challenge. But remember, it's never too early to begin planning for the unexpected. We offer a range of health insurance plans providing health protection and financial security to help manage the financial burden of unforeseen medical expenses or loss of earnings.
Accident Benefit
Accidents can be unpredictable and unavoidable. Therefore, it is essential that you are fully prepared for the unexpected.
Hospital Benefit
Faced with increasing medical fees, comprehensive cover will help minimize the possible financial impact from hospitalization.
Critical Illness
A healthy life is something most of us take for granted. Unfortunately, serious illness can strike at any time and usually when we least expect it.
Premium Waiver
In the event you become totally incapacitated or die, it is important the protection of your family remains unaffected. Our premium wavier benefit is the hassle-free solution.
Lady's Benefit
Today, more women are enjoying the challenge of managing both a successful career and a happy family life. To secure what you have today and prepare for a better future, good planning is important. Our Lady's Benefit plan is designed to meet your specific needs during the different stages of your life.
Disability Income
A stable and reliable income is essential to budget for everyday expenses, maintain your current lifestyle and achieve future financial goals. Interruption to this income due to accident and illness could make it difficult to afford even the basic family needs. We offer the solution to protecting your income and financial future while avoiding financial hardship.
Worldwide Ocean Cargo Insurance Services
The Worldwide Ocean Cargo Insurance Services, is an Internet site created to address the insurance needs of import/export companies and commercial shippers who require Ocean Cargo, Air Cargo, Motor Truck Cargo, and Freight Insurance.We offer:
comparative and competitive rates
the option to purchase Ocean Cargo insurance directly over the INTERNET
easy monthly payments billed directly by the insurance company
(You can even e-mail your monthly certificates.)
We offer policies on a brokerage basis through a number of companies including Fireman's Fund, AIG, CHUBB, CIGNA, MOAC, Lloyds, Great American and a handful of other highly experienced and capable worldwide import/export cargo insurance and ocean cargo insurance carriers.
To obtain your import or export insurance quote, please complete and submit the Quote Questionnaire. We'll provide you with quotations from leading carriers so you can make an informed decision, usually within 48 hours.
Please feel free to visit:
Quote Information Sheet
glossary of ocean cargo insurance terms.
USFDA Import Alert information.
Who are the people behind the scenes at WOCIS.
Thursday, June 11, 2009
Evaluating Insurance Plans
who are trying to evaluate about which of the many insurance plans they should avail of People would really be benefited if they will consider doing several things first. Before coming to a concrete conclusion, you should think about doing some comparisons between the different services so you could make correct decisions. As you meet with agents and representatives of various providers, you could do your evaluations by requesting a comparative analysis. This way, you would be able to instantly see the many pro's and con's that some of them have that may not be readily obvious in first glance.
In addition to that, visiting websites and reading as much information there could also be good for you. Most sites even have their section called "frequently asked questions" and you can also refer to that. Relevant details can really be found there and you might get your questions answered automatically with that.
If you want, you could also ask some of your friends, relatives and co-workers to find out what are the things they like and what are the complaints they have about their respective insurance terms. Other than that, you could even seek the help of the Better Business Bureau so you would be able to get more feedback, positive and negative, from other users across the country.
With all of these things in mind, it is not really impossible for you to find what is really best for you and what could appropriately cover for you in your time of need.
2. DROP YOUR COMPREHENSIVE COVERAGE -
Comprehensive coverage like collision coverage is designed to protect your car from loss. Much of the same logic that we applied to collision coverage can be used to decide on the fate of your comprehensive coverage. There are, however some important considerations to weigh in your analysis. Comprehensive coverage covers almost anything that happens to your car except collision. The most commonly submitted claims are broken windshields, stolen hub caps, stolen stereos, vandalism and theft of the entire vehicle. Note here that many of these losses produce the same amount of financial loss regardless of the value of the car. It costs virtually the same to replace a windshield in a 75 Ford as it does in an 85 Ford. Consider also that the cost of comprehensive coverage is much less than collision coverage. The ratio between money saved and dollars put at risk is smaller and therefore you may be less eager to drop this coverage. Ask yourself the Test Questions that we did for collision coverage and make an informed decision.
If your vehicle is financed or leased, always remember to check with your financial institution before changing these coverages. Your loan contract may have certain requirements and deductible limitations that somewhat restrict your options.
3. RAISE YOUR DEDUCTIBLES -
If deleting collision and comprehensive coverage puts you at greater risk than you are willing to assume at this time, you may want to consider increasing your deductibles as a compromise. As you increase your deductibles you decrease your premium. The insurance company is going to give you a break on your premium here for two reasons. First, when you have a loss, the insurance company will pay you less money when you have a higher deductible. Secondly, with a higher deductible, you will have fewer claims that are presented to the insurance company in excess of your deductible.
When you take a higher deductible you are saying that you, for the consideration of a lower premium are willing to assume a greater portion of the loss yourself. You trade the certainty of a lower premium for the uncertainty of more loss to you should a claim occur.
If you have decided in your Financial Picture that you are comfortable with a $500 loss (and the premium savings is enough) and you own a car worth $3000 then you probably do not want to drop your collision coverage completely. But you can increase your $100 collision deductible to $500 and your zero comprehensive deductible to $100. Let's examine the numbers. If you save $30 per year on your comprehensive coverage and $65 per year on your collision deductible you realize a $95 per year savings the first year and every year thereafter. You are only increasing your risk by $100 on the comprehensive coverage and by $400 on the collision coverage. Remember you already had a $100 deductible on collision and increasing it to $500 changes your participation in the loss by $400. Again, ask yourself the same questions.
- Can I afford to withstand this loss (the bigger deductible) without any help from the insurance company?
- Would I rather save this money ($95) and risk the larger deductible loss myself? By taking this bigger deductible I am saving $95 per year. I will save enough money to make up the loss in one year for a comprehensive loss and in just over four years for a collision loss.
- Does my driving and claim history lead me to believe that I might go one or five years without this sort of loss?
Guide to Central Heating Insurance for Beginners
There are insurance policies to awning best eventualities these days, from pet health insurance to adaptable buzz cover. Some are added important than others, and are alike compulsory, as is the case with motor insurance. If addition has a mortgage, the lender will crave the borrower to booty out barrio insurance. These types of awning assure the policyholder from losses that could ruin their lives.
Moving a footfall bottomward the ladder of accent we acquisition axial heating insurance, such as the articles offered by British Gas. These behavior are not as broadly acclimated as they should be - for while they are not as all-important as insuring the actual anatomy of a house, the axial heating arrangement of a home is best absolutely a alarm and acclimation it can bulk a lot. The added botheration is that absolutely accepting addition to adjustment it can booty time, and active after hot baptize or heating is no fun, abnormally in winter. But the best austere association is the achievability of a adulterated axial heating system, which could be aperture potentially baleful carbon monoxide.
There is a ambit of affairs on the market. The best basal types are about aloof account affairs that fulfil the minimum requirements, including anniversary application and assurance checks. No adjustment assignment or additional genitalia are included. But anyone demography out one of these plans, unless their boiler is still beneath warranty, alone has to pay a baby bulk added per ages to advancement to a action that covers aliment and additional parts. Particularly if a boiler is accepting abutting to the end of its alive life, this added money is able-bodied spent. Customers charge to accept at this date whether they aloof appetite their boiler covered, or if they appetite to extend their awning to the blow of the axial heating system, radiators and such like.
One affair to watch out for back allotment a action is any exemptions or banned accounting into the action document. Some providers will absolute the cardinal of alarm outs per year or agree a best bulk of across-the-board aliment for a accustomed period. As with all types of insurance, don't aloof accept the cheapest exceptional after authoritative abiding the akin of awning is adequate.
Moving a footfall bottomward the ladder of accent we acquisition axial heating insurance, such as the articles offered by British Gas. These behavior are not as broadly acclimated as they should be - for while they are not as all-important as insuring the actual anatomy of a house, the axial heating arrangement of a home is best absolutely a alarm and acclimation it can bulk a lot. The added botheration is that absolutely accepting addition to adjustment it can booty time, and active after hot baptize or heating is no fun, abnormally in winter. But the best austere association is the achievability of a adulterated axial heating system, which could be aperture potentially baleful carbon monoxide.
There is a ambit of affairs on the market. The best basal types are about aloof account affairs that fulfil the minimum requirements, including anniversary application and assurance checks. No adjustment assignment or additional genitalia are included. But anyone demography out one of these plans, unless their boiler is still beneath warranty, alone has to pay a baby bulk added per ages to advancement to a action that covers aliment and additional parts. Particularly if a boiler is accepting abutting to the end of its alive life, this added money is able-bodied spent. Customers charge to accept at this date whether they aloof appetite their boiler covered, or if they appetite to extend their awning to the blow of the axial heating system, radiators and such like.
One affair to watch out for back allotment a action is any exemptions or banned accounting into the action document. Some providers will absolute the cardinal of alarm outs per year or agree a best bulk of across-the-board aliment for a accustomed period. As with all types of insurance, don't aloof accept the cheapest exceptional after authoritative abiding the akin of awning is adequate.
Keeping, Dropping or Changing Your Comprehensive or Collision Coverage
Managing the cost of your insurance can be as simple as answering a few simple questions. Here's a short discussion that will walk you through the process of deciding to keep, drop or to change (different deductible) your comprehensive and/or collision coverages in your car insurance policy. First we need to do a very short 'inventory.'
TAKING YOUR FINANCIAL PICTURE -
Insurance is simply the management of risk. Owning and driving an automobile is a risk. You risk injury, loss of your vehicle, and potential liability for damage to others. The purchase of insurance is merely an agreement with the company to transfer some of your risk to them. You are saying, "I choose not to assume all of this risk myself. In exchange for my premium dollars, the insurance company will suffer some of the financial loss instead of me." With this thought in mind, you must decide how much risk to transfer and in doing so, decide how much risk you are willing to keep yourself in the from of deductibles and unpurchased coverages.
Before we can get to ways to save money on your premium, you need to take a short inventory of your financial picture.
Before you get to deciding whether to take a $100 or a $500 deductible on your collision coverage you first need to decide that you can reasonably handle a $500 loss. So before we jump into any tricks of the trade, lets take a moment to diagnose your "loss threshold."
Lets say you go out and buy a $3 picture to hang in your bathroom. Are you going to insure it? Of course not! Now you go out and buy a famous $252,000 masterpiece painting. Are you going to insure it? Unless you are a multi-millionaire, you certainly will. Somewhere in between the $3 print and the $252,000 masterpiece is your loss threshold. Your loss threshold is the amount of money you can stand to lose without doing any great harm to your daily lifestyle or your peace-of-mind. In the above example, different people will have different thresholds. There is no right or wrong answer here!
In addition to settling on your personal loss threshold, it is important to consider your previous history of insurance losses. If you have had several losses in the last 10 years, you may be wise to lean more heavily on your insurance coverage. If, on the other hand, you go almost forever between losses, you will save premium dollars by assuming more of the risk yourself in the form of higher deductibles or dropped coverages. Now, if assuming this extra risk is going to give you some sleepless nights and make you a nervous wreck every time you get into your car, then don't do it! Part of what you buy in the purchase of insurance is peace of mind.
What matters most is where you are comfortable. Take a moment to apply a value to your "Loss Threshold." Try thinking in terms of $50, $100, $250, $500, and $1000. How much money can you, with peace of mind, place at risk? As you will see below, once you determine your Loss Threshold, you need only to weigh the cost of the coverage versus the potential for loss to you. Insurance can be a reasonably simple commodity to manage.
1. DROP YOUR COLLISION COVERAGE-
So you have been driving "Old Betsy" now ever since Noah was working on his boat. To you, its worth every bit of what you may have paid for it way back when but to another car buyer, its just an old bucket of bolts, rubber, faded upholstery. Unfortunately, the insurance company views your precious 4-wheeled family member with the same cold business approach as a prospective buyer. Its only worth...well, its worth a lot less than you would hope.
There comes a time in the life of almost every car when its value does not warrant the cost of collision coverage any longer. Collision coverage is that portion of your insurance that pays to fix damage to your car suffered by a collision. You will need this coverage for your car when you are in an accident that is your fault or if your car is the victim of a Hit & Run accident. Looking back to your Financial Picture we discussed above, compare the cost of your coverage with the potential for loss.
In discussions with your agent or by examining your renewal bill, identify the annual cost of your collision coverage. By looking in the newspaper or car-trading publications, determine the actual retail value of your car. Be careful to be objective here and remove whatever emotional attachment you may have to your car that might unrealistically increase its perceived value.
Let's say that the real value of your car is $1200 and the annual cost of just your collision coverage with a $100 deductible is $150. Now here are the Test Questions:
- Can I afford to withstand this loss without any help from the insurance company? (in this case $1200)
- Would I rather save $XX (in this case $150) every year and risk the loss of the car myself? By not getting this coverage I am saving $XX ($150) per year. I will save enough to make up the loss ($1200) in Y (8) years. (1200 ÷ 150 = 8)
- Does my driving and claim history lead me to believe that I might go Y (8) years without suffering that sort of loss?
Take a Time Off and Visit eriuqs spires advantageous recreation
Any time off is acceptable time off, right? Well, a cruise to La Quinta, California, will accommodate you with a GREAT time off! If aces views, brilliant dry acclimate and adorable leisure activities address to you, again it’s time to plan a break to this California arid destination. The best abode to alpha your planning is online, breadth you will acquisition a array of La Quinta leisure time rentals. Amid them is abiding to be the La Quinta abode aloof appropriate for you.
Start out by accepting an overview of the hasty assortment in the arid location. Travel admitting canyons formed from age-old rivers on a Jeep "eco-tour," or attestant the amazing mountains overextension out from a hot air airship ride. You’ll be afflicted by the adorableness of the breadth surrounding your lodging.
If you’re a golfer, you’re apparently already acquainted of this area. If you’re not yet accustomed with it, you will be captivated to acquisition bristles PGA courses here. You may appetite to accept one of La Quinta leisure time rentals appropriate forth one of the courses.
All of La Quinta hotels accommodate accessible admission to lots of alfresco recreation. Nestled in the Coachella Valley and amidst by the Santa Rosa Mountains, La Quinta allowances from agrarian accustomed splendor. It’s on the bend of Joshua Tree National Park, breadth you can backpack forth the attributes trails, abundance bike forth the clay anchorage or convenance your rock-climbing amid the added than 400 aggressive formations. Aloof to the south of boondocks is the Anza-Borrego Arid State Park, with its arid garden and admirable wildflowers, approach groves and cacti.
Start out by accepting an overview of the hasty assortment in the arid location. Travel admitting canyons formed from age-old rivers on a Jeep "eco-tour," or attestant the amazing mountains overextension out from a hot air airship ride. You’ll be afflicted by the adorableness of the breadth surrounding your lodging.
If you’re a golfer, you’re apparently already acquainted of this area. If you’re not yet accustomed with it, you will be captivated to acquisition bristles PGA courses here. You may appetite to accept one of La Quinta leisure time rentals appropriate forth one of the courses.
All of La Quinta hotels accommodate accessible admission to lots of alfresco recreation. Nestled in the Coachella Valley and amidst by the Santa Rosa Mountains, La Quinta allowances from agrarian accustomed splendor. It’s on the bend of Joshua Tree National Park, breadth you can backpack forth the attributes trails, abundance bike forth the clay anchorage or convenance your rock-climbing amid the added than 400 aggressive formations. Aloof to the south of boondocks is the Anza-Borrego Arid State Park, with its arid garden and admirable wildflowers, approach groves and cacti.
How to Review Your Homeowners Insurance Renewal Statement
For most of us, our home is our single largest and most important investment. Many of us have poured thousands of dollars and countless hours into maintaining, improving and (hopefully) paying off our homes. Many people own their homes free of any mortgage. These assets are pure equity. Certainly its worthwhile to invest 15 minutes a year to be sure it's properly insured.
Thankfully, the insurance company offers you a perfect reminder and opportunity in sending out your annual renewal statement. Even if your insurance is paid by your mortgage company as part of your impound account, the insurance company still mails you a statement of renewal every year to update you with your current coverage limits and deductible.
Here's a few important steps you can take to be sure that HOME SWEET HOME is properly protected.
1. Check the basics. Check your name, address and any other description of the insured property. Make sure there's been no change of vesting or ownership that needs to be updated. Check your address to be sure no numbers are transposed.
2. Check the mortgagee clause. Here's where you can be sure that the current mortagee on your home is listed correctly. Check the lender, address and your loan number. Be sure there's no old information there. Maybe you had a HELOC (Home Equity Line of Credit) or a second mortgage that no longer applies. Be sure to get them removed.
Thankfully, the insurance company offers you a perfect reminder and opportunity in sending out your annual renewal statement. Even if your insurance is paid by your mortgage company as part of your impound account, the insurance company still mails you a statement of renewal every year to update you with your current coverage limits and deductible.
Here's a few important steps you can take to be sure that HOME SWEET HOME is properly protected.
1. Check the basics. Check your name, address and any other description of the insured property. Make sure there's been no change of vesting or ownership that needs to be updated. Check your address to be sure no numbers are transposed.
2. Check the mortgagee clause. Here's where you can be sure that the current mortagee on your home is listed correctly. Check the lender, address and your loan number. Be sure there's no old information there. Maybe you had a HELOC (Home Equity Line of Credit) or a second mortgage that no longer applies. Be sure to get them removed.
HEADS UP: Whenever you have a significant claim, the mortgage company will be one of the payees on your claim settlement check. Just that alone can be an inconvenience. But it becomes a major hassle when one of the institutions listed no longer has a vested interest in your home. The insurance company is bound by contract to include the mortgage company on all settlement checks beyond a stated threshold.
*3. Check the coverage on your home (dwelling or building). This is without question the single most important coverage to examine, consider and adjust whenever necessary. Having been an agent during the two raging firestorms in San Diego, CA in this decade, I can tell you that underinsured homes are just NO FUN! Two of my clients lost their homes in the 2003 fires and fortunately they were both adequately insured. (we call all our homeowner clients once a year to review their coverages and suggest improvements and adjustments) But I can tell you that there were literally hundreds of people in the area that were not so fortunate. Many were underinsured by over $100,000! Contractors were giving rebuilding bids on homes for $400,000 with insurance policies with limits less than $300,000. See if that doesn't tweak your financial well-being just a little. Here's the solution.Get an accurate rendering of the square footage of your home. Check county records, take a look at zillow.com, call your favorite Realtor, or get a tape measure and do your thing. Usually you don't include the garage in this calculation. Once you get your square footage, then you need to determine the building cost per square foot in your area for a home like yours. Call a local contractor for a quick estimate or you can call your insurance agent. Average costs in San Diego run about $200 per square foot. With that, a 2000 square foot would take about $400,000 to rebuild. Custom homes can be significantlly more. For a more complete discussion of this, check out: How Much Homeowners Insurance Do You REALLY Need?
Your contents coverage is usually 75% of the amount you have on your home. For example, if you have $400,000 on your home, you'll have an additional $300,000 to cover your personal property (furniture, clothing, dishes, TV, collections, shoes, tools, etc) Usually this is enough, but think through it anyway. If you have antiques, art, collections of any kind then you may need more. Ask your agent for help if you need to.
4. Look at your Personal Liability Coverage. This is the coverage you need when you get sued. Little Johnny runs across your front yard and trips on one of your sprinklers and ruins his chances to become America's Next Top Model and his parents sue your for $250,000. Make sure you don't scrimp here. It's not too expensive to get $500,000 or even $1 Million of liability coverage. If you have $100,000 or less, you could be setting yourself up for a mess just waiting to happen. Put a really big checkbook between your assets and someone who sees an injury as a lifetime paycheck. You might even consider a Liability Umbrella.
5. Check your 'special limits'. This is a REALLY BROAD subject that I just can't do justice to here in this post. Simply stated, there's limits on many things such as cash, computers, cameras, jewelry, furs, goldware, silverware, tools, etc. Call your company and ask for a review. You can increase many of these limits for just a few dollars a year. Sometimes the available increase isn't enough. That's the perfect time to consider a Personal Articles Floater (or it's called many different names) It's a policy that's designed to place stated amounts of coverage on many items from jewelry, business tools, iPods, hearing aids, cameras, musical instruments and on and on. If you have more than 'the average Joe' of ANYTHING, then check this out FOR SURE!
6. Check your deductible! This can be a tremendous cost-control tool in your insurance spending. Simply stated: The larger your deductible, the greater your savings. Usually you can save close to $100 per year just by going from a $500 deductible to $1000. Pick the largest number you can stand without losing sleep at night and ask your agent or company the savings you'd realize by changing. If you have a $250 or smaller deductible, it's definitely time to change it UP! Keep in mind that you usually hit a point of 'diminishing returns' once you get to $4000 or more. This means that you'll save less and less for each additional $1000 you choose. It might make sense to go from $1000 to $2000 if you save $85 a year by doing so, but not from $5000 to $6000 if you only save another $21 by making that jump.
Monitoring your insurance costs and coverages can result in a lot of savings AND peace of mind. Be sure you keep notes and file your thoughts and changes from year to year. These recoreds will make your annual call quicker and easier each year.
Wedding insurance
Ref: Insurance for Weddings
Wedding functions these days extend beyond the traditional routine of 7 pheras & sit down dinners. Glamourous sets, glamourous functions, theme parites are on the desire list of the bride & groom.With wedding sets akin to the one's in films, artist to perform, the concept of insuring weddings is constantly gaining ground with wedding planners.
Typically weddings can be insured against the possiblity of cancellation or postponment to a later date, due to force majore circumstances, viz. fire @ venue, flood earthquake. The coverage is also extended to cover possiblity of cancellation due to accident to bride / grrom or their immediate family members .
Cost Factors like 1.) Venue Rental 2.) Advances to catrers & decorators 3.) Artist cost 4.) Travel & hotel booking 5.) Re-printing of invitation cards 6.) Money & Jewellery Insurance 7.) Liability covers are the expenses which one should look to cover.
One must always look to start the cover few days befor your wedding event. Typically the cost would vary between 0.4 % - 1% of your wedding budget, depending pon the covers opted.
Cancellations due to family tiff's / unpaid dowry / other similar reasons fall outside the scope of insurance cover.
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