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Green Car Insurance – A Good Idea?

2009-10-24T23:53:00.001+07:00

Green car insurance is a subject that is cropping up more regularly than ever in the UK.

As concerns over global warming continue to grow, companies in all sectors of business are looking at how they can reduce the damage they cause the environment.

The car insurance market is no exception; but is green car insurance a good idea?

This type of policy works by providing funds to environmental projects that offset the carbon emissions you produce when driving. At first glance taking out a green motor insurance policy seems to be an interesting proposition and will certainly appeal to the environmentally conscious.

As the wave of environmental anxiety continues to wash over the world a new range of green car insurance companies have sprung up offering motorists the opportunity to play their part in helping remedy the situation. Let’s take a look at some of them.

Green Car Insurance Companies

eGreen Insurance – when you take out a green car insurance policy with egreeninsurance they will take £25 from your premium and buy half an acre of rainforest. This prevents the land from being destroyed and helps combat climate change by offsetting the CO2 emissions produced by your car.

The Green Car Insurance Company – this environmentally friendly insurer runs a programme to offset 100% of your car’s carbon emissions with projects that include planting new forests in Scotland.

ibuyeco – their 100% carbon neutral insurance works with environmentally friendly projects to save 1kg of emissions for every 1kg of CO2 produced by your vehicle. To achieve this they work with renewable energy and landfill projects all over the world.

More Th>n – a slightly different take on green car insurance. The More Th>n Green Wheels policy helps its customers to develop a greener driving style. As a policy holder you are given access to information on your braking and accelerating rates, the number of short journeies made and more to help you become more environmentally aware when driving.

So if you are considering taking out a green car insurance policy there are certainly several options to choose from. However, we still need to answer the question of whether or not it’s a good idea.

The main plus point of green cover is clear, help combat global warming by offsetting your carbon emissions. In isolation this sounds great but there are several other factors to consider.

The most important factor is whether or not your policy offers the level of protection you need and for many people cost is a very close second.

In order for a green car insurance policy to be a viable option it has to meet these two main criteria; provide you with the right level of cover at an affordable price.

If green car insurance appeals to you it is well worth comparing the policies and premiums available against those of the more traditional insurers. While it’s great to help the environment it is still essential to get quality cover at a competitive price.

A final point to remember is that a green car insurance policy isn’t the only way motorists can help the environment. If you find cheaper cover while switching to a new insurance provider you could always consider donating the money saved directly to programmes designed to combat the effects of carbon emissions.
insurancemaryland.blogspot

Lose The Mods For Cheaper Car Insurance

2009-10-24T23:51:00.001+07:00

If you are looking for ways to make savings on the cost of your motor insurance, modifications (or “mods”) can be a great place to start.

Adding these extras to your vehicle can result in your car insurance premium increasing by hundreds of pounds.

While many motoring enthusiasts are willing to accept this added expense in order to indulge their passion it is always worth considering whether or not it is really necessary for you.

Many of the car insurance comparison sites now factor modifications into their quoting process. So if you are considering adding mods to your car why not play about with a few comparisons and see the difference they can make to your quote.

You may find that adding mods will make your car insurance unaffordable or that removing them could result in a nice saving. Either way it only costs ten minutes of your time to find out.

Finally don’t forget to keep your insurance provider informed. If you remove modifications let them know as it could lower your premium. Most importantly, if you add mods after taking out a policy tell your insurer immediately. Failure to do so could result in your policy being invalid in the event of making a claim.

So, rethink those mods and see what savings you could make!
insurancemaryland.blogspot

How To Make A Car Insurance Claim

2009-10-24T23:47:00.002+07:00

It’s all very well knowing how to get cheaper car insurance and how to find the right policy but what if the time comes when you actually need to use your motor insurance. Would you be confident in knowing what steps to take when making a car insurance claim?

Every year, insurance companies process thousands of car insurance claims and pay out millions of pounds to people whose cars have been the victim of theft or damage. Even more is paid out to motorists involved in accidents on the roads.

Whether its personal injury or the theft or damage of a vehicle the process of claiming on your motor insurance policy can be a stressful one. To make things easier here is our guide to making a car insurance claim.

The first step is to contact your insurance provider as soon as possible after the event. Most insurers have a 24hr number you can call so use that to reach the right person more quickly.

If your claim is crime related such as theft, damage or vandalism immediately report the crime to the police and take note of your incident number. Should a police investigation result in any prosecutions your insurer will need to know the incident number.

Write down all the details concerning the incident and refer to these notes when making your written claim.

Be sure that your version of events is accurate and consistent. Changing your story further down the line could arouse suspicions that jeopardise your claim.

Get all the help and information you need from your car insurance company to support your claim. Don’t be afraid to ask your insurer questions as its essential to have all the correct documentation and evidence to back up your car insurance claim.

Retain any documentation relating to your claim in a safe and secure place and ensure that your insurance company can contact you easily.

Keep copies of any communication regarding your claim; be they letters, emails or telephone conversations and take the name of any person you speak with.

Before going ahead with any repairs to your vehicle you need to get absolute verification on the status of your claim. Until your insurer confirms they will cover the price of repair you are accountable for all costs.

If your car requires repair most insurers will recommend a garage where the repairs will be guaranteed for a specified period of time. If you take your vehicle in for repair yourself there is a good chance the cost will not be covered by your insurance company.

Having to claim on your motor insurance is never a pleasant experience but following these easy steps will help make the process run as smoothly as possible.
insurancemaryland.blogspot

Insurance anyone?

2009-10-24T23:26:00.000+07:00

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What happens if I don't get new license plates when I move to a different state?

2009-10-24T23:24:00.002+07:00

I just bought a car and had it registered and titled in Minnesota. In two months I will be moving down to Florida. Now my Minnesota plates are good for another 10 months, but Florida state law says I must register the car in Florida within 10 days of moving down there. I'm not particularly keen on paying to get Florida plates and a Florida driver's license sooner than I have to, so what happens if I wait till my Minnesota plates expire? If you've been in this situation before, I'd certainly appreciate your input!
Answer:

In virtually all states, once you establish residence in another state, you are required to switch your plates over (as you obviously already know - in most states it's a month, I'm surprised Florida only gives you ten days).

Enforcing the law is another matter entirely. Minnesota will almost certainly keep your registration active until the scheduled expiration date, since it is likely they have no idea that you have moved. If you are pulled over six months after moving, still have you MN license, and tell the officer you just got there a few days ago, or are still residing in MN and just going back and forth, then (depending on the officer's mood) you may simply receive a warning, as I did when I was living in SC and still kept my CO plates (I was, as you are, reluctant to pay for new plates). If you have a Florida license, Minnesota plates, and your local cop has seen you commuting to work for the last six months, you will probably be cited. In my case, I was travelling out of town and was in a small, one-horse burg I had never been in before, so some fast talking to the cop saved me from a citation. I was military and told him I was waiting for my paperwork to keep my Colorado DL and plates - I even threw in a made-up form number and sounded irritated with the whole process (cops know all about paperwork) - I should have gotten an Oscar for that one.

If you are cited, you can plead your case to the judge (bear in mind that lying in court is illegal), as the state is almost certainly not going to go to any extreme lengths to investigate your whereabouts for what is a misdemeanor traffic offense - it's simply too expensive.

However, to maintain a clean conscience, get your plates changed. If you are in an accident, as noted before, the insurance company may not cover you if they do a little digging and discover you were driving on a technically invalid registration.

What Vehicle has the highest insurance rates?

2009-10-24T23:24:00.001+07:00

I friend of mine wants to purchase a Mustang and she was told that the rates in Georgia would be high....Does the color of the vehicle make a difference also?....I have heard the color Red would bring you into a high pay rage with insurance....not too sure so I'm asking....thanks
Answer:

Color has no impact. The symbol (basically, value of car) has a big impact on the comp & collision. Theft rates, statistically, on different types of cars, also has an impact on comp & collision. Safety equipment (ABS brakes, passive alarm, VIN etching ...) will lower the liability portion. If an insurance company does statistics on cars and shows that red cars are more likely to drive dangerously (probably specific to certain models), it is within their rights to raise the premium accordingly.

Everything is statistics; each insurance company usues a different calculation. All liability-only cars will be the same at some companies and different at others.
Source(s):
Licensed agent

6 Ways to Lower Your Auto Insurance Rates

2009-10-07T01:52:00.000+07:00

Most people feel they are spending too much money on car insurance and would like to lower their car insurance rates. But many people think that there is nothing they can do about the high price they are paying. This is not always the case. There are a few things that you can do that may lower your rates.

1. Drive Less

The amount of miles you drive per year can affect your auto insurance rates. By driving less you could lower your auto insurance premiums. Try to find someone to carpool with on your way to work and you could wind up saving money on car insurance next year!

2. Choose a Higher Deductible

Choosing a higher deductible on your policy can lower your premium. However, make sure that you have enough money to pay the deductible in the event of an accident.

3. Look for Discounts

Many insurance companies offer discounts to their customers. Some common discounts include the following.

* Good Student Discount: If you get good grades in school, some companies will give you a discount on your policy
* Safe Driver Discount: If you have a good driving record, you may qualify for a discount on your insurance rate.
* Safe Car Discount: Some companies offer discounts for features that make your car safer such as anti lock brakes and anti theft devices
* Multiple Policy Discount: Some insurance companies offer discounts for having more than one type of insurance policy with them.
* Senior Adult Discount: Some companies offer certain discounts to senior citizens.

These are just some of the discounts that many insurance companies offer. Check with your insurance provider to see if you qualify for any discounts that could save you money.

4. Eliminate Unnecessary Coverage

By eliminating unnecessary coverage from your policy you could save money on your car insurance rates. Each state has minimum requirements that must be met by your insurance policy, but you may be paying for extra coverage that you really don’t need.

Some types of coverage that are not required by state law but that may be on your policy include collision and comprehensive coverage. While these are not required by law, they may be required by your lender if your car is being financed.

Do some research and check with your insurance agent to see if you are paying for insurance coverage that you really don’t need.

5. Complete a Drivers Safety Course

Some companies will offer discounts for completing an approved drivers safety course. Check with your insurance company to see if they would give you a lower car insurance rate for completing a course in drivers safety.

6. Compare Rates from Other Insurance Companies

By comparing rates from other car insurance companies, you can make sure that you are getting the lowest possible rate available to you. It is a good idea to compare quotes every six months or so to see what rates other insurance companies can offer you.

By Laura Caldwell
Article Source: http://EzineArticles.com/?expert=Laura_Caldwell

5 Steps to Finding the Cheapest Auto Insurance Policy

2009-10-07T01:49:00.000+07:00

No one likes to spend a fortune on car insurance. But finding a cheap auto insurance policy may seem easier said than done. However, there are a few things that you can do that may lower your insurance rates. Here are five tips.

1. Increase Your Deductible

By increasing your deductible, you can lower your premium. However, you will need to make sure that you have the money to pay the deductible in the event of an accident.

2. Look for Company Discounts

Many insurance companies offer discounts to their customers. Some of the common discounts offered by many companies include:

* Good Student Discount
* Senior Adult Discount
* Safe Driver Discount
* Low Mileage Discount
* Safe Vehicle Discount

Look around to see what discounts different insurance companies can offer you or see if your current insurance company has any discounts that you are eligible for.

3. Maintain a Good Credit Score

Believe it or not, many insurance companies look at your credit score when determining the rate they will assign you for a car insurance policy. They consider people with lower credit scores to be higher risk and therefore assign them a higher rate.

Some ways that you can raise your credit score include:

* Paying Your Bills on Time
* Not Closing Old Accounts
* Paying Off your Debt
* Managing Credit Cards Responsibly
* Not Opening New, Unnecessary Lines of Credit

By raising your credit score, you may be able to qualify for lower rates and a cheaper auto insurance policy.

4. Bundle Insurance Policies

Do you already have a homeowners insurance policy? See if your home insurance company sells auto insurance, and if they do then see if they offer discounts for having more than one insurance policy through them. Many insurance companies will give a discount for having more than one policy.

5. Compare Multiple Quotes from Auto Insurance Companies

Many things affect your car insurance rate, so to make sure you are getting the best rate you should shop around and compare quotes periodically. It is a good idea to see what rates other insurance companies can offer you. Take time every six months or so to compare quotes and make sure that your company is still the best option for you and that you are getting the cheap auto insurance policy you need.

By Laura Caldwell
Article Source: http://EzineArticles.com/?expert=Laura_Caldwell

7 Auto Insurance Tips

2009-10-07T01:48:00.000+07:00

1. Adopting your deductible

Deductible is the bulk you pay from your abridged afore authoritative an allowance claim. The disadvantage of adopting your affirmation is back you accomplish a claim, you will pay more. However, if you are a safe driver, you will overtime save added money by adopting your allowance deductible. Look at your antecedent allowance affirmation history and accomplish a alert accommodation for yourself.

2. Older Auto – Drop absolute / blow coverage.

If your car is not account much, why pay for absolute and blow allowance coverage. You can appointment a countless of online sites to acquisition accurate account of your car. Additionally your allowance abettor ability be able to cull up the accurate account of your vehicle.

3. Taking advantage of low mileage

Some auto allowance companies will accord discounts if you drive beneath than a assertive cardinal of afar or drive beneath than a assertive ambit to work.

4. Affective – Consider allowance costs.

If you are because moving, it will be a acceptable abstraction to alarm your allowance abettor and get his assessment on the allowance costs in the fresh burghal or state.

5. Low contour vehicle

Your abettor will additionally actuate your all-embracing allowance costs. Some of the cars are admired for thieves back they back a acceptable price. Some cars are added big-ticket to repair. It makes a lot of faculty to do able bulk of analysis afore you accomplish your auto purchase.

6. Accomplish abiding your abettor is accurately listed by your allowance agent.

Many manufacturers action somewhat agnate archetypal names for cartage but allowance costs may vary. Additionally 2 or 4 aperture or the amiss archetypal can appulse your auto allowance quote.

7. Have your allowance abettor analysis added allowance aggregation discounts.

A lot of companies will action discounts if you and your apron are insured with the aforementioned allowance company. Additionally, if you seek home insurance, activity insurance, auto allowance from the aforementioned allowance company, you will get some discounts. Analysis with your allowance abettor on extenuative money.

Save Money on Your Car Insurance

2009-10-07T01:45:00.000+07:00

1. Shop around.

Get multiple quotes, the difference in price between various companies can be significant. What one company may consider a high risk factor another company may not view as so important.

When receiving quotes be sure to ask the agent does the company charge any endorsement fees? These fees can range from $20 to $30 just for making any type of change to your existing policy.

By comparing multiple auto insurance quotes, you could discover hundreds of dollars of savings. A particularly good time to investigate your alternatives is when your current policy is about to be up for renewal, especially if you find that your premium has gone up. You may be surprised to learn that auto insurance premiums for the exact same coverage on the same car can vary widely (by hundreds of dollars) between different insurers, even in states that regulate auto insurance rates.

Going without insurance is generally not an option. In most states, you are required by law to purchase a minimum amount of liability coverage for the car you own and drive. Also, you should probably have more than just the bare minimum if you want to provide yourself with adequate protection.

2. Buy a lower profile car.

Cars are rated on a risk scale for auto insurance purposes. In general, sports cars and other high-performance, flashy vehicles are classified as higher risks because they are common targets for thieves and vandals, and because statistically, the people who own them tend to drive more recklessly. If you own such a vehicle, you will likely pay a higher premium than if you owned a station wagon, sedan, or other low-risk vehicle.

3. Consider Third Party Only coverage.

A third party only insurance policy is the minimum amount of coverage legally required – it is also the cheapest. Generally speaking you should consider opting for this type of policy if your vehicle is of low value. In the unfortunate event of having an accident, any damage to a third party vehicle will be covered but any damage to your vehicle is not. However, if your vehicle is of little value then you may not be too concerned. It may not be worth paying extra for a Fully Comprehensive policy in these circumstances.

4. Maintain a good credit rating.

More and more insurance companies are adopting credit scoring techniques as part of the overall calculation of your car insurance premium. By keeping a good credit history you may avoid any additional premium that companies add to your price for having a bad credit score.

5. Buy on the web.

Many insurance providers now offer some good discounts for buying the policy over the internet. The theory is that by purchasing your insurance over the web, you are saving the company money by not requiring telesales agent time and incurring free-phone costs. This saving is passed on to you in the form of a discount for buying online. If you have got prices by telephone then check your quote again on their website, you may be surprised at how much cheaper it is.

6. Increase your deductible.

Raising the deductible on your auto insurance can sometimes be a good way to cut the cost of the policy. Sometimes you can reduce your annual premium by 10 percent or more if you increase your deductible from, say, $250 to $500. If you do increase your deductible, make sure that you have the financial resources to handle the larger deductible when the time comes.

7. Reduce your annual mileage.

How many miles you do a year is a common question that can affect your car insurance premium. The more miles you do the more your premium is likely to be. Quotation systems and telephone agents will often suggest an amount of miles for you. Try and work out how many miles you will genuinely do. It may be less than the amount suggested. Of course, you should always give an honest answer to this and other questions.

8. Keep a clean driving record.

This may be easier said than done. However, by having few or preferably no driving convictions, you can avoid being penalized by increases in your car insurance premium. Getting caught with a speeding fine is often not the only financial penalty you incur. Insurance companies take very seriously all driving convictions and it is usually an important part of their rating process. You can expect an increase in the cost of your insurance if you do get caught with a driving conviction, so it pays to be a safe driver.

9. Keep claim free.

This ties in neatly with number 8 above. The biggest factor affecting the cost of your car insurance premium is how many No Claims Bonus Years you have. Full No Claims Bonus is generally considered by most companies to be five years or more, this can give you huge discounts, in some cases up to 75%. By being a safe driver and avoiding potential claims, you can continually benefit by building up your number of claim free years. Every additional No Claims Bonus year you get, the lower your car insurance cost should be. Some companies give you the option of paying a bit more on your premium to protect your No Claims Bonus.

10. Be realistic about the value of your car.

Most of us have an inflated view as to what our car is worth. When asked the value of your vehicle during the insurance quotation process, people will often state an amount that is unrealistic and above the real value of the car. People do this as they believe that this is what they will get back from the insurance company in the event of a claim. The reality is that the company will only pay out what the car is worth at the time of the claim and not what you stated for the quote. In fact, by giving a high and unrealistic value, you can increase your car insurance premium as this is often a factor affecting your final price.

11. Remove unnecessary named drivers.

Additional drivers on your policy usually mean a higher premium. A lot of people add a number of extra drivers on the policy just in case that person needs to drive the car. However, having all these drivers will push up the cost. By only naming drivers on the policy that will definitely driver the car, you can lower the final cost. If you find that an unnamed driver needs to drive the vehicle then most companies will allow you to temporarily add a new named driver for a small cost.

12. Improve your car security.

Theft of and from your vehicle are important considerations when insurance companies calculate your price. Most companies will give you a discount for having better security of your vehicle. An alarm and immobiliser will usually attract a small discount whilst having a tracker device installed may give you a larger reduction. Some companies may insist on having such devices installed on more expensive and desirable cars before they even consider offering you a price.

13. Take an advanced driving test.

Although not compulsory, taking an advanced driving test can not only improve your driving skills but also help to lower your car insurance premium. Some companies look favorably on people who have taken the advanced test as it shows commitment to safe driving thus lowering the chance of having a motoring accident.

14. Pay your premium in one go.

By paying for your car insurance all in one go, you can avoid paying additional interest charges that would be added on if you opted to pay by installments. The interest charges can be quite significant, so if your finances allow, you can save a good amount of money by paying for the whole lot up front. In some cases, companies may even give you a small discount for doing this.

15. Keep your car in the garage.

Keep your car in a garage. Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles. Using a garage to store your car may entitle you to a slight premium reduction.

If you’re going to have this garage clause in your policy, be sure to keep your vehicle in your garage at all times over night. In most cases some companies may not pay a claim if your vehicle is kept outside over night. To be safe keep vehicle in your garage.

Ask for discounts like homeowners, good student, and persistency discount for having coverage for six month or more. Also when getting your quotes ask if the company gives driving experience since age 16, some companies will give you driving experience so you don’t need to say you just got your license if you are 20yrs or older.

Source: http://www.quoteme4life.com

Different companies offer different quotes

2009-10-07T01:43:00.000+07:00

Auto insurance refers to the insurance that is common for insuring all types of vehicles against all kinds of uncertainties that may cause bodily damage to the vehicle. The sole reason behind insuring the vehicles is that it gives protection against the losses incurred due to accidents. Auto insurance is available for consumers who want to buy such insurance, to protect the life span of their vehicles and also for recovering the amount of the damage that the vehicle survives. People usually buy these insurances for all kind of automobiles like cars, trucks and other kind of vehicles, to avoid any risk. Different kinds of coverages have been started by the insurance companies, to suit the interests and the needs of the insured.

Before buying auto insurance, it is very important that the person goes for a thorough analysis of the proposals offered by different companies for such insurances. Different companies offer different quotes for the insurance of the vehicle, the consumer must look out for the best one, which suits his needs and which proves to be very economical. Many companies also give different discount schemes to attract more and more consumers. The consumer can save a good deal, while purchasing auto insurance by comparing the quotes of different companies and choosing the cheapest one which satisfies all his needs. Quotes from different companies can be compared on the internet, for buying the best available auto insurance, it provides a wider platform to the consumer, where he can easily access and compare quotes from several companies and choose one among them. The main thing about choosing a quote is that the quote need not necessarily be cheap but the company must be an established one on which the customer zeros on.

The consumer should not only compare the quotes of different companies but also companies, their reputation and their way of service. While comparing, the consumer is more acquainted with the different kind of coverages that are available and choose among them according to the needs.

The major hullabaloo about insuring automobiles is the increasing reckless accidents that are tolling high on the records. These can only be reduced once the certainty of the accidents is reduced. The companies quote their prices for insuring depends of various factors like the age of person to whom the vehicle belongs, the location where the car is bought and supposed to be used in the area and also many other factors. The details regarding the car like its parking place, whether it has a garage because that reduces the risk of being stolen or damaged. Also the mileage of the car is a deciding factor of the quoting the price of insurance.

Health Care Reform: Small Business Owner Perspective

2009-09-10T02:46:00.000+07:00

I could go on and on about this, but I will keep it short with just a few points.

The most recent government accounting office report indicates that Medicare will be broke by 2017. We still have more people working and contributing to Medicare than using it, so how can the government insure everyone and not totally bankrupt our country.

The other area where the government is already heavily involved in health care is the VA, and have you seen some of the reports in the last couple years about the horrendous conditions at some of the VA hospitals?

I will readily admit that I do not believe that insurance companies have done as good as they could and should have. Let us not confuse the terms health care and health insurance. The root of the problem is the escalating cost in health care, and those escalating cost directly impact what insurance companies have to charge in premiums. The main thing I think insurance companies need to reform is denial of coverage ....and exclusions to coverage ...so that everyone can get coverage.

My biggest issue with the government plan is that it need not compete fairly with private plans, and it won't. Private plans must make a profit. The government plan is subsidized with our tax dollars and need not make a profit. It won't take very long for them to drive private insurors out of business, which would fulfill the administation's objective of having federal government power over your health care decisions. It's all about power.

Having said that, what are the alternative solutions. There is only one. Self-insurance. If the person seeking the health care is the person paying for the health care, then, and only then, will the proper cost/benefit decisions be implemented. If the costs are paid or subsidized by others in any form of risk pooling, whether it's taxpayer funded government risk pooling or subscriber funded private risk pooling, the impetus is always to buy more service. The result of more demand is of course higher prices.

Risk pooling is also the genesis of denial of service, or rationing. Private risk pools ration by denying service for pre-existing conditions. Public risk pools will also ration. We can look to subsidized health care in other countries for the myriad of forms that rationing takes.

Risk pooling also reduces supply of health care by "income averaging" providers. When you reduce the ability of individual buyers and sellers to negotiate prices by "risk pooling", you may cap prices at an imposed level where suppliers choose not to operate. See Florida's current shortage of Ob-Gyn's. This is the same mechanism which encourages some Drs. to not take new patients or new medicare patients. It's the financial mechanism also responsible for our shortage of GPs and RNs.

So for all these myriad of reasons, the only solution to improving health care is to take the governors off the industry by removing imposed caps and by allowing people to self-insure. There is no federal place in this process.

You may ask "what about the people who can't afford to self-insure". Those people have decisions to make, as we all do. It's the price of freedom. You don't get everything handed to you. You make choices in your life which lead you to results, including health results and financial results. If the choices are poor and the results are poor, you have the freedom to make new choices. And no, it's not easy. It may require sacrifice. That's the price of freedom.

And of course there is the subset of people who are less than fully abled and therefore may not be capable (as opposed to willing) to make the decisions and sacrifices to ensure their own freedom. This is why we have private charity. And there is a huge benefit to private charity over public assistance. With private charity, there is a judgement. A person must earn private charity. It's not a birthright. This promotes social value. People behave kindly toward others in their own enlightened self interest. Social outcasts and misfits don't receive charity when it's needed, so there is a vested interest in not behaving in such a manner.

Anyway, my two cents. The answer is less government, not more. People need to take personal accountability for their own health care to the degree they as individuals value it.

For those who suggest that this will change healthcare costs, I'd like to remind people that insurance companies don't impact health care costs. They only pay the price of health care. They can reduce the price paid for health care by refusing to go to the price charged by the provider, but that doesn't change the cost. It only squeezes or eliminates the profits accrued to the insurance company, the provider, or both. And when the profit from practicing medicine or insuring health is less than the profit from other alternative uses of resources, those resources are redirected. Shortages. So again, yes, government can "force" insurors to charge less. But they can't do so without creating shortages of Drs, insurors, or both, depending on how the reduction in profit is shared. Economics 101.

The supporters of this proposed Bill understand neither business behavior or personal behavior.

Business want to make a profit. They'll "do the right thing" as well - but not at the expense of reasonable profits. That's why insurers will leave the field when profits start to fall.

Personal behavior - they may not say it, but at the heart of it, people want "something for nothing". If they can't get that, they'll take "something for really cheap" (that's why discounts, rebates and garage sales are so popular).

When the "irresistable force" (e.g., "private medical insurance") meets the "immovable object" (e.g., "patients with preexisting conditions who are looking for reduced medical insurance costs"), "something's gotta give".

In this case, it will be medical insurers leaving the market - just as property insurers abandon the Gulf coast following a major hurricane.

HALF the reason our costs are so high is because of the quality AND level of care that (nearly) everyone gets. No other country pays for such aggressive cancer-fighting treatments, heart transplants, quadruple-bypass etc in the "average Joe" -- even if you're 80 years old or 100 pounds over-weight. In the US, it's joint-replacement surgury for everyone!

The other HALF of the reason our costs are so high is because someone will pay the price. The health companies would not charge such high rates if someone would not pay them (with government collected taxes, or by forcing businesses to pay). The critics say that already no one can afford health care. Well that is not true or the companies providing the services would not provide them, or they will lower their costs.

Is it just me, or is the plan to have the government throw more money at the problem the wrong way to go? Stop subsidizing health care with so much tax money and prices will come down. Stop increasing the burden on businesses and the prices will come down. Stop encouraging everyone to have an MRI every time they have a headache and the prices will come down.

Only problem: Perhaps the health-care industry will not be able to employ 11% of the entire work-force. But then, is it really necessary for one in every fifteen people (6.8% of the total US population) to be working full time to care for the rest of us? Then again...maybe we wouldn't need 10% of the entire population (15% of the work-force) employed in government either. That's right! Fully 25% of everyone working in the US is employed in either health care or government. What are the chances of "right-sizing" that mess without a full-blown default?

Car Auto Insurance - Auto Insurance Quotes and Auto Insurance Policies

2009-09-08T01:59:00.000+07:00

Many people have heard of auto insurance quotes and auto insurance policies but unless they have actually had to use their vehicle insurance, they may not understand how it all works. For example, why they should purchase it, how much insurance they should purchase, and how to file a claim.

First of all, your state is going to mandate that you will carry some sort of vehicle insurance policy. This means that they have set limits for the lowest amount of insurance that you can carry by state law. These are usually liability limits, and often, are very low to make it affordable for everyone.

Understanding what liability limits are and how they affect your insurance policy is very important. If you're just beginning your life, have your vehicle paid off, have a good health insurance plan, then you can get by with the lowest limits as long as you do not have any assets. Assets can include owning a home, boats, toys, or other types of investments.

If you do not have enough insurance to cover if you're found at fault, you're going to lose all of your assets. It's why it's important that unless you have nothing to lose, that you do not accept the state minimum liability requirements.

Make sure that your insurance is going to do its job if you're found at fault or severely injured by an uninsured motorist. Unfortunately, there are uninsured motorists on the road at any one time. So make sure that you are covered for personal injury, property damage, uninsured motorist, and are covered through your liability limits for all of the assets that you own.

If you do not own your vehicle outright your lender may require that you carry full coverage. Automobile full coverage is to make sure that your vehicle is going to be replaced at full value should it be totaled in an accident and you are at fault. If you're not at fault, the other insurance company or the other drivers insurance should cover your vehicle.

This does cost extra money, so before you take a loan out get an automobile insurance quote so you know exactly how much your total loan payment and your insurance payment is going to cost you.

You'll also have to thoroughly understand how your particular insurance company wants you to handle an insurance claim. In fact, be sure to study their claim forms, their policy requirements, and also any reason they may raise your rates through an accident, infraction, violation, or ticket.

Often, the more tickets and accidents you get in the higher your insurance is going to be. Make sure that when you get in an accident that you assess the situation before calling your insurance company. Some insurance companies may raise your rates if you call and just report an accident even without filing an accident claim or a monetary claim.

It's important that you not only get automobile insurance quotes, but also important that you understand what vehicle insurance is, how it works, how to file a claim, what is going to raise your rates, and how to protect your self and your assets adequately through insurance policies.

Car Auto Insurance - Why Research Auto Insurance Companies?

2009-09-08T01:57:00.000+07:00

Since auto insurance companies have moved online, you have a lot of choices when it comes to purchasing your vehicle insurance. And this means that you not only need to get auto insurance quotes, but you also need to research the automobile insurance companies to make sure you're going to get what you're paying for.

There are several different ways that you can research an automobile insurance company. You want to take a look at their reviews from customers who use their service. Also, make sure that you read any of the negative submitted reviews as well. In fact, you're liable to glean a lot of information about the company by reading the negative reviews.

Then you're going to want to understand completely exactly what makes a company raise your insurance rates, or drop your insurance rates. If you understand exactly how this happens you can avoid having them raised, and work towards having them lowered.

Look for things such as claim phone calls, some companies may actually raise your rates if you call and ask questions about an accident that you've been in. They may raise your rates without you even filing a claim and it doesn't even have to be your fault. This is one of the ways that insurance companies figure out who's in accidents, and who's not.

You'll also want to know what causes them to lower your rates. Often once you're with the company for a certain amount of time they may lower your rates. They may also lower your rates as tickets or infractions drop off of your driver's record. Make sure that you get another insurance quote if you know that any of your driving infractions have dropped off the record. You'll be surprised how easy it is for a company to keep charging use the same amount every month, even though your driver's record is cleaner.

There is no doubt that you're going to want to research any vehicle insurance company before you purchase your policy. It's not all about just the lowest costing policy. Remember, you want to make sure that if you're in an accident and you are found at fault that your insurance is going to be there. It's fine to pick the lowest costing policy, but you're paying for nothing if you're purchasing the policy from a company that's not going to stand behind you.

So while you get online insurance quotes every six months because your driver's record gets cleaner and cleaner, don't switch companies unless you thoroughly research the auto insurance company itself.

Make sure that you can call and ask questions about accidents or fender bender's, without having your rates raise. Make sure they're periodically going to check your driver's record and see what has dropped off and if you are now considered a very safe driver and will lower your rates.

Your research will bring up a lot of things that you need to know about your auto insurance companies, so make sure that you research before you start paying your monthly bills, because if you don't, you might be wasting your money.

Lower Auto Insurance Quote: Yes! 5 Easy Ways

2009-09-02T09:47:00.001+07:00

was early 19th Century when contracts were made on a handshake and a promise thereby implying strong trust and reliance upon the goodwill of neighbours in order to help compensate each other in case of accidental damage.

However, with changing times the increase of speed in vehicular traffic brought around the need for auto insurance which soon became an important decision for purchase of auto insurance by responsible individuals. The added support by law for mandatory auto insurance to be carried even in basic denomination of cheaper auto insurance by all car owners brought around the fillip needed for auto insurance. The increasing complexity of auto insurance over a decade led to more cost consciousness in buying auto insurance.

It is a complex exercise requiring dexterity on part of the automobile buyer to purchase correct auto insurance with many covers and conditions to cover across various auto insurance companies. Thereby it is important to know the factors and auto insurance company considers when offering you an auto insurance quote for an auto insurance policy. This will equip you to take 5 easy steps to qualify for a lower auto insurance quote.  
Five Easy Steps to Lower Auto Insurance Quote:

1. Portray yourself as a 'safe' candidate: Insurance companies are interested in managing risk. Consequently they offer drivers who are less likely to get into wrecks or at a minimum into wrecks of less severity, a lower insurance quote. This can be easily communicated by:   - A driving record free of accident claims, traffic violations projects confidence and stability of driving.  - Get approved anti theft devices installed in your car.  - Undertake certified Driver Training Programs.

- Buy a vehicle with higher ‘Safe’ rating as designated in the studies of The National Highway Traffic Safety Administration (NHTSA) and The Insurance Institute for Highway Safety.   - Make ‘safety’ a habit: park your vehicle in the garage.  - Result: you qualified for a lower auto insurance quote!  2. Prove your credit worthiness: Auto Insurance companies are risk management entities and thereby they need to be confident that you are competent and able to meet their payments on time; thus favouring a lower auto insurance quote.

- Maintain good payment records and clear up any errors on your credit profile.  - Lesser number of credit cards translates into better financial health; cut down to 2 or 3.  
3. Display financial wisdom and ability to safely structure your payments for the auto insurance policy. Take steps to lower the risk that the auto insurance company may face with a customer better is the auto insurance quote they may be willing to extend.

- Take annual auto insurance covers instead of six months in order that the auto insurance rate remains the same for the year. 
- Opt for Auto Debit of payments from your bank account in order that you avoid getting charged for late payments.

- If possible increase the deductibles on your comprehensive auto insurance and collision auto insurance policies; this will surely benefit you to get a lower auto insurance quote.

- Purchase your home insurance and auto insurance form the same company in order to be eligible for loyalty discounts and get a lower auto insurance quote.  4. Buy the auto insurance policy as per your need of coverage and not as per your neighbour’s auto insurance policy. Add On’ s cost the sky in auto insurance companies and may not help you get a lower auto insurance quote ; so strip the auto insurance policy to what you need correctly.   - Opt for a minimum liability auto insurance policy if your car is not driven much or if you have an old car with little market value. It will get you a lot lower auto insurance quote.

- Comply with the legal auto insurance mandate after which insure are per your actual needs.  5. Some other considerations which influence your auto insurance quote and though not reasonable, these steps can be taken if with a little effort in order to get a lower auto insurance quote and substantial savings.  - Limitation of Purpose: If the vehicle is used for a particular reason only- do make your auto insurance agent aware of the same- it will limit the cost.

- Study Hard, Benefit Better: Students with better grades often get discounts on auto insurance. 
- A strict no smoking habit will help you get a better auto insurance quote. 
- Choose your occupation wisely. Field persons face more risk than storekeepers.

How to Find Cheap Car Insurance

2009-08-31T05:39:00.000+07:00

With the rising costs of fuel and just about every other good or service we purchase, many of us are looking for cheap car insurance. When it comes to cheap car insurance most of us are clueless as to how to go about getting a low cost car insurance policy. There are many factors that influence your car insurance costs drastically.

For example, did you know that the type of car you drive will influence the cheap car insurance you're looking for? Or did you know that using anti theft devices will help reduce your over all car insurance costs? A good driving record will allow you to get cheap car insurance?

The deductible is the amount you pay first out of any claim for an accident. The car insurance policy's cost is directly related to your deductible. A lot of people, especially those with a good driving record, who have had their insurance policy for a long time, have never considered varying their deductible. If you have a clean driving record and are prepared for the risk of paying a larger amount in the event of a claim you can save money by increasing your deductible.

Many times you can get cheap car insurance by combining policies with you existing insurance company. For example if you have a home owners insurance policy contact them and ask for discounts for switching your car insurance to them. If you don't own a home perhaps you have renters insurance or life insurance, contact these companies about the savings you could get by switching your car insurance over to them. Most insurance companies are very accommodating to these requests.

It also pays to shop online for your cheap car insurance; many of the big companies offer a comparison of their coverage versus other companies. As you are requesting cheap car insurance quote online be sure to be completely truthful in answering the questionnaire. Additionally, you should know when you get your online quote you will need to follow up with actual paper work.

Whatever your motivation, with a little work you too can find the cheap car insurance you're looking for.

Life Insurance Quotes – What Should Be Considered Before Buying It?

2009-08-26T01:34:00.000+07:00

Life insurance is the part of personal insurance, which relates directly to the individual. Life insurance functions as a protection for the Insured in case he or she dies, ill, or experienced an accident that resulted to the permanent disability.

For example, if I hold a life insurance product and I die tomorrow, then the insurance company will guarantee to give money to people that I leave. Another example: Someone who experienced an accident that resulted to the permanent disability - he or she can not work anymore; this condition can affect his or her income. However such of these risks can be insured and there are many life insurance quotes. So what should be considered before accepting life insurance quotes?

We buy life insurance because we want to cover the potential loss of income. If I (as the backbone of the family) die, my family will lose a source of income.
If I hold a life insurance, the family will be protected by insurance money that can be used as a substitute for the income lost, at least temporarily.
Main factor in buying life insurance is an obligation (eg, debt). If someone does not have any obligations then he or she does not need life insurance. Children or baby do not need life insurance protection because they have not any obligations. People who already have money do not require a life insurance if they do not have a dependent and have no obligations. A person with no obligation to a third party does not need life insurance protection because if he or she die, does not feel that there is loss of earnings.

The need of insurance (amount of money) from life insurance could be different for each person, depending on the amount of insurance and liability. Basically, the money from life insurance must be sufficient to pay all debts, meet the education costs of children, and to maintain the lifestyle that the family left behind, at least for some time.
Most of life insurance consumers make mistakes; they just trust the proposals from insurance agents who offer a product that usually does not match and the value insurance (money) is not sufficient. For instance, there is one family with two children and has debt worth 100.000 USD, but only taking a life insurance that has value only 30.000 USD. In this case, insurance will not be enough to help if something bad is happened to the family. It is not enough to redeem debt, plus the cost of education for their children.
"term life insurance"
is the right choice to protect our family (if you are the source of fund for your family). Term life insurance is pure insurance product without investment supplements. If the Insured dies during the guarantee, then the left (family) will get the insurance money. If the Insured is alive at the end of the guarantee, the premium money will not be back. The premium money for term life insurance quotes and rates are relatively cheap.

About Insurance and Its Characteristics

2009-08-26T01:31:00.000+07:00

Insurance is one method of risk transfer, especially for the pure risk. Insurance is a contract agreement between the insured and insurance company (insurer), where the insurer is willing to provide compensation on the loss experienced by the insured, and the insurer obtain insurance premium from insured as a reward. Four things that are required in the transaction of insurance are: (1) Contract agreement / policy, (2) The premium payment, (3) insurance (benefit) is paid in case of loss as mentioned in the contract, (4) Gathering (pool) resources by the insurance company is required to pay indemnity.

Insurance business is based on the principles to gather (pool) resources, not to gather risk. Through the premium received by the insurance company, the company can gather resources, so that it can reduce the probability can not meet its obligations. Merging risks to reduce the inability to pay obligations requires a low (or negative) relations, so that the risk will eliminate each other. Risks that can be covered by insurance can be quite varied.
Here are some examples of risks : risk of accident (ex: car insurance), risk of death (life insurance), risk of not being paid by banks (deposit insurance), and the risk of fire or property damages (property insurance).

There are two problems that are inherent in the insurance contract, the moral hazard problem and adverse selection.
Moral hazard is a behavior that is not careful (careless). Insurance tends to encourage the occurrence of moral hazard. As an example, eg I was very careful in running the car on the road. Then I buy car insurance. After the purchase of car insurance, I will feel that insurance company have to protect me when the accident occurred. Therefore I do not become more carefully when I am driving a car. I become more careless. After the purchase of car insurance, I will feel that insurance company have to protect me when the accident occurred. Insurance companies will suffer a loss because of the change of my behavior, that I am a carefull driver when buying car insurance, changes to careless driver when I already get car insurance.

Adverse selection problem can be described as following... Who tends to buy insurance, the person who has careless or careful behavior? Careless person tend to buy insurance, because he / she feels need protection because of his / her careless behavior. Careful person tend to be more careful in the purchase of insurance, because the need for protection (insurance) is not equal to the needs for protection of the careless person. Once again the insurance companies will be in disadvantaged situation because they have a lot of careless people.

Both behaviors (moral hazard and adverse selection) would increase losses for insurance companies, which ultimately will lead insurance companies to increase insurance premiums. High insurance premiums that will be the second problem. Careful people increasingly not become interested in buying insurance, because premiums are too high. Ultimately, insurance companies have only careless customers, and the premium becomes too high.
Insurance companies in the end can not survive in a situation like this. Insurance companies can prevent or reduce such risk through several mechanisms, such as with a different premium burden. Customers who are more "risky" must pay more high in premium. However both of problems are inherent in the insurance business.

8 Great Ways to Get Busted for Auto Insurance Fraud

2009-08-13T04:47:00.001+07:00

Insurance fraud is becoming more frequent as people look for "creative" ways to make money in the struggling economy. Insurance companies find that people file more claims in a down economy, often for smaller amounts. And, fraud is an increasing problem. With so many claims for car insurance companies to process, it may seem like a fraudulent claim can slip through unnoticed. Not so.

Just like the team on CSI uses advanced techniques to analyze evidence and figure out what happened, an insurance company's Special Investigations Unit or SIU—which often includes reps with law enforcement experience—conducts a thorough investigation to detect fraud. (Please note that Insurance.com reminds consumers that insurance fraud is illegal and a very bad idea.) Here are a few things fraudsters try to get away with—and why it's rare that they will:

(When it disappears, pretend you don't know what happened and report it stolen.) The missed car payments are piling up and it's costing you way more than it's worth. Wouldn't it be great if you didn't have to worry about it anymore? A good SIU investigation includes a financial review to identify how far behind on your payments you are, the discovery of the fact that you're missing a set of keys, and, when the car is recovered, that there are no signs of forced entry.

OK, so hiding the car or arranging to have it stolen won't work, but if the evidence burns up, there's no way to figure out what happened, right? Wrong. Burn pattern analysis, computer simulations… it's not hard to spot fires that were intentionally set.

(Especially if you're not really hurt. You'll get free adjustments, and maybe the doctor will cut you in on a little extra money if you ask nicely.) Every SIU has medical experts who can tell if your injuries aren't serious enough to need tons of medical attention. In addition, they keep track of doctors who repeatedly provide excessive treatment or attorneys who repeatedly recommend certain clinics.

(Bonus points if you weren't even hit from behind.) SIU accident investigators can tell what kind of damage you and your car are likely to sustain from a collision. If you weren't hit hard enough or from the right angle, they'll know you're making a false auto insurance claim.

The accident investigators will immediately be suspicious if accounts of a collision differ. If what you say changes, or doesn't agree with the police report and accounts of the other driver and any witnesses, it won't be good.

How could an investigator know when the damage happened? You've wanted to fix the dent in your door for a long time now, and this seems like the perfect opportunity. It's not, because the SIU can use rust analysis and wear patterns to determine if the damage is new or old.

Your car insurance will cover the damage to your fender, which is the good news. The bad news is that you still have to pay the deductible. Maybe the repair shop could just add your deductible to their bill? However, the SIU fraud claims adjusters know how long a repair takes and how much the parts cost, so they'll know the estimate is too high. And, a reputable repair shop won't risk its reputation to help you commit fraud.

This is one of the all-time classics. You've been meaning to get comprehensive coverage for awhile now, but never got around to it. Unfortunately, a tree branch just fell on your car, breaking the windshield and severely denting the hood. So, you call your auto insurance company and add comprehensive coverage, then file a claim a few days later. The problem? During the investigation, the SIU finds out you started calling body shops to get estimates before you had comprehensive coverage. Not a good situation for you.

These are just a few of the ways an insurance company's SIU can catch fraud. They also work with law enforcement, state departments of insurance, and the justice system to identify insurance fraud and assist in prosecuting the offenders. Many companies have computer programs that flag suspicious claims for review by the SIU. If you're caught, penalties can range from denial of your claims, to cancellation of your car insurance policy, to possible fines or jail time. In other words, it's not worth it.

If you suspect a person or group is committing insurance fraud, you can report it to the police, your insurance company, or the National Insurance Crime Bureau. You might even get a reward.

Looking for different information? Have questions, feedback or a really great fraud story? Please let us know.

Health Insurance Reform in 2009

2009-08-13T04:42:00.000+07:00

"Let there be no doubt: health care reform cannot wait, it must not wait, and it will not wait another year."

President Obama made this bold promise to hopeful Americans in his recent address to Congress. Few listeners debate the importance of health care, but providing quality affordable health care for every American will clearly challenge Democrats and Republicans to work together to meet this goal.

As unemployment rises, even fewer Americans will have health insurance through an employer. And, rising medical costs are forcing small and large businesses to reduce coverage, increase co-pays and deductibles and raise the amount that employees must pay each month. Some small business owners have even converted traditional health insurance plans to high deductible plans.

Insurance.com offers these tips for evaluating your health care options and saving money on your medical bills.

My employer offers an HMO and a PPO. How do I decide?
Both provide excellent care, but you may want to choose an HMO if its network of doctors and hospitals matches your needs. Health insurance with a Health Maintenance Organization (HMO) is generally less expensive. You're required to select an HMO physician to be your primary health care provider. This doctor will coordinate all of your medical care, including referrals to specialists within your HMO network. If you seek treatment from a non-network physician, you will generally pay most of the cost yourself.

A Preferred Provider Organization (PPO) is more flexible than an HMO plan, but it still operates with a list of physicians and hospitals that are "within the PPO network." You may visit an out-of-network provider, but you will pay the difference between the PPO network and out-of-network prices. Both plans usually offer a prescription drug benefit, as well. Some companies are offering options that allow you to combine features of both HMO and PPO plans.

I can't afford full health insurance, but I want coverage for major emergencies.
A high deductible health insurance plan or catastrophic health insurance offer coverage for major illnesses or accidents. For example, a plan with a $5,000 deductible requires you to pay all of your medical expenses up to $5,000 before your insurer begins to pay. If you choose a high deductible plan, try to save a small amount of money each month in a Health Savings Account (HSA) so that you're not overwhelmed by routine medical expenses.

I have health insurance, but it seems like I'm always paying for something.
Sad but true. You may owe a co-payment for doctor's visits or a trip to the ER. Usually, this is a flat fee, but it can get expensive if you don't stay within your plan network.

Secondly, payment for expenses is subject to your annual deductible, which is the amount you pay toward your medical expenses before the insurance company begins to pay claims. Some HMO plans do not have deductibles but do have co-payments.

Lastly, there's co-insurance, which is the percentage of your medical costs that you pay after you reach your annual deductible. 80/20 co-insurance is a common option, and that means that your insurer pays 80% of your bills and you pay 20%—after your deductible. So, anything you can do to reduce your medical bills will help you reduce your out-of-pocket expenses, too.

I don't have health insurance. What can I do?
Almost every hospital has a financial aid office that will evaluate your personal situation and determine your ability to pay for required care. Generally, a hospital will provide sliding scale fees if your income is 400% or less of federal poverty limits and may eliminate bills entirely if your income is 200% or less of federal poverty limits. But hospitals have to make money, too, so they may not publicize these programs or provide much assistance in applying. Be prepared with recent copies of your tax returns and W-2's to prove your need.

We agree with President Obama that all Americans deserve quality affordable health care and look forward to the details of its delivery. What do you think? Looking for different information? Have questions or feedback? Please let us know.

My House Burned Down. Will My Homeowners Insurance Pay off the Mortgage?

2009-08-13T04:39:00.000+07:00

If fire destroys your house, a burning question might be whether your insurance would pay off the mortgage. Chances are the answer would be yes. However, there's a lot more to it than that.

With that in mind, a hypothetical was brought up by American Insurance Association assistant general counsel Eric Goldberg. "Let's say you bought the house 20 years ago for $200,000 and at the time of purchase you obtained a homeowners insurance policy with $190,000 in limits, which is less than the property's total value because you don't buy coverage for the value of the land," Goldberg began. That house has appreciated in value considerably since the date of purchase, he said. Building costs, materials and other costs have gone up.

"Let's say you haven't increased my policy limits since the day you bought the house," Goldberg added. "If that's the case, you probably don't have sufficient coverage." What should a homeowner do to avoid facing such an unpleasant situation? "It would behoove you to meet with my insurance provider once a year to ensure you have adequate coverage," answered Goldberg.

"You don't want insurance surprises at a critical time such as in the event your house burns down," Goldberg emphasized.

Goldberg talked about how homeowners insurance for the structure itself is sold in one of two ways: replacement cost coverage and extended replacement cost coverage. At replacement cost, if you have $200,000 in coverage, you'll get the actual replacement cost up to that amount if your house burns down. "Extended replacement cost protection costs a bit more, but under that type of policy, the insurer provides you a cushion - typically 20 or 25% over coverage limits - to cover factors such as rising building costs and increasing costs of building materials."

A final point from Goldberg: "It is the policyholder's responsibility to find out what the replacement costs are."

"You are still going to have that same mortgage, but your homeowners insurance will pay to rebuild your home, and so you will be made whole," says Carolyn Gorman, vice president at the Insurance Information Institute's branch office in Washington, D.C.

Gorman's organization, the Insurance Information Institute, says you need enough insurance to cover the following:

The structure of your home.
Your personal possessions.
The cost of additional living expenses if your home is damaged and you have to live elsewhere during repairs.
Your liability to others.

Chubb spokesman Mark Schussel says your homeowners insurance policy should have adequate coverage to cover your outstanding mortgage. However, that may not be enough for you to rebuild. "What's more important is for you to purchase an extended replacement cost policy that regardless of your stated policy limits will provide you with enough insurance proceeds to replace the home in its entirety," explains Schussel.

Schussel's bottom-line point on the subject? "Most banks won't approve your loan application unless you have adequate insurance to pay off the mortgage," he said.

Says Safeco Insurance spokesman Paul Hollie: "If your house burns down due to a covered loss, homeowners insurance typically will pay to clear your property of damage and debris, rebuild your home, and replace the belongings you lost in the fire. In addition, if you can't live in your home, your homeowners insurance will pay additional living expenses as detailed in your policy. This covers the cost of temporarily renting a place to live.

Hurricanes: Are You Protected?

2009-08-13T04:35:00.000+07:00

Hurricanes can wreak tremendous damage, devastation and death on a community. If a hurricane warning is issued, homeowners can board-up their houses and try to minimize the damage. But what if a storm damages their home regardless?

The most common homeowners policy - called a homeowners-3 policy or HO-3 - covers damage caused by a hurricane except for exclusions specifically outlined in the policy. For example, damage caused by hurricane flooding is usually not covered. Since policies vary, Insurance.com suggests homeowners review their policies before a storm hits to determine what would be covered.

For anyone whose home may be damaged by a hurricane, Insurance.com offers the following tips to help get back on their feet.

Secure the building with temporary repairs - Fix whatever is needed to make the home habitable and prevent further damage. Be careful not to invest in extensive repairs at this time, as an adjuster must appraise the damage first. Save any receipts so that your insurance company can reimburse you later.

Call your insurance agent to report the loss - Get any information you may need from your agent at this time. If the disaster is widespread, keep in mind that the agent may be very busy. Be patient.

Save receipts - If temporary living arrangements are needed, be sure to save receipts for living expenses, such as food, temporary housing costs, storage, and furniture rentals. Your insurance company should advance you the money for these costs.

Make a list of the damaged property - Try to include makes, models, and serial numbers. Take pictures of the damaged items, if possible. Organize old bills and receipts, if they are available, to establish value and age. Work from memory, if necessary. Don't throw anything away until the adjuster has a chance to inspect and appraise it.

Identify structural damage - Don't forget the garage, sheds, and pool. Look for cracks and missing shingles or roof tiles. You may want to hire a licensed engineer to identify damage you can't see. Have an electrician inspect the electrical system and a plumber review the plumbing system (most policies cover these inspections). Get bids for the repair work.

Have an adjuster appraise the damage - Your insurance agent should arrange this, and there should be no charge. Or, you can hire a public adjuster for a fee. When your adjuster comes, ask for a complete inspection and appraisal. If it can't be completed at one time, arrange for a second look. Be sure to identify all damaged areas.

Fill out the forms - Complete the "proof of loss" forms, which will be sent to you by your insurance company. Return them as soon as possible and keep copies of all forms you send back. Send copies of lists and other documents as needed to prove your losses, making sure to keep the originals.

Insurance Tips for Homeowners

2009-08-13T04:32:00.000+07:00

You've unpacked your things and settled into your new home. But have you thought about how this will affect your insurance needs? Buying a home involves more than just making sure you have homeowners insurance coverage. If you've recently purchased a home, here are some types of insurance that may be impacted by your recent move.

Homeowners insurance

If you have a mortgage, your lender probably required you to obtain some level of homeowners insurance coverage. However, you'll want to make sure that the amount of coverage that you have will adequately protect you for all possible losses. Homeowners policies set coverage limits for specific items (e.g., jewelry), so you may want to look into purchasing a separate endorsement or a floater if you feel that you need to increase your coverage. You also need to know if you have "replacement cost" coverage on your personal property and if you are covered for earthquake damage.

Flood insurance

Homeowners insurance does not provide coverage for flood damage. But those living on a riverbank or near the ocean are not the only ones who warrant flood protection. Even if you live in a low-lying area (e.g., near a creek), you may want to look into purchasing flood insurance. Most companies that sell homeowners insurance also sell flood insurance, so try contacting your own insurance company for more information.

Auto insurance

If you think that there is no connection between buying a home and auto insurance, think again. If you're ever in an auto accident that is the result of your negligence, all of your assets (including your home) could be subject to liability claims if the claims exceed the liability limits of your auto insurance policy. So, you should re-evaluate the existing liability limits on your auto insurance policy to make sure that you have adequate coverage to protect your home. If you feel that you need even more coverage, you may want to look into purchasing a separate umbrella liability policy, which would pay for damages that exceed the coverage limits on your auto and/or homeowners insurance policy.

Disability insurance

Would you be able to make your monthly mortgage payments if you were unable to work due to an accident or illness? A disability insurance policy will pay you a monthly benefit to replace a portion of your income until you are able to work again. Many employers provide disability insurance for their employees. If your employer does not offer disability insurance or if you are self-employed, you can purchase an individual disability policy.

Life insurance

What if you were to die before your mortgage was paid off? Would your family be able to keep up with the remaining mortgage payments? Life insurance can provide your family with the funds to pay off their debts, as well as replace a portion of your income. While many employers offer some level of life insurance coverage to their employees, this amount of coverage may not be enough to provide financial security to your family. So, you may want to consult an insurance professional to help you assess your family's life insurance needs.

Please note that this description/explanation is intended only as a guideline.

Talking to Your Parents About Insurance

2009-08-13T04:28:00.000+07:00

Are your parents adequately protected against financial loss? What if your parents' home burns down and there is insufficient insurance to cover the entire loss—can they come live with you? What if one of your parents is held liable for someone's injuries, but does not have liability insurance—will he or she be financially ruined? What if a parent becomes seriously ill and needs long-term care—will he or she have the financial resources to pay for care? What if one of your parents dies unexpectedly—will the surviving parent have enough money to live on?

If you're a member of the baby-boom generation, your parents may be of an age where these concerns may be troubling you. The only way to get the answers and ease your worries is to have a heart-to-heart talk with your mother and father. This may not be easy for some people, but if you shy away from this topic, the consequences could be devastating. Your parents were there to talk to you about the tough issues—now you need to be there for them. How you choose to approach them will depend on the type of relationship you share (e.g. adversarial, open and warm). Here are some tips on how to break the ice:

Prepare for resistance
Your parents may find inquiries regarding insurance intrusive, regardless of the fact that you're trying to help. They may feel it's none of your business, or that it's demeaning for you to assume they haven't made the proper arrangements. Be prepared to explain that you're simply concerned about their well-being and don't mean to be nosy or presumptuous.

Keep it private
A discussion about insurance involves issues that are personal. Broaching the subject in a restaurant or other public setting is inappropriate. Keep the conversation private, and choose a setting where your parents feel comfortable—at their own kitchen table over a cup of coffee, for instance. Also, don't rush the conversation. Even though you shouldn't expect to finish or resolve anything during the initial exchange, be sure you've set aside enough time to comfortably address everyone's concerns.

There's safety in numbers
If you have siblings, encourage a group discussion. If your parents see that all of you feel the same, they may be more open to talking openly and considering your advice. If that's not possible, at least talk to your siblings about your parents' situation. Of course, if you have a sibling who is particularly good at rubbing your parents the wrong way, then perhaps you will want to exclude him or her from the discussion.

Be direct
Sometimes, the best approach is to put all your cards on the table from the get-go. If this is an option for you, find the right time and place, then just say, "Mom and Dad, we need to talk..."

The "I have a friend" approach
If a more subtle method is to your liking, you might describe an experience (real or hypothetical) that illustrates the consequences of not being adequately insured. For example, you could say something like: "Joe's father went into a nursing home a few years ago. His father didn't have long-term care insurance, so now Joe has to sell his father's house."

Discuss your own plans
Another indirect strategy is to talk about your own insurance needs or plans. Once the discussion is under way, you can steer the subject in the direction of your parents' insurance needs.

Ask for their advice
Parents are used to giving advice to their kids, not getting it from them. Start by asking them what they think you should do about a particular insurance issue. For example, you might ask if they think you should increase your life insurance now that a grandchild has been born, or drop the collision coverage on your 10-year-old car. From there, you can divert the topic to their own insurance needs.

Ask a simple question
Another "lead-in" approach involves asking a seemingly innocent question, such as: "Who is your insurance agent?" or "do you keep your insurance policies in case of an emergency?" Whatever answer your parents give will be an opening for you to ask other questions that are on your mind.

Bring in the big guns
Perhaps not during the first discussion, but at some point in time you may want to make an appointment with your (or your parents') insurance agent for an evaluation of your parents' insurance situation and needs.

Be patient
Realize that this process takes time. Your parents may need to think things over, and it may take several discussion sessions to work out all the details.

Follow your parents' wishes
Finally, remember that just because your parents have agreed to let you help doesn't mean that you can take charge and do things your own way. You should act only when and how your parents want you to.

Issues to talk about
Once you have successfully begun a dialog with your parents about insurance, make sure you cover all the pertinent issues. Here are some you should not miss:

What policies do they currently have?
Do they have policies they no longer need?
Do they need policies they don't have?
What are the details of their current policies?
Do their current policies provide adequate coverage? Too much coverage?
How much can they afford to pay for premiums?
If there are beneficiaries, are the proper persons named? Have the proper designation forms been completed?
Who should be responsible for paying the premiums, you or your parents?
Where are the policies kept?
Who is their insurance agent?

In addition, make sure you address each type of insurance that may be important for your parents, which may include:

Health insurance
Long-term care insurance
Life insurance
Homeowners insurance
Auto insurance
Disability insurance (though this may not be important unless your parents have job earnings to replace)

Not what you were looking for? Have questions or feedback? Please let us know.

New Pool & Your Homeowner's Policy

2009-08-13T04:25:00.000+07:00

You've lined up the contractor and the pool supplies, maybe even planned a pool party or two. In all your excitement as a new pool owner, however, it's easy to overlook a more serious matter -- the adequacy of your insurance coverage.

When you install a new pool, you should re-examine your existing homeowners policy in order to determine what additional coverage you may need. Many people fail to tell their insurance agents that they have a new pool, an omission that may prove troublesome in the future should they need insurance coverage as a result of the pool.

Generally speaking, your home insurance provides two basic things: (1) coverage for damages to your home and other structures on the premises (e.g., pools), and (2) liability protection in the event someone sues you. When you install a pool in your backyard, you increase the likelihood that you will need to call on your insurance company to cover you in one or both of these situations.

Damages to your pool

A pool is considered separate from your dwelling and, as such, is covered under the "other structures" portion of your homeowners policy. Comparable structures include sheds, detached garages, and gazebos. The standard amount of insurance for such items is 10 percent of the amount written for your dwelling, though some policies provide 20 percent of your dwelling coverage for the other structures on your property.

For example, assume your insurance policy provides $100,000 worth of coverage on your home and you have the standard 10 percent coverage for other structures. Consequently, your other structures coverage would be $10,000.

If you have several detached structures on your premises and/or if you spent a lot of money on your new pool, the standard 10 percent coverage may not be adequate. In this case, higher amounts of this coverage can be written for specific structures.

Continuing with the above example, if your pool cost $14,000 and you also have a detached garage worth $10,000 and a gazebo overlooking your pool worth $6,000, you might decide to raise the coverage on your pool.

To obtain a higher amount of coverage for your pool, contact your insurance agent.

What types of damages are covered?

The damages you are covered for depend on what type of insurance policy you have. The most common homeowners policy in the United States will protect your pool from all perils except those specifically excluded in the insurance contract. It is the broadest coverage you can obtain. By contrast, under a less common type of homeowners policy, your pool is protected only against the 17 named perils specifically listed in the contract. Make sure you know what policy type you have.

One somewhat common occurrence for which you are not covered -- no matter what policy type you have -- is damage to your pool by freezing, thawing, pressure, or weight of ice or water. If you live in colder climates, make sure your pool is properly "winterized," especially if you have an above-ground pool.

Liability issues relating to your pool

Liability issues relating to your pool are what give insurance underwriters the biggest headache. We've all seen the headlines: "Child drowns in backyard pool." Though this may be the last thing on your mind, it's a fact that a pool presents dangers, not only to your own family members and friends but also to uninvited guests, particularly children. Every year approximately 45,000 people are injured in swimming pools and nearly 300 people drown in backyard pools. So great is the risk of death or injury that some companies won't even write a policy if your pool has a diving board or slide.

The liability portion of your homeowners policy is designed to protect your assets if someone sues you. When you install a pool, you increase the chance that you will be sued if someone is injured or killed as a result of using your pool (even if such use was without your permission).

Consider increasing your liability coverage

Most homeowners policies pay up to $100,000 each time someone makes a legitimate civil claim against you (though some companies offer $200,000 or $300,000 of coverage as part of their basic policy). If the claim against you is more than $100,000, then you are responsible for the difference. As a pool owner, you should strongly consider increasing your liability coverage above $100,000.

There are two ways to increase your liability coverage. First, you can simply purchase higher liability coverage limits on your existing policy. Such coverage is relatively inexpensive; for example, you should be able to increase your coverage from $100,000 to $300,000 for less than $50 per year. Second, you can buy a stand-alone liability insurance policy that is separate from your homeowners policy called an "umbrella liability" policy. An umbrella liability policy pays up to a predetermined limit (usually $1 million) for liability claims made against you or your family. It is more than likely that you will qualify for an umbrella liability policy due to the risks associated with your new pool. Most agents will recommend that you obtain one.

Pool safety rules

There are several safety rules that go hand-in-hand with owning a pool. If you follow these rules, you will likely decrease your potential liability exposure.

Install a fence around the pool area to prevent people from using the pool without your knowledge
Never leave small children unsupervised in or around the pool -- even for a minute
Keep children away from pool filters because the suction may injure them or prevent them from reaching the surface
Be sure all pool users know how to swim
Don't swim alone or allow others to swim alone
Don't allow anyone who has been drinking alcohol to swim in the pool
Don't swim if you're tired
Never dive into an above-ground pool and always check the water depth before plunging into an in-ground pool
Don't allow your children to let their friends use the pool without your permission and/or supervision
Check the pool area regularly for glasses, bottles, or other potential hazards
Keep radios, CD players, blow dryers, and other electrical devices away from the pool
Keep a secure cover on the pool during the offseason
Comply with any additional local regulations

Contractor/building issues
Insurance for your contractor
In your excitement at getting your new pool installed before summer, don't forget to make sure that your pool contractor has sufficient liability insurance of his or her own. Otherwise, you may end up in trouble if a worker gets hurt on the job.

Comply with local permits, other regulations
Your city or town may also have its own rules regarding the installation of pools. For example, you may be required to obtain a permit for the installation work, or you may be required to install some type of fence or barrier around your pool to prevent it from being accessible to uninvited guests. Check with your local town or city hall to see if any such regulations exist.

Please note that this description/explanation is intended only as a guideline.

My Tree Fell on My Neighbor's Porch - Whose Home Insurance Covers the Damage?

2009-08-13T04:21:00.000+07:00

Sometimes, a tree falls in a forest and someone does hear it. Or, it falls onto your neighbor's property and damages something. When that happens, their homeowners insurance company will be the one to hear about it.

Dr. Robert Hartwig, President of the Insurance Information Institute (III) knows first-hand how homeowners insurance can become involved when one of your trees falls on a neighbor's property.

Whose Insurance Pays?
If one of your trees falls and damages a neighbor's property, "generally speaking, it is your neighbor's insurance policy that is called upon to pay the damage," points out Hartwig. "Since his insurance is being impacted," Hartwig continued, "you probably won't face an insurance premium increase as a result."

However, "your neighbor could come after you to cover his deductible. Matter of fact, when one of my trees fell on my neighbor's fence, it destroyed some of his fence and damaged fruit trees. In the interest of neighborly relations, I voluntarily paid for a new pear tree, so between what the insurer paid and what I paid, he didn't have any out-of-pocket expense," says Hartwig.

The upshot? "My neighbor and I are still on speaking terms, which is a good thing. I paid for the new fruit tree, because I thought it was the right thing to do, although I was not obligated to do that." Hartwig's story underlines the fact that, in general, your neighbor's insurance covers your neighbor's property. However, although you and your insurance company may not legally have to make a payment, it's usually best to maintain good relations with those around you.

Negligence Liability
The major exception to the rule of thumb that your neighbor's insurance will pay is the case of negligence on your part. If your tree was dead or diseased, and a judgment or settlement finds that you knew or should have known about that, you could be legally liable for the damages. This is especially true if your neighbor has documentation proving that he or she complained to you or the city about the state of your tree.

Section two of most homeowners insurance policies covers liability, including the cost to defend you in a lawsuit. Your neighbor could submit a claim to your insurance company if they believe you are at fault. If your neighbor sues you, claiming that you were negligent in failing to take care of your tree, your insurance company will pay to defend your case, and will pay for damages if you're responsible. The cost of legal defense is in addition to policy liability limits, although the amount of damage paid for is subject to these limits.

Prevention is the Best Cure
To avoid this situation, have your trees trimmed and inspected periodically to make sure they're not dead or falling down. If you're worried about trees on your property falling during a storm, have them trimmed or removed. If you are concerned about a neighbor's tree, write a polite letter to your neighbor and the city, but realize that it may cause a disagreement.

Other Homeowners Insurance Options
Another option under your own homeowners insurance policy is the Damage to Property of Others coverage in the Other Coverages portion of the liability section. This coverage does not have a deductible and it can be used without a judgment or admission of legal liability, which can help speed up the payment process. The amount of coverage for Damage to Property of Others, typically $1,000, is in addition to the policy's liability limits. However, remember that using your own insurance constitutes a claim against it and a possible premium increase. Therefore, only use this type of coverage if you can't afford to pay for the damage yourself.

If your tree falls on your neighbor's porch, your neighbor's homeowners insurance will usually pay for the damage. However, remember that each area has different laws, and each policy has exclusions explaining what is not covered.

Do you have any questions or comments? Please let us know.

Insuring Your Wedding or Engagement Ring

2009-08-13T04:18:00.000+07:00

Did you get engaged for Valentine's Day? It's one of the most popular times of year for couples to commit. By now, you're probably getting tons of advice—and hopefully some nice messages from the friends who've seen the photo you added to Facebook last night. So, congratulations—and now here's our helpful advice about protecting your new ring.

Check your homeowners or renters policy first
If you have home insurance, a condominium owners policy or renters insurance, your policy will most likely include coverage for a limited amount of jewelry, usually $500 or $1,000. The limit of coverage applies to all jewelry you own, so be sure to consider the value of all your jewelry before deciding that it's enough coverage.

You have two options for buying more coverage than your home insurance offers. You can add more coverage to your home or renter's policy by adding an endorsement to cover the appraised value of your ring or all of your jewelry. This type of policy endorsement is sometimes called a floater or jewelry floater or a personal articles policy. The cost is based on a certain price per thousand dollars of insured value, usually around $2 to $5 per $100. So, the cost to insure a $3,000 ring might range from $60 to $100 a year. If you have a loss, your insurance company has the option of paying you the appraised amount or replacing the ring.

If you don't have home insurance or want to compare rates before you insure your ring, try a jewelry insurance specialist. Many companies will offer an online quote, so you can compare costs and coverage. An appraisal from a certified jeweler will be helpful to establish the value of your ring whether you buy online or from an agent.

Finally, while you're at it, take a few minutes to review your insurance coverage for all of your valuable items, including computers and electronics. If you need help finding out if your valuables are properly insured, contact your insurance agent or insurance company for more information.

Handle with care
You can't insure your ring for daily "wear and tear." So be extra careful while cleaning or doing household chores. Harsh chemicals can damage precious stones and metals, especially platinum, and a rough blow can easily dislodge a stone from its setting. A jeweler can polish your wedding bands, but it's not a free service, so try to avoid scratches and nicks when you can. And, it's a good idea to have a jeweler check your ring every year for loose prongs or stones. It costs little to replace a prong—and you'll avoid an insurance claim in the long run.

Some jewelers offer a service plan to cover wear and tear. These plans are usually either included in the price of the ring or available after purchase for a percentage of the original price. Service plans almost never cover theft, loss, or damage beyond normal wear and tear, so they are not a substitute for insurance.

Hold on tight
OK. These tips might sound like they came from your grandmother, but seriously—who wants to take a chance?

When you take off your ring, always put it in the same place. A ring-holder is a great idea.
Don't place your ring on the counter next to the sink when you wash your hands—unless the drain opening is covered.
Sunscreen is slippery—so be careful not to lose your ring at the beach or pool—or on your honeymoon.
Resize a ring that doesn't fit, even if it costs extra. Rings have fallen off the hands of the newly engaged and been lost forever, so ignore this advice at your own risk.

Insurance can never replace the sentimental value of a wedding ring, but it can give you some peace of mind and protect your investment.

Not what you were looking for? Have questions or feedback? Please let us know.

Originally posted September

Home Insurance and 4th of July Fireworks

2009-08-13T04:16:00.000+07:00

Does your home insurance cover fireworks accidents? With the Fourth of July holiday fast approaching, it’s important to know the answer. What types of accidents are there, will your home insurance company pay for them, and how can you avoid them?

Because each house and family is unique, there is no single or easy answer to these questions. Most home insurance policies provide many different types of protection, and these protections often have different payment limits. Also, there are different types of accidents.

Different accidents, different coverages. If fireworks set fire to leaves in your gutter, a section of your home insurance policy for fire incidents could cover the damage. Fireworks that malfunction and injure a friend on your property could be covered under a section for medical payments to others. Likewise, a section on liability payments could cover your fireworks accidentally shooting into your neighbor’s house and breaking a window.

Get an umbrella (policy). If you have lots of assets or need more protection, consider adding an umbrella policy. A personal umbrella liability policy can protect you after you reach the limits of your standard policy. It may also protect you in areas not covered on your other policies.

Each homeowners insurance policy is different, so if you have a question, ask your insurance company to point out and explain the sections of your policy that describe your coverage.

Practice safety. Even if you understand your home insurance policy and are sure you’re covered, the best way to avoid problems is to focus on safety by using proper pyrotechnic practices. Every year, thousands of people are injured by fireworks, and some are even killed.

Imagine how you would feel if you burned down a neighbor’s house or seriously injured someone while trying to celebrate. Insurance questions would probably be the last thing on your mind. Even if your insurance did cover the accident, the consequences could continue for the rest of your life.

Keep children safe. According to the latest fireworks injury report from the U.S. Consumer Products Safety Commission (CPSC), children make up a large percentage of fireworks injuries each year. Even children under five are injured often, including many burns from sparklers – which can reach temperatures of 1,200 and even 2,000 degrees. The best advice is to avoid private fireworks displays. If you want to see fireworks, go to a professional public display. However, if you insist on lighting fireworks yourself, please follow these fireworks safety tips from the CPSC.

Looking for different information? Have questions or feedback? Please let us know.

Originally posted June 23, 2008.

Types of life insurance

2009-08-13T02:00:00.000+07:00

Life insurance may be divided into two basic classes – temporary and permanent or following subclasses - term, universal, whole life and endowment life insurance.

Types of life insurance

Term assurance: provides for life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.
life insurance Types
The three key factors to be considered in term insurance are: face amount (protection or death benefit), premium to be paid (cost to the insured), and length of coverage (term).
Types of life insurance
Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. A common type of term is called annual renewable term. It is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured's age at that time. Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s residence so the mortgage will be paid if the insured dies.
Types of life insurance
A policy holder insures his life for a specified term. If he dies before that specified term is up, his estate or named beneficiary receives a payout. If he does not die before the term is up, he receives nothing. In the past these policies would almost always exclude suicide. However, after a number of court judgments against the industry, payouts do occur on death by suicide (presumably except for in the unlikely case that it can be shown that the suicide was just to benefit from the policy). Generally, if an insured person commits suicide within the first two policy years, the insurer will return the premiums paid. However, a death benefit will usually be paid if the suicide occurs after the two year period.

from:en.wikipedia.org/wiki/Life_insurance
Types of life insurance,Types ,of,life insurance,Types of ,life insurance ,Types of life insurance,

How to Buy Life Insurance

2009-08-13T01:51:00.000+07:00

Buying life insurance is an easy way to protect your family after you're gone. If you know what to look for, you can get great coverage at a price you can afford.

Why Buy Life Insurance?
One of the biggest reasons to buy life insurance is to provide money in case of death. If you're single and don't want to leave money to anyone, you may not need life insurance. But as you take on more responsibilities and your family grows, your need for life insurance increases. The proceeds from a life insurance policy can replace the income lost to your family upon your death. The life insurance death benefit can also pay off debts and expenses, provide money to a charity or organization, and cover final and estate expenses.

Term or Cash Value?
There are two basic types of life insurance: term life insurance, which provides life insurance coverage for a specified period of time (the term), and whole life (permanent or cash value) insurance, which combines a death benefit with a cash value component. Term life insurance generally offers the most protection for the smallest price. Many term policies are renewable, meaning that you can purchase them again for the same term even if your health or circumstances have changed, although the premium may increase on renewal. Some term policies (called "convertible") will permit you to convert the term life insurance policy to a permanent one at some point without undergoing an evaluation.

The advantage of cash value life insurance is that it offers lifetime protection. However, some types of permanent life insurance act more like investments, meaning that their ultimate value depends in part on the performance of their stocks and bonds. Permanent life insurance generally has much higher premiums, especially initially, but unlike term insurance, it can also be used as an investment and retirement vehicle. With term life insurance, you protect you family's financial future for a smaller premium payment. For a higher premium, permanent life insurance gives you financial protection now and savings for the future. To further compare types of life insurance, see our article on term vs. cash value life insurance.

Choose a Coverage Amount
The amount of life insurance protection you should buy depends on how much income your survivors will need, how much you own and owe, and the amount of other life insurance available to you. If you're married, both you and your spouse should consider buying life insurance. For more information on how to determine the correct amount, you can read our article "How Much Life Insurance Do You Need?"

One of the easiest ways to estimate how much life insurance protection you should buy is to think about how much money your survivors would have to pay if you were gone. The process is similar for understanding how much car insurance coverage to buy.

What Term?
Term life insurance is usually offered for periods ranging from 1 to 30 years. Consider choosing a term that matches your need for life insurance protection. For instance, if your main reason for buying life insurance is to protect your 7-year-old twins until they're out of college, you'll want to buy a policy with a term of at least 15 years. Different types of term life insurance will have different premiums. Level term, in which the death benefit stays the same over the course of the policy, and renewable and convertible term life policies will tend to have higher premiums, but may offer the protections you want.

Two additional options for term life insurance are decreasing term and a return of premium feature. Decreasing term is often used by people who have a specific debt that is scheduled to decrease over time, such as a mortgage – although it may not be appropriate or cost-effective in all situations. It provides a continually decreasing death benefit, although the premium usually stays the same. The return of premium feature allows you to recover some of your premium payment if you never make a claim on your life insurance policy. It may be available in versions which allow for only portions of the premium to be returned, and may require that you reach the end of the term to qualify for a return. It almost always costs significantly more than other term policies, and thus does not make financial sense for most situations.

Premiums
How much you pay for life insurance will depend on a number of factors, including your age, your health, whether you use tobacco, your family health history, and the type and amount of life insurance you're buying. Keep in mind that the premium payments may change later with some types of life insurance. If your policy does not guarantee that premiums will stay the same and that benefits will not decrease, that means the insurance company may raise the rate or lower the benefits. Be especially sure to understand how and why the premium and benefit payments are calculated, and what is guaranteed. Although many policies come with example illustrations of how the insurance company expects the policy to perform, your policy may not get the same performance. If you expect or need guaranteed premium payments and benefits, make sure your policy provides them.

Shop Around
When comparing life insurance quotes, make sure that the policies and insurance coverage you're comparing are similar. And remember, any policy that you buy is only as good as the company that issues it. Find out what rating the company has received from major ratings services, such as A. M. Best or Standard & Poor's. These companies evaluate an insurer's financial condition and claims-paying ability. The company giving you an insurance quote should provide you with this information. You can also contact your state's department of insurance to find out more about an insurer's record.

Submit an Application
Once you're ready to purchase a life insurance policy, you'll fill out a life insurance application that contains questions about your current and past health history and lifestyle. You'll generally be required to take a medical exam, arranged and paid for by the insurance company. The answers you give on your application, along with the results from the medical exam and your past health history, will help the insurance company determine whether to offer you a policy, and if so, at what price. Be sure to answer the questions fully and carefully, because intentionally misrepresenting yourself or hiding information can cause the policy to be cancelled. There are many life insurance options and many companies. Even if you're not eligible for a policy from one company, you can usually get a policy somewhere else.

Read and Understand Your Policy
Life insurance contracts aren't written to be exciting, but read and understand yours. Policy provisions, the amount of benefits, the premium, and other charges you'll pay will be listed along with other important information such as the beneficiaries you've named and the premium guarantee period. Make sure you understand everything in the policy. Under the laws of your state, you may have a "free look" period (typically at least 10 days) during which you can cancel the policy without penalty. If your life insurance policy doesn't meet your needs, it's easier to change it during this period than later, when you may face cancellation penalties.

from:Insurance.com

How to Update Your Home Insurance

2009-08-13T01:47:00.000+07:00

Has the value of your home been increasing every year? Or, are you concerned that your homeowners insurance company might not be willing to renew your policy, as was recently announced in Florida? In today's economy—both situations mean it's time to take a close look at the value shown on your home insurance. And update your current policy or get ready to shop for a new one. You might even reduce your insurance costs.
Update Your Home Insurance
First—some basic information
When you bought your home and insured it for the first time, your agent probably measured the home and asked you for basic information about the number of bedrooms, bathrooms, living spaces and extras like a fireplace, deck, finished basement—and dogs (because certain breeds may increase your rates). Based on the size, construction and interior finish of your home, it was insured for a certain amount, which is listed on your policy as either the Actual Cash Value or the Replacement Cost. Remember, that what you are insuring is the cost to repair or rebuild your home—and that does not include the value of the land. In other words, the value shown on your policy does not include the value of your lot.

Most insurance companies have a formula for increasing the amount of coverage every year, to keep pace with increases in the cost of materials and labor. So, if you've owned your home for a while, you've probably seen small annual increases in the covered amount, and most likely in your insurance premium. But, a formula that automatically increases the value of a home is not perfect. And, sometimes the coverage amount is overstated.
How to Update Home Insurance
Ask for a home insurance policy review
Each insurer has a different approach to when and how they will review a home's value, so ask your agent or call your insurance company. The time to do this is before your policy renews, so that the value can be re-assessed and your insurance premium can be adjusted before your bill arrives.
How to Update Your Home Insurance
What you can expect is that either your agent or an underwriter at the company will ask you a series of questions about your home, in order to determine the current value for which it should be insured. Common questions include whether you've replaced any major items like a furnace or hot water tank, the condition of your appliances and flooring, and other items that have changed since you first insured your home. If this re-assessment shows that your home value was actually higher than it should have been, you can expect a rate adjustment at your next policy renewal.
How to Update Insurance
What happens when market values drop?
If home values have declined in your area, you might expect your insurance bill to drop, too. Sadly, that's not the case because what you're insuring is the cost to repair your home—not to sell it. Since the basic costs of building materials and contractors' labor rates are not going down, repair costs will continue to increase—and your insurance coverage needs to keep pace with those increases.

So, why would a home insurance adjustment ever help? Since insurance is designed to compensate you for the value of what you could lose, the cost to replace those things that depreciate over time might decrease from year to year. For example, while construction costs go up every year, the cost to replace your appliances or flooring will decrease as those items depreciate. Thus, the covered amount on your home insurance policy should increase very slowly each year—and that's why we recommend that you double-check it.

Do a home inventory today
Ok—we know this never makes it to the top of the to-do list. But, seriously, if you spend one hour doing a video, taking digital pictures or even completing a handwritten list, it will pay off if you ever have a fire, flood damage or a theft. Once your inventory is complete, be sure to keep a copy at work or give one to a relative, so you can find it when you need it.

Compare rates and coverages every three years
Even if you don't live in Florida or your rate hasn't changed recently, it's a good idea to ask another company for an insurance quote—and see what value they assign to your home, based on their questions. Every insurance company asks slightly different questions—and may provide you with a value that's closer to your sense of the market value. And, you might find different deductibles or discounts that can help you save even more. If you decide to switch, you may want to change your car insurance, because many companies offer a multi-policy discount.

Vehicle insurance

2009-08-13T01:46:00.000+07:00

* The insured party
* The insured vehicle
* Third parties (car and people)
* In some States coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance)

Different policies specify the circumstances under which each item is covered.
vehicle insurance,people insurance,motor insurance,auto insurance,car insurance,
For example, a vehicle can be insured against theft, fire damage, or accident damage independently.

* The insured party
* The insured vehicle
* Third parties (car and people)
* In some States coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance)

Different policies specify the circumstances under which each item is covered.
vehicle insurance,people insurance,motor insurance,auto insurance,car insurance,
For example, a vehicle can be insured against theft, fire damage, or accident damage independently.

Public policy vehicle insurance

2009-08-13T01:44:00.000+07:00

Public policy vehicle insurance here

In many jurisdictions it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. Most jurisdictions relate insurance to both the car and the driver, however the degree of each varies greatly.
vehicle insurance
A 1994 study by Jeremy Jackson and Roger Blackman[1] showed, consistent with the risk homeostasis theory, that increased accident costs caused large and significant reductions in accident frequencies.
Public policy
Australia

In South Australia, Third Party Personal insurance from the Motor Accident Commission is included in the licence registration fee for people over 16. A similar scheme applies in Western Australia.
Public policy car insurance
In Victoria, Third Party Personal insurance from the Transport Accident Commission is similarly included, through a levy, in the vehicle registration fee.
Public policy Personal insurance
In New South Wales, Compulsory Third Party Insurance (commonly known as CTP Insurance) is a mandatory requirement and each individual car must be insured or the vehicle will not be considered legal. Therefore, a motorist cannot drive the vehicle until it is insured. A 'Green Slip,'[citation needed] another name CTP Insurance is commonly known by due to the colour of the pages the form is printed on, must be obtained through one of the seven main insurers in New South Wales.
Public policy vehicle insurance
Canada

Several Canadian provinces (British Columbia, Saskatchewan, Manitoba and Quebec) provide a public auto insurance system while in the rest of the country insurance is provided privately. Basic auto insurance is mandatory throughout Canada with each province's government determining which benefits are included as minimum required auto insurance coverage and which benefits are options available for those seeking additional coverage. Accident benefits coverage is mandatory everywhere except for Newfoundland and Labrador. All provinces in Canada have some form of no-fault insurance available to accident victims. The difference from province to province is the extent to which tort or no-fault is emphasized.[2] Typically, coverage against loss of or damage to the driver's own vehicle is optional - one notable exception to this is in Saskatchewan, where SGI provides collision coverage (less than a $700 deductible, such as a collision damage waiver) as part of its basic insurance policy. In Saskatchewan, residents have the option to have their auto insurance through a tort system but less than 0.5% of the population have taken this option.[2]
Public policy auto insurance
Ireland

The Road Traffic Act, 1933 requires all drivers of mechanically propelled vehicles in public places to have at least third-party insurance, or to have obtained exemption - generally by depositing a (large) sum of money with the High Court as a guarantee against claims. In 1933 this figure was set at £15,000. The Road Traffic Act, 1961 [1] (which is currently in force) repealed the 1933 act but replaced these sections with functionally identical sections.

From 1968, those making deposits require the consent of the Minister for Transport to do so, with the sum specified by the Minister.
vehicle insurance
Those not exempted from obtaining insurance must obtain a certificate of insurance from their insurance provider, and display a portion of this (an insurance disc) on their vehicles windscreen (if fitted). The certificate in full must be presented to a police station within ten days if requested by an officer. Proof of having insurance or an exemption must also be provided to pay for your motor tax.
Public auto insurance
Those injured or suffering property damage/loss due to uninsured drivers can claim against the Motor Insurance Bureau of Ireland's uninsured drivers fund, as can those injured (but not those suffering damage or loss) from hit and run offences.
Public policy Personal insurance
South Africa

South Africa allocates a percentage of the money from gasoline into the Road Accidents Fund, which goes towards compensating third parties in accidents.[3]

[edit] United Kingdom

In 1930, the UK government introduced a law that required every person who used a vehicle on the road to have at least third party personal injury insurance. Today UK law is defined by The Road Traffic Act 1988, which was last modified in 1991. The act requires that motorists either be insured, have a security, or have made a specified deposit (£500,000 as of 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons' property resulting from use of a vehicle on a public road or in other public places.

Public policy vehicle insurance
The minimum level of insurance cover commonly available and which satisfies the requirement of the act is called third party only insurance. The level of cover provided by Third party only insurance is basic but does exceed the requirements of the act.
vehicle auto insurance
Road Traffic Act Only Insurance is not the same as Third Party Only Insurance and is not often sold. It provides the very minimum cover to satisfy the requirements of the act. For example Road Traffic Act Only Insurance has a limit of £250,000 for damage to third party property and does not cover emergency treatment fees. Third party insurance has a far greater limit for third party property damage and will cover emergency treatment fees.
auto insurance
It is an offence to drive a car, or allow others to drive it, without at least third party insurance whilst on the public highway (or public place Section 143(1)(a) RTA 1988 as amended 1991); however, no such legislation applies on private land.
vehicle insurance
Vehicles which are exempted by the act, from the requirement to be covered, include those owned by certain councils and local authorities, national park authorities, education authorities, police authorities, fire authorities, heath service bodies and security services.

The insurance certificate or cover note issued by the insurance company constitutes legal evidence that the vehicle specified on the document is insured. The law says that an authorised person, such as the police, may require a driver to produce an insurance certificate for inspection. If the driver cannot show the document immediately on request, then the driver will usually be issued a HORT/1 with seven days, as of midnight of the date of issue, to take a valid insurance certificate (and usually other driving documents as well) to a police station of the driver's choice. Failure to produce an insurance certificate is an offence.

If a vehicle has been substantially modified, the modifications must be notified to the insurer, otherwise the policy becomes invalid. In the case of a police check finding that the modifications have not been notified to the insurance companies, the driver would be prosecuted for the disclosed offence[4].
Personal insurance
Insurance is more expensive in Northern Ireland than in other parts of the UK.[vague][citation needed]

Most motorists in the UK are required to prominently display a vehicle licence (tax disc) on their vehicle when it is kept or driven on public roads. This helps to ensure that most people have adequate insurance on their vehicles because an insurance certificate must be produced when a disc is purchased.
vehicle auto insurance
The Motor Insurers Bureau compensates the victims of road accidents caused by uninsured and untraced motorists. It also operates the Motor Insurance Database, which contains details of every insured vehicle in the country.
Public Personal insurance
United States

In the United States, auto insurance covering liability for injuries and property damage done to others is compulsory in most states, though enforcement of the requirement varies from state to state. The state of New Hampshire, for example, does not require motorists to carry liability insurance (the ballpark model), while in Virginia residents must pay the state a $500 annual fee per vehicle if they choose not to buy liability insurance.[5] Penalties for not purchasing auto insurance vary by state, but often involve a substantial fine, license and/or registration suspension or revocation, as well as possible jail time in some states. Usually, the minimum required by law is third party insurance to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle.
Public policy Personal insurance
Some states, such as North Carolina, require that a driver hold liability insurance before a license can be issued.
Public policy vehicle auto insurance
Arizona Department of Transportation Research Project Manager John Semmens has recommended that car insurers issue license plates, and that they be held responsible for the full cost of injuries and property damages caused by their licensees under the Disneyland model. Plates would expire at the end of the insurance coverage period, and licensees would need to return their plates to their insurance office to receive a refund on their premiums. Vehicles driving without insurance would thus be easy to spot because they would not have license plates, or the plates would be past the marked expiration date.

from:en.wikipedia.org/wiki/Vehicle_insurance

Car Insurance Rates Are Dropping

2009-08-13T01:42:00.000+07:00

According to a new survey by Insurance.com, 44% of shoppers believed they were overpaying for car insurance. In addition, 22% said that they were shopping because their rates had recently increased with the renewal bill from their current auto insurance company.

Are you getting a good deal? March RateWatch data shows that drivers who pay too much for car insurance now have a great chance to save. "Consumers who shopped for car insurance recently saw rates that were $100 lower on average than rates quoted last fall," said Sam Belden, Vice President at Insurance.com. "Most policies renew every six months, so this decline in average quotes comes as good news for consumers whose policies were affected by rising prices in late 2008."

Car Rates Are Dropping
Insurance.com's survey also found that 32% of drivers were driving less compared to six months ago. Driving fewer miles presents another savings opportunity, because it could earn drivers a 5–15% Low Mileage discount on their auto insurance policy with most insurance companies.

Consumers are making tough decisions about how much coverage they buy, while still trying to maintain their policies. 25% of car insurance shoppers surveyed bought less auto insurance coverage than they had on a prior policy, and 26% dropped comprehensive and collision coverage. While less coverage always beats no insurance, we'd like to remind you that auto insurance provides important protection. Consider these tips:
Car Insurance Rates Are Dropping
Protect yourself with Uninsured/Underinsured Motorists coverage. The number of uninsured drivers on the road continues to rise. You can protect your family from these drivers with low-cost UM/UIM coverage.
Insurance Rates Are Dropping
Don't slash your policy's limits. Don't risk your assets – now and in the future – by cutting your liability limits to state minimums.

Insure your car against damage, even if you increase the deductibles. Try to keep comprehensive and collision coverage for your car, unless you can afford to pay cash to replace it. Even if your car has a low "market value," in this economy it's probably priceless to you!

see original here

10+ Tips to Help You Save on Car Insurance

2009-08-13T01:40:00.000+07:00

1. Drive less and earn a discount
If you drive less than 7,500 miles per year, you may qualify for a low-mileage discount on your auto insurance. And, some car insurance companies offer a commuter discount if you use public transportation during the week.

2. Don't use your car for business purposes
Some insurance companies will add a "business use surcharge" or increase your car insurance premium as your annual mileage increases. But, if you must use your car for business, be sure to tell your company or agent, so that your daily business travel is covered.

3. Increase your deductible
You might reduce your annual auto insurance premium by as much as 10 to 15% if you increase your deductible from $250 to $500. But, remember that you'll be required to pay the larger deductible upfront if you have an accident.

4. Keep an eye on your credit report
Your credit history is one of many "risk factors" that most auto insurance companies evaluate when setting rates (in states where it's permissible by law). Paying your bills on time and maintaining a solid credit history will help keep your auto and home insurance rates lower.
Help You Save on Car Insurance
5. Drive safely
You may be eligible for a price break on your car insurance policy if you have no accidents or traffic violations for a specified period (usually three years – but a few companies will look back five years). Even a single speeding ticket can increase your auto insurance rates 5 to 10% depending on your state.

6. Buy a low-profile car
Cars are rated on a risk scale for auto insurance purposes. In general, sports cars and other high-performance, flashy vehicles are classified as higher risks because they are common targets for thieves and vandals, and because statistically, the people who own them tend to drive more recklessly.
10+ Tips to Help You Save on Car Insurance
7. Move
If you live in a rural community with little crime and traffic congestion, your insurance premium will generally be lower than if you live in an urban area where your car is more likely to be stolen, vandalized, or involved in an accident. We love city life – but sadly it costs more for car insurance.

8. Keep your car in a garage
Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles. Using a garage to store your car may get you to a slight auto insurance premium reduction.

9. Install safety or anti-theft devices
Car insurance companies offer a variety of discounts for anti-lock brakes, automatic seat belts, and airbags. Similarly, anti-theft devices such as car alarms and tracking systems (e.g., LoJack®) may also get you an insurance discount because they reduce the chances of your car being stolen or vandalized.

10. Look for discounts
You may receive a discount from your auto insurance company if you buy more than one type of insurance through that same company (e.g., auto and homeowners). A discount may also apply to your auto insurance if you insure multiple cars under the same policy or with the same company. In addition, you can earn money-saving discounts for taking a defensive driving course, being a AAA member or staying with the same auto insurance company for a number of years. These discounts vary by company.
Tips to Help You Save on Car Insurance
10+ Shop around
OK, it might go without saying, but your current car insurance company might not be the best one for you in the future! We recommend researching your options 30 to 45 days before your current policy is set to renew, especially if you have not shopped recently. (Fact: Insurance.com customers reported annual auto insurance savings of $538 a year in April 2009. Your savings may vary.

Car Insurance For Young Adults

2009-08-13T01:39:00.000+07:00

Typically, young adults are going to pay more for their car insurance than anyone else under age 70, because they are considered the riskiest on the road. However, young adults can lower their auto insurance rate by taking a defensive driver course, raising their comprehensive and collision coverage deductibles, commuting through public transportation, buying a home or renters policy through the same car insurance company, or buying a safer car.
Car Insurance For Young
Ways to Save on Your Car Insurance
One way to save money on your auto insurance is to purchase a vehicle with front and side airbags, antilock breaks, automatic seatbelts and daytime running lights. Many auto insurance companies give discounts for these safety features, not to mention cars with these features are generally cheaper to insure! Another way to save a few bucks is to join an auto club, such as American Automobile Association (AAA), or taking advantage of discounts through your employer.

In the event you own an older vehicle, it may be a good idea to drop the collision and comprehensive coverages from your car insurance policy, because both coverages require you to pay a deductible in the event you file a claim, and in some cases, that may be more than your car is worth.

If you were recently married or are about to be married, you will notice a considerable drop in your auto insurance rates. That’s because insurance companies view married couples as more “stable” and less of a risk. Also, when you turn 25, you can expect to see a decrease in your auto insurance rate because auto insurance companies view people 25 and older as a more “stable driver”.
Car Insurance For Young Adults
Living With Mom and Dad
If you still live with your parents, but don’t own your own car, you are still eligible to remain on their policy. This will save you money because your parents are considered lower-risk drivers and will likely have a better auto insurance rate than if you had car insurance on your own. However, if you purchase your own vehicle, most car insurance companies will require you to buy your own insurance, to avoid any confusion as to who the car belongs to.

Financial Picture
To save money, you should look into what other insurance coverages you already have and see if you’re paying for double-coverage. If you have health insurance through your employer, you can waive Personal Injury Protection (PIP), which pays for your medical expenses in the event of an accident. At times, some car insurance companies will allow you to limit medical damages under your uninsured motorist coverage in exchange for a lower premium.
Car Insurance
Just be careful as to not sacrifice adequate car insurance to save a couple extra bucks. For instance, if you’re in a major accident with an uninsured motorist, and your medical bills are high, you will end up paying for those bills, not the uninsured motorist!

If you think you’re paying too much for car insurance and would like to get quotes from other auto insurance providers, log on to Insurance.com’s auto insurance comparison application. Here, you will be able to evaluate multiple rates from best-in-class insurance providers – helping you find the best and cheapest auto insurance coverage for your budget.

source:insurance.com

When Should You Get Car Insurance for Your Teen?

2009-08-13T01:37:00.000+07:00

When should you buy car insurance for your son or daughter who is old enough to drive? Don't dawdle about getting auto insurance for your teenager. The sooner, the better, according to Nicole Mahrt of the American Insurance Association and the Hartford's Jane Fernald.
Get Car Insurance for Your Teen
"As soon as he or she gets a license, add your child to your policy," advises Mahrt. "It's important to make sure your children have auto insurance, because statistics show that teenage drivers are more prone to accidents than those in most other age groups."
When Should You Get Car Insurance
Jane Fernald, assistant vice president of underwriting operations at The Hartford, says you should get car insurance for your teen "as soon as he or she starts to drive." Fernald advises parents to notify their insurance provider as soon as their teen receives his or her learner's permit and again when a valid driver's license has been issued. In most states, continued Fernald, "a driver with a learner's permit is afforded coverage under the automobile policy of parents or guardians and (coverage) extends to the registered vehicle that the learner is driving."
When Should You Get Insurance for Your Teen?
American Insurance Association Vice President Dave Snyder says that he has had both of his children under his policy for several years, including the time while they were attending colleges away from home. "We have them listed as insured (aka occasional drivers)," says Snyder. "If you cover them under your policy, they'll probably have more coverage than they could afford if they had to buy their own policies on their own."
When Should You Get Car Insurance for Your Teen
Here are four key tips for car insurance protection for your teens.
When Should You Get Car Insurance
* Compare rates for adding your teenager to your car insurance policy versus purchasing a separate policy. It could cost less to have your child on your policy. You could also qualify for a multi-driver or multi-car discount if your children or their cars are covered by your auto insurance company.
* See if you qualify for a Distant Student discount from your auto insurance company, if your teenager is attending a college that is far enough away from home and leaves the vehicle at home.
* Encourage your child to earn good grades and take a Driver Improvement Course, on top of the Drivers Education course they may have taken. Most car insurance companies provide discounts if your child receives all "B's" in school and for completing state approved driving courses.
* Serve as a good role model, because children learn by example. Your teenager's actions may reflect the way you act behind the wheel, so demonstrate good driving and safety habits. These include always using your seat belt, avoiding agressive driving and eliminating distractions such as cell phones, loud music and anything else that takes your eyes or attention away from driving.

Cheap Car Insurance: Factors that Affect Your Car Insurance Rates

2009-08-13T01:35:00.000+07:00

When it comes to auto insurance rates, who you are determines what you pay.

Automobile insurance premiums are based on a large number of factors, some of which you can control, and some of which, alas, are incontrovertible facts of life. Statistically, a sixteen-year old boy with a 300 horsepower sports car in a big city is far more likely to hit something than a 35 year-old married guy driving a minivan around the suburbs.

While you can’t change your age and some other factors, there are things that you can do to keep insurance premiums as low as possible.

Factors you CAN’T change that impact your auto insurance rates:
Cheap Car Insurance
* Your age
Dick Clark and Sophia Loren notwithstanding, aging is unavoidable. And while you may be a mature-looking teen or a youthful octogenarian, the oldest and the youngest drivers are far more likely to have accidents.
* Gender
Whether it’s the mothering instinct or fewer NASCAR fantasies, women statistically make safer drivers.
* Marital Status
Ok, you can change this, but there have been no reports of people marrying simply to lower their insurance rates.

Factors you CAN change that impact your auto insurance rates

* Geography
Where you live matters. For instance, those living in rural America are far less likely to have a collision or a stolen car than those living in a city. But, sometimes even just moving across the street can change your rate.Cheap Car Insurance: Factors that Affect Your Car Insurance Rates
* Driving violations
Speeding tickets, running red lights, failure to yield, etc. all count toward your auto insurance rate.
* Your vehicle
If you must have that cherry red Corvette or the Ferrari Testarossa, be prepared to pay for it. Your insurance premiums will be higher.
* Accident claims
While you can’t change the past, keeping your slate clean and free of accidents will hold you in better stead than lots of fender benders.
* Credit rating
That’s right — many insurance companies view having a poor, or even no credit history as suggestive of higher risk.
* Occupation
A little easier said than done. Believe it or not, insurers have found correlation between your occupation and risk. Makes sense that the pizza delivery guy could be a higher risk!

Other factors that go into determining premiums:
Factors that Affect Your Car Insurance Rates
* Miles driven per year
* Distance to work
* Occupation
* Years of driving experience
* Business use of the vehicle
* Whether or not you currently have auto insurance
* Theft protection devices (often results in discounts)
* Multiple cars and drivers (another opportunity for discounts)
Cheap Car Insurance Factors that Affect Your Car Insurance Rates
Overwhelmed?
It can be more than a bit confusing when trying to decide the best and most affordable coverage for your vehicle. Like anything else, get good advice and comparison shop. With the Web at your fingers, you have all the information and power to get the best deal.

Auto insurance in the United States

2009-08-13T01:32:00.000+07:00

Auto insurance in the United States here you can read this article about Auto insurance in the United States..lets read Auto insurance in the United States!!

Auto insurance

The consumer may be protected with different coverage types depending on what coverage the insured purchases. Some states require that motorists carry liability insurance coverage to ensure that its drivers can cover the cost of damages to people or property in the event of an automobile accident. Some states, such as Wisconsin, have more flexible “proof of financial responsibility” requirements.[13]
insurance in the United States
In the United States, liability insurance covers claims against the policy holder and generally, any other operator of the insured vehicles, provided they do not live at the same address as the policy holder, and are not specifically excluded on the policy. In the case of those living at the same address, they must specifically be covered on the policy. Thus it is necessary, for example, when a family member comes of driving age they must be added to the policy. Liability insurance sometimes does not protect the policy holder if they operate any vehicles other than their own. When you drive a vehicle owned by another party, you are covered under that party’s policy. Non-owners policies may be offered that would cover an insured on any vehicle they drive. This coverage is available only to those who do not own their own vehicle and is sometimes required by the government for drivers who have previously been found at fault in an accident. Non-owners policies are also known as Named Operator Policies. The policies are useful for people whose drivers license has been suspended and they have to have insurance for their licensed to be reinstated.
Auto the United States
Generally, liability coverage extends when you rent a car. Comprehensive policies ("full coverage") usually also apply to the rental vehicle, although this should be verified beforehand. Full coverage premiums are based on, among other factors, the value of the insured’s vehicle. This coverage, however, cannot apply to rental cars because the insurance company does not want to assume responsibility for a claim greater than the value of the insured’s vehicle, assuming that a rental car may be worth more than the insured’s vehicle. Most rental car companies offer insurance to cover damage to the rental vehicle. These policies may be unnecessary for many customers as credit card companies, such as Visa and MasterCard, now provide supplemental collision damage coverage to rental cars if the transaction is processed using one of their cards. These benefits are restrictive in terms of the types of vehicles covered.[14]

Liability

Liability coverage is offered for bodily injury (BI) or property damage (PD) for which the insured driver is deemed responsible. The amount of coverage provided (a fixed dollar amount) will vary from jurisdiction to jurisdiction. Whatever the minimum, the insured can usually increase the coverage (prior to a loss) for an additional charge.
Auto insurance in the United States
An example of Property Damage is where an insured driver (or 1st party) drives into a telephone pole and damages the pole, liability coverage pays for the damage to the pole. In this example, the drivers insured may also become liable for other expenses related to damaging the telephone pole, such as loss of service claims (by the telephone company), depending on the jurisdiction. An example of Bodily Injury is where an insured driver causes bodily harm to a third party and the insured driver is deemed responsible for the injuries. However, in some jurisdictions, the third party would first exhaust coverage for accident benefits through their own insurer (assuming they have one) and/or would have to meet a legal definition of severe impairment to have the right to claim (or sue) under the insured driver's (or 1st Party's) policy.

In some jurisdictions: Liability coverage is available either as a combined single limit policy, or as a split limit policy:
insurance in the United States
Combined single limit

A combined single limit combines property damage liability coverage and bodily injury coverage under one single combined limit. For example, an insured driver with a combine single liability limit strikes another vehicle and injures the driver and the passenger. Payments for the damages to the other driver's car, as well as payments for injury claims for the driver and passenger, would be paid out under this same coverage.

Split limits
Auto insurance in the US
A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver's vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.

Bodily injury liability coverage is also usually split as well into a maximum payment per person and a maximum payment per accident.
insurance in the United States
In the state of Oklahoma, you must carry at least state minimum liability limits of $25,000/50,000/25,000. If an insured driver hits a car full of people and is found by the insurance company to be liable, the insurance company will pay $25,000 of one persons medical bills but will not exceed 50,000 for other people injured in the accident. The insurance company will pay property damage not to exceed 25,000 in repairs to the vehicle that the insured hit.

In the state of Indiana, the minimum liability limits are $25,000/$50,000/$10,000 so, there is a greater property damage exposure for only carrying the minimum limits.

Full Coverage

Full coverage is the name commonly referred to as Comprehensive and Collision. Insurers generally do not use this term because it implies broader coverage than actually exists.
Auto insurance in the United States
Collision

Collision coverage provides coverage for an insured's vehicle that is involved in an accident, subject to a deductible. This coverage is designed to provide payments to repair the damaged vehicle, or payment of the cash value of the vehicle if it is not repairable. Collision coverage is optional, however if you plan on financing a car or taking a car loan, the lender will usually insist you carry collision for the finance term or until your car is paid off. Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW) is the term used by rental car companies for collision coverage.
Auto insurance United States
Comprehensive

Comprehensive (a.k.a. - Other Than Collision) coverage provides coverage, subject to a deductible, for an insured's vehicle that is damaged by incidents that are not considered Collisions. For example, fire, theft (or attempted theft), vandalism, weather, or impacts with animals are types of Comprehensive losses.

Uninsured/underinsured coverage
Auto insurance
Underinsured coverage, also known as UM/UIM, provides coverage if an at-fault party either does not have insurance, or does not have enough insurance. In effect, your insurance company pays your medical bills, then would subrogate from the at fault party.
insurance in the United States
In the United States, the definition of an uninsured/underinsured motorist, and corresponding coverages, are set by state laws.

Loss of use

Loss of use coverage, also known as rental coverage, provides reimbursement for rental expenses associated with having an insured vehicle repaired due to a covered loss.
Auto insurance in the United States
Loan/lease payoff

Loan/lease payoff coverage, also known as GAP coverage or GAP insurance,[15][16] was established in the early 1980s to provide protection to consumers based upon buying and market trends.

Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of the vehicle, which is called "upside-down" or negative equity. Thus, if the vehicle is damaged beyond economical repair at this point, the owner will still owe potentially thousands of dollars on the loan. The escalating price of cars, longer-term auto loans, and the increasing popularity of leasing gave birth to GAP protection. GAP waivers provide protection for consumers when a "gap" exists between the actual value of their vehicle and the amount of money owed to the bank or leasing company. In many instances, this insurance will also pay the deductible on the primary insurance policy. These policies are often offered at the auto dealership as a comparatively low cost add on that can be put into the car loan which provides coverage for the duration of the loan.

Consumers should be aware that a few states, including New York, require lenders of leased cars to include GAP insurance within the cost of the lease itself. This means that the monthly price quoted by the dealer must include GAP insurance, whether it is delineated or not. Nevertheless, unscrupulous dealers sometimes prey on unsuspecting individuals by offering them GAP insurance at an additional price, on top of the monthly payment, without mentioning the State's requirements.
Auto insurance in the United States
In addition, some vendors and insurance companies offer what is called "Total Loss Coverage." This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle. Thus, to some extent the distinction makes no difference, i.e., in either case the owner receives a certain sum of money. However, in choosing which type of policy to purchase, the owner should consider whether, in case of a total loss, it is more advantageous for him or her to have the policy pay off the negative equity or provide a down payment on a new vehicle.

For example, assuming a total loss of a vehicle valued at $15,000, but on which the owner owes $20,000, is the "gap" of $5000. If the owner has traditional GAP coverage, the "gap" will be wiped out and he or she may purchase or lease another vehicle or choose not to. If the owner has "Total Loss Coverage," he or she will have to personally cover the "gap" of $5000, and then receive $5000 toward the purchase or lease of a new vehicle, thereby either reducing monthly payments, in the case of financing or leasing, or the total purchase price in the case of outright purchasing. So the decision on which type of policy to purchase will, in most instances, be informed by whether the owner can pay off the negative equity in case of a total loss and/or whether he or she will definitively purchase a replacement vehicle.
Auto insurance
Towing

Car towing coverage is also known as Roadside Assistance coverage. Traditionally, automobile insurance companies have agreed to only pay for the cost of a tow that is related to an accident that is covered under the automobile policy of insurance. This had left a gap in coverage for tows that are related to mechanical breakdowns, flat tires and gas outages. To fill that void, insurance companies started to offer the car towing coverage, which pays for non-accident related tows.
Auto insurance United States
Personal Property

Personal items in a vehicle that are damaged due to an accident would not be a covered under the auto policy. Any type of property that is not attached to the vehicle should be claimed under a homeowners or renters policy.

Auto insurance in the United States

Top 10 Auto Insurance Myths

2009-08-13T01:31:00.000+07:00

The color of my car determines my auto insurance rate. My credit score has no bearing on my insurance premium. I have auto insurance coverage so my new car is already covered… right? Maybe not! Below is a list of fallacies many car owners believe and drive by each day. The truth just might make you change course.

Myth #10: "No-fault insurance means it's not my fault!"
False. Basically, no-fault insurance means that your insurance company pays for your damages regardless of who's at fault.

Myth #9: "The color of my car affects my insurance rate."
False. The color of your car does not impact your car insurance rates. What does influence your rate is your vehicle's year, make, model, body type, and engine size, along with your credit history and driving record.

Myth #8: "If I lend my car to a friend and that friend is in an accident, his or her insurance company will pay for the damages."
False. Your car, your responsibility! However, your friend's insurance could act as excess insurance if the damages exceed your policy's limits. And guess what, even though you weren't present at the time of the accident, it will go on your insurance record and your insurance premium could go up.
Auto Insurance Myths
Myth #7: "My insurance rate is set by the government."
False. The government does not set your car insurance rate. Your state's insurance department only regulates the rates car insurance companies are allowed to set. Where you live, your credit score, marital status and your driving record is what actually affects your premium.

Myth #6: "I recently paid my insurance premium, so the new car I just purchased is covered."
True, up to a point. Most insurance policies require that the policyholder notify the car insurance company or agent within a specified number of days after purchase.
Top 10 Auto Insurance Myths
Myth #5: "It's a fact. Males under the age of 25 pay more for auto insurance."
True and false. Males under 25 years old usually pay more for car insurance than female drivers under 25. However, across the board, teenagers and seniors pay more for auto insurance, in large part because these age groups are typically involved in more automobile accidents.

Myth #4: "My credit score has no effect on my insurance rate."
False. Your credit score really does matter! Many Insurance companies take your credit score into consideration when you want to purchase, change, or renew your auto insurance coverage.
Auto Insurance Myths
Myth #3: "Even without comprehensive coverage, I'm still covered for theft, windstorms, hail and deer accidents."
False. Many drivers believe that if they only purchase collision insurance—which covers damage to your car resulting from driving accidents—that they will also be covered for incidents that involve vandalism, hail, animal accidents and fires. That simply is not true. You need to purchase both collision and comprehensive coverage in order to fully protect your vehicle from all of these situations.

Myth #2: "My personal auto insurance covers both my personal and business use of my car."
Be careful. It might be able to cover it, but you need to check with your car insurance company. If you occasionally use your personal car for business purposes such as transporting clients, going to and from meetings or hauling business equipment, then you will more than likely need to extend your personal car insurance to cover your business use. Plus, if your employees use their car while working for you, you will want to also obtain a separate non-owned car insurance policy.

Myth #1: "I've never had or been involved in a car accident, so I don't need automobile insurance."
False. Some drivers are lucky enough to avoid accidents. However, car insurance is the best protection you can have in the event of an auto accident. You are also legally required to have some form of auto insurance, and failing to do so can carry strict penalties.

see or1g1nal here

Validus, Abu Dhabi insurer open managing general agency

2009-08-13T00:06:00.000+07:00

DUBAI, United Arab Emirates—Validus Holdings Ltd. is opening a managing general agency in the Middle East in a joint venture.

Underwriting Risk Services (Middle East) Ltd. is a joint venture between Validus subsidiary Talbot Holdings Ltd., which operates Lloyd’s of London Syndicate 1183, and Abu Dhabi National Insurance Co. in Abu Dhabi, United Arab Emirates, said Hamilton, Bermuda-based Validus in a statement Wednesday.

The new MGA offering facultative reinsurance, expected to open later this month, is based in Dubai, United Arab Emirates, and will operate from the Dubai International Financial Center.

Samir Abdul Ahad, deputy chief executive officer of Abu Dhabi National Insurance, is CEO of the MGA.

Posted On: Aug. 12, 2009 10:40 AM CST

Michael Bradford

More workers increase retirement savings: Fidelity

2009-08-13T00:02:00.000+07:00

BOSTON (Reuters)—More workers put more money into their retirement plans in the second quarter than reduced their contributions, according to new data from Fidelity Investments.

The figures reverse a trend from past quarters as markets rose and fit a broader pattern of increased savings by U.S. consumers amid the steepest recession in decades.

In data to be released Wednesday, Boston-based Fidelity also found workers avoiding equities and choosing more conservative investments for their 401(k) accounts, and a slowing pace of companies cutting their contributions to these plans.

“There’s more stability and more confidence” in the savings plans now, Scott David, the Fidelity executive who oversees the area, told Reuters. Improved economic prospects also freed up more cash, he said.

Other fund firms have reported similar trends for defined contribution savings plans.

As the world’s largest mutual fund company, Fidelity also is the largest administrator of 401(k)s and other defined contribution plans, running 17,500 of them for companies that cover 11.2 million workers.

Fidelity said the average plan balance rose 13% to $53,900 in the second quarter as markets rose and contributions increased.

According to Fidelity, 4.7% of plan participants increased the amount of money they set aside for retirement in the second quarter of 2009, while just 3% decreased the amount.

That was a reversal from the three months ended March 31, when 5.8% of workers increased their contributions and 6.4% decreased them.

Also, Fidelity found a leveling off in the number of companies that have lowered or eliminated the amount of money they set aside to match employee contributions. The portion of companies that have cut or eliminated contributions rose to 9% in the second quarter, from 7% in the first quarter.

Many companies were quick to cut contributions as a cost-savings step amid the recession. But now there are signs of a thaw: Seattle coffee company Starbucks Corp., which uses Fidelity’s services, is the best-known example of a company to reinstate some matches, and cleaning-products maker Zep Inc. of Atlanta also said in July it would reinstate its match.

Elsewhere the pace of cut matches varies. T. Rowe Price Group, another large fund firm, said the number of sponsors that have cut or ended matches has held steady at 7% since the spring. On the other hand, Vanguard Group Inc. said the portion of companies that have cut contributions to plans doubled to 10% in the second quarter from 5% in the first quarter.

Posted On: Aug. 12, 2009 10:17 AM CST

AIG sells Hong Kong consumer finance unit

2009-08-12T23:59:00.000+07:00

NEW YORK—American International Group Inc. has sold its Hong Kong consumer finance business to China Construction Bank Asia for $70 million in cash, AIG said Wednesday.

AIG Finance Ltd. (Hong Kong) is a credit card issuer with more than 500,000 customers as of June 30, with total net loan receivables of $4.8 billion Hong Kong ($619.2 million) and retail deposits of $1 billion Hong Kong ($129 million), AIG said in a statement.

The transaction with China Construction Bank Asia also includes the repayment of debt and deposits of about $557 million.

The sale is the latest disposition for the New York-based insurer, which is selling asset to repay federal debt.

The $70 million cash deal for the Hong Kong credit card issuer is subject to approval by regulatory authorities.

Posted On: Aug. 12, 2009 11:26 AM CST

Colleen McCarthy

Insurance Sales Agents

2009-08-10T00:50:00.000+07:00

Significant Points

In addition to offering insurance policies, agents increasingly sell mutual funds, annuities, and securities and offer comprehensive financial planning services, including retirement and estate planning.
Agents must obtain a license in the States where they sell.
Job opportunities should be good for college graduates who have sales ability, excellent interpersonal skills, and expertise in a wide range of insurance and financial services.

Claim

What happens when there is a claim?

Payment of claims is the reason that insurance exists, yet policyholders often perceive that insurance companies resist paying legitimate claims make the claims process unduly difficult. Both insurance companies and policyholders have contractual obligations which must be understood and performed to ensure the timely and satisfactory resolution of claims.

Property Insurance Basics

2009-08-10T00:49:00.000+07:00

Property insurance covers a business's building and its contents money and securities, accounts-receivable records, inventory, furniture, machinery, supplies and even intangible assets such as trademarks -- when damage, theft or loss occurs.

Some insurance companies offer property insurance by named peril, such as fire and theft. Others offer policies that cover multiple perils. Most basic multiple-peril policies include losses caused by fire and theft, but business owners can purchase additional types of coverage if they need it. For example, a business in the Midwest or on the East Coast may want to purchase coverage for snow, ice or sleet damage, while businesses on the West Coast may consider an earthquake-insurance policy.

Businesses with good loss-control measures and claim histories often pay lower insurance premiums than companies with risky procedures and poor claims histories. Taking steps to prevent loss — hiring security personnel to prevent shoplifting, installing a sprinkler system to contain fires or using an alarm system to protect against theft — can help control the cost of property insurance.

Fire Insurance

2009-08-10T00:48:00.002+07:00

Most homeowners have fire insurance, but few truly understand what it is and how it works. We spoke with two experts in the field to get an accurate definition. The first is fire insurance expert Dave Peterson who has practiced in the insurance industry for over 30 years and acts as an expert witness on behalf of plaintiffs. The second is Advocate Law Group partner Bob Scott, who has also practiced in the insurance industry for over 30 years and is a champion of consumer rights. Here’s what they had to say:

Dave Peterson: Generally, insurance policies are broken down into four areas. One is the insuring agreement. The second are the definitions. The third would be exclusions, and the fourth would be conditions. Every fire policy – almost every fire policy – has four areas of coverage.

The first area would be the dwelling. The second area would be other structures like a detached garage, gazebo, guest house, etc. The third area is personal property – the property that the insured would have in the home when the fire took place. The fourth would be what they call loss of use or additional living expenses and that coverage helps to pay for the insured to move out and live somewhere else for the period of time it takes to repair the structure before they can move back.

You can get additional coverage by way of endorsements, which might add such important coverages as jewelry or furs because the policies will limit the amount of coverage for those and also for code upgrades. This is a pretty important coverage area that insureds should try to get because if the home is destroyed or significantly impaired, sometimes the cities require different construction than it would take to just put it back together as it was before. In that regard, the insurance industry will deny that code upgrade coverage unless there is a specific endorsement providing that coverage. There are some policies that provide that coverage to a limited basis, usually around $10,000, and most of the time, the losses are much more than that. Bob, anything you want to add?

Bob Scott: Yes. Dave did a great job of it; let me just give my perspective. I think one thing that would also be considered a “structure” is a shed, something you would commonly find next to a house in some places. Personal property is pretty straightforward. It’s all your “stuff”. As we pass by these different coverages, it’s important to note that policyholders should take a moment with their video camera and just stand outside the house and shoot the whole outside of the house and then walk through the house and just identify all of their personal property.
Open the closets. Look inside. Just make, if you would, a very simple 10 to 15 minute video of their house, their property and their other structures. In other words, videotape the home, the other structures and their personal property by just showing the camera around, not too fast, using slow pans and give that to a family member to put someplace else in case your house burns down. That’s probably the best thing one could do to prepare for this other than to learn more about their coverages.” (freeadvice.com)

Property insurance

2009-08-10T00:48:00.001+07:00

Property insurance

provides protection against most risks to property, such as fire, theft andsome weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance.

Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided.
The more common named perils include such damage-causing events as fire, lightning, explosion and theft.

Types of Insurance

2009-08-10T00:47:00.000+07:00

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
Boiler insurance
Casualty insurance insures against accidents, not necessarily tied to any specific property.
Credit insurance
Financial loss insurance protects individuals and companies against various financial risks.
Health insurance covers medical bills incurred because of sickness or accidents.
Liability insurance covers legal claims against the insured.
Life insurance
Total permanent disability insurance
Locked Funds Insurance
Marine insurance covers the loss or damage of goods at sea.
Nuclear incident insurance
Political risk insurance
Professional Indemnity Insurance
Property insurance
Professional Indemnity Insurance
Title insurance
Travel insurance
Workers' compensation insurance

Mortgage Protection Life Insurance - A Home Saver

2009-08-10T00:46:00.000+07:00

Life Insurance to cover your mortgage can save your home.Mortgage protection life insurance can be a lifesaver—not for the mortgage protection life insurance policyholder, of course, but for the mortgage protection life insurance policyholder’s family. Mortgage protection life insurance eliminates the risk of your family losing its home in the event that you die before your home mortgage is paid off.

Financial health during a terminal illnessMortgage protection life insurance can also protect your home in the event that you are diagnosed with a terminal illness. Mortgage protection life insurance policies can be written to include a terminal illness benefit. The terminal illness benefit will pay off the mortgage while the mortgage protection life insurance policyholder is still alive.

The terminal illness benefit eliminates the burden of making monthly mortgage payments when the mortgage protection life insurance policyholder is no longer able to work or earn money due to the terminal illness. The peace of mind provided by mortgage protection life insurance can be a great comfort to a terminally ill patient. It allows the mortgage protection life insurance policyholder to rest easy, knowing that he or she has left the family a home that they own free and clear. It is a final gift to loved ones—a legacy of love and financial foresight that the mortgage protection life insurance policyholder can take great comfort in as his or her end approaches.

A mortgage protection life insurance terminal illness benefit also relieves stress on the terminally ill person’s family at a time when they have a great deal on their mind. Caring for a terminally ill family member and preparing for a future without him or her is one of the most stressful situations a family can face and doing so while struggling to save the family home can be overwhelming. A mortgage protection life insurance policy eliminates the worry of where the money will come from to make mortgage payments. (lifeinsurancewiz.com)

Whole Life Insurance

2009-08-10T00:45:00.000+07:00

As the name implies, whole life insurance covers the policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries).

The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.

Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum.

This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.

Accidental Death Insurance

2009-08-10T00:44:00.002+07:00

Accidental Death Insurance

A special limited type of term insurance

Accidental death insurance pays out a cash benefit if you die in an accident. Since the sudden loss of a loved one can impose extreme hardship on a family, this coverage can be thought of as "catastrophic protection." It can also be thought of as "inexpensive term" since it only pays benefits for death resulting from accidents and, therefore, often costs less than other types of term insurance.

The best way to protect your family is with a life insurance policy that pays benefits if you die from any cause. But if you don't feel you can afford regular term life insurance, you should at least give your family the protection of a good, inexpensive Accidental Death policy.

What Happens When The Term Is Over?

2009-08-10T00:44:00.001+07:00

It all depends on the type of term insurance you have. With renewable term, you are guaranteed the right to take out another term policy without the formality of a new application or medical examination.
With standard term, your insurance coverage ceases, and you have to apply again, including taking a medical examination. With convertible term, you reserve the right to convert your term policy to another type of policy like Whole Life Insurance or Universal Life Insurance- or in some cases, another term policy - at any time during the term of your policy.
You should, however, expect an increase in your premiums with your new policy.

Term insurance is the most straightforward type of life insurance and the easiest to understand. Sometimes it is called "pure" insurance, since the policy has no financial investment value and most of your premium goes to pay for coverage, with only a small amount used to pay the insurance company's costs. If you are looking for the maximum amount of coverage for your dollar, term life insurance will give you the most "bang for your buck".

Term Life Insurance

2009-08-10T00:43:00.000+07:00

Why It's Called "Term" .

Term life insurance is called "term" because it provides coverage for a specific period or term (most often 1, 5, 10, 15 or 20 years). For this reason, it is also called "temporary" insurance. If death occurs during the term, the policy pays cash benefits to the beneficiary. However, once the term is over, and if the policy is not renewed, the coverage ceases. If death occurs after te coverage ceases, no cash benefits are paid out.

Term insurance is the most straightforward type of life insurance and the easiest to understand. Sometimes it is called "pure" insurance, since the policy has no financial investment value and most of your premium goes to pay for coverage, with only a small amount used to pay the insurance company's costs. If you are looking for the maximum amount of coverage for your dollar, term life insurance will give you the most "bang for your buck".

Different Terms For Different Needs.

All term life insurance policies cover you for a specific amount of time - the term. The term that's right for you depends on how old your children are, how many years before you retire, and other factors. Many people like to know they're insured until they're ready to retire, usually at age 65. Many just want to have insurance until their youngest child graduates from college, and so they make sure their life insurance coverage includes money to pay for all of the college tuition.

Most experts agree that you should carry insurance at least until your youngest child is 18. So if your child is 3 now, you would want to carry your insurance for at least 15 years. But that doesn't mean you have to lock into a 15-year term - you could instead buy an annual renewable policy and renew it for 14 years in a row. You should compare the total 15-year cost of the annual renewable policy and the 15-year term policy, making adjustments for the time and value of money, to determine what the best value is for you.

Life Insurance

2009-08-10T00:42:00.000+07:00

Life Insurance is insurance for you and your family's peace of mind.
Life insurance is a policy that people buy from a life insurance company, which can be the basis of protection and financial stability after one's death.

Its function is to help beneficiaries financially after the owner of the policy dies. It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person's pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered private pension arrangements.

In addition, you should also make a list of what you feel needs to be protected in your family's way of life. With a life insurance policy in place, you can:
- provide security for your family
- protect your home mortgage
- take care of your estate planning needs
- look at other retirement savings/income vehicles

Brokers

2009-08-10T00:11:00.001+07:00

Individual and business insurance buyers often need expert advice to enable them to assess the risks they have, to help them minimise those risks in a practical way, and to match their needs to the best seller of insurance in the market. Many people and businesses choose to buy insurance directly, but others - and in particular commercial buyers - use an intermediary.

Intermediaries include:
- Insurance brokers
a person or firm that provides independent advice to meet specific customer needs, choosing from a range of providers

- Insurance agents
act as authorised representatives of a specific insurance company

With the increasing complexity of risk facing businesses and individuals, the role of the broker has evolved during the past 20 years from pure intermediation to providing additional services for clients and insurance companies. Many brokers offer risk management services, helping companies to develop new ways to mitigate risks, for example, by adding security measures like fencing, surveillance cameras or lighting to commercial premises with a view to reducing the likelihood of break ins.

Brokers today use their market knowledge to structure complex risk solutions for clients, primarily in the key broker markets of non-life commercial insurance and reinsurance. These solutions may be limited to cover in the UK but in an increasingly globalised economy the role of brokers is taking on an increasingly international dimension, with brokers handling multi-national risks and working with providers in more than one country.

Claims Management

2009-08-10T00:10:00.001+07:00

Whenever an individual or a company suffers an loss, they may be entitled to make a claim under the terms of their insurance policy. Once a claim is made, the key role of the claims function within an insurance company, a dedicated claims management company or the claims team of an insurance broker is to enable the party to carry on their life or business as normal, without interruption.

Claims professionals work on behalf of insurance policyholders and the insurance companies, investigating claims, determining their extent and validity, and negotiating the claim on behalf of the insured.

Loss adjusters, who operate independently of insurance companies, aim to mitigate loss and get businesses back up and running with the minimum amount of disruption. They look into the circumstances surrounding a claim - establishing the cause of a fire, for example - before negotiating a fair sum to replace the loss or repair the damage.

Having checked the authenticity of the claim and negotiated an acceptable amount, loss adjusters will report the facts to the insurers and make recommendations for interim and final payments. Although they cannot commit the insurers to payment, or determine the actual amount paid, they are deemed to be fair and impartial. Most insurance companies maintain a panel of loss adjuster firms.

What is Insurance??

2009-08-10T00:09:00.000+07:00

Insurance is a precaution against a possible unwanted outcome: in life and in business, it's a way of managing risk and keeping things on the move.

We use insurance to protect against the possibility of loss, usually financial. When we buy insurance, we transfer our risk to someone else in exchange for a payment or premium. Then, if we suffer a loss, insurance puts us back into a position pre-claim (reinstatement).

And if you think about it, nothing happens without insurance! We couldn't run businesses or drive cars, own homes or travel anywhere without it, because the potential risks would be too great. Insurance gives us the peace of mind and security we need to operate.

It works because insurance companies group together a large number of people who all feel exposed to the same possible circumstances. The company knows that, in any one year, the total premium collected from the group of people should cover the cost of the claims made by the unfortunate few who actually suffer a loss.