Personal Injury Protection - Insurance for Personal Injury Protection

This will pay benefits to injured persons for medical expenses, lost wages, substitute services (if someone is unable to take care of his or her household), and death, no matter whose fault the accident was. The protection is in effect whether a person is riding in or on your vehicle, getting in or out of it, or is struck as a pedestrian.

Medical Payments Coverage

This covers medical expenses that result from accidental injury to anyone riding in your vehicle or to anyone struck as a pedestrian.

Many states that do not have PIP have Auto Medical Payments coverage, or AMP, and some states even have both. AMP is also a first party coverage, without regard to liability, but is only subrogable in a few states, and generally optional.

AMP & PIP limits range from $1500.00 to $250,000.00 depending on the injury and the state. Claimants involved in an auto accident are wise to submit their own insurance information to their medical providers, as third party carriers are under no legal obligation to pay a claimant’s medical bills, while first party carriers are.

Third party carriers are subject to payment only after a judgement against them, and any payments prior to that are considered voluntary. Settling a claim with a third party carrier is considered a voluntary payment.

Single Premium Life Insurance - What is Single Premium Life Insurance?

In the past, single premium life insurance was a very popular tax-deferred savings vehicle. That has drastically changed as a result of tax law changes.

However, single premium life still may be useful as a tax-deferred accumulation vehicle with some death benefits. Contact your insurance agent about the tax law consequences of this policy and whether it meets your insurance needs.

The insurance industry is constantly changing in response to tax law revisions. New products will be created to reflect those revisions.

If you want to research all types of policies on the market, contact your insurance agent. This information only provides a brief summary of the most popular types of insurance policies available.

Health Insurance - Health Insurance Policy - What is Health Insurance?

Today, health insurance is a basic need. Few families can afford the cost of even one single hospital stay. So, medical insurance represents good, logical planning for most of us. It also makes good health care possible for families that otherwise couldn’t afford it.

Health insurance is too complex to be discussed thoroughly in this pamphlet. But we can provide brief and general information to help you determine what type of coverage fits your needs.

There are two basic types of health insurance:

1. Basic coverage

2. Major medical.

Basic coverage includes hospital, surgical, and general medical expenses. Each type of basic insurance covers different health care expenses. The benefits paid are limited to a certain amount.

Major medical and comprehensive insurance offer broad coverage and high maximum benefits. There is usually a deductible paid by the insured.

Following is a more detailed look at the types of health insurance. Hospitalization—Covers daily and miscellaneous expenses when a person is in the hospital. Daily expenses include room and board and nursing charges. Miscellaneous expenses cover services such as X rays, drugs, lab examinations, dressings, and physical therapy.

Surgical expense—Covers fees for operations performed in or out of the hospital. Some policies pay only a maximum amount, which is based on a “relative value table.” However, if you have a preferred policy, it will pay according to the usual, customary, and reasonable expense. Surgeons charge different rates. Your policy should pay the rates charged in your community.

General medical—Covers any doctor’s visits in or out of the hospital that do not involve surgery. Diagnostic and laboratory tests also may be included. A general medical policy is limited. Find out how much it pays per visit, how many visits it covers, and whether the policy covers house calls and office visits.

Major medical—Pays a major share of treatment costs. Basically, it is designed to cover the huge expense of a catastrophic illness. It includes hospital, surgical, and other medical treatment not covered by basic policies. A major medical policy normally covers a percentage (70 to 90) of all expenses after you pay a deductible. The deductible is the amount of medical expenses you must pay before your insurance company starts paying. The remaining 10 to 30 percent of the expenses are paid by you. This is commonly called coinsurance, because you help pay the bill. This should encourage you to keep costs at a minimum.

Insurance Types - Various Types of Insurance - Insurance News

Insurance is something that almost all of us will need sometime, and it is worth understanding it before buying it.

Various types of insurance include vehicle insurance, which includes auto, motorcycle, and boat insurance, health insurance, life insurance, home insurance, travel insurance, personal property insurance, keyman insurance, dental insurance, rental insurance, and more.

Often, insurance is required - especially in the cases of motor insurance. Other times, it is a safeguard.

Insurance is a form of risk-management which spreads risk of many people in exchange for small payments from each. Specifically, insurance transfers some type of risk (accident, theft, natural disaster, illness, etc) from one person or group to a more financially-sound entity in exchange for a payment (also known as an insurance premium). Premiums are often annual or monthly, but depending on the type of insurance they can be at other intervals.

For example, a consumer can pay a certain amount to an insurer such as Motley Fool each year to insure that person's car. This sum represents the insurance company's assessment of the likelihood that the car will be damaged or wrecked. These data are normally taken from historical figures relating to the age, sex, profession, driving record, and accident history of the insured, as well as statistics concerning make and model of the car and its accident record, as well as the engine size, number of passengers, and even color of the vehicle.

Statistically, if the make and model of the vehicle in question, and/or its driver have been in numerous accidents, the insurance company will charge a higher premium in order to hedge expected losses. As the risk increases, so too do the premiums. In fact, sometimes, insurance companies will not even insure certain people and/or vehicles as the chance of them having to make a payout (in the event of an accident) will be almost guaranteed.

Types of Insurance

1.Motor insurance

This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized transportation. It is perhaps the most common type of insurance, and is required by law in many countries.

Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third party’s in the event of an accident. In return for annual or semi-annual premiums, the insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage.

Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or property damage that may occur as a result of the insured’s actions, and medical coverage pays any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and funeral costs.

In many countries, all of these types of automovile insurance are required of vehicle owners. In some countries, or states, only third party is required. However, in the case of new vehicles, any banks which may be financing the vehicle may require full insurance as a condition of financing.

If you have a larger vehicle, take a look at Autonet Van Insurance.

2.Health insurance

Most developed nations have government-funded health care which means that most or all citizens have access to medical facilities and treatment, as well as health insurance.

For example, the National health Service (NHS) in the United Kingdom pays for citizens’ medical needs. However, in the US, there is no government-funded health policy - whether for insurance or treatment. As a result, US citizens and residents must be insured or risk facing astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both health and dental) is included in employee benefit packages in the US and other countries. Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most controversial and heated topics, as many cannot afford either. If you live in a country without comprehensive national health care, then low cost health insurance is a vital requirement.

3.Disability insurance

This form of insurance protects workers from injuries and illnesses which prevent them from doing their jobs. It can pay for existing commitments the policyholders may have such as outstanding bills, mortgages, utilities, and more.

Workers’ compensation is common in the US, and pays a worker his wages and medical expenses in the event of an injury on the job.

Permanent disability which prevents a worker from ever working again is covered by total permanent disability insurance. This provides the disabled employee with benefits for the rest of his or her life, or according to the terms specified in the policy. Companies can purchase a similar type of insurance, called, disability overhead insurance. This pays for ongoing overhead costs of a business while the owners are not able to work.

A Catastrophic Health Insurance plan, also known as a high deductible health plan, is good to have for those who prefer to pay lower monthly premiums. If your plan is eligible for a Health Savings Account, you can use those funds to pay the deductible and out-of-pocket expenses which saves you money in the long run.

4.Property insurance

This type of insurance typically covers things like homes, machinery, crops, valuable goods, shipped cargo, rented property (homes or apartments), and more.

It can cover damages as a result of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism, fraud, and more.

5.Liability insurance

This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification.

There are various types of liability insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance .

Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents, notaries, and others), and other acts of unintentional workplace negligence.

6.Credit insurance

This is taken by lenders who need coverage against the people that have credit with them (borrow money). In the event of their inability to pay it back (usually due to unemployment, disability, or death), this insurance protects the lender.

There are many other kinds of insuance, and even each of the major categories mentioned above has dozens of variations and types. They differ depending on the markets, the understanding of risk and availability of historical data, government regulation and law, cultural perceptions and expectations, and more.

7.Travel insurance

Travel insurance covers financial losses caused by trips abroad. Depending on the policy in question, in may cover lost luggage, theft of personal possessions, medical costs and delayed flights.

The internet has become an extremely popular means to find cheap holiday insurance.

Credit Insurance or Mortgage Life Insurance - Good Insurance Tips Online

Credit or mortgage life insurance is sold in connection with home, auto, or other credit extensions. It is the same as decreasing term insurance, which offers a steady premium but declining benefits.

This type of policy is designed to relieve survivors of economic strain by paying off the outstanding loan balance of the deceased. Credit disability insurance also covers monthly payments if you are disabled.

Don’t buy several of these small, relatively expensive policies. It’s better to include these needs in your overall life and disability insurance and purchase a single policy.

Creditor Insurance is the traditional method home owners have been using to protect their mortgages. Creditor insurance is based on larger, more general demographics, so individual health and habits have less bearing on the policy. As a result, Creditor life insurance is generally more expensive than Term Life insurance. Also, unlike Term and Declining Life insurance policies, the policy holder cannot choose the beneficiary of the policy, as the beneficiary is strictly set to the lender or bank responsible for the mortgage. Because of this, creditor insurance is not a portable form of life insurance. For these reasons, creditor insurance is quickly becoming regarded as an outdated means of protecting a mortgage. Insurance brokers, financial planners and financial firms try to emphasise the value of term and declining life insurance over creditor insurance.

Top 10 Insurance Companies in India - Insurance Companies in India

LIC (Life Insurance Corporation of India) still remains the largest life insurance company accounting for 64% market share. Its share, however, has dropped from 74% a year before, mainly owing to entry of private players with innovative products and better sales force.

ICICI Prudential Life Insurance Co Ltd is the biggest private life insurance company in India. It experienced growth of 58% in new business premium, accounting for increase in market share to 8.93% in 2007-08 from 6.97% in 2006-07.

Bajaj Allianz Life Insurance Co Ltd has reported a growth of 52% and its market share went up to 6.98% in 2007-08 form 5.66% in 2006-07. The company ranked second (after LIC) in number of policies sold in 2007-08, with total market share of 7.36%.

SBI Life Insurance Co Ltd in terms of new number of policies sold, the company ranked 6th in 2007-08. New premium collection for the company was Rs 4,792.66 crore in 2007-08, an increase of 87% over last year.

Reliance Life Insurance Co Ltd Total collected was Rs 2,792.76 crore and its market share went up to 2.96% from 1.23% a year back. It now ranks 5th in new business premium and 4th in number of new policies sold in 2007-08.

HDFC Standard Life Insurance Co Ltd with an income of Rs 2,680 crore in FY2007-08, registering a year-on-year growth of 64%. Its market share is 2.88% and it ranks 6 th among the insurance companies and 5th amongst the private players.

Birla Sun Life Insurance Co Ltd market share of the company increased from 1.22% to 2.11% in 2007-08. The company moved to the 7th position in 2007-08 from 8the a year before, pushing down Max New York Life insurance company.

Max New York Life Insurance Co Ltd has reported growth of 73% in 2007-08. Total new business generated was Rs 641.83 crore as against Rs 387.51 crore. The company was pushed down to the 8th position from 7th in 2007-08.

Kotak Mahindra Old Mutual Life Insurance Ltd the fiscal 2007-08, the company reported growth of 80%, moving from the 11th position to 9th. It captured a market share of 1.19% in 2007-08. Last year the company doubled its branch network to 150 from 74.

Aviva Life Insurance Company India Ltd ranking dropped to 10th in 2007-08 from 9th last year. It has presence in more than 3,000 locations across India via 221 branches and close to 40 bancassurance partnerships. Aviva Life Insurance plans to increase its capital base by Rs 344 crore. With the fresh investment, total paid-up capital of the insurer would go up to Rs 1,348.8 crore.

Budgeting for Insurance - Insurance Budget - How to Choose Best Insurance?

Once you’ve decided how much insurance you need, you must decide how much you can afford. Insurance should take no more than 5 percent of your Net Spendable Income
 

(NSI). Net Spendable Income is the amount you have left after you’ve paid your tithe and taxes.
 

The 5 percent figure above does not include house or automobile insurance. It does include life insurance, health insurance, and disability coverage. Still, a 5 percent allotment for all these insurance needs is not very much. But we’re assuming that you have health insurance as part of a group plan. Many people receive group health coverage through their employers, who pay a portion of the premiums, thereby reducing the cost to the employees.

If you’re not part of a group health insurance plan, this percentage of your budget will increase. For that reason, you’ll have to be very “choosy” about your life and health insurance plans.

If you increase the insurance area of your budget from 5 to 10 percent, then there is no alternative but to decrease another area of your budget to make the total of percentages be 100.

What is Bodily Injury Liability? Insurance Tips for Free.

This type of insurance pays for injuries to other people or for their death as the result of an accident involving your car, for which you are legally liable.

“Covered persons” include people in other vehicles, guests in your car, and pedestrians. The coverage is effective whether you are the driver or someone else is driving your car with your permission.

Coverage under this type of policy is referred to in terms like “15/30.” The first number is the amount in thousands that the policy will pay for one person. The second number is the amount in thousands that it will pay for all persons involved in an accident.

Bodily injury liability claims have led to the development of such insurance policies. Business organizations who can be persistently sued for bodily injury, are the ones to avail these insurance policies. Ice skating rinks, amusement parks, logistic companies are some prominent examples. The bodily injury liability clause is found in some other insurance policies such as auto insurance policies. The premium of such a policy is increased by a few dollars. In fact some states recommended bodily injury liability insurance clauses to be included in the auto insurance polices of some new drivers. Similarly, industrial companies also purchase these polices for their workmen, and accidents within the company premises are covered by such policies. In the recent past when the bodily injury liability insurance polices were introduced for the first time, these polices were denied to some specific business organizations such as hospitals and pharmaceutical companies. Nowadays however these polices are made available to such organizations, but with bodily injury liability limits, that are respected by both insurance companies and insured parties.

Collision Insurance - What is Collision Insurance? Learn about Insurance?

Collision insurance pays for damages to your vehicle if you are involved in a collision. It does not cover the vehicles of anyone else involved in the accident.

Usually, a deductible is written with this coverage. And the company will pay only the market value of your car if there’s an accident.

For example, suppose you have a six-year-old compact car with a market value of $1,000. You’re involved in an accident, which causes $2,500 in damages to your car. But if its market value is only $1,000, you will receive $1,000 less your deductible, not $2,500.

Therefore, if your vehicle is an older model (more than three years old), you can save on car insurance by dropping collision coverage, which is relatively expensive.

Cash Value Insurance - News about Cash Value Insurance - Tips for Cash Value Insurance

Cash value insurance is known by a variety of names, including whole life, universal life, variable life, single premium life, and variable adjustable life. It is usually purchased for an individual’s lifetime and, as more and more premiums are paid, the policy builds a cash value.

Interest is earned on the cash value, just like money invested in a bank. Many times the policy also will pay dividends (cash returns), which can be used to offset the cost of insurance.

The most basic type of cash value insurance is whole life. A young person buying whole life, or some other type of cash value insurance, would pay higher premiums than for term insurance. However, the benefit of some cash value policies is that the premium never changes.

In the previous section on term insurance, it was noted that decreasing term premiums also do not change. But as a consequence the value of the benefit drops.

In contrast, no benefits are sacrificed in cash value policies with steady premiums.

For young families on a tight budget, cash value insurance can be a major expense. At worst, it can be so costly that these families don’t buy enough coverage at a time when their need is greatest.

Comprehensive Physical Damage Insurance - Know more about Comprehensive Physical Damage Insurance

This provides for the replacement of glass and losses that result from anything but collision, such as fire, theft, vandalism, and hail. It is relatively inexpensive.

Generally, things covered by this type of policy are the same, regardless of the car’s age. Make the decisions about this type of insurance on the basis of your budget. If the cost is very high for your income, you should carry liability only.

Comprehensive insurance covers damage to all those who are insured under third party insurance. In addition, the comprehensive policy on the insured motor vehicle accident damage and damage from vandalism or malicious acts of unauthorized persons. A collision is defined as a sudden, just from the outside and with mechanical trauma event.

The possibilities in the amount of the deductibles vary by insurance company. Basically we can say: The higher a deductible in case of damage, the cheaper is from the premium to be paid. Another problem is this, however, that in case of damage the excess to pay in any case by yourself.

What is Home Owner’s Insurance ? Learn More about Home Owner’s Insurance !

A home owner’s insurance policy covers everything that could happen to your home and its contents. It also covers liability from almost anything—fire, theft, hail. Usually, a home owner’s policy is the least expensive way to insure a dwelling.

When you buy home owner’s insurance, you need to be aware of the difference between actual cash value insurance and guaranteed [true] replacement value.

Actual cash value refers to the depreciated value of the items; guaranteed replacement means your contents and structure will be 100 percent replaced.

Guaranteed replacement is worth considering when you buy home owner’s insurance, even though it increases your premium.

Automobile Insurance for Teens - Insurance for Auto Mobiles.

Whether a teenager owns a car or not, the issue of insurance must be addressed. Almost every insurance company will raise parents’ insurance rates as soon as their sons or daughters are 16 and become licensed.

Remember what Proverbs 29:17 says, “Correct your son, and he will give you comfort; he will also delight your soul.”

Most parents use their teenagers to shuttle other children back and forth. If you do the same, you need to set some very fundamental rules for the use of the car, for buying the insurance, and for maintenance.

Don’t wait until your children become teenagers. It’s an issue that should be faced while your children are young.

When you are on the process in finalizing your teen's insurance, remember to answer every question from the agent straight to the point. Always appear decent, kind, and respectful to insurance agents. By doing so, you can add a little convincing factor for them to approve and auto insurance for your teenager. Your teenager is a precious being, by keeping them insured while enjoying their freedom is a smart and secure move.

Umbrella Liability Insurance - Learn about Umbrella Liability Insurance - Insurance Tips

An umbrella liability policy gives you extra coverage not provided by your auto and home owner’s policies.

Risk and balance are major factors in considering this type of policy. You must balance your trust in God against the risk of being sued as the result of an auto accident or injuries sustained on your property.

The probability of being sued is fairly high in our society, but there’s no way we can insure against every contingency. First, it’s too costly and, second, it’s not trusting God to provide. So where is the balance?

Statistically, very few home owners are going to be sued for $1 million and lose. But if you have a large net worth and your occupation is one with a lot of public exposure, it may be wise to cover yourself for additional limits in our sue-happy society. A great many automobile drivers run a higher risk of being sued for $1 million than home owners do.

Property Damage Liability - Insurance for Property Damage Liability

This portion of the insurance policy covers damage to property caused by your car. Covered property includes such things as houses, buildings, fences, livestock, and any other property belonging to someone else.

The terms of coverage are expressed as “15/30/10.” Each number represents thousands and is the maximum the insurance company will pay. The first number is the amount paid for each person injured, the second number is for each accident, and the third number is for property damage.

The coverage for Property Damage Liability has a minimum limit of $15,000. In this state, there is the Tort system, and this means that someone has to be at fault causing the accident. Then that person and the insurance company that they have will be held responsible for the damages that occur as a result. When you have personal injury protection, this will assist with paying medical expenses that occur that are considered to be necessary and reasonable.

Property-Damage Liability Coverage is an excellent coverage within your car insurance policy and it is something that you should read up on.

Medicare - Medicare Insurance - Government Health Insurance Medicare

Medicare is a government sponsored health insurance program for most people who are 65 or older. Some disabled people also qualify.

It is a two-part program. Part A provides hospital benefits for short-term illness. It also provides some benefits for care in a skilled nursing facility or at home.

Individuals 65 or older who don’t qualify for Medicare can still receive it by paying a monthly premium, which is adjusted each year.

Part B of Medicare is optional medical insurance, which is available for a small fee each month. You may have the premium automatically deducted from your Social Security benefit check, if you receive one. Part B pays most of your medical and surgical fees. It is an excellent value because it is so inexpensive.

Nursing Home Insurance - Insurance Policy for Nursing Home Insurance

The enormous expense of nursing home care is a common problem these days. The majority of older people live in retirement homes or in their own homes because they are able to take care of themselves.

Very few older people need to be confined to nursing homes. The cost of nursing home insurance must be weighed against your ability to pay the premiums and the probability that you’ll need such insurance.

You should consider some alternatives. If an indigent person needs nursing home care, the state will care for him or her with our tax dollars. But the Lord says we are to honor our fathers and mothers.

The word “honor” implies financial help. The long-term solution for our society is for us to take care of our older family members

What is Renter’s Insurance? Learn More about Renter’s Insurance?

Renters insurance covers the value of your furniture for replacement. It also provides liability coverage if someone is hurt as a result of your negligence or the negligence of your children. An example of this is someone falling over a toy or slipping outside of the home.

Any type of insurance needs to be balanced on a need-versus-cost basis. Obviously, you don’t need renter’s insurance if you can afford to replace all your household furniture or cover a liability suit resulting from negligence.

In addition to insurance for your home, there are other insurance plans for condominiums, mobile homes, and apartment complexes. See your agent for more details about the type of policy that best fits your needs.

What is Dwelling Insurance? Know about Dwelling Insurance.

Dwelling insurance is not as comprehensive as home owner’s insurance but often it is just as expensive. Because of age, condition, or location, these dwellings and homes are not insurable under home owner’s policies. There are three basic forms of a dwelling policy: basic, broad, and special.

Geography

Dwelling insurance is most common in places where second vacation homes are popular, such as Florida.

Benefits

Dwelling insurance can be cost effective for people who own more than one home.

Private Mortgage Insurance - What is Private Mortgage Insurance?

Usually, private mortgage insurance is required for loans greater than 80 percent of the purchase price. This type of insurance can be misleading to borrowers, who might believe they are buying coverage for themselves. Instead, it is designed to protect the lenders in case the borrowers default on the loans.

The premium is usually a percentage of the loan value, broken down into monthly increments. It is determined by the insurance company’s loss-experience ratio.

Earlier, it was observed that the PMI coverage could be requested to be dropped if the borrower has good payment history. But most of the loan seekers were unaware of these possibilities. The change in the requirements of the Private Mortgage Insurance made by the new law helps both the lenders as well as the borrowers to figure out the range of time till which the PMI coverage is required. These are some of the aspects that the borrowers must go through while deciding whether less down payment with PMI overage would be suitable for them.