Wow, the online Auto Insurance Quotes seem to be getting crowded with more and more websites offering Free Auto Insurance Quotes, the latest one being igbert.com which return Multiple Auto Quotes.
However, before you opt for multiple auto insurance quotes, you should perhaps read what are the possible effects of multiple quotes on your credit. It seemed many insurace companies carry out an Insurance Score which will be derived from multiple factors including your credit score and which will determine the insurance premiums that you will be quoted for.
One thing to keep in mind whether to accept or decline an insurance score is that it is highly probable that in you decline, you will be quoted based on the worst tier, that is, the most expensive. So perhaps even if your credit score is bad, it may still pay to accept an insurance score.
Friday, March 12, 2010
Saturday, January 16, 2010
Car insurance glossary, providers and rates
The majority of the general public, while facing the fact that insurance, whether life, car, house or others, mostly do not have a good grasp of various insurance terms which may make things difficult for them when the need to purchase insurance arises. In the case of car owners, car insurance is compulsory in order to put a car on public roads and highways.
This website Car Insurance Rates have put up a car insurance glossary to help car insurance understand various words and phrases related to car insurance plus terms like "Act of God" applicable to insurance in general. It is good for everyone to acquaint themselves with the glossary.
Not only that, it also have a page Vehicles types - how they impact insurance depending on whether it is a new or used car or classic car, a truck or even a SUV (Sport Utility Vehicle).
There is also a page on insurance agents and brokers which explain the significance of using insurance agents and brokers for your insurance needs.
This website Car Insurance Rates have put up a car insurance glossary to help car insurance understand various words and phrases related to car insurance plus terms like "Act of God" applicable to insurance in general. It is good for everyone to acquaint themselves with the glossary.
Not only that, it also have a page Vehicles types - how they impact insurance depending on whether it is a new or used car or classic car, a truck or even a SUV (Sport Utility Vehicle).
There is also a page on insurance agents and brokers which explain the significance of using insurance agents and brokers for your insurance needs.
Wednesday, October 14, 2009
Motor vehicle liability insurance
Look at these videos of horrific accidents that can cause lots of property damages, terrible injuries and even deaths:
The car driver attention was diverted by texting with her mobile phone and the result was a horrific accident causing very serious injuries.
This video is even more horrendous. It showed show an inattentive truck driver running over a motorcyclist and you can bet that someone will sue for negligence.
It is important for every vehicle owner to have motor vehicle liability insurance to meet such eventualities. It will also pay to be well versed with motor vehicle insurance basic information and compare car insurance rates before you purchase any insurance.
The car driver attention was diverted by texting with her mobile phone and the result was a horrific accident causing very serious injuries.
This video is even more horrendous. It showed show an inattentive truck driver running over a motorcyclist and you can bet that someone will sue for negligence.
It is important for every vehicle owner to have motor vehicle liability insurance to meet such eventualities. It will also pay to be well versed with motor vehicle insurance basic information and compare car insurance rates before you purchase any insurance.
Tuesday, August 18, 2009
eCommerce for insurance
Remember the dotcom bust? Everybody scrambling unto the dotcom bandwagon and many got burnt. Does that mean businesses including insurance companies should avoid the Internet? Definitely not. Many dotcom companies went bust not because the Internet is not a suitable conduit for doing business and disseminating information, but because they pumped in money into the wrong business model and dotcom companies without taking into consideration returns from the huge amount of money pumped in. Those dotcom companies that survived the dotcom bust are doing extremely now, and there is room for more.
The Internet is now being used to promote business and to sell all kinds of products and insurance is no exception. The Internet can be used to provide information on insurance products, give instant quotes, even actually sells insurance products online.
However, to be successful, one needs a website that not only provide timely information plus channels for visitors to order or pay for the insurance products they want, the website must be well designed. Towards this end, one should look for professional web design company that can create a well designed and professional website.
Those insurance companies aspiring to do eCommerce on the Internet would also do well to examine eCommerce case study so as to enable benchmarking as well as developing online strategy
The Internet is now being used to promote business and to sell all kinds of products and insurance is no exception. The Internet can be used to provide information on insurance products, give instant quotes, even actually sells insurance products online.
However, to be successful, one needs a website that not only provide timely information plus channels for visitors to order or pay for the insurance products they want, the website must be well designed. Towards this end, one should look for professional web design company that can create a well designed and professional website.
Those insurance companies aspiring to do eCommerce on the Internet would also do well to examine eCommerce case study so as to enable benchmarking as well as developing online strategy
Monday, June 15, 2009
Car insurance 101
If you own a car, car insurance is absolutely essential. It is required by law because the government wants to ensure that if you caused an accident with resulting property damage, injuries or even death, you (actually your insurance company) are able to pay compensation. Even if it is not compulsory to have at the minimum third party car insurance, it would be wise to get insurance cover for your car as you would not want to be burdened by huge claims.
However, for some classes of motorists, there is some problem. One of them are young students with limited driving insurance. Because of higher risks, the premium young students have to pay for the car insurance is higher. If you are in this class, do check out Car Insurance for Student Drivers.
Another point of interest for motorists is No Fault Car Insurance. A car accident will involve at least 2 motorists each with different insurance policy. To determine which insurance company pays for damages and compensation, a long tedious attempt to determined which party is at fault. There may also be very expensive law suits which only benefits the lawyers. No fault car insurance means irrespective of which party is at fault, each insurance company will pay for their own insured. This system of no fault car insurance policy makes life much easier for all party.
However, for some classes of motorists, there is some problem. One of them are young students with limited driving insurance. Because of higher risks, the premium young students have to pay for the car insurance is higher. If you are in this class, do check out Car Insurance for Student Drivers.
Another point of interest for motorists is No Fault Car Insurance. A car accident will involve at least 2 motorists each with different insurance policy. To determine which insurance company pays for damages and compensation, a long tedious attempt to determined which party is at fault. There may also be very expensive law suits which only benefits the lawyers. No fault car insurance means irrespective of which party is at fault, each insurance company will pay for their own insured. This system of no fault car insurance policy makes life much easier for all party.
Monday, February 16, 2009
Types of Motor Insurance
There are many types of insurance ranging from Life Insurance to General Insurance. Automobile Insurance falls into General Insurance and is one insurance policy that you cannot do without if you own a car. A motor insurance is compulsory to enable you to get the right (in our country that is the road tax) to drive your vehicle on public roads.
Since motor insurance is compulsory, it is good if you acquaint yourself with the types of affordable motor insurance and the kinds of risks covered. Among the risks covered by motor insurance policy is liability insurance which covers injuries and damages to third parties. This is the very minimal requirement to enable you to drive your vehicle on public road as the authorities want to ensure that should an accident happens you will be able to pay for injuries and damages to third parties. Other types of risks include collision coverage, comprehensive coverage, theft coverage and no fault policies.
One sticky area is motor insurance for students and other young drivers. Since students and young drivers have limited driving insurance, getting affordable motor insurance may present a problem so doing your research and "window shopping" will be a good idea.
Another area of motor insurance you should get familiar with is the fault versus no fault car insurance. Motorists will only be able to hold no fault motor insurance in Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah, and Washington D.C.
When choosing and purchasing vehicle insurance, obviously one would want to be able to converse intelligently and towards this end, do get familiar with the many motor insurance terms and phrases.
Since motor insurance is compulsory, it is good if you acquaint yourself with the types of affordable motor insurance and the kinds of risks covered. Among the risks covered by motor insurance policy is liability insurance which covers injuries and damages to third parties. This is the very minimal requirement to enable you to drive your vehicle on public road as the authorities want to ensure that should an accident happens you will be able to pay for injuries and damages to third parties. Other types of risks include collision coverage, comprehensive coverage, theft coverage and no fault policies.
One sticky area is motor insurance for students and other young drivers. Since students and young drivers have limited driving insurance, getting affordable motor insurance may present a problem so doing your research and "window shopping" will be a good idea.
Another area of motor insurance you should get familiar with is the fault versus no fault car insurance. Motorists will only be able to hold no fault motor insurance in Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah, and Washington D.C.
When choosing and purchasing vehicle insurance, obviously one would want to be able to converse intelligently and towards this end, do get familiar with the many motor insurance terms and phrases.
Saturday, November 8, 2008
Health insurance for Alabama residents
One should never take one's health for granted. A person may be healthy one day and the next day may become very sick and need medical treatment urgently, perhaps even to stay alive, not to just get healthy again. If you are unfortunate to fall sick, the required medical treatment may bankrupt you. Do not take risks. Get medical insurance while you are still healthy. If you wait till you get sick, it will be too late. You may not be able to purchase the medical insurance you need.
Do you happened to be an Alabama resident? Is so, try localized Alabama medical insurance. You may be able to get cheaper quote than if you get your insurance that do not know Alabama and its medical institutions.
Do you happened to be an Alabama resident? Is so, try localized Alabama medical insurance. You may be able to get cheaper quote than if you get your insurance that do not know Alabama and its medical institutions.
Thursday, August 28, 2008
Family Insurance
Cost of Medical Treatments
The cost of medical treatments and surgery is soaring and can play havoc with family finance. For example, the cost of spinal stenosis surgery is at least $14,000. The cost of double bypass surgery can be up to $20,000. The cost of hip surgery is a prohibitive $40,000 to $60,000. To get the prostate removed will be from $40,000 to $50,000. With this kind of prohibitive cost, it is very important to have family health coverage. Without any form of family health coverage, a medical emergency within the family can bankrupt the family.But where to get health insurance? One way is to trawl the internet for private medical insurance quote. Who knows, you may be lucky to chance upon one which give you affordable family health insurance to cover the whole family so no matter who within the family gets sick, the needed medical treatment will be absorbed by the insurance company.
Monday, May 5, 2008
Buy life Insurance for parents
Why would anyone wants to buy life insurance for parent?
This is a bit tricky issue to tackle as normally life insurance premium goes up a lot with age, and if they are parents, definitely they would not be young and the premium would be very high as compared with you, the children. So why would any children want to condider buying life insurance for parents?Let us analyze what might happen if in the unfortunately circumstance that one of both your parents die one day, which is a certainty. There are burial expenses to think of and nowadays, it will not be cheap and if your parents do not have sufficient savings or had some old, still current life insurance policies, you will have to foot the bills. Then there may be debts to settle.
Insurable interest
If you have the funds, you may think buying parents life insurance is just a simple task. Just go get the parents life insurance rates, assess your abilities to pay, and if within your means, just pay the insurance premium. However, there is a very important principle for purchasing life insurance. The person must have an insurable interest, that is, he has to demonstrate that there will be an element of loss if ever the insured person dies. If anyone is allowed to purchase life insurance for any Tom, Dick and Harry, he or she may have an ulterior motive. Buy a huge life insurance, then murder the person and collect the premium. Obviously this would not be fair to the insurance company and if they ever suspect any motives of this sort, they are not going to allow you to purchase the insurance policy.Demonstrating your need to take care of the burial expenses is sufficient insurable interest, and although we have stated that the older a person, the more expansive the premium. In this particular case, if you are just insuring for the burial expenses, you may purchase a life insurance policy where the sum assured is just sufficient to cover the burial expenses and the premium can be very affordable.
Thursday, October 18, 2007
Affordable health insurance for self employed residents of New York
Why it is important for the self employed to have health insurance
People who work for big corporations normally are provided with medical coverage as part of their benefits. If they ever fall sick, their employee will pick up the tab for the medical expenses. Self employed do not that safety net. Getting sick can be a pretty expensive affair in New York. If the self employed ever fall sick, they will have to take care of their own medical expenses. Depending on what kind of treatments are needed, the costs can vary from an affordable sum to something which is beyond the means of the self employed. It may mean having to go without the treatments needed or get the treatments and bring the self employed to near bankruptcy.Insurance works by pooling risks. Insured pays a premium which goes into a pool. Those who are fortunate and stayed healthy do not get any "benefits" from the insurance pool, and the insurance premium they paid wouldn't give them any "returns". However, this is a happy situation to be in, for who will want to get sick just so that they can draw benefits from the insurance pool formed by the premiums paid by the insured.
The unfortunate who fell sick, but who bought health insurance can be sort of considered "fortunate" in the sense that they don't have to worry about the costs of medical treatments. These costs can be paid out from the insurance pool.
Health Insurance in New York for the self employed
OK, so I assume you are convinced of the necessity of getting health insurance. Now there is the question of the insurance premium, which must be paid for you to be insured against risks of getting sick. Can you afford it?Fortunately, there is Healthy New York which says they can offer affordable insurance for the self employed. Getting a quote for the health insurance you need is a simple 3 step process.
First, use the drop-down menu to select the county you reside in. The counties listed are Bronx, Kings, Nassau, New York, Orange, Queens, Richmond, Rockland, Suffolk, Westchester, Albany, Allegany, Broome, Cattaraugua, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Cortland, Delaware, Duchess, Rrie, Essex, Franklin, Fulton, Genessee, Greene, Hamiltom, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, St. Lawrence, Steuben, Sullivan, Tioga, Tompkins, Ulster, Warren, Washington, Wayne, Wyoming and Yates.
You will then have to use another drop-down menu to select your status, namely Applicant, Applicant & Spouse, Applicant and Child, Applicant & 2 Children, Family (applicant, spouse & 1 child), Applicant & 3 Children, Family (applicant, spouse & 2 children), Applicant & 4 Children, Family (applicant, spouse & 4 children).
Finally, you will have to select your annual income. Here the choices are only 2 - under $41,625 and over $41,625.
Let us try an example, Let us assume you are staying in Bronx, you want health insurance for Family (applicant, spouse & 1 child), and your annual income is under $41,625.
Step number to is to get an instant quote to compare plans. Click "Get Instant Quotes" and what we get is a list of different plans by 4 different insurance companies listing the benefits. Check that and see how affordable it is.
If you wish to know more about "Healthy New York", there is a 12 page PDF book by Healthy New York Insurance which gives comprehensive information on health insurance for self employed New York residents.
Sunday, September 2, 2007
Automobile Insurance
Many countries in the world makes automobile insurance mandatory for getting a license to put a car on public roads. This is for obvious reasons. A car may get involved in an accident causing property damages, injuries, in serious cases, death. The driver and/or the car owner may be liable to pay damages or compensation. The figure may be huge and beyond the ability of them to pay and the aggrieved party or parties will be deprived of their legal (and moral) rights. By making automobile insurance mandatory, this ensure that parties eligible to compensation and damages get paid. Most motorists purchase their cars with the aid of car loans. In such cases, invariably, the car loan companies will require the purchaser to get insurance to protect their "investment". They will probably require the purchaser to get a Comprehensive Auto Insurance or Collision Auto Insurance.
The situation in the United States is complicated because each of the 50 states have its own requirements on automobile insurance. In some, it is mandatory. In others you can get away by showing documents you have to meet any potential claims. You can get more details from Auto Insurance Remedy. In addition to general information, on that site, there are links to sites giving information of the requirements of individual states. For example, a brief check on California (CA) Mandatory Auto Insurance Minimums shows that one of them is for Liability Car Insurance: Bodily Injury Policy (BI).
Penalties for non-compliance is also very variable with some states imposing a penalty as little as a $100 fine, while others suspend a driver's license the car registration for up to six months, up to a $5000 fine, and up to one year in jail. It is advisable for you to check and then get an online quote for the auto insurance policy you need from the above sites.
The situation in the United States is complicated because each of the 50 states have its own requirements on automobile insurance. In some, it is mandatory. In others you can get away by showing documents you have to meet any potential claims. You can get more details from Auto Insurance Remedy. In addition to general information, on that site, there are links to sites giving information of the requirements of individual states. For example, a brief check on California (CA) Mandatory Auto Insurance Minimums shows that one of them is for Liability Car Insurance: Bodily Injury Policy (BI).
Penalties for non-compliance is also very variable with some states imposing a penalty as little as a $100 fine, while others suspend a driver's license the car registration for up to six months, up to a $5000 fine, and up to one year in jail. It is advisable for you to check and then get an online quote for the auto insurance policy you need from the above sites.
Homeowners Insurance and Health Insurance
The principle behind insurance is spreading risks. One is exposed to all kinds of risks, and if you don't provide protection against these risks by getting the relevant insurance, if you are unfortunate, and the risk happened to you and you are not protected by an insurance policy against that risk, you and your family can face great hardship and it may even bring bankruptcy upon you. It is wise to share the risks to which you may be exposed to by spreading the risks among many people via an insurance policy from a reputed insurance company. For most types of insurance policy, if the unfortunate didn't happen to you, your small premium you pay for the insurance policy is gone, but the unfortunate get compensated and a disaster can be averted. Getting an insurance policy to spread the risk is a highly advisable practice.
There are many many types of insurance which a common man may need. Most people just purchase an fire insurance policy for their home to provide for the contingency of a fire destroying their house, most because they obtained a bank loan for purchasing that house and the bank make it mandatory. However a fire insurance policy do not provide for many different contingency like the loss of the content of the house. A better insurance to go for is a Homeowners insurance which is more comprehensive.
Getting sick can be expensive and is getting more expensive by the day. Medical expenses can drain your savings and more. Some may even have to resort to selling their house to get the medical treatment they need or even go without the treatment they need. However, if you get a Health insurance, the insurance will pay for your medical treatment if you get sick. Of course, if you remain healthy, the premium you pay is gone, but to me that is a better alternative to getting sick and getting the benefits of the insurance police.
There are other types of insurance, and you can find out more about them from Insurance.
There are many many types of insurance which a common man may need. Most people just purchase an fire insurance policy for their home to provide for the contingency of a fire destroying their house, most because they obtained a bank loan for purchasing that house and the bank make it mandatory. However a fire insurance policy do not provide for many different contingency like the loss of the content of the house. A better insurance to go for is a Homeowners insurance which is more comprehensive.
Getting sick can be expensive and is getting more expensive by the day. Medical expenses can drain your savings and more. Some may even have to resort to selling their house to get the medical treatment they need or even go without the treatment they need. However, if you get a Health insurance, the insurance will pay for your medical treatment if you get sick. Of course, if you remain healthy, the premium you pay is gone, but to me that is a better alternative to getting sick and getting the benefits of the insurance police.
There are other types of insurance, and you can find out more about them from Insurance.
Tuesday, July 3, 2007
Insurance Broker
Insurance has expanded to a very diverse field dealing with all kinds of coverage. The one most people are familiar with is Life Insurance, but even with Life Insurance, there are many types. There is term insurance, return of premium term insurance, wholelife insurance, mortgage insurance, etc. Then there are motor insurance, public, employers' or product liability insurance, health insurance, fire insurance, homeowners' insurance, business insurance like key person insurance, business owner insurance, product liability insurance, errors and omissions insurance, business income insurance, etc. To add to the confusion, every insurance company have different terms and conditions and offer their coverage at different premium. There is also things like the reputation of the insurance company, do they pay compensation promptly or tend to avoid it, etc. Faced with all this, a person seeking to purchase an insurance policy will have a real headache.
This is where an insurance broker can help. An insurance broker acts as an intermediary between his client and the insurance companies, uses their wide knowledge of risks and the insurance market to find and arrange an insurance policy that fit the client's circumstances, requirements and at premium that is agreeable to the client.
If you happen to live in the Ontario region, you may want to look at Chatham-Kent Ontario Life Insurance Brokers. They may be able to help you out with your insurance requirements headache. Chatham-Kent Ontario Life Insurance Brokers don't just deal with Life Insurance. They also deal with Business Insurance and Auto and Home Insurance
This is where an insurance broker can help. An insurance broker acts as an intermediary between his client and the insurance companies, uses their wide knowledge of risks and the insurance market to find and arrange an insurance policy that fit the client's circumstances, requirements and at premium that is agreeable to the client.
If you happen to live in the Ontario region, you may want to look at Chatham-Kent Ontario Life Insurance Brokers. They may be able to help you out with your insurance requirements headache. Chatham-Kent Ontario Life Insurance Brokers don't just deal with Life Insurance. They also deal with Business Insurance and Auto and Home Insurance
Term Life Insurance and Business Insurance
Term Insurance
They say life hangs on a thread. Life is full of uncertainties, and while death is something that no one can avoid, it does not mean that everyone will live to a ripe old age for that to happen. One has to contend with sickness, accidents, all kinds of eventualities. If one is the family sole bread owner, or what is more common now, even if there are two person bringing in income for the family, the survivors suffer from a fall of standard of living or may even get into financial difficulties in the eventuality of a bread winner passing away if he/she has no life insurance. It is wise therefore for one who has dependents to purchase life insurance to protect the dependents.What exactly is life insurance? It is essentially a contract between an insurance policy owner and the insurer, whereby the insurer agrees to pay a sum of money upon the policy owner's death. In return, the policy owner (or policy payer) agrees to pay an agreed amount called a premium at regular intervals or more rarely, in a lump sum.
There are all kinds of life insurance, but term life insurance, can be considered the purest form of life insurance. True term life insurance is like car insurance which is normally purchase for a year, but term life insurance are normally for longer periods, but both share the feature that if nothing happens to the insured, he/she gets nothing back. But is is also the insurance that requires the lowest premium.
However, it is not easy to persuade someone to purchase something which to him may just seem to be a piece of paper, and he/she will get nothing back in return if he survive the period. Thus "Return of Premium Term Insurance" (ROP) was born. For this, you pay a higher premium, but if nothing happens to you, you get back the premium you paid at the end of the insured period. It is a mixture of life insurance and savings. I you want to find out more about return of premium insurance, you can fill in this Contact Form.
Business Insurance - Key Person Insurance and Buy-Sell Insurance
It is not only life that is faced with uncertainties. Business is driven by hard work and ingenuity, but these are only some of the factors a business is dependent on. A disaster like fire, death of a key person on which a business depend on to bring in the business or run the business successfully, etc., can wipe out your business. To ensure a business can carry on minus the problems, one can also purchase business insurance like Key Person Insurance or Buy-Sell Insurance. You can get more information about them at Business Insurance: Key Person Insurance and Buy-Sell AgreementsWednesday, May 9, 2007
Farmer Insurance - Don't Bet the Farm, Shield Yourself
Farmer Insurance - Don't Bet the Farm, Shield Yourself by Brooke Hayles
Farming is a massive operation. Having farmer insurance is most necessary when you consider all the risk involved in owning and running a farm. Farm insurance can help protect you from the loss of a bad crop or the unforeseen disaster of the loss of a heard. Tragedy strikes at inconvenient times, but thankfully there is protection available.
Regardless of whether you inherited your farming business through your family, or decided to take the plunge and start a farm, the costs involved are enormous and the loss of a crop due to frost or hail can be devastating. Farmer insurance acts as protection against complete financial ruin if the unforeseen happens. Not only are crops and animals at risk, but the equipment needed for operation is also very costly. The term 'farming' encompasses many types of farm operation; thankfully there is farmer insurance available for each source of revenue.
Farmer insurance covers many potential incidents. Not only does it cover many accidents that may occur on the farm, but it guards against possible litigation. For instance, a consumer could purchase a jar of your jam, get ill and then decide to sue your business. Farmer insurance not only helps cover you in this instance, but will represent you in court if need be. A common policy coverage also involves accidents while operating your farm equipment or performing farming duties. When you stop to think about it, there truly are many ways that a farm is endangered to liability.
Available Farmer Insurance
Before choosing farmer insurance there are factors that must be considered. The most important issue is the type of farm that you operate. Also, how is business commenced? It may be best to write a list and include how many people you employ, the amount and types of equipment that need to be insured and possible liabilities that worry you. The following is a general list of items that need to be insured when operating a farmer.
Crop Insurance: Crop-yield and crop revenue are big concerns to farmers. Since the outcome of the crop determines the livelihood of the entire farm, coverage for the crop is paramount. Farmer insurance generally covers loss due to natural causes. This may include bugs, pests and hazardous weather.
Farm Contents: Most farm equipment is quite costly and can run into the hundreds of thousands. You will want insurance that lists specific equipment individually and provides comprehensive coverage for your equipment. Some policies also cover loss of livestock because of electrocution.
Theft: Theft coverage is not limited to stolen machinery. Often time's theft on a farm involves livestock including cows, sheep, goats and hogs.
Employers Liability Insurance: If a farmer has one employee, he or she will need liability insurance. The employee needs not to be full-time, they can be an occasional work-hand, but accidents happen and this insurance will cover many potential liabilities.
Fatal Injury of Livestock: Many companies offer farmer insurance that covers the loss of an animal either while on the farm or even while in transit. If an animal dies coverage generally is available for a maximum amount per animal and a maximum per accident. Even working dogs, such as herding dogs, may be covered if fatally injured.
Sheep Coverage: This item helps to cover veterinary bills and loss of sheep due to injury or death.
Business Disruption: Farmer insurance will help protect a farmer when business costs either increase dramatically or profits are suddenly down due to unforeseen incidents.
Shipment of Goods: Your strawberries are safely on their way to market and boom, they're gone. A loss of income due to crop damage while in transit is protected with this coverage. Loss of livestock is not covered under this coverage since animals are covered separately.
Personal Accident Coverage: If an accident that leads to injury occurs on a farm, this coverage protects against this. As a farmer you are entitled to a settlement if an injury occurs that effects your ability to run the farm as needed.
Personal House and Contents: The farmer's residence and any additional buildings are covered. If specifically stated, the contents of the home may also be covered.
Summary:
When the protection of farm equipment, livestock and crops are in question, Farmer insurance must be purchased. Farmer insurance will safeguard against financial ruin due to unforeseen occurrences. Common coverage includes loss of income due to theft, crop failure and the death of livestock. A farmer's personal home and contents are often included with this insurance. Farming is an important line of work and there is insurance available to help protect not only the farm, but the owner.
Brooke Hayles
Check Out More Helpful Information About Farmer Insurance For FREE!
Visit Farmer Insurance Online Now!
Article Source: ArticleBazaar.net
Farming is a massive operation. Having farmer insurance is most necessary when you consider all the risk involved in owning and running a farm. Farm insurance can help protect you from the loss of a bad crop or the unforeseen disaster of the loss of a heard. Tragedy strikes at inconvenient times, but thankfully there is protection available.
Regardless of whether you inherited your farming business through your family, or decided to take the plunge and start a farm, the costs involved are enormous and the loss of a crop due to frost or hail can be devastating. Farmer insurance acts as protection against complete financial ruin if the unforeseen happens. Not only are crops and animals at risk, but the equipment needed for operation is also very costly. The term 'farming' encompasses many types of farm operation; thankfully there is farmer insurance available for each source of revenue.
Farmer insurance covers many potential incidents. Not only does it cover many accidents that may occur on the farm, but it guards against possible litigation. For instance, a consumer could purchase a jar of your jam, get ill and then decide to sue your business. Farmer insurance not only helps cover you in this instance, but will represent you in court if need be. A common policy coverage also involves accidents while operating your farm equipment or performing farming duties. When you stop to think about it, there truly are many ways that a farm is endangered to liability.
Available Farmer Insurance
Before choosing farmer insurance there are factors that must be considered. The most important issue is the type of farm that you operate. Also, how is business commenced? It may be best to write a list and include how many people you employ, the amount and types of equipment that need to be insured and possible liabilities that worry you. The following is a general list of items that need to be insured when operating a farmer.
Crop Insurance: Crop-yield and crop revenue are big concerns to farmers. Since the outcome of the crop determines the livelihood of the entire farm, coverage for the crop is paramount. Farmer insurance generally covers loss due to natural causes. This may include bugs, pests and hazardous weather.
Farm Contents: Most farm equipment is quite costly and can run into the hundreds of thousands. You will want insurance that lists specific equipment individually and provides comprehensive coverage for your equipment. Some policies also cover loss of livestock because of electrocution.
Theft: Theft coverage is not limited to stolen machinery. Often time's theft on a farm involves livestock including cows, sheep, goats and hogs.
Employers Liability Insurance: If a farmer has one employee, he or she will need liability insurance. The employee needs not to be full-time, they can be an occasional work-hand, but accidents happen and this insurance will cover many potential liabilities.
Fatal Injury of Livestock: Many companies offer farmer insurance that covers the loss of an animal either while on the farm or even while in transit. If an animal dies coverage generally is available for a maximum amount per animal and a maximum per accident. Even working dogs, such as herding dogs, may be covered if fatally injured.
Sheep Coverage: This item helps to cover veterinary bills and loss of sheep due to injury or death.
Business Disruption: Farmer insurance will help protect a farmer when business costs either increase dramatically or profits are suddenly down due to unforeseen incidents.
Shipment of Goods: Your strawberries are safely on their way to market and boom, they're gone. A loss of income due to crop damage while in transit is protected with this coverage. Loss of livestock is not covered under this coverage since animals are covered separately.
Personal Accident Coverage: If an accident that leads to injury occurs on a farm, this coverage protects against this. As a farmer you are entitled to a settlement if an injury occurs that effects your ability to run the farm as needed.
Personal House and Contents: The farmer's residence and any additional buildings are covered. If specifically stated, the contents of the home may also be covered.
Summary:
When the protection of farm equipment, livestock and crops are in question, Farmer insurance must be purchased. Farmer insurance will safeguard against financial ruin due to unforeseen occurrences. Common coverage includes loss of income due to theft, crop failure and the death of livestock. A farmer's personal home and contents are often included with this insurance. Farming is an important line of work and there is insurance available to help protect not only the farm, but the owner.
Brooke Hayles
Check Out More Helpful Information About Farmer Insurance For FREE!
Visit Farmer Insurance Online Now!
Article Source: ArticleBazaar.net
Monday, May 7, 2007
Should Medical Students Consider Disability Insurance?
Should Medical Students Consider Disability Insurance? by Andy Puls
Last year the Association of American Medical Colleges (AAMC) said that schools should require disability insurance for all medical students and provide access to policies. Medical students are particularly vulnerable to the financial hardships that may result from a disability. Disability insurance protects students from possible fiscal disaster and is also a prudent investment. Purchasing a policy while still in medical school presents tremendous advantages that can save students money after graduation, while protecting their financial future and providing the peace of mind necessary to focus on the demands of a career in medicine.
Most medical students do not generate income while in school, but instead accumulate debt at staggering rates. In 2005, medical school graduates who took out loans started their residencies with an average debt of $100,000, a figure that does not include undergraduate debt. Only the expected future income from a career in medicine makes such exorbitant debt palatable; however, a student that suffers a disability may never realize that income. According to the 1994 Statistical Abstract of the United States, in the course of a year, 1 in 10 people between the ages of 25 and 64 will suffer a disability. When comparing that ratio to the odds of being victim of a house fire (1 in 122); injured in an automobile accident (1 in 160); or even of death (1 in 117), the value and protection offered by disability insurance is clear.
A student who suffers a disability and is unable to complete their education will be saddled with student loan debt and may not be able to work in any field depending on the disability and its severity. Repayment of student loans combined with medical expenses and lack of income due to disability can destroy a financial future. Even a student that is able to continue medical school could face the burden of simultaneously repaying loans and paying tuition.
Aside from the obvious advantages disability insurance offers by minimizing the risk riding behind a medical student’s debt, there are other long-term advantages to purchasing a policy as a student instead of as a physician. A student purchasing a policy will likely get a lower rate than a physician. According to doctordisability.com, three factors determine disability insurance rates: age at the time of purchase, occupation, and health status. These factors tend to favor a student. Not only are students younger, but generally the health status of younger people is better than that of older people. Obtaining insurance at a younger age may also protect the policyholder from the difficulties of securing a policy later in life when other health issues may affect insurability.
A disability insurance policy also adapts to meet the changing needs of the insured. A Future Increase Option (FIO) Rider allows the policyholder optional future increases in coverage without providing evidence of medical insurability. The ability to increase coverage regardless of current health status is attractive to any policyholder, but the FIO Rider is also ideal for a student who wants to increase coverage upon graduation and the expectation of significant income. A policy purchased by a student before they take their first class in medical school can be flexible enough to last a career.
The protection, flexibility, and benefits the insured has by purchasing a disability insurance policy as a student are reflected by the stance that medical schools take. Dartmouth Medical School and the University of North Carolina School of Medicine mandate that all students have disability insurance. While in some states it is illegal to require students to have a disability insurance policy, most medical schools at least recommend that all their students have it. In 2006, the University of Washington School of Medicine was ranked by U.S. News and World Report as one of only three schools in the top 10 for both research and primary care. Their office of student affairs and services says it is “advisable” to have disability insurance in light of the cost of education and risks associated with practicing medicine. The school offers its students a plan, but in general, group plans come with limitations and restrictions.
The Liaison Committee on Medical Education (LCME) is the sole accrediting authority for medical education programs leading to the M.D. degree in the United States. Accreditation standard MS-28 states, “all students must have access to disability insurance.” Simply allowing access to disability insurance—a minimal requirement placed on accredited medical schools—or even recommending it, is not enough to save students from the risks of not protecting their future income. In light of the monetary investment that students make to medical schools, it should be the responsibility of each school to promote and educate its students about the benefits, value, and importance of disability insurance.
Andy Puls is a freelance writer for Doctor Disability Insurance. For More information, visit Physician Disability
Article Source: ArticleBazaar.net
Last year the Association of American Medical Colleges (AAMC) said that schools should require disability insurance for all medical students and provide access to policies. Medical students are particularly vulnerable to the financial hardships that may result from a disability. Disability insurance protects students from possible fiscal disaster and is also a prudent investment. Purchasing a policy while still in medical school presents tremendous advantages that can save students money after graduation, while protecting their financial future and providing the peace of mind necessary to focus on the demands of a career in medicine.
Most medical students do not generate income while in school, but instead accumulate debt at staggering rates. In 2005, medical school graduates who took out loans started their residencies with an average debt of $100,000, a figure that does not include undergraduate debt. Only the expected future income from a career in medicine makes such exorbitant debt palatable; however, a student that suffers a disability may never realize that income. According to the 1994 Statistical Abstract of the United States, in the course of a year, 1 in 10 people between the ages of 25 and 64 will suffer a disability. When comparing that ratio to the odds of being victim of a house fire (1 in 122); injured in an automobile accident (1 in 160); or even of death (1 in 117), the value and protection offered by disability insurance is clear.
A student who suffers a disability and is unable to complete their education will be saddled with student loan debt and may not be able to work in any field depending on the disability and its severity. Repayment of student loans combined with medical expenses and lack of income due to disability can destroy a financial future. Even a student that is able to continue medical school could face the burden of simultaneously repaying loans and paying tuition.
Aside from the obvious advantages disability insurance offers by minimizing the risk riding behind a medical student’s debt, there are other long-term advantages to purchasing a policy as a student instead of as a physician. A student purchasing a policy will likely get a lower rate than a physician. According to doctordisability.com, three factors determine disability insurance rates: age at the time of purchase, occupation, and health status. These factors tend to favor a student. Not only are students younger, but generally the health status of younger people is better than that of older people. Obtaining insurance at a younger age may also protect the policyholder from the difficulties of securing a policy later in life when other health issues may affect insurability.
A disability insurance policy also adapts to meet the changing needs of the insured. A Future Increase Option (FIO) Rider allows the policyholder optional future increases in coverage without providing evidence of medical insurability. The ability to increase coverage regardless of current health status is attractive to any policyholder, but the FIO Rider is also ideal for a student who wants to increase coverage upon graduation and the expectation of significant income. A policy purchased by a student before they take their first class in medical school can be flexible enough to last a career.
The protection, flexibility, and benefits the insured has by purchasing a disability insurance policy as a student are reflected by the stance that medical schools take. Dartmouth Medical School and the University of North Carolina School of Medicine mandate that all students have disability insurance. While in some states it is illegal to require students to have a disability insurance policy, most medical schools at least recommend that all their students have it. In 2006, the University of Washington School of Medicine was ranked by U.S. News and World Report as one of only three schools in the top 10 for both research and primary care. Their office of student affairs and services says it is “advisable” to have disability insurance in light of the cost of education and risks associated with practicing medicine. The school offers its students a plan, but in general, group plans come with limitations and restrictions.
The Liaison Committee on Medical Education (LCME) is the sole accrediting authority for medical education programs leading to the M.D. degree in the United States. Accreditation standard MS-28 states, “all students must have access to disability insurance.” Simply allowing access to disability insurance—a minimal requirement placed on accredited medical schools—or even recommending it, is not enough to save students from the risks of not protecting their future income. In light of the monetary investment that students make to medical schools, it should be the responsibility of each school to promote and educate its students about the benefits, value, and importance of disability insurance.
Andy Puls is a freelance writer for Doctor Disability Insurance. For More information, visit Physician Disability
Article Source: ArticleBazaar.net
Sunday, May 6, 2007
How To Protect Your Family Finances With A Life Insurance Policy
How To Protect Your Family Finances With A Life Insurance Policy by Simon Christopher
A simple term life insurance policy is one of the most effective ways to protect your family and financial dependents against the premature death of the main breadwinner.
Like any insurance, price tends to drive the purchase of life cover before the quality of a policy and its ultimate suitability are considered. But focusing too much on the monthly cost is not always the best way to measure good value cover.
A good example of this is often found when buying term life insurance which provides a number of policy options including two types of premium, guaranteed or reviewable. Guaranteed premiums are, as the name suggests, fixed and guaranteed by the insurance company not to increase. Whereas, reviewable premiums are subject to regular reviews, usually every five years and can be increased at the insurer’s discretion. Yes, guaranteed premiums are more expensive than reviewable rates but they should be seriously considered, especially if you intend to take out a policy for ten years or more. This is because the amount of each potential premium review increase is likely to rise the older you get.
In reality, a more accurate guide to the best value cover is to match the right policy to your need for protection. Another good example is the popularity of lump sum cover when applying for a life insurance policy for family protection. A lump sum plan is fine if you need to provide large sums to pay off debts such as a mortgage. True family protection is more about ensuring that an income is provided to replace that lost on the death of the main income earner. When a lump sum policy is used for family protection the potential problem is how to generate the required income from the lump sum. Where should it be invested for maximum return and will the income generated be subject to tax? Plus will it be sufficient to meet the financial needs of the surviving dependants?
In many cases, a more suitable solution is protection that’s designed to pay a regular income to the end of the required term. Also known as Family Income Benefit this cover has many advantages over it's lump sum alternative. One of it's major pluses is that it’s usually cheaper than a like for like lump sum policy as the risk to the insurance company decreases over the policy term. For example, a 20 year level term assurance plan for £100,000 will cost the insurance company £100,000 if a claim is paid at any time up until the end of the policy term.
Compare this to a Family Income Benefit policy providing an annual income benefit of £10,000 over the same 20 year term which could potentially cost the insurer £200,000 if a claim was made shortly after inception. In practice this is unlikely so the risk to the insurer decreases with each year the policy remains in force. If a claim was made at year 10 the insurer would have to pay the annual income for the next 10 years at a lower cost of £100,000.
Another feature of Family Income Benefit is that the annual income can be paid on an increasing or indexed basis if selected from inception. The effect of this option is that the real value of the cover is maintained and not eroded by inflation over time.
So overall, Family Income Benefit can be an almost perfect solution to protecting your dependents financially from the premature death of a vital family breadwinner. Not only is it often the cheapest form of family protection but also currently provides the annual income benefit totally free of tax.
To Summarise:-
•If you can afford it, choose guaranteed premiums
•Consider if an income benefit would be more suitable
© Copyright 2006 Life Saver. All rights reserved. Life Saver provides instant online life insurance quotes comparing discount term life insurance premiums from nineteen UK life insurers.
Article Source: ArticleBazaar.net
A simple term life insurance policy is one of the most effective ways to protect your family and financial dependents against the premature death of the main breadwinner.
Like any insurance, price tends to drive the purchase of life cover before the quality of a policy and its ultimate suitability are considered. But focusing too much on the monthly cost is not always the best way to measure good value cover.
A good example of this is often found when buying term life insurance which provides a number of policy options including two types of premium, guaranteed or reviewable. Guaranteed premiums are, as the name suggests, fixed and guaranteed by the insurance company not to increase. Whereas, reviewable premiums are subject to regular reviews, usually every five years and can be increased at the insurer’s discretion. Yes, guaranteed premiums are more expensive than reviewable rates but they should be seriously considered, especially if you intend to take out a policy for ten years or more. This is because the amount of each potential premium review increase is likely to rise the older you get.
In reality, a more accurate guide to the best value cover is to match the right policy to your need for protection. Another good example is the popularity of lump sum cover when applying for a life insurance policy for family protection. A lump sum plan is fine if you need to provide large sums to pay off debts such as a mortgage. True family protection is more about ensuring that an income is provided to replace that lost on the death of the main income earner. When a lump sum policy is used for family protection the potential problem is how to generate the required income from the lump sum. Where should it be invested for maximum return and will the income generated be subject to tax? Plus will it be sufficient to meet the financial needs of the surviving dependants?
In many cases, a more suitable solution is protection that’s designed to pay a regular income to the end of the required term. Also known as Family Income Benefit this cover has many advantages over it's lump sum alternative. One of it's major pluses is that it’s usually cheaper than a like for like lump sum policy as the risk to the insurance company decreases over the policy term. For example, a 20 year level term assurance plan for £100,000 will cost the insurance company £100,000 if a claim is paid at any time up until the end of the policy term.
Compare this to a Family Income Benefit policy providing an annual income benefit of £10,000 over the same 20 year term which could potentially cost the insurer £200,000 if a claim was made shortly after inception. In practice this is unlikely so the risk to the insurer decreases with each year the policy remains in force. If a claim was made at year 10 the insurer would have to pay the annual income for the next 10 years at a lower cost of £100,000.
Another feature of Family Income Benefit is that the annual income can be paid on an increasing or indexed basis if selected from inception. The effect of this option is that the real value of the cover is maintained and not eroded by inflation over time.
So overall, Family Income Benefit can be an almost perfect solution to protecting your dependents financially from the premature death of a vital family breadwinner. Not only is it often the cheapest form of family protection but also currently provides the annual income benefit totally free of tax.
To Summarise:-
•If you can afford it, choose guaranteed premiums
•Consider if an income benefit would be more suitable
© Copyright 2006 Life Saver. All rights reserved. Life Saver provides instant online life insurance quotes comparing discount term life insurance premiums from nineteen UK life insurers.
Article Source: ArticleBazaar.net
Saturday, May 5, 2007
Travel Insurance for Cruising Or Other Adventures, Yes or No?
Travel Insurance for Cruising Or Other Adventures, Yes or No? by Mary Hanna
Travel insurance for your cruise vacation is an optional expense. The cruise lines will offer you an insurance policy but it will usually be more expensive than other outlets. Your travel agent should know all the options that are available to choose from. Included here are some tips on how to obtain insurance, why you need it and the way to collect on your insurance if you have a claim.
I recommend spending the extra money on insurance. You never know what will happen since in most cases you have booked you cruise months in advance. You may arrive at your destination feeling fine and a couple of days later fall sick or sustain an injury.
For example, on one trip we took to London, I became extremely ill. Because we had the insurance we were able to get a doctor to our hotel room within an hour. All we had to do was call an 800 number in the Unites States and they took care of the rest of the arrangements, and this was on Christmas Eve! To say the least, this was a huge relief since we were in a foreign country and didn’t know anything about their medical facilities. Because we had purchased the trip insurance we got immediate medical care and we were reimbursed by the insurance company for all out our of pocket expenses when we returned home.
We’ve been on many trips where people have sustained broken bones. Usually it was due to their own foolishness, but since they had the trip insurance they were covered. This especially becomes an issue if you have to be airlifted to the nearest medical center. On a cruise we took through the Baltic Sea, a woman suffered a stomach aneurysm and had to be taken by helicopter to a medical trauma center in Norway. I don’t know if she had the insurance but I sure hope so. After experiencing things like these you can see why I recommend taking out a trip insurance policy.
Understand that the ships do have doctors, nurses and infirmaries. But they are only for the non emergency medical procedures like a cold or flu. They also have set up emergency medical contacts in all the destinations in case a situation is beyond their capabilities. They even have recommended dentists in each port of call.
If you do have a problem, keep all receipts from any incident and when you get home make copies, and then send the originals to the insurance company. Your health care carrier in the United States does not always cover you once you leave the country. I know for a fact that Blue Cross and Blue Shield do not.
Read the fine lines carefully. Good trip insurance will cover trip cancellation, trip delay, medical, accident, emergency evacuation, or default by the cruise lines. Although default is a remote possibility, it has happened and by having the insurance cover all of the above, you will be stress free. (Default means the cruise company abruptly goes out of business while you are on the cruise or declares bankruptcy before you take your cruise.)
There a few things that you should know about when taking out trip insurance. If you are a mature traveler make sure the insurance covers pre-existing conditions. There may be times when an airline delay can cause you to miss your ship. The insurance should pay to get you to the next port so you can board the ship at that destination. Anything could happen and with trip insurance you are prepared. I cannot stress enough to read the fine print before you purchase trip insurance from any company, be it private or from the cruise lines.
Put the copies of the receipts that you send to the insurance company in your date book about a month out from the date you sent them to the Insurer. If you have not heard anything by that time, call them. They are notorious at dragging their feet. You will get it, but it might take time and a little bit of persistence.
To get more information on Travel Insurance Companies, email me at the address below.
Follow these suggestions and you will have a stress free cruise knowing that you are covered for all eventualities.
Copyright © 2006 Mary Hanna All Rights Reserved.
This article may be distributed freely on your website and in your ezines, as long as this entire article, copyright notice, links and the resource box are unchanged.
Mary Hanna has cruised the world on almost all of the top cruise lines. After over 60 cruises she has decided to compile her expertise into an e-Book for either first time or seasoned cruisers. Mary has written other eBooks, Software Reviews (for people who are technically challenged like her) and Practical Articles on Internet Marketing, Cruising, Gardening and Cooking. Visit her websites at: http://www.CruiseGold.com, http://www.WebMarketingReviews.com, http://www.CruiseravelDirectory.com or contact her at mhanna@cruisepublishing.com
Article Source: ArticleBazaar.net
Travel insurance for your cruise vacation is an optional expense. The cruise lines will offer you an insurance policy but it will usually be more expensive than other outlets. Your travel agent should know all the options that are available to choose from. Included here are some tips on how to obtain insurance, why you need it and the way to collect on your insurance if you have a claim.
I recommend spending the extra money on insurance. You never know what will happen since in most cases you have booked you cruise months in advance. You may arrive at your destination feeling fine and a couple of days later fall sick or sustain an injury.
For example, on one trip we took to London, I became extremely ill. Because we had the insurance we were able to get a doctor to our hotel room within an hour. All we had to do was call an 800 number in the Unites States and they took care of the rest of the arrangements, and this was on Christmas Eve! To say the least, this was a huge relief since we were in a foreign country and didn’t know anything about their medical facilities. Because we had purchased the trip insurance we got immediate medical care and we were reimbursed by the insurance company for all out our of pocket expenses when we returned home.
We’ve been on many trips where people have sustained broken bones. Usually it was due to their own foolishness, but since they had the trip insurance they were covered. This especially becomes an issue if you have to be airlifted to the nearest medical center. On a cruise we took through the Baltic Sea, a woman suffered a stomach aneurysm and had to be taken by helicopter to a medical trauma center in Norway. I don’t know if she had the insurance but I sure hope so. After experiencing things like these you can see why I recommend taking out a trip insurance policy.
Understand that the ships do have doctors, nurses and infirmaries. But they are only for the non emergency medical procedures like a cold or flu. They also have set up emergency medical contacts in all the destinations in case a situation is beyond their capabilities. They even have recommended dentists in each port of call.
If you do have a problem, keep all receipts from any incident and when you get home make copies, and then send the originals to the insurance company. Your health care carrier in the United States does not always cover you once you leave the country. I know for a fact that Blue Cross and Blue Shield do not.
Read the fine lines carefully. Good trip insurance will cover trip cancellation, trip delay, medical, accident, emergency evacuation, or default by the cruise lines. Although default is a remote possibility, it has happened and by having the insurance cover all of the above, you will be stress free. (Default means the cruise company abruptly goes out of business while you are on the cruise or declares bankruptcy before you take your cruise.)
There a few things that you should know about when taking out trip insurance. If you are a mature traveler make sure the insurance covers pre-existing conditions. There may be times when an airline delay can cause you to miss your ship. The insurance should pay to get you to the next port so you can board the ship at that destination. Anything could happen and with trip insurance you are prepared. I cannot stress enough to read the fine print before you purchase trip insurance from any company, be it private or from the cruise lines.
Put the copies of the receipts that you send to the insurance company in your date book about a month out from the date you sent them to the Insurer. If you have not heard anything by that time, call them. They are notorious at dragging their feet. You will get it, but it might take time and a little bit of persistence.
To get more information on Travel Insurance Companies, email me at the address below.
Follow these suggestions and you will have a stress free cruise knowing that you are covered for all eventualities.
Copyright © 2006 Mary Hanna All Rights Reserved.
This article may be distributed freely on your website and in your ezines, as long as this entire article, copyright notice, links and the resource box are unchanged.
Mary Hanna has cruised the world on almost all of the top cruise lines. After over 60 cruises she has decided to compile her expertise into an e-Book for either first time or seasoned cruisers. Mary has written other eBooks, Software Reviews (for people who are technically challenged like her) and Practical Articles on Internet Marketing, Cruising, Gardening and Cooking. Visit her websites at: http://www.CruiseGold.com, http://www.WebMarketingReviews.com, http://www.CruiseravelDirectory.com or contact her at mhanna@cruisepublishing.com
Article Source: ArticleBazaar.net
Friday, May 4, 2007
Dirty Little Secret of Workers Compensation Insurance
Dirty Little Secret of Workers Compensation Insurance by Charles J. Read
Workers Compensation Insurance agents are paid commission based on the size of your company premium. The bigger the premium you pay the bigger your agent's commission. Your agent may never cause your premium to go up unnecessarily but has he done everything he can to reduce it and reduce his commission?
The first workers compensation law was enacted in the United States in 1911 by the State of Wisconsin. By 1948, every state had some form of "workman's comp." Basically this is a government mandated social insurance pact between employers and employees. Employers are forced to cover medical care and provide wage replacement for employees hurt on the job: in return workers compensation benefits becomes the only remedy available for workers. Even though courts have upheld this concept for almost one hundred years occasionally in cases of bad faith courts have over ridden this exclusive remedy.
Workers compensation is compulsory insurance in every state but Texas. With some few exceptions, all employers are mandated by law to carry workers compensation insurance.
Workers Compensation Insurance premium is calculated by how employees are classified by their specific work and the rate assigned to each employee classification.
Workers Compensation insurers attach a premium rate to each employee classification code. These rates must normally be approved by the state insurance regulatory agency in the state the policy is in effect in. Agency approval of the rate is based on numerous items. One of the items taken into account is adequacy of the rate. Rates must be adequate to maintain the financial condition of an insurance company. Adequate rates allow the insurance company to maintain surplus to meet current and future claims..
The classification code and its corresponding premium rate are part of the formula. The premium rate itself is expressed as dollars and cents per $100 dollars of payroll. The payroll for each classification code is estimated and then each $100 is multiplied by the rate. The calculated amount is the base premium. The base premium is then modified (change up or down) using rating plans and experience modification.
The experience modification is calculated from losses that the company has reported in the past.
The insurance company used a government-approved formula to calculate an experience modification for each employer. The formula looks at paid losses, reserves necessary for claim made and payroll amounts for the past three years (usually). The experience modification shows average loss experience of employers with similar classified employees and works as a way to compare employers. The experience modification is added to the class rate, along with any other modifications and an estimated premium rate is created. This is called prospective rating and is the most commonly utilized rate plan.
The total premium for a workers compensation insurance policy is not certain until the policy period is complete and all payroll has been reported.
Now you know how the rates are calculated what is the "Dirty Little Secret"? In thirty years of working with companies I have never gone into a company of any size and found that its employees are correctly classified. The classification process is many times as much of an art as it is a science. Different people can look at the same job and classify it differently sometimes with extremely different results to the premium. Many classification titles are very similar but with much different rates. There are many jobs that don't have a specific classification but have to be fitted into something that makes sense. If the insurance company decides the classification do you think it will be the best possible choice for the employers lowest premium?
If an employer is not only knowledgeable but also aggressive about classifications who is going to see to it that they are the lowest possible premium rates. The insurance company makes more money out of higher premium rate classifications. The risk to the insurance company does not rise if the employee is misclassify into a classification that commands a premium rate of say $10.13 per $100 of payroll as say a rate of $1.01 per $100 of payroll. The insurance company just makes ten times as much revenue. If there is a claim it will be paid at the same amount regardless of what the premium was.
The insurance agent that supposedly has the employer's interest at heart makes ten times the commission if an employee is misrated as in the paragraph above. Is he going to take his time, energy and effort to deliberately cut his commissions by suggesting rate changes over his company's objection?
If as an employer you don't have an intimate knowledge of classification and ratings you need to either get the knowledge or hire someone who has it. You can't trust your agent to be objective about this. You are talking about taking money out of his pocket and out of the pocket of people that pay him. You don't pay him the insurance company does. It pays him a commission on what he sells you. Not necessarily on what you need. Your agent may be doing a bang up job but wouldn't you like to be sure?
Charles J. Read, CPA has been in the payroll, accounting and tax business for 30 years, the last fifteen in private practice.
Mr. Read is the author of “How to Start a New Business.”
To find professional payroll service at a budget price go to www.PayrollonaBudget.com a paperless payroll company.
For a full service payroll bureau with CPA’s on staff visit www.CustomPayroll.com .
See an excerpt of Mr. Read’s interviews from William Shatners “Heartbeat of America” television show on the web sites linked above.
Article Source: ArticleBazaar.net
Workers Compensation Insurance agents are paid commission based on the size of your company premium. The bigger the premium you pay the bigger your agent's commission. Your agent may never cause your premium to go up unnecessarily but has he done everything he can to reduce it and reduce his commission?
The first workers compensation law was enacted in the United States in 1911 by the State of Wisconsin. By 1948, every state had some form of "workman's comp." Basically this is a government mandated social insurance pact between employers and employees. Employers are forced to cover medical care and provide wage replacement for employees hurt on the job: in return workers compensation benefits becomes the only remedy available for workers. Even though courts have upheld this concept for almost one hundred years occasionally in cases of bad faith courts have over ridden this exclusive remedy.
Workers compensation is compulsory insurance in every state but Texas. With some few exceptions, all employers are mandated by law to carry workers compensation insurance.
Workers Compensation Insurance premium is calculated by how employees are classified by their specific work and the rate assigned to each employee classification.
Workers Compensation insurers attach a premium rate to each employee classification code. These rates must normally be approved by the state insurance regulatory agency in the state the policy is in effect in. Agency approval of the rate is based on numerous items. One of the items taken into account is adequacy of the rate. Rates must be adequate to maintain the financial condition of an insurance company. Adequate rates allow the insurance company to maintain surplus to meet current and future claims..
The classification code and its corresponding premium rate are part of the formula. The premium rate itself is expressed as dollars and cents per $100 dollars of payroll. The payroll for each classification code is estimated and then each $100 is multiplied by the rate. The calculated amount is the base premium. The base premium is then modified (change up or down) using rating plans and experience modification.
The experience modification is calculated from losses that the company has reported in the past.
The insurance company used a government-approved formula to calculate an experience modification for each employer. The formula looks at paid losses, reserves necessary for claim made and payroll amounts for the past three years (usually). The experience modification shows average loss experience of employers with similar classified employees and works as a way to compare employers. The experience modification is added to the class rate, along with any other modifications and an estimated premium rate is created. This is called prospective rating and is the most commonly utilized rate plan.
The total premium for a workers compensation insurance policy is not certain until the policy period is complete and all payroll has been reported.
Now you know how the rates are calculated what is the "Dirty Little Secret"? In thirty years of working with companies I have never gone into a company of any size and found that its employees are correctly classified. The classification process is many times as much of an art as it is a science. Different people can look at the same job and classify it differently sometimes with extremely different results to the premium. Many classification titles are very similar but with much different rates. There are many jobs that don't have a specific classification but have to be fitted into something that makes sense. If the insurance company decides the classification do you think it will be the best possible choice for the employers lowest premium?
If an employer is not only knowledgeable but also aggressive about classifications who is going to see to it that they are the lowest possible premium rates. The insurance company makes more money out of higher premium rate classifications. The risk to the insurance company does not rise if the employee is misclassify into a classification that commands a premium rate of say $10.13 per $100 of payroll as say a rate of $1.01 per $100 of payroll. The insurance company just makes ten times as much revenue. If there is a claim it will be paid at the same amount regardless of what the premium was.
The insurance agent that supposedly has the employer's interest at heart makes ten times the commission if an employee is misrated as in the paragraph above. Is he going to take his time, energy and effort to deliberately cut his commissions by suggesting rate changes over his company's objection?
If as an employer you don't have an intimate knowledge of classification and ratings you need to either get the knowledge or hire someone who has it. You can't trust your agent to be objective about this. You are talking about taking money out of his pocket and out of the pocket of people that pay him. You don't pay him the insurance company does. It pays him a commission on what he sells you. Not necessarily on what you need. Your agent may be doing a bang up job but wouldn't you like to be sure?
Charles J. Read, CPA has been in the payroll, accounting and tax business for 30 years, the last fifteen in private practice.
Mr. Read is the author of “How to Start a New Business.”
To find professional payroll service at a budget price go to www.PayrollonaBudget.com a paperless payroll company.
For a full service payroll bureau with CPA’s on staff visit www.CustomPayroll.com .
See an excerpt of Mr. Read’s interviews from William Shatners “Heartbeat of America” television show on the web sites linked above.
Article Source: ArticleBazaar.net
Thursday, May 3, 2007
Long Term Care Insurance: Who to Trust?
Long Term Care Insurance: Who to Trust? by Clay Cotton
A contract is a contract, and a long term care insurance company has the right and responsibility to follow it's policy's wording to the letter. Buyers BEWARE! Companies can "interpret" vague wording in their favor. So, it's a very good idea to enlist the expertise of an insurance coverage contract lawyer in the very beginning, rather than waiting until being denied. Just know that lawyers are pricey, so be prepared to spend some extra cash for this last step.
Unless you are well versed in contract law and know the in's and out's of the insurance industry's language, do not supposed that you are smarter than your long term care insurance company's lawyers. Make sure you know what you are buying.
Checking policy wording with a contract lawyer who knows the long term care insurance lingo while also making sure you have a competent and compassionate long term care insurance broker in your corner is the best of both worlds.
Brokers can be very helpful, as long as they are consumer-focused, however they are not trained in law. Even Clay's long term care insurance mentor/trainer, who had years of experience, was caught unaware a few times. After believing a policy's wording meant that it promised coverage under certain circumstances, Charlie was devastated and infuriated to learn that a client's claim was questioned. Charlie wasn't a lawyer, and in good faith he believed what the insurance company had alluded to during his training. Maybe he was too trusting. His training was about sales, not about specific wording in a particular policy and the legal ramifications of such wording for his clients.
However, IF a long term care insurance company tries to deny your claim, your broker can go to bat for you arguing in your behalf. Charlie did this for his clients and he won. Often a broker can push a claim through, when a consumer cannot. They can't argue law, but some do have "pull". This is especially true if the broker is an long term care insurance company's top producer. The company doesn't want to upset the broker and risk losing future sales, even if they are vaguely within their rights to deny a claim. (I say vaguely, because some policies are vague in their wording. )
So, if you do need assistance getting your claim approved, you might want to see if your broker can help before spending money on a lawyer. Please note: There may be time limitations pertaining to filing an appeal or contesting an insurance company's denial of claim/benefits. If you think your claim has been unjustly denied, do not delay. Act right away.
In most cases, your broker can become your best friend during "claims time". Coming face to face with a long term care situation can be an incredibly stressful and emotional time, both for the person needing care, as well as for family members.
NOTE: Read your policy to see if you will need to file your claim within a certain amount of time. Some policies require written notice within 30 -90 days from the verification of disability.
Call your long term care insurance agent as soon as you need to receive benefits. A conscientious broker will assist you with your claim. Agents should consider it part of their job. Some agents may even go the extra mile by helping you fill out your paperwork and making sure it gets filed in time.
It's good to know that you have a trusted broker to lean on during what may be a confusing and heart-wrenching time.
Long term care insurance activist, Clay Cotton, writes for http://www.PrepSmart.com - The Online Baby Boomers Decision Assistance Center, where you get Free Long Term Care Insurance advice, comparative rate quotes and personal guidance, all while safely at home in your favorite pajamas and bunny slippers.
Article Source: ArticleBazaar.net
A contract is a contract, and a long term care insurance company has the right and responsibility to follow it's policy's wording to the letter. Buyers BEWARE! Companies can "interpret" vague wording in their favor. So, it's a very good idea to enlist the expertise of an insurance coverage contract lawyer in the very beginning, rather than waiting until being denied. Just know that lawyers are pricey, so be prepared to spend some extra cash for this last step.
Unless you are well versed in contract law and know the in's and out's of the insurance industry's language, do not supposed that you are smarter than your long term care insurance company's lawyers. Make sure you know what you are buying.
Checking policy wording with a contract lawyer who knows the long term care insurance lingo while also making sure you have a competent and compassionate long term care insurance broker in your corner is the best of both worlds.
Brokers can be very helpful, as long as they are consumer-focused, however they are not trained in law. Even Clay's long term care insurance mentor/trainer, who had years of experience, was caught unaware a few times. After believing a policy's wording meant that it promised coverage under certain circumstances, Charlie was devastated and infuriated to learn that a client's claim was questioned. Charlie wasn't a lawyer, and in good faith he believed what the insurance company had alluded to during his training. Maybe he was too trusting. His training was about sales, not about specific wording in a particular policy and the legal ramifications of such wording for his clients.
However, IF a long term care insurance company tries to deny your claim, your broker can go to bat for you arguing in your behalf. Charlie did this for his clients and he won. Often a broker can push a claim through, when a consumer cannot. They can't argue law, but some do have "pull". This is especially true if the broker is an long term care insurance company's top producer. The company doesn't want to upset the broker and risk losing future sales, even if they are vaguely within their rights to deny a claim. (I say vaguely, because some policies are vague in their wording. )
So, if you do need assistance getting your claim approved, you might want to see if your broker can help before spending money on a lawyer. Please note: There may be time limitations pertaining to filing an appeal or contesting an insurance company's denial of claim/benefits. If you think your claim has been unjustly denied, do not delay. Act right away.
In most cases, your broker can become your best friend during "claims time". Coming face to face with a long term care situation can be an incredibly stressful and emotional time, both for the person needing care, as well as for family members.
NOTE: Read your policy to see if you will need to file your claim within a certain amount of time. Some policies require written notice within 30 -90 days from the verification of disability.
Call your long term care insurance agent as soon as you need to receive benefits. A conscientious broker will assist you with your claim. Agents should consider it part of their job. Some agents may even go the extra mile by helping you fill out your paperwork and making sure it gets filed in time.
It's good to know that you have a trusted broker to lean on during what may be a confusing and heart-wrenching time.
Long term care insurance activist, Clay Cotton, writes for http://www.PrepSmart.com - The Online Baby Boomers Decision Assistance Center, where you get Free Long Term Care Insurance advice, comparative rate quotes and personal guidance, all while safely at home in your favorite pajamas and bunny slippers.
Article Source: ArticleBazaar.net
Subscribe to:
Posts (Atom)
