Car Insurance
Car insurance terms and definitions: A-Z
Accident: An unforeseen occurrence that is out of the control of the driver and results in damages or loss.
Accident Frequency: Insurance companies will take the number of accidents in which a driver has been involved in to consideration when determining insurance premiums.
Actual Cash Value: Actual Cash Value refers to the cash value that is set by the insurance company, the replacement value of the insured automobile and the total used to determine compensation in the event of total loss of the vehicle. (less depreciation)
Anti-Theft Device: An anti-theft device is meant to reduce the risk of theft as well as assist in quick recovery of the vehicle in the event of theft. Many insurance companies over reduced rates for having an ATD in stalled.
Blue Book: Standard publication used industry why to determine market value of vehicles.
Contributory Negligence: Affective in some states this law prevents any compensatory recovery from at fault party.
Declaration Page: Document in policy which list all details of the policy, insurance company, vehicle and the insured.
Deductible: The deductible is the set cost the insured must pay in the event of a loss.
The rate of the deductible will affect the premium rate, the higher the deductible the lower the premium.
Endorsement: An attachment which changes the original policy.
First Party: First party refers to the person that is insured under the policy.
Fraud: A falsification in any part of your policy or the attempt to file a fraudulent statement or claim is illegal and will result in a void policy.
Garage Location: This refers to the location where the vehicle is garaged the largest percentage of the time and correspond with your mailing zip code and will premium rate.
Condo Insurance
Condo owners, just like homeowners, need to purchase insurance to protect their property and liability. Below are three of the most frequently asked questions about condo insurance to help you get started.
1. What’s the Difference Between Condo Insurance and Homeowner Insurance?
Insurance for condos is quite similar to insurance for homes; the real differences stem from whether you own or rent the condo.
To learn about the different kinds of coverage available for your rented or owned condo, talk with an insurance carrier that specializes in coverage for condos. If your condo is part of a complex, you can also find out what’s required when you talk to a member of your association.
2. What Does Condo Insurance Insure?
Coverage options vary depending on the carrier and policy, as well as on whether you own or rent the condo.
Some of the options you can find for your condo include coverage for:
Your personal property.
Loss of use of your possessions and/or structure.
Personal injury sustained somewhere on the property (this applies to owners or renters of units that are part of complexes).
Damage that occurs to commonly owned structures.
Personal liability.
Medical costs.
Note that these are just a few of the coverage options typically available; you’ll need to talk to an agent to find out specifics about a particular carrier’s options.
3. Where Can I Find Condo Insurance?
Most insurance carriers that offer homeowner insurance also offer insurance for condominiums. Talk with other condo owners about the carriers they use and, if your condo is part of a complex, the complex’s association might provide suggestions.
Term Insurance
Term insurance is an insurance coverage which involves a fixed rate of payments over a limited period of time. Once this time period expires, the rate of premiums applied till the date of expiry do not exist and also there is no guarantee over the coverage. The client has to either give up this coverage or obtain a new coverage with different terms and conditions. In case of death of the insured, the death benefit is paid to the beneficiary. Life term insurance is the most inexpensive way to get a coverage amount on per premium dollar basis while buying a significant death benefit on a coverage amount.
An affordable and reliable financial protection in case of an unforeseen or unfortunate event of death is termed as term life insurance.
Such policies are usually not used for tax benefits or charitable strategies as they do not usually hold predetermined cash values. The beneficiaries of the policies get the cash value but seldom the value of whole life policies. Term insurance like all other types of insurance satisfies relevant claims if the contract has not expired and the premium records are up to date. Term life insurance does not pay the premium dollars unless the claims are filed.
Term life insurance is purely a death benefit and hence its primary function is to provide financial responsibilities coverage for the one who is insured. These responsibilities include college education, dependent care, consumer debt, funeral costs, mortgages etc. Term policy can be sought and bought easily and it is very cheap as opposed to the misconception of it being expensive.
The length of the term plan usually ranges from 5- 30 years. The client chooses a fixed sum to be insured for a fixed period of time. The best term life insurance is chosen by the policy holder or the client that fits his needs and demands.
Auto Insurance
The insurance which protects one from the financial loss, especially physical damages due to accidents or liability that could arise in any case, is auto insurance.
According to a recent study by Insurance Research Council(IRC), the number of people are growing, who drop their auto insurance trying to save money. The main reason behind this is the unemployment and if the scenario continues, the uninsured rate will rise upto 16.3 percent by 2010.
Getting a vehicle insured is very necessary unless you are driving a wrack and have no assets to protect. Going for the proper automobile insurance is a difficult task and many questions arise in the mind, like what type of coverage to take, how much insurance to take and if going for the first time , then the situation gets more terrible.
To overcome the fear of first time auto insurance, do a complete research on the types of coverage, available in the market. Knowledge of the types can help in making the good decision. Once you are done with the research work, make a choice for the insurance company which provides you the insurance at right price. Sometimes insurance companies also provide you with the assistance in choosing the suitable insurance coverage, you can consider their help, if you want. Without the proper planning and complete knowledge you can end up with the insurance which does not suit your requirements, hence it is necessary to for a thorough research. There are the number of the coverage you can choose from, some are:
Medical payments.
Insuring the physical damage.
Property damage or the bodily injury.
Insurance for theft and natural hazards(fire, flood etc).
No fault Auto insurance(in some jurisdictions).
Now you have decided the type of insurance you want, the next question is how much insurance to purchase. The best solution is to purchase an insurance that you can afford. There is no sense in getting the insurance, for which you cant pay, as it will collapse in 90 days if the monthly installments are not paid. If you are not able to afford the desired coverage at present, some companies provide the facility of upgrading your insurance in future. This can be a better option for such people.
The other thing to consider is that if you are still financing for the vehicle, then it is better to go for the comprehensive and collision types of coverage. This type of coverage will help the lien holder, if any damage occurs to the vehicle. But the drawback is that these types of coverage may held you from buying other coverage which you might require.
The insurance, in the first chance, may seem complicated but go for a complete research for the various types of coverage and give enough time to determine your requirements and choose the company which gives you the best deal. Most importantly go for the insurance which suits your needs and the one you can afford..
Insurance Company
Insurance companies in India have made a significant contribution to the economic growth of country and offered benefits to beneficiaries as well by providing various low and high investment plans.
Company helps you to protect yourself from contingencies or unexpected events by providing various categories policies like for travel, health, medical and mortgage purpose. The industry in India is thriving and customers are taking advantage of the fast-paced and competitive market in easy way.
The Basics
The word insurance refers to managing risk. You pay a certain amount of premium to the company against which the company provides you services like protecting your health, your car, your home or your family members. When the policy attains its maturity period or the insured person passes away, the company returns the claim amount to beneficiaries.
Insurers receive premiums from the policyholders and invest the money in risk free investments for increasing money to pay their interest. There are different types of beneficiaries such as life, health, auto and home or property beneficiaries.
An Overview
The Indian insurance industry has undergone a sea change over the last few years. Deregulations of the sector and massive globalization have contributed to the growth of the companies. Insurance sector in India comprises both private and government beneficiaries. Some foreign ones have also started operating in the market. FDI (Foreign Direct Investment) in the sector has grown significantly when the sector was opened by the Government of India to private carriers in 1999.
On the basis of public and private companies Insurance industries in India can be broadly categorized into life and general insurance companies:
Life insurance companies
The following are names of the prominent life insurance in India:
Bajaj Allianz
Aviva
HDFC Standard Life
Birla Sun Life
Life Insurance Corporation of India
Future Generali
ING Vysya
MetLife
Max New York Life
Reliance Life
Om Kotak Mahindra Life
SBI Life
Sahara India
TATA AIG
Homeowners Insurance
If in the near future you are intending to buy a home, then it is essential for you to know everything about homeowners insurance. A good home insurance policy would not only help you to save your hard earned money, but would also give you a complete peace of mind. There are numerous of things that have to be considered while buying a home insurance. Let’s take into account a few important ones.
Know your home inside out- To get the right home-insurance premium quotation, inspect your home carefully to ascertain the construction material used, age of electrical and plumbing fittings, and so on. If you have a wooden home in a wildfire prone area or if you have a masonry home in an earthquake prone area, then you would have to pay higher premiums.
Familiarize yourself with the neighborhood- You can claim discounts, if the fire station is near your home or if the emergency vehicles are able to reach your home within a few minutes.
Insurance Pimps
Why are the people and Congress trying to force everybody to have insurance with insurance companies who are pimps? Why doesn’t Congress just write legislation that says “The American Citizens do not have to have any type of insurance?” Then you would see the price of all types of insurance come down. The problem with high insurance cost is that Americans are forced to have insurance and the insurance companies know this; and therefore, they do not have to make a deal with the American citizens or Congress. So I say to Congress just change the law concerning all types of insurance. Then the insurance companies will have to fight for their share of the market on their own. This would not hard to do if Congress was not in the pockets of insurance companies. I have emailed my Senators and House Representatives for years concerning the insurance pimps and they fail to do anything to change the legislation in favor of the American Citizens.
Now Congress wants to force everybody to pay insurance premiums to the insurance pimps with less coverage. I can see the insurance pimps laughing all the way to the bank….Sad! Congress just makes paying insurance a choice; and not a crime if you do not have insurance.
Universal Health Coverage
Why is it that Congress and the President want to keep the insurance companies in between the American Citizen and their doctors? The true premise is that “we the American Citizens do not want insurance companies in between us and our doctors.” So Congress and President Barack Hussein Obama please understand all we want is a government pool created to DEPOSIT our entire premium PAYMENTS so that 80% of our medical and dental cost can be paid.