Insurance Info

Insurance is a contract wherein an insured (entity or an individual) receives monetary protection or reimbursement against future losses from an insurer (insurance company). To put it in other words, an insured or a policyholder purchases policy from an insurance company and pays premium for the required coverage. In turn, the insurer promises to cover the financial losses listed in the particular policy. Apart from different type of policies, insurance industry is dominated by a number of insurance professionals, who guide people right from purchasing a policy to settling a claim.

Types of insurance policies

Insurance industry is nothing without insurance policies. There are a number of insurance policies, some of which are listed below.

• Life insurance: In life insurance, the designated beneficiary/beneficiaries get cash benefit in the event of the policyholder’s death.

• Auto insurance: You need to purchase an auto insurance policy if you own a vehicle. This policy provides coverage to you and your car in the event of an accident, theft or damage. It also covers bodily injury and property damage liability. Continue reading ‘Insurance Industry – The Responsibilities of Insurance Professionals’ »

Long-term care insurance is a relatively new idea in the insurance industry but its necessity ranks up there with disability insurance and life insurance. But since it is such a new product on the insurance scene, there are still many questions that surround long-term care (LTC) insurance and its necessity. Here are some of the more common questions you can expect to be asked about this insurance product along with some great answers to those questions.

Should I consider purchasing a long-term care insurance policy?
If you are at least 45 years of age, you should consider purchasing a LTC insurance policy. This should be part of your overall insurance portfolio along with life insurance and other insurance that you need. However, you should evaluate your insurance budget. If you only have a budget that will cover a comprehensive life insurance policy, do that first. Prioritize your insurance needs and don’t put yourself or your family into a financial hardship just to purchase a long-term care insurance policy. Continue reading ‘FAQs About Long-Term Care Insurance’ »

Asuransi is an Indonesian word for insurance. Insurance is defined as the equitable risk transfer of a loss, from one entity to another, in exchange for payment. The main concept of insurance – that of spreading risk – has been around as long as human existence.

The first methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as 3000 to 2000 years BC, that is about 5000 years ago. Chinese merchants used to travel with a lot of valuable things, they travelled through land and water. When they travelled across the island, they distributed their goods into several ships to limit the loss due to any single ship capsizing. While the Babylonians developed a system which was recorded in the famous Code of Hammurabi around 1750 BC. It was practiced by early Mediterranean sailing merchants. A merchant who wanted to ship his trades would receive a loan to fund his shipment. If the shipment arrived in good condition, the merchant should pay back the loan to the lender with an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen. Continue reading ‘Asuransi – The History of Insurance’ »

If you want to know whether an insurance company will give you good rates on a particular insurance product you need to get a quote. Insurance quotes are dependent on a number of factors for this reason you can only judge whether an insurance company has good deals if you get a quote for your insurance. If someone you know recommends an insurance company, you will be wise to get quotes from other companies as well. Let us go through some of the variables which determines insurance quotes and why it is important for you to shop around for different quotes.

Variables

An insurance quote cannot be estimated because of a number of factors which determine the quotation. These factors are statistically calculated to see how much of a risk the person who wants insurance will be for the insurance company. Continue reading ‘What Determines Your Quotes For Insurance?’ »

Insurance has become a necessary evil in our times. When I say necessary evil I mean that insurance or at least the need for insurance mostly arises from need for financial security in case of theft, accident or incident such as ill health. Seeing the growing need of people to protect their assets, there have been many more insurance companies popping up over the past decade.

The weakness of the insurance industry like many other industries can be attributed to the greed and dishonest practices of some companies. These are companies which are only out to make a profit. This article is about how to safe guard yourself from an insurance company which has dishonest practices. There are companies which really do have a strict code of ethics in their dealings, who really do try to deliver the best possible service to their clients. Continue reading ‘Is Your Insurance Company Trying To Crook You?’ »