“Do I need life insurance?” “Is whole life insurance a good investment?” “Is term life insurance risky?” Questions like these are posted in online communities on a daily basis. The answers vary widely, with the term life and whole life camps polarized. The tone of the debate is surprisingly strident. After all, the topic is insurance—not a something expected to inspire strong opinions, let alone strong language. But words like “rip-off,” “scam,” and “waste of money” fly back and forth, sometimes accompanied by rows of exclamation marks or worse. What is behind the brouhaha? And which camp—if either—is right?

The two sides do not even agree about whether a person needs life insurance. Whole lifers say, yes. You do not want the death of a family member to disrupt your family’s finances or jeopardize its future. It is hard enough to adjust to the loss of a loved one. Adding financial difficulties exacerbates the problem. With the skyrocketing costs of funerals, even children and seniors should have at least a small life insurance policy.

Not so fast, say the term lifers. The only reason to have life insurance is to replace the lost income of a family member who dies, and then only when the spouse or family is dependent on that income. If you are single with no dependents and no debts that might be transferred to your family in the event you die, then you do not need life insurance. If you are married and your spouse works, you probably do not need life insurance, either, assuming your spouse makes enough to support himself or herself.

The time for life insurance, term lifers say, is when the policyholder’s income is vital to the financial security of the family. If, for example, you have purchased a home together and your spouse could not pay the mortgage and other bills by himself or herself, then life insurance is in order. If you have children, you will want to have enough life insurance to allow your family to maintain its lifestyle after you are gone. This includes not only meeting day-to-day expenses, but also being able to follow through with plans for higher education. Insurance professionals recommend buying a policy with a face value 5-10 times the breadwinner’s annual salary to help family meet expenses for a period of years.

Whole lifers see problems with the term-life scenario. The view it as overly optimistic, even naïve. Many things can happen during the 20- to 30-year period covered by term life insurance that could extend the need for coverage beyond the policy’s end date. For example, children may be born mentally retarded, with severe autism, or with another serious condition that could prevent them from becoming independent when they reach adulthood. Children also can develop a disease or suffer an accident that disables them. A spouse, too, can become disabled. In these situations, the family will remain dependent on the breadwinner’s income long after the term life policy expires.

Term life insurance advocates point out that in such cases, the breadwinner can renew the term life policy, or take out a new one. Now it’s the whole lifers’ turn to say, “Not so fast.” By the time the second term life policy is needed, the breadwinner will likely be in his or her fifties or even sixties. Due to the age of the insured, the cost of a second term life policy will be much higher than the cost of the first was. With the added years come added risks of certain diseases. If the breadwinner is obese, has developed high blood pressure, a heart condition, diabetes, or another disease, the cost of the term life policy will skyrocket. If the individual has developed cancer or AIDS, he or she may not be insurable at all. In such situations, the cost savings realized on the first term life policy could be wiped out by the high cost of a second term life policy.

By contrast, the premiums of a whole life policy are set for life and do not go up with age or medical condition. A whole life policy cannot be canceled due to medical conditions, either. The policy remains in force until death, as long as the premiums are paid.

“Until death” is another advantage of whole life, its advocates maintain. Whole life gets its name from the fact that it insures the policyholder life until death. As a result, whole life insurance is guaranteed to pay a death benefit—the amount the policy pays upon the death of the insured. The death benefit can be increased—at certain points at no additional cost—as the policyholder ages. A small policy designed to cover the funeral costs of a child can be increased to provide adequate coverage during an adult’s peak earning years. Whatever the death benefit or “face value” of the whole life policy, the insurance company guarantees to pay it. As a result, the policyholder or his or her beneficiaries always receive some, all, or more than the premiums paid into the policy.

This is not the case with a term life policy, whole lifers point out. The term life insurance policyholder can pay premiums for 30 years, but if he or she outlives the policy—even by a day—then all of the premium money is gone. The only thing the policyholder will have received is 30 years worth of peace of mind.

Whole life insurance, by contrast, accumulates a value that the policyholder can access during his or her lifetime. This value is known as the cash value or the surrender value. The whole life policy holder can use the cash value as collateral for a loan, or even borrow some of it during his or her lifetime. The policyholder must pay this amount back. If he or she dies before it is paid back, then the unpaid amount is deducted from the death benefit. If the policyholder decides to cancel the policy, the insurance company will pay him or her the cash value, which is then known as the surrender value. Whole life, its proponents maintain, is not only insurance against death. It is an investment for life.

This is where the debate turns nasty. Term lifers often ridicule the investment features of whole life. Because whole life always pays a death benefit, it costs 5-10 times more than term life does. Term lifers argue that a person is much better off getting a term policy for the same face value that they would get a whole life policy, then saving and investing the difference in premiums. Almost any investment will return more than a whole life policy will, term lifer proponents maintain. Over 20 or 30 years, the difference can be vast. Buy insurance to insure, the term lifers say, and use the savings to invest.

Whole lifers respond that the return on a whole life policy is guaranteed at the outset, something than cannot be said for other investments. To earn greater rewards, the term life policyholder must take greater risks in the open market. Many investments will outperform whole life insurance, but not all will. Some investments lose money, as shareholders in World Com, Enron, Peregrine Systems, and many other companies can attest.

Even if the investment will pay out, it is not certain that the term life policyholder will actually make it. To do so, he or she must calculate the amount saved over whole life insurance; save that money every month, quarter, or year; research possible investments; and contribute to that investment regularly for 20 or 30 years. This makes sense for disciplined and savvy investors, but many others will find the endeavor daunting and time consuming. They may not start it, and if they do, they may not continue it. Whole life takes care of insurance, savings, and investment in one easy payment. Even if the returns on whole life are not great, saving something is better than saving nothing, and nothing is exactly how much many term life policyholders will end up saving.

Both whole life and term life have pros and cons. People who are financially savvy and disciplined will gain from the term life scenario. Those who need a convenient and simple mechanism for insurance and savings will benefit from whole life insurance. Deciding which is best for you requires an honest appraisal of your goals, your lifestyle, and your investing skills.

Source by Bradley Steffens

You may not realise it but having penalty points on your license can increase your premium by 60%. On average, drivers who have points on their license pay £370 more than those with a clean license and at a time when we are trying to save money drivers are urged to drive more carefully not just for their safety but for their finances.

Car insurance prices will naturally rise given the current financial climate so if there are ways of reducing the increasing costs, customers should look to take advantage of them. Simply driving carefully and sticking to speed limits can ensure you save a considerable amount of money on your premium.

This is especially important when looking for young driver car insurance. Young drivers typically find it hard to find competitive prices and if they were to have penalty points on their license they could find their policies doubling in price. As young drivers pay around double on a normal policy, this means that a young driver with points could find themselves paying 4 times the average price.

In the last 12 months, over 3 million driving convictions have been recorded which means drivers are not taking notice of the warnings that the car insurance industry has given. Drivers need to work out whether cutting a couple of minutes of a journey is worth the penalty points and large fines.

Traditionally, women pay less for their insurance as they are considered to be safer drivers. However, when it comes to penalty points, research shows that women are more heavily penalised and see increases of up to 80%. This shows that everyone has to be careful when on the roads to avoid large fines.

Driving carefully is a good start to cheaper insurance and customers should follow this up by shopping online and comparing the leading providers with minimal stress and hassle.

Having points on your license can seriously affect your insurance premium. Especially when new drivers look for cheap car insurance as they are affected the most. For the best prices on car insurance shop online and compare the leading insurers.

Source by Karl Bantleman

If you are planning for a big day celebration, various risks and problems may automatically come to your way which can easily destroy everything. Whether it is all about planning for a great party, organizing the best event where various celebrities will be there, fair, business exhibition and others, everything must be fully protected. Have you ever thought how to organize the biggest event or program without any risk or issues? It would be good, look no further and must hold up the hands of the best insurance service provider.

Would you like to know the benefits of taking the best insurance policy for your event? If not, then you should check out its great coverage options and you will definitely be pushed to hire the same before organizing any kind of small to large event. Here they are-

Bodily injury and property damage coverage

Taking right policy for an event will help you to prevent from the risk of bodily injury, accidents and property damage. Yes, in any event due to any kind of misshapen or accident, people may get injured or they may damage property which will cost you a lot. But, if the best insurance policy with you, you don’t need to fear of anything at all as for all the damages your insurance company will pay. This is something will definitely save a lot of invested money and you won’t lose anything.

Cancellation of an event

Cancellation of an event again cost an event organizer a lot, however, it would be good to hire the best Event Liability Insurance and get protected from all sorts of issues. Once you will have the best, you will get a great coverage from cancellation of an event and all the invested money will be returned by your insurance company. Yes, there are various reasons of cancellation of an event due to- earthquake, terrorism, fire, weather, or any other issues, which completely waste the invested amount on an event. But, no worries, if you have taken the best policy as it will help you to safeguard you, your event and money.

Equipments and instrument theft or stolen

This kind of issues often come during an event, however, it would be better to think up the same in advance. As due to heavy crowd and business, organizers unable to pay attention on all the thing at the same time, however, misplacement or theft of precious dresses, jewellery, instruments, and various other things may occur which may create problems for the organizer. It is very important to protect against such sort of risk, thus, better move ahead and check your insurance plan which must protect us against all sorts of risks and problems.

It is good to find out the best service provider, thus, must go up with the suggested one.

Source by micheljordan4

What is insurance?
Get past all the complicated language and this is a simple contract. You pay a premium and if one of the risks causes you loss, you can claim compensation. Because the insurers cannot inspect every vehicle before they insure it, this is a contract based on good faith. If it later turns out you modified the vehicle or were less than honest about your driving record, the insurer can cancel the policy and leave you with any cover.

Liability insurance
The key part of the law of tort is called negligence. If you are at fault and injure a third party, you are liable to pay compensation. The amount will depend on how much damage you did. If this was just a bending of a fender, the amount will be small. But if you had the bad luck to hit a top-of-the-range Beamer driven by a banker, the claim will come in for medical treatment, pain and suffering, loss of earnings, and anything else his expensive attorney can think of.

Mandatory insurance
In all but three states, the law requires you to carry a minimum amount of liability insurance. In most of these states, the amount is low so, in most accidents, you are underinsured. The law allows any victim to claim for anything not covered by your insurance. If you have no assets and a poor job, it is uneconomic to sue you. But if you have assets worth protecting, you should consider buying more than the basic minimum insurance cover.

Collision insurance
As the name suggests, this covers your own losses if you hit another vehicle or a tree that happens to step out in front of you. It’s all very well insuring against the claims other people may make against you. There’s still the need to repair your own vehicle. So unless you own your own vehicle and intend to sell it for scrap if it’s too badly damaged, buy collision insurance. If you rent or have a car loan, it will be required anyway.

Comprehensive
This covers all your other losses should your vehicle be stolen or damaged by the weather. Again, this cover is expected if you rent or have a car loan.

Personal injury protection
It’s always a good idea to be able to cover your own medical expenses if you are injured. In states where there’s no-fault insurance, carrying PIP is usually mandatory alongside the liability coverage.

Gap coverage
If your vehicle is totaled, there can be a gap between what the insurer will pay out as the fair market value and what you owe on an auto loan. If that’s the case, think about this coverage.

The rest
There are a bunch of other terms for towing your vehicle should it breakdown or be caught in an accident, hiring a replacement vehicle while yours is off the road, and so on.

When you are getting your car insurance quotes through this site, think carefully about your needs. Car insurance is expensive so ensure you get only as much cover as you realistically need.

Source by David Mayer

Auto Insurance in Dubai protects the insured against unforeseen financial losses. Best Auto Insurance in Dubai covers accidental damage or theft and the liabilities. Platinum Insurance Broker also offers best Online Auto Insurance in Dubai, Online Motor Insurance in Dubai, UAE. Best Motor Insurance Dubai, Third Party Insurance UAE, Online Car/Auto Insurance UAE

The auto insurance policy may include the following six coverage and the coverage is priced separately:

1. Bodily injury Liability: This covers the injuries that the designated driver or policy holder caused to some persons. When you are driving some person‘s car with their permission you and our family members are also covered in the policy. It is very much important to have liability insurance, because if you are involved in a critical accident, you may be sued for huge sum of money. It is good to buy more than the minimum so that you can protect your assets such as your savings and home.

2. Personal Injury Protection or Medical Payments: This insurance coverage pays the treatment for the injuries to the passengers and the driver of the policy holder. This coverage can include medical payments, cost of replacing services and lost wages. It may also include funeral costs.

3. Property Damage Liability: This insurance coverage includes the damages that you have caused to some person’s property. Usually it includes damages to someone’ car, if there is damage to lamp posts, fences , telephone poles, buildings or any other structures that your car hits.

4. Collision: This insurance coverage includes the damage caused to your car because of the collision with some other object or car because of flipping over. Collision coverage will be reimbursed even if the accident happened at your fault. If the collision is not of your fault, the insurance company will get the coverage from the other vehicle driver’s insurance company.

5. Comprehensive: This insurance coverage provides you the amount for loss due to damage or theft caused other than collision with another vehicle or object, such as falling objects, fire, explosion, missiles, windstorm, earthquake, flood riot, vandalism or by animals like deer or bird. This insurance coverage will reimburse you if the windshield is shattered or cracked. Some companies offer glass coverage also.   

6. Underinsured and uninsured Motorist Coverage: This insurance coverage will reimburse you or your family member or the designated driver who is hit by hit-and-run driver or uninsured person. When the faulty driver has insufficient insurance to pay for your loss, the underinsured Motorist insurance coverage comes into action. This will protect you if you are caught in collision as a pedestrian.

Platinum Insurance Broker established in 2008 offers Best Motor Insurance in Dubai, UAE. They provide the best Third Party Insurance in Dubai UAE protecting the insured against unforeseen financial losses. Platinum Insurance Broker LLC offers Online Car/Auto Insurance UAE that typically covers risk in one or more occurrences like theft or accidental damage.

Source by Crazzy Paul

Essential Insurance knowledge a business analyst should possess for a BA job in insurance domain

Business Analyst role is to analyze the business processes, provide the right mixture of technical and functional know how to the development of software projects within an organization. If we talk specifically about an Insurance organization, the business analyst will have to possess the right niche of Insurance knowledge as well as be fluent in the latest technologies.

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The major responsibilities of a business analyst should be to analyze the business processes, gather the requirements and and finally document those requirements in line with the strategic initiatives of the Insurance company. But in order to provide solutions which are innovative and cater to the nuances of the insurance industry, its essential that the business analyst should have an understanding of the insurance processes, modules, concerned departments and latest technologies available in the market. This will enable the business analyst to identify any project or business related risks and if present, to propose suitable action to mitigate those risks. Along with ability to do the requirement analysis and documentation, business analysts should be proficient in other vital activities such as good communication skills, project management, Testing skills, providing user acceptance testing support. The specific user requirements in any particular industry are different and its true for the insurance industry where the workings of the sales, HR, operations and other teams are unique and so should be the systems and processes built around them.

Functional requirements of a prospective business analyst candidate is that he has demonstrable experience in an insurance company, worked on insurance applications catering to the various modules of insurance like new business, channel management, policy servicing, claims management, underwriting, reinsurance and Finance. The prospective business analyst candidate should be aware about the business processes and workings of the insurance company. The candidate should also be aware of the requirements which are given by the regulatory authority of the insurance industry. There are various terminologies which are unique to the insurance industry whether its life, general, health insurance. Knowing the terminology relevant to the insurance industry will help the business analyst in understanding the user’s expectations and needs and will be able to effectively convert these expectations to requirements. There are various streams of insurance industry where a business analyst can add value:

a) Life Insurance – where the risk of mortality, critical illness is covered. Basic knowledge of the various modules and special regulatory guidelines are required

b) General Insurance – Includes fire, household, marine, motor and other such streams of insurance. The operations of this domain is different that the life insurance and the knowledge of operations intricacies, reinsurance business processes are vital for a business analyst

c) Health Insurance – covers the risk of morbidity and the specific know how required of this stream is the operations of the panel doctors, cashless reimbursements, co payments and other such typical health insurance terminology.

A Business Analyst seeking a job in an insurance company should be experienced in the technologies such as MS – office tools(which include Word, Excel, Powerpoint, Visio, Project), Relational Databases(Querying and support), basic programming skills in languages such as ASP.NET, JAVA/J2EE, XML, HTML. Also required are  experience in specific insurance business applications, content management systems, Portals, data warehousing tools.  These tools will enable the candidate in the future projects in which the customization and change management will be required. For the successful implementation of such projects , it essential that the business analyst has prior knowledge of such software systems or packages.

So, in summary, a prospective business analyst should come from an insurance background with the knowledge of the insurance business processes and relevant software packages.

For more BA Questions, Sample Resumes and Open Jobs – please visit: http://futurethoughtsllc.com/InterviewQuestionsandAnswers.aspx

Business Analyst Resume for Insurance Domain:

Name:

Address:

Phone:

Email:

Summary:

X years of Business Analysis experience with in-depth knowledge of business processes in Insurance, industries. A thorough understanding of the Software Development Life Cycle (SDLC) including but not limited to the various concepts such as Requirement Gathering, Experience in the development of Client-Server and Web-Based Applications. Possess a detailed-oriented nature with excellent communication, interpersonal, problem solving skills, and recognized for being a valued team player.

• Proficient in all phases of Requirement Management, including gathering, analyzing, detailing and tracking requirements.
• Experienced in documenting requirement using Unified Modeling Language (Use Case and Activity Diagrams) also building business Process Flow Charts using tools such as Visio and Rose.
• Skilled at reviewing test cases making sure they are in accordance with requirements, and assist the overall testing process by activities such as Change and Defect Management and conducting User Acceptance Testing.
• Strong understanding of various SDLC methodologies such as RUP, Waterfall and Agile with hands on experience in all of them.
• Excellent communication skills and adept at facilitating walkthrough and training sessions.

Technical Expertise:

Operating Systems

MS Windows, DOS, UNIX

RDBMS

MS Access, SQL, Oracle

SDLC Methodologies

Rational Unified Process, Waterfall Methodology, Agile

Tracking Management Tools

TestDirector, Rational ClearQuest, ReqPro

ERPs

SAP (BW)

Software Eng Tools

MS Office, MS Project, MS Visio, MS Dreamwaver.

Web Technologies

HTML, XML

Modeling Tools

Rational Rose, MS Visio

Professional Experience:

Insurance                                                                                                                         duration

Business Analyst

The project was to build an online insurance handling application that would facilitate the users find the right insurance for their individual needs. The application required the user to login with a valid user id and password to authenticate the person. After authentication, they can learn about insurance, get a quote, retrieve a quote or buy an online insurance policy. They can also file a claim or pay their monthly payments online.

Responsibilities:

• Thoroughly studied the inherent systems to have a clear understanding of the business processes and associated system workflow.
• Conducted Gap analysis to understand new business model and additional functionalities to be incorporated into the new application.
• Conducted JAD sessions for better understanding and refining of requirements in coordination with multiple teams.
• Clarified and prioritized requirements by conducting brainstorming sessions with the stakeholders and SMEs.
• Documented various documents including the Business Requirements Document and the Use Case Specification Documents.
• Used Rational Requisite Pro as requirement gathering tool.
• Identified all use case components including basic, alternate and exception flows.
• Participated in various architectural development sessions to provide technical teams with a better understanding of the requirements.
  • Analyzed Requirements and created Use Cases, Use Case Diagrams, Activity Diagrams using MS Visio.
  • Gathering business requirements and converting them into functional requirement specifications and user requirement specifications. Used Rational Requisite Pro for Requirement Document preparation.
  • Carried out detailed and comprehensive business analysis with the RUP methodology.
  • Prepared Business Process Models, which included modeling of all activities of the business from conceptual to procedural level.
  • Participated in Change control meetings recommending appropriate action after analysis of changing requirements.
  • Conducted multiple interviews to clarify requirements in order to identify use cases and document UC Specifications.
  • Assisted QA team by Reviewing test cases and clarifying requirements to ensure complete coverage of requirements.
    • Provided training to users, and involved in conducting UAT sessions to gain user confidence and approval.
    • Provided project manager with regular status updates assisting the overall project management initiative.

• Performed requirement walkthroughs with the Dev. and QA teams with the aim to develop testing strategies and test plans such that test cases reflect user needs.
• Conducted UAT sessions to approval.
• Worked extensively with MS office suite for preparing status reports.

Find many BA Interview Questions, Ask Interview Questions and get expert answers, Find many Sample resumes or Request one professionally written for you for FREE :  please visit: http://crackinterviews.com/blog/

Source by FutureThoughts,LLC

Business units that are directly associated with public dealings are more viable to public liabilities as a result of unforeseen damages, accidents, and other risks. If any of your clients or customers sue you for any injury or property damage occurred at your premises, you will be liable to pay the claim in such cases. But if in case, you own a Public Liability Insurance, Sydney, then you need not have to worry. The insurance amount will be specifically used to settle the same.

Many businesses still do not have public liability insurance, that is why, they face unnecessary costs and liabilities that can affect their business. These liabilities can impose a severe financial threat to the businesses. In addition to the claimed amount, there are also so many legal allegations as well. The third party can file as many cases on your business. Hence, having public liability insurance, Sydney plays an important role in paying off your debts and keep you stay away from these unexpected heavy expenses.

Somehow, it is true that in either of the ways, most businesses come into direct contact with the general public. This is when such type of liabilities arises. Regardless of the type of industry you are in, Public Liability insurance provides an ideal coverage of risks and uncertain damages to the businesses. Public Liability insurance is capable of protecting the business from having a huge amount of claims and expenses. Public Liability insurance in Sydney has become a necessity for all, whether you are an individual or a corporate house. It protects your business unit from many different claims.

Public liability insurance covers all your costs, damages and other amounts being claimed. Some of the benefits include legal fees, compensation, general costs, medical costs, and economic damages as well. Having such type of risk coverage policy can safeguard your corporate house from unnecessary claims. There are some of the cases in which compensation is provided through the business insurance, such as:

• If an accident is caused by the business,
• If there is any damage caused to third party property
• If any legal fees arise due to a claim

The above mentioned are the situations, where Public Liability insurance in Sydney will bear the expenses. Whenever a claim is filed against you, there arise heavy legal charges. The legal fees are also covered under your public liability insurance policy. Beside this, there are many more benefits of having a public liability insurance. On the other hand, there are so many repercussions as well by not having an insurance coverage. If you owe a business, make sure that you have a public liability insurance coverage to safeguard your business.

Many companies are available on the web offering a wide variety of insurance policies. Make sure to properly inquire about the all and then choose the best one accordingly. Search over the internet for more details. Get ready to run your business safely and risk free.  

Source by AEI Commercial Insurance

For many people car is next to love. And if you are one of those people, then you need to ensure that your car is safe all the time. The best way to do is to get a car insurance. While you can always go the extra length of getting a full cover, it is mandatory under Vehicles Act to have working insurance plan on your vehicle. Paying for repairs done by others is the most heart-wrenching thing. For this reason, there is third-party car insurance in existence. You get covered for any damages done to your car by third-party vehicle.

Before buying any particular car insurance, you need to compare car insurance online India. The premium rate on every type of car insurance differs and for this reasons you need to check them before closing in a deal.

The car insurance policy that you will finally go for will depend on various factors and the cover you get will also differ. The foremost factor on which the minimum amount of your cover depends includes the make and model of the car.

You can be rest assured that any type of car insurance policy will cover the following high risk categories.

• Accident or collision cover

This one covers all the repairs in case there is any damage to the insured car. And also provides cover for any injuries sustained by the policy holder.

• Comprehensive

This includes all the damage caused by natural calamities like earthquake, explosion, fire, flood, falling objects, hurricane, landslide and others.

• Medical or Personal Injury Protection (PIP)

This clause in the policy will cover the expense for the treatment of the occupants in the policy holder’s car at the time of the accident. All the hospital bills and other expenses included.

• Bodily Injury Liability

In case the policy holder lands in any trouble and injures any third party or the accident results in the death of a third party, the insurance covers that. All the expenses are covered and any legal obligations or problems are avoided.

• Uninsured Motorist’s covered

This clause covers all the expenses that are incurred by the insurer when they are injured in an accident with an uninsured driver or car.

• Property Damage Liability

If the policy holder damages any third party’s property, then it is covered under this clause. The expense of the cover is mostly defined.

So, when you compare Car Insurance Online Policies India, ensure you check out these factors.

Source by Rimita Desai

OVERVIEW:

A common perception about insurance in most African countries is that carriers generally fail to honor policy contracts when insured losses occur, and in most cases resort to fine prints embedded in these insurance contracts to either deny claims or substantially reduce claim payments. Such is the refrain heard not only among insurance policyholders and customers but with alarming regularity from the general public, thus resulting in the adverse and low penetration rate of insurance products and services in most African countries.

Though several factors can be readily identified as drivers of this perception including the lack of adequate understanding of the insurance contract, its terms and conditions, limitations, coverages, exclusions and deductibles including the legal and regulatory framework in various countries; the focus of this article is how the role of insurance marketing and sales, including its technological, regulatory and management strategies, can be utilized as an effective educational vehicle in changing not only the above perception but making the claims process more transparent and beneficial to the policyholders.

There is thus a direct corollary between the marketing of insurance, the technical knowledge of the agent, the types of coverages and policies available and whether a claim is denied or underpaid in the event of an insured loss.

THE SIERRA LEONE CASE STUDY:

For decades the marketing of insurance products and services in Sierra Leone has hinged primarily on the “direct agency” method, wherein companies employed agents earning salaries or as independent contractors being paid commissions on sales to merely sell and market their products. The marketing of life insurance products, property and liability policies such as fire, marine, accident and allied policies were always mostly marketed by these company agents.

For example, while I was employed at the National Insurance Company (NIC) 1981-1985, the company’s sales cadre was its marketing officers who sometimes with little or no technical knowledge of the intricacies of risk management and the insurance products coverages merely sold policies as commodities. The unpleasant task most often in advising policyholders that their claims were not covered under the terms of the insurance contract generally was our responsibility in the claims department. By then, it had become too late to remedy as the right coverage was not either sold to the policyholder by the agents or alternative umbrella policies that could have covered whatever gaps existed in the sold policy were not made available or explained to the policyholder. Mostly issues of lack of coverage, adequacy of coverage for the losses claimed resulted in denial or underpayment of claims.

The sales function of these agents revolved mainly around the marketing of products or policies with little or no product differentiation or creativity in their design and marketing to meet the contemporary risks confronting a country such as Sierra Leone, emerging from a decade long civil war and longing for creative policies to address her developmental aspirations.

For example, the old “Kebbay” insurance syndrome, practiced in Sierra Leone where an insurance company became so notorious in the practice of collection of motor premiums from customers without any concomitant claims payout when accidents occurred. Such a practice as prevalent in the Sierra Leone Insurance marketplace of the 1970’s through 1990’s most be prevented from rearing its ugly head in today’s marketplace.

Marketing as defined by the American Marketing Association (AMA), is the performance of business activities that direct the flow of goods and services from the producer to the ultimate consumer. Property, casualty and liability insurance marketing however not only includes the traditional marketing sales function but incorporates services such as customer needs analysis, market segmentation, product development and distribution that must be incorporated into a successful marketing mix.

INSURANCE MARKETING:

A fundamental principle of insurance marketing dictates that insurance products and policies must be marketed and sold primarily on the basis of the need for security and the ability of the insurance product and policy to provide adequate financial security from fortuitous losses. Moreover, new sources of production of business that includes new ways of selling old traditional insurance policies and products, in conjunction with the marketing of new services, such as risk management, loss control and loss adjustment services should be pursued by insurance companies.

However, in some lines of insurance, a governmental-legal or regulatory compulsion to insure is the driving factor. For example, purchase of automobile liability insurance is required by law in most jurisdictions the world over. The recently advocated proposed requirement of a title insurance policy in real estate transactions in Sierra Leone and a national health insurance or workers compensation insurance policy are all examples of such a legal mandatory requirement.

To a large extent these have and continue to be the principles and services absent in the marketing mix of insurance products in Sierra Leone, thus resulting in recent spectacular failures in the introduction of new products and or failures in the market penetration of various new diverse policies into the insurance marketplace. As an example, the failure of various insurance companies including the spectacular failure of the country’s largest insurance company, the National Insurance Company (NIC) to effectively introduce and market a national health insurance policy (NICARE) since 2004 is a case study of a monumental marketing failure requiring analysis in a future article.

THE SALES FUNCTION:

To be successful however an insurance producer/agent must develop other skills in addition to the sales skills to include:

1) Technical expertise in insurance principles and coverages- as customers usually depend on their agents for guidance in selecting the proper combination of insurance products and identification of gaps in coverages.

2) Skills in the analysis of consumer needs through risk management identification techniques and the tailoring of insurance programs are a prerequisite.

The first step in managing a consumer’s risk needs is through the identification and analysis of the loss exposures to which a customer is exposed or subjected to through an insurance survey. The agent must educate and be able to impact sufficient knowledge of the client’s loss exposures and available coverages and other non-insurance transfer mechanisms to the customer.

SALES MANAGEMENT:

Generally, the concept of sales management in insurance involves the active participation and direction accorded the sales force by management in ensuring the nature and amount of business desired by the insurance carrier. This entails the determination by management of:

1) The segments of the available market that can be reached most effectively by the company’s agents.

2) The nature of the product/policy that will be most appealing to the selected market segments and most profitable to the insurer.

3) How best to select, train and motivate producers/agents to sell to the selected market segments.

The selection of geographic, demographic and or industrial segments of the market to target in the marketing of insurance products ensures effective market segmentation and effective use of resources. The demographic groupings may be further delineated by such characteristics as age, income, occupation and sex.

With the utilization of such a technique for example, diverse insurance policy coverages covering health, medical, accident, disability and workers compensation to name but a few, could be tailored and offered to such segments as civil servants, parliamentarians, teachers, college lecturers, healthcare providers, Okada riders and farmers throughout the country. The same could apply to the security segment including policies specifically designed to meet the needs of the military and police forces.

Moreover, through utilization of product differentiation techniques in its marketing mix, an insurance carrier can maintain and increase its market share. These can be accomplished by changing the standard coverage provisions in the contract; charging a different price and by providing a different level of service than the competition.

TECHNOLOGIES:

With the gradual installation of computers in insurance companies in Sierra Leone, new technologies are poised to play a major role in the coordination of marketing strategies, planning and studies including new products and services, consumer attitudes, market potentials and sales forecasting. The use of computers for not only accounting, statistical analysis and rate making and issuance of policies and endorsements but also insurance marketing must be vigorously pursued by individual companies.

The establishment of a marketing database by insurance companies separate and apart from the underwriting and claims databases must a step in the right direction in implementation the new marketing strategy.

MARKETING CHALLENGES:

The challenge thus facing the local industry is the need for diversification of insurance products better tailored and suited to meet the needs and development of the country. For while the insurance industry can play a very significant and critical role in a nation’s developmental process, the challenge currently being faced is how our insurance professionals respond by creatively introducing insurance policies, instruments and marketing techniques to serve as a basis for the country’s sustained economic development.

In the United States there are four distinguishable systems for marketing property and liability insurance. These include:

Independent agency system.

The exclusive agency system (also known as the captive agency system).

The direct writing system.

The direct mail system.

The system primarily in use in the Sierra Leone insurance market is the direct writing system wherein individual carriers employ their paid agents and employees to exclusively market only their policies. However, if the insurance market in Sierra Leone is to survive and grow, as new players and products such as the national health insurance scheme and the national title insurance scheme are introduced into the marketplace, then the development of a new bred of producers, agents and marketing systems must be pursued to forestall the failures of recent new policy introductions. These must include and incorporate the direct mail, agency and technology systems.

To effectuate this new marketing goal a sales force must be recruited and trained into the intricacies of the insurance business and policies being introduced and marketed with realistic production objectives, marketing policies and strategies and implementation of an advertisement and promotion campaign.

Source by Kortor Kamara

People often confuse insurance as an investment, and an increasing number of people are “investing” in insurance. Of course, they are undeniably being driven by the ambush marketing of insurance companies that spends huge money on branding. These companies prefer to label their products as investments.

The aim of insurance

Let’s first check out the purpose of insurance and what it serves. All insurance plans aim to protect you from financial risks.

“While life insurance helps you to secure the future of your loved ones financially after your death, car insurance ensures that accidents don’t leave you bankrupt, health insurance on its part, ensures that medical bills don’t dig a hole in your pocket.”

Talk to financial expert and learn the trick on how to best allocate your savings between various kinds of equities and debt funds of your retirement pension plan and keep your savings growing. Spreading your money evenly across various sectors and asset types can help tackle the market volatility so you can worry less. 

What this means is, Insurance is a premium that you pay to cover any unforeseen risks, which also implies that insurance in its purest form is an expense rather than an investment. Insurance, in India, is widely viewed as a tax-saving instrument. Most people put away an amount of money every year to “invest” in insurance—more specifically—life insurance. Of course, there are products like endowment plans, Money-back plans etc. which are insurance products camouflaged as investment products, not to forget ULIPs which were known for their charges than returns. Things get a bit murkier when insurance is considered more as an investment than as insurance, as it will neither serve your objective of investment nor insurance.

What is a term insurance?

Term insurance plans are a type of life cover (In fact, term insurance is the purest form of insurance). They give coverage for a fixed period of time. If the insured dies during the policy term, then the death benefits are paid to the nominee. The plans are particularly designed for securing the needs of your family.

The premium for term insurance policies is the lowest among all the insurance products because there’s no investment component and the full premium is used to cover the risk. There’s no maturity or survival benefit once the policy term ends. There could be some plans, offering a return of premiums paid, if the insured person survives.

Source: https://www.mymoneysage.in/blog/term-insurance-vs-endowment/

Source by sunnymishra2808

That antique car you got in your garage for so many years needs to be insured, just like any other normal car would be. But, standard policies don’t normally apply to antique cars. They need something different. Most people think that it’s quite hard to get insurance for an antique car, but the truth is that there are a number of companies that offer this service now.

There are a lot of companies that carry options for antique cars, so it shouldn’t be a problem finding something that fits both your budget and your needs. Did you know that most car insurance companies offer classic cars policies now?

If you have a custom or antique car you can probably benefit from the collectors auto insurance plan. Ask a representative from an insurance company for more information and you’ll be able to take the best decision for your case.

You need to find the best balance between the coverage that you need and the price you can afford to pay. The agent will help you with all that. Compared to the past situation, the number of choices when it comes to antique classic car insurance is huge.

You might find higher rates when you look at big companies though, as they’re not specialized on them, but the extra cost is worth it in most cases, because of the extra stability and reputation of that company. There are also a number of companies that are independent and working with car collectors only, though that means that you will need a second company to insure your normal cars.

It might be harder to find insurance if the car is very rare, because the choice is a bit more limited. This is because rare cars are also very difficult to repair, so it’s not easy to estimate costs. It’s more popular every day to collect old cars, so more companies offer these insurances each day, and some of them are even specializing in them.

There are a lot of insurance providers out there, so make sure that you pick the right one for you.

Source by Ricky Lim

It is a tricky place to be in, when your house is robbed and the robber is injured during the burglary. The same laws that protect you from going into a store and falling and hurting yourself protect the burglar in your home. Premises liability describes the legal responsibility of a property owner when injuries and/or other accidents occur on their property. What Types of Claims Exist? The most common claims filed are from those who slipped and fell. If, for example, you were in a grocery store, and they had just mopped and put no sign up and you fell, you could sue the grocery store. The same goes for your home. If, for example, you were fixing your sidewalk and failed to finish that day, you leave a large hole in the ground with rocks around it; a man comes to break in, but falls in the hole and hurts his knee. If you did not put up any safety or caution tape, you, the homeowner, could be liable for the burglar’s injuries. How Can the Homeowner be at Fault? The same laws that protect you in stores protect others at your home. As a homeowner, you are responsible to maintain safe conditions around your premises. You could be liable if: • Something on your property was unsafe; like missing stones or planks from a deck • The home-owner or whoever was responsible knew about the issue and did not work anyone and leave warning marks around the area. • The person responsible could have fixed the problem, but chose not to and left it. These liability claims cover pools, trips, animal attacks, falls, fires and explosions. Homeowners’ Insurance So, what can protect you from being sued in your own home? Homeowners insurance can. It protects your when your property is damaged and covers you for liability at your house. So, if someone breaks in, hurts themselves and wants to sue, and you have homeowners’ insurance, you are covered. And, if you don’t own a home, you can get renters’ insurance. These policies protect you from burglary, theft, fire and, of course, liability. If you don’t have insurance and want to file a premises claim, or are fighting one, there are law offices across the country that specialize in those aspects of the law and can help you. Please visit the website of Atlanta, Georgia personal injury attorneys Robbins & Associates, P.C. They have lawyers with over 30 years of case experience who can help you.

Source by Evan Langsted

Anyone traveling to a foreign country should purchase visitors medical insurance to cover medical expenses while abroad. This short term health insurance is different than other types of travel insurance, therefore you must take the time to understand why you need the protection in addition to where you can find the best policy. Every traveler has different needs. Your medical history, current health and other factors will determine which policy is right for you. With so many options available to international travelers, how do you begin the process of finding visitors medical insurance? The Internet is an excellent tool that can be used to expedite the process by providing information on various visitor medical insurance providers. Here we will show you how to find and compare visitor medical insurance policies to ensure you get the right plan to fit your needs.

What type of policy do you need?

Before you can compare policies you must first determine what type of policy meets your needs. People visit the United States for a number of reasons from visiting relatives to studying abroad. There are different types of insurance for different people, therefore your first step is to narrow down which type of policy you will need.

Where will you purchase your policy?

There are literally hundreds of places you can purchase visitors medical insurance. A simple search of the Internet will turn up many options. Find a provider that is based in the United States and you will likely find less problems should you actually need to take advantage of this insurance while traveling. American companies are familiar with the health care system in the United States. Carefully research each company to ensure you are dealing with a company that is on the up and up. Once you have narrowed down your choices you can begin a side-by-side comparison.

Take advantage of comparison tools.

There are many websites that offer quotes and compare policies from various providers. Instead of doing all the legwork on your own, you can take advantage of these tools and get quotes from similar policies all in one place. It is imperative that you note not only prices but what you will get for your money. In many cases less expensive policies seem like the best choice however when looking closely at the coverage you might discover you do not have the same level of protection. An insurance policy that is inexpensive to purchase, yet provides little coverage is one that will end up costing you more money down the road should you actually visit a hospital, doctor or urgent care facility. Make sure you are comparing apples to apples versus apples to oranges.

Finding the right visitors medical insurance is the best way to avoid incurring huge medical expenses in the event of a medical emergency. While visitors medical insurance may not cover every expense, the cost of traveling abroad without any protection could damage your financial situation beyond repair. Avoid this by carefully comparing all policies and providers to ensure you are getting the coverage you need.

Source by Kane Michaels

You have just spent a lot of money buying a property – either it is your home and you are going to work overseas for a while or in a different part of the country. It might be an investment property a “buy – to let” or a buy to let via a SIPPs Property Pension. You might just have inherited the property or decided to move into your partner’s property. For any of those reasons you must make sure the property is insured. If you are buying just one property purely to let out, you must treat it as a business – keeping proper records for tax authorities etc and like running any business – you need to run this in a professional manner and this means having adequate insurance.

If you don’t what happens if the roof blows off – a tenant falls down stairs and breaks a leg – the pipes burst. Some of these might well be covered if you own an apartment that has includes insurance with the block management – maintenance – ground rent charges. Most apartment blocks have this, however they might not cover theft, or water damage to fixtures and fittings in the event of a burst pipe. It is not a legal requirement to have Landlord Insurance, but if your tenant fell down stairs you could be facing a high claim at the local law court.

If you own a house or bungalow then you will not have this type of insurance. You will have to make your own arrangements. When a there is a mortgage on a property the lender will naturally insist that the building is insured as part of the mortgage deed. The property owner will often have to use the lenders insurer, however like the insurance situation with an apartment, it would normally be very rare for the insurance to cover an contents. 85% of private UK Landlords have mortgages supporting their investment. The interest still has to be paid even when the rent isn’t.

When you let out your property you must let the insurance company know. (If the property is mortgaged then the lender should be advised and you should get their agreement in writing). You could have a situation whereby there is a claim for your property, the insurance company will not honour this because it was not the owner and immediate family living there….it was let out. If the property is your normal domestic home and you and your family are moving to Italy to work for a couple of years and you are letting it out, you must get the insurance changed.

You might also find that your insurance company is not interested in insuring the property when it is rented out (even if you have been living there and you are moving out for a year or so for work reasons). For many years many insurers did not want to take on this type of business, particularly when a property could be empty for periods when it was not let. A couple of companies in the UK get involved in this as they saw it was a real problem for property owners and although the UK buy – to –let business has really grown since the 90’s before that there were many investors in residential property either owning “long term protected lets” and after the introduction of the Protected Shorthold Tenancy from the 1980 Housing Act, similar types of properties as today were then being bought and let out. In the early 1990’s Thomas Winter Insurance Brokers arranged a new product Homesure that was later to become Letsure with the merger of Winter Richmond and then came along a competitor Homelet. Letsure and Homelet are the major companies involved in the UK rental property insurance market.

If something goes wrong with the property, failure to insure could leave the owner with nothing to show for the money that has been invested.

Insurance premium will vary from area to area in the UK. Your post code can effect the premium you pay. You will pay more in areas will be in area that has higher crime statistics, or where a property is located in an area that is liable to flooding for example. There is not a lot you can do about this as your rental return might just be just the same as in a property 5 miles away that is in a different postcode. One note of consolation is that subject to the Inland Revenue’s agreement, you can deduct insurance expenses from the profit you make on a letting, so a higher premium will mean you can deduct a higher expense.

Level of Cover: Insurers will only pay as much as the building is insured for so if it is not sufficiently covered and the roof suffers storm damage you could end up paying a lot yourself. You will often have to pay an excess on a claim, but the amount depends on the policy purchased.

A lot of insurance companies will offer index link policies, but for a buildings policy it is most important to have the right cover from the start. You will normally have to provide the square footage and other details. What the building is constructed of, type of roof, number of storeys etc. Many insurance companies have major concerns over wooden structures.

Some companies now offer a low cost buildings policy that will also cover loss of rent and re-letting costs following insured damage. It can be worth while looking at alternative policies.

Internally for contents is often more simplified? A quick check through a retailer’s catalogue or on the web will give you an indication of price for furniture and fittings and if you have recently purchased equipment for the property you should have kept the receipts (you should have them for your Tax Return anyway). Always make sure you have adequate contents cover.

A point often overlooked by Landlords is that they think why do I need contents insurance? The property is being let unfurnished. That might be the case; you however are most likely providing carpets, curtains, kitchen appliances etc. What happens if the ceiling collapses as a result of a burst pipe? The buildings insurance will normally pay for the repairs decoration….but not for replacing the carpets and soiled curtains. To overcome this problem, specialist rental insurers have introduced limited contents cover now.

Some companies now offer a low cost buildings policy that will also cover loss of rent and re-letting costs following insured damage.

Legal Expenses – Tenant won’t pay the rent – Tenant needs evicting. Even when using a professional letting agent, problems with tenants can occur. They might have had first class credit and employers references at the tenancy start, however in many cases the tenants personal circumstances have changed during the term of the tenancy. Situations like loss of their job, failure of their business, a relationship break-up, accident or illness will effect the tenants ability to pay the rent or their inclination to move out at the end of the tenancy.

All these situations can be resolved but will usually involve a Court hearing and solicitors costs. Legal costs like solicitors/barristers fees, Court and bailiffs’ costs can be expensive. It can cost £100 for less than 45 minutes of a specialist solicitors time on a normal fee paying basis. The “average” legal cost of a possession hearing in 2001 was £785, many cost well over £1,000. Legal expenses insurance will usually cover all of your legal costs. The average policy in 2005 costs £100.

Rent Guarantee Insurance -These policies are invaluable for many landlords. As a tax deductible premium this will guarantee you receive the rent you are expecting from your property regardless of your tenants personal circumstances, ability or willingness to pay the rent.

If you have a mortgage on the property or have calculated your rental income verses your outgoings this will ensure you do receive your rent. Most such policies will include the legal expenses, as detailed above. You will receive your rent and the legal fees to obtain vacant possession will be covered.

Policies will usually guarantee your rental for a fixed period, typically 6 or 12 months. Some policies will provide additional cover once you have obtained vacant possession until you are able to re-let your policy. The costs vary from a fixed cost policy or are commonly rated as a percentage of the annual rental figure, typically 3-4%.

Emergency Assistance Insurance – So something goes wrong – Failure of the electricity supply – Failure of the cooking facilities – Lost keys – Plumbing problems – Leaking roofs or guttering – Security of doors and windows. This type of cover will provide assistance for the landlord and the tenant in the event of an emergency at the property Policies will normally provide parts and labour cover up to a specified amount and either the landlord or the tenant can call a 24hr 365 day Helpline.

Source by Lomoff

Since statistics show that female drivers are safer than male drivers, it is easier for them to lower their auto insurance rates. The following are some factors that influence auto insurance rates for a female driver:

Having a job that has less life-threatening risks would surely help in cutting auto insurance costs of a female driver. So, do not forget to mention this to your auto insurance carrier if you are a woman with inactive office work to avail of more discounts.

For women over the age of fifty, more discounts on auto insurance are available. This is because research shows that women over fifty tend to have fewer claims than women of other ages. But if you are a senior citizen, you can further minimize your auto insurance rates because you are already eligible for senior citizen discounts.

Generally, drivers from urban areas are considered high risk drivers because there is a higher probability for vehicular accidents to occur in urban areas than in rural places. So, female drivers who reside in rural areas will get lower auto insurance rates. Or if you are a female driver who has moved from the city to the suburbs or to the countryside, you can ask for lower auto insurance rates.

If your auto insurance company also offers other types of insurance policies, such as homeowner’s insurance policy, you could get lower rates on your auto insurance premium if you avail of their other services. This is actually advisable because, typically, buying different types of insurance policies from various companies would actually make you spend more.

Lastly, your car’s mileage also affects the cost of your auto insurance policy. If your vehicle’s mileage is below your auto insurance company’s limit, you will get more discounts. This is because the lesser you drive, the lesser risks of accident you’ll have, not to mention your car being in good condition for a longer period of time.

So, take note of these factors if you are a female driver. This information will surely help you in lowering your auto insurance rates.

Senior citizens may pose higher risk than drivers of other age groups. This means higher auto insurance rates for them. Most senior citizens just keep on renewing their current policy without checking if they could get cheaper prices because they do not want to go through all the hassles of switching their auto insurance policy.

Here is what senior citizens can do to lower auto insurance rates:

Taking driver safety classes will surely cut costs. A driver safety class is a refresher course that will help senior citizen drivers brush up on their driving skills since new cars are handled differently, and this also updates them with new rules.

Another thing senior citizens can do is update the safety features (like seat cushion, pedal extension, corrective mirrors) of the car that they drive, especially if it is an older car. In buying a new car, senior citizens must make sure that the features of the car fit their physical needs. Some of these features are fully adjustable seats, rear-view mirrors, side air bags and lightweight doors. Alarm system will also help lower auto insurance rates. Just remember that the safer the vehicle is, the cheaper the auto insurance policy can be.

It is also advisable for senior citizens to prepare their health record because some auto insurance carriers would want to know the physical condition of the senior citizen driver.

Now, here are some tips on finding the proper auto insurance company:

Talking to people will surely help because this can give them some idea on auto insurance rates. Younger members of the family can be firsthand source of information, especially on understanding new terms. Senior citizens can also tell their needs to a local agency and get some professional opinions and also a personal auto insurance quote.

The Internet is also a good source of information on how to avail of lower auto insurance rates. This saves time, and seniors can search and compare more prices and offers from more auto insurance carriers. Younger members of the family can assist them with getting auto insurance quotes online.

The idea is not to feel that it is too much hassle to switch. These guidelines can surely help you enjoy your senior years without having to pay more than necessary.

Source by Shay West

Every state in the U.S. requires drivers to have auto insurance on their cars. Fortunately, the Internet makes it easy to get online quotes from even the major companies. Here’s how to get the best rates from major auto insurance companies.

Shopping Online for Auto Insurance

When you go online to get your auto insurance quote, your best option is to go to an insurance comparison website. Here, you’ll be able to get quotes from many insurance companies at the same time.

Yes, you could also go to each insurance company’s individual website, but you’ll end up typing in the same information over and over on each website – and you will get the same quotes in the end.

When you get to the insurance comparison website, you will need to fill out a simple form with information about your …

* Location, including your zip code and whether your vehicle is garaged at night

* Vehicles, such as the year, make, model, and VIN number

* Safety features in your vehicle, such as anti-lock brakes and airbags

* Driving habits, such as how many miles you drive each year and any tickets you have received

You will also need to fill in the coverage limits you want and the deductibles for comprehensive and collision coverage. Be sure that you fill in all this information accurately so your quote will be correct.

On the best insurance comparison websites, you can talk with insurance professionals if you have any questions as you complete the application. You can also get advice on how to get the best rate. (See link below).

Once you type in all your information and submit your form, you will soon begin to receive quotes from multiple A-rated auto insurance companies. Since all the quotes are based on the same input, it’s easy for you to compare the quotes and choose the company with the best quote for you.

Where to Get the Best Rates

Visit http://www.LowerRateQuotes.com or click on the following link to get rate quotes from major auto insurance companies and see how much you can save. You can get more tips and advice in their Articles section.

Source by ryan@thesatellitetvguide.com

State financial responsibility laws require residents to carry car insurance to legally operate a motor vehicle on public roadways.  With the current economic state, more and more drivers are searching for cheap car insurance in Florida.  With a high percentage of drivers operating their motor vehicle without insurance, it is important to communicate how affordable insurance can truly be.  Driving without insurance carries serious consequences.  If you are found driving without adequate liability insurance, you can face suspension of your driving privilege, harsh fines and jail time if you are a repeat offender.  Understand which coverages are required by law and protect yourself from being convicted for driving without car insurance in Florida.

Courts are cracking down on licensed offenders and imposing exorbitant fines and penalties for those who are found guilty of driving without insurance.  With laws stating your license and vehicle registration can be suspended for up to 3 years and increased fines, it has become more expensive to drive uninsured.  It is far more affordable to follow the laws of the state and carry at least state minimum car insurance in Florida.  Many may not be aware, but even if they are not pulled over the Department of Motor Vehicles can suspend your registration as insurance policies are electronically reported when they are cancelled or they lapse for non-payment.  Avoid being caught off guard with heavy suspension and reinstatement fees and drive with insurance.

Florida requires a vehicle owner to carry both Personal Injury Protection and Property Damage coverage continuously without lapse.  Because Florida is a no-fault state, the requirements of coverage vary significantly when comparing minimum coverages required in other states.  Personal Injury Protection must be carried no lower than $10,000.  This limit will protect the insured and the passengers in your vehicle for injury up to the limits specified no matter who is at fault.  

In addition to PIP coverage, the driver must also carry Liability coverage.  Liability coverage consists of Bodily Injury and Property Damage coverage sections.  In Florida, drivers must carry no less than $10,000 per person and $20,000 per accident for Bodily Injury.  The minimum requirement for Property Damage is $10,000 per accident.  If you are on a tight budget, carrying both Liability and PIP coverages will satisfy the state and keep you safe against driving without insurance convictions and license suspensions.

While carrying the required car insurance coverages will keep you legal on the roads, it is important to understand the limits stipulated by the state may leave you at risk.  If you cause damage to one’s person or property, you can face wage garnishments and judgments against your assets if you are under insured.  Compare quotes from various companies and choose adequate coverage with a premium you can afford.

Source by Todd Meyers

It’s a very demanding and fast moving world outside. And we are always on the fast track. Job pressures, declining shares, economic recession – the causes for the people to get busy or at least act busy naturally vary. But one thing is common – the proverbial statement that, “I have no time for any thing”.

Have you ever felt that the precious management time is often wasted for trifles? Well, you can tackle this by turning to outsourcing – for jobs ranging from daily back office to software development.

It’s for them with no time to spare that the outsourcing companies function with quality time to do quality jobs with accuracy. The industry is rapidly growing and gaining a steady foothold in India, which is now a main outsourcing hub.

Let us take an Auto Insurance company as a typical example who usually outsource their jobs. An auto insurance company guarantees you that when trouble strikes, you and your family — and your family’s finances — will be protected by selecting the right policy.

Car insurances can be expensive. But you being the prospective customer, getting the information you need is quite easy from the net. You get information about the basic coverage and comparative shopping strategies.

But what about the insurance company? They get queries in tons and there will be so many problems to sort out in the same day!

Isn’t this a good reason for those companies to go haywire? But when the intelligent option of outsourcing these back office jobs lies before them, there is absolutely no need to worry.

A good outsourcing company can help their clients in many ways to keep track of their records, which usually get piled up in a normal office scenario, in the areas of book keeping, accounting, financial reporting, content digitization etc. with perfection.

Now a days many of the Auto Insurance companies abroad have started outsourcing their back office jobs to Indian companies as a strategic idea to cut down costs and they get easy access to intellectual caliber of the people in India.

They know that a wise outsourcing option helps in optimizing their strenuous daily business to get back outputs that excel their expectations. An efficient outsourcing management can benefit and improve your business.

Article by Rarima.N.S

SBL BPO Services

SBL Insurance services

Source by sblservices

When any business uses vehicles for business purposes it needs to have commercial auto insurance.

Personal auto insurance will not cover vehicles that are in commercial use. A commercial auto insurance policy will protect the business and cover vehicle damage and health needs caused by accidents, third-party injuries, uninsured motorists; and more. Commercial auto insurance policies cover rented and non owned vehicles and have liability limits that are higher than personal auto insurance policies.

Factors that are considered are: the ownership of vehicles in use; the drivers of the vehicles use din the business as well as the purpose. Before buying a commercial auto policy you will need to gather and provide information on type and number of vehicles; make of vehicle; model; mileage; year of make; road record; and purpose of use.

When buying a commercial auto insurance policy you need to:

1. Comparison shop for a commercial auto insurance policy offline and online.

2. Understand the fine print of a policy clearly.

3. Take steps to reduce insurance costs by installing safety devices on all vehicles as well as anti-theft devices.

4. Take care that all those who drive vehicles have good driving records and also take defensive driving courses as recommended by insurance companies and state laws.

5. Take care to park vehicles covered by the commercial auto insurance in indoor or secure parking lots. Where a vehicle is parked has an impact on the premiums as also the make of the vehicles.

6. Try and reduce commercial auto insurance premiums by considering aspects like higher deductibles and higher liability limits. The higher the deductible the lower is the premium to be paid.

7. Ensure that all vehicles in use are listed in the policy. And ensure that the maintenance of all vehicles is taken care of.

8. Include in the commercial auto insurance coverage permanently attached items like winches, storage units, or generators.

Read all about commercial vehicle insurance. Buy a policy from leading companies who are established and reliable. Check with the Chamber of Commerce and other associations whether they are offering any special group discounts on commercial auto insurance. Read articles and guides on the World Wide Web and familiarize yourself on the kinds of policy sand coverage available. Always get multiple quotes for commercial auto insurance using online tools and compare products. Before purchasing a commercial auto insurance policy read through the document in great detail to ensure that there are no overlaps in coverage between this policy and other insurance policies and that you are getting great benefits.

Save on higher premiums by increasing deductibles, choosing to pay insurance in full, opting for EFT payment, asking the insurance company for a multi-policy discount, finding about experienced business discount and experienced commercial driver discount.

Be a smart business person!

Source by MatthewPawlina