Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts

Wednesday, March 21, 2018

Compare Car Insurance Terms and Glossary | Motor insurance

No Car Insurance resource would be complete without a comprehensive insurance terms and conditions. We have compiled a list of terms and their definitions to better help you move to the sometimes confusing world of insurance

Accident - This is an unexpected sudden occurrence that causes damage to a car or damage to a person. The event may be false or incorrect, and may be reported or not communicated. An accident involving two vehicles can be called a collision.

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Accident reporting form - This is a police report, often referred to as a police report that contains important information about vehicle collisions. This report will include the names of all involved parties, involved vehicles, damaged property and quotations.

Adjuster - This is the person who will assess the actual loss reported as a policy after an accident or other incident. They will determine how much the Insurer will pay for an auto insurance policy.

Agent - This is a licensed and trained person authorized to sell and service insurance policies for an auto insurance company.

After defect - this is the amount that you, the policyholder, contributed to, or caused a car collision. It determines which insurance agencies pay part of the loss.

Car Insurance Indicator - This is an estimate similar to a credit score that evaluates the information in your consumer credit report. These figures are used to determine the price of your car insurance policy. Your credit portfolio badges can increase your insurance premiums. Using this information to determine the price of a policy differs from one country to another.


Car insurance - this is an insurance policy that covers and protects against car damage. Insurance covers a wide range of coverage depending on the needs of policyholders. Liability for property damage and personal injury, uninsured drivers, medical payments, comprehensive insurance and collisions are some of the common types of insurance coverage offered by insurance.
Binder - This is a temporary short-term policy agreement that is implemented while introducing formal or permanent policies.

Responsibility for personal injury - this is an insurance policy that covers the cost of anyone you could hurt. This may include loss of salary and medical expenses.

Broker - This is a licensed person who sells and offers various insurance policies on your behalf.

Claim - This is an official statement to your insurance company of the loss that may be covered under the terms of the insurance policy.

Claim Adjuster - An employee of this insurance agency will investigate and reimburse all claims and damages. A representative of the insurance agency, who inspects and provides all the parties involved in the damage, receives compensation fairly and correctly.

Collision - The part of the insurance policy that covers your car damage when approaching another object. Objects may include, but not limited to; other vehicle, building, enclosures, guard, tree, pillar or fence. A deductible tax will apply. Your insurance company will include the other party's insurance policy for these costs if they were to blame.

The Commission is part of a [car insurance] policy that is paid to an insurance agent to sell and serve policies for the benefit of the company.

Comprehensive - this is part of an insurance policy that covers losses caused by nothing but collision or running in another facility. A deductible tax will apply. This includes but is not limited to vandalism, storm damage, fire, theft, etc.

Paid Loss - This is a damage to yourself, other people or property or your vehicle covered by an auto insurance policy.

Declaration Sheet - This is a part of the insurance policy that includes the full legal title of your insurance company, full legal name, complete vehicle information, including Vehicle Identification Numbers or VINs, policy information, policy number and deductible amounts. This page is usually the first page of an insurance policy.

Deductible amount - this is the part of the auto insurance policy that the policyholder has to pay before the investment company is invested and he has to pay any benefits. This amount can range from a wide range of prices and ranges from around $ 100 to $ 1,000. The higher the amount you pay for a deductible price will be lower than the regular monthly / annual policies. This is a part of the auto insurance policy that would only apply to a comprehensive or collision coverage.

Discount - this is a reduction in the overall cost of your insurance policy. Discounts may be granted for various reasons, including good driving record, grade, age, marital status, peculiarities and vehicle safety equipment.

Emergency Road Service. This is part of an auto insurance policy that covers the cost of emergency services such as flat tires, car keys and towing services.

Confirmation - This is any written change to an auto insurance policy that involves adding or removing the policy cover.

Exclusion - This is a part of the insurance policy that includes all terms, including people, places or things that are not included in the insurance contract.


The first lot - it is the policyholder, the insured insurance policy.

Gap Insurance. This is a type of auto insurance that is provided to people who hire or have purchased vehicles with a value less than the loan amount. Gap Car Insurance covers the amount between the actual value of the vehicle and the amount remaining on the loan if care is stolen or destroyed.

High Risk Driver. If there are various negative marks in the insurance period, including driving under the influence, several road traffic offenses, etc., you may be shown the risk to the insurance company. It will increase your insurance policy or may make you an inappropriate cover.

Insured - the policyholder (s) to whom the insurance policy benefits in the event of loss or accident.

Insurer - Does the Auto Insurance Company, which undertakes to pay to the policyholder in the event of loss or accident.

Liability insurance is part of this auto insurance policy that legally covers the damage and injuries you caused to other drivers and their vehicles if you are guilty of an accident. If you are sued and brought to court, the liability cover will be applied to the costs incurred by you. For most countries, drivers will have to make some insurance coverage options, and this amount will depend on the state.

Borders - this is part of an auto insurance policy that explains and indicates the amounts of money that the insurance company will pay. In a situation where you meet these limitations, the policyholder will be liable for all other expenses.

Medical payment coverage - this is part of an auto insurance policy that pays for medical expenses and loses wages for you and all your vehicle's passengers after an accident. It is also called injury protection or PIP.

Motor Report - Vehicle Report or MVR is a record issued by the country in which the policyholder resides, it will list licensing status, all road traffic offenses, various suspensions and / or refractions in your entry. This is one of the tools used to determine the prices offered by the insurance agency. It is also used to determine how likely your claim will be to your policy period.

No-Fault Insurance - If you live in a country without penalty laws and regulations, your car insurance policy pays for your injuries, regardless of who caused the accident. Accident insurance states include; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah and Washington DC.

Do not renew - this is the end of the insurance policy for the specified expiration date. All coverage will expire from this date and the insurer will be released from the promised cover.

Personal Property Liability - This is a part of the auto insurance policy that covers damages or other losses incurred by the personal property of another person.

Personal injury protection or PIP - This part of your car insurance policy pays for any lost salary or medical expenses for you and all your vehicle's passengers after the accident. PIP is also called medical coverage.

Premium - This is the amount paid to you in a month, year, or other period agreed between the insurance company and the policyholder and paid directly to the auto insurance company. The premium depends on the type and amount of your car (s) and the type of choice you choose. Other factors that affect your insurance premium prices include your age, marital status, car driving and credit rating reports, the type of car you run, whether you live in urban or rural areas. The premiums vary according to the insurance company and place of residence.

The quotation is the amount or estimated amount the insurance will pay based on information provided to the agent, broker or insurance company.

Cancellation This is a cancellation of the insurance policy, dated from the date of its entry into force. This will reimburse the full premium that is charged.

Lease reimbursement - this is a part of the auto insurance policy that covers car rental costs of similar size if the vehicle subject to the vehicle is repaired from a reported incident.

Repayment costs - this is the amount of money that will be spent to replace the lost or damaged product as it is indeed a new replacement value. This amount of money would be based on a new identical item in the current domestic market.

Salvage - This is the property of auto-policyholders, which has been converted into an amount in eh's [insurance] agency in the final settlement of losses. Insurance companies will sell rescue assets in the hope of recovering some of their monetary losses due to losses and settlements.

The other half - this is the actual insurance policy of the insurance policy.

Supplement - this amount is included in your car insurance premiums following a road traffic offense or a misdemeanor accident.

Third Party - This is another person who is not a policyholder and a insurance company that has suffered a loss and may be able to obtain and receive reimbursement on behalf of the policyholder's neglect.

Total loss - this is the total destruction of the property of the policyholder. It has been found that this would be a great amount of money to repair the goods rather than replacing the insured thing against your own country before the loss.

Towing Coverage - This is a part of the auto insurance policy that covers a certain amount of towing services and associated labor costs.

According to the insured driver, this is part of the auto insurance policy, which concerns injuries caused by a driver without sufficient insurance to cover the medical expenses incurred in the event of an accident. The part of this policy may vary by country, because in some countries this section indicates a car damage.

An insured driver or driver is part of an auto insurance policy that relates to injuries caused by you when caused by a driver who was insured without liability at the time of the accident. Coverage of the insured driver or driver is in two different sections; uninsured driver injury and uninsured driver property damage. The insured driver's personal injury coverage covers your or any passenger's injuries in your car if an accident with an uninsured driver has occurred. 

Covering lost property in an insured vehicle covers the cost of damage to property for your car if there is an accident with an identified uninsured driver. The insured driver or driver's cover must be offered when you have acquired the necessary liability for the car. If you want to give up the uninsured driver or driver coverage, you must sign the waiver of the rejection. Most motorists in the country need an uninsured driver's cover. Car Insurance Some rules include damage to your car in this coverage area.

Life Insurance Mistakes | Avoid Common Mistakes Having Policy with Insurance Companies

Do Not Taking Decision Fast to Get Life Insurance Policy with Low rating Insurance Companies |  First Do Research and Then Decide. 


Life insurance is one of the most important components of every individual's financial plan. However, there are many misunderstandings about life insurance, mainly because life insurance products have been sold in India over several years. We have discussed some common mistakes that insurance buyers should avoid when buying insurance policies.

1. Insufficient insurance claim: many life insurance customers choose insurance coverage or guaranteed amount based on plans that agents want to sell and how much premium they can afford. This is the wrong approach. Your insurance claim is a function of your financial situation, and there is nothing that products are available to. Many insurance purchasers use thumb rules, for example, 10 times a year to cover their income. 

Life Insurance Mistakes | Avoid Common Mistakes Having Policy with Insurance Companies

Life insuranceSome financial advisers say that 10 times your annual income, as it gives your family 10 years of income when you are gone. But this is not always right. Let's say you have a 20 year mortgage or home loan. How will your family pay the EMI after 10 years, when most of the loan is not yet met? Let's say you have very young children. Your family will need to make the most of their children's income, such as their higher education. Insurance buyers must take into account several factors in deciding how much insurance coverage they are suitable for.


· Repayment of all unpaid debts of the policyholder (eg home loan, car loan, etc.).

· After repayment of debts, collateral coverage or amount, there should be surplus funds in order to obtain sufficient monthly income to cover all expenses of the policyholder's living expenses by invoicing inflation

· After repayment of debts and the creation of monthly income, the amount secured must also be adequate to cover the future obligations of the policyholder, such as child education, marriage, etc.

2. Choosing the cheapest policy: Many insurance buyers want to buy cheaper policies. This is another serious mistake. Cheap policy is not good if the insurance company for some reason or otherwise can not meet the requirement of early death. Even if the insurer fulfills the requirement if the claim has been fulfilled for a very long time, the situation of the insured person's family is definitely not desirable. You should look at the metrics such as the requirement settlement factor and the length of the decision to decide the claims of different life insurance companies to choose an insurer that will timely fulfill your obligation to meet your claim if such a disadvantage occurs. 

Data for this indicator for all Indian insurance companies are available on the IRDA annual report (IRDA website). You also need to check online billing for applications, and then just select a company that has good claims.

3. Insurance as life insurance and purchase of an incorrect plan. The common misunderstanding about life insurance is that it is also a good investment or retirement planning solution. This misconception is to a large extent related to some insurance agents who want to sell expensive policies to earn high commissions. If you compare the return on life insurance to other investment opportunities, it simply does not make sense as an investment. If you are a new investor over a long period of time, equity is the best wealth creation tool. Over a period of over 20 years, investments in capital funds through the SIP will result in a housing that is at least three to four times the life insurance plan of 20 years with the same investment. 

Life insurance should always be considered a protection for your family in the event of an imminent death. Investments should be a completely separate consideration. Although insurance companies sell unit-linked insurance plans (LIFIs) as attractive investment products for self-assessment, you should distinguish between the insurance component and investment component and pay attention to what part of your premium is actually given to the investment. In the early years of the ULIP policy, only a small amount is allocated to purchasing units.


A good financial planner will always recommend buying a term insurance plan. The maturity plan is the cleanest insurance type and is a simple defense policy. The term insurance plan bonus is much lower than other types of insurance plans, leaving it to policyholders with a much larger surplus of inquiries that they can invest in investment products such as investment funds that, in the long run, yield a much higher return than the grant or return plans. If you are the policyholder, in some special situations you may choose additional types of insurance (such as ULIP, grant or money return plans) in addition to your timing policy for your particular financial needs.

4. Buying Insurance for Tax Planning: For many years, agents have made it difficult for their clients to purchase insurance plans in order to save tax in accordance with Article 80 C of the Income Tax Law. Investors should understand that insurance is the worst tax-savings contribution. Repayment from insurance plans ranges from 5 to 6%, while the Company's collateral fund, another 80 ° C investment, provides almost 9% of risk-free and tax-free returns. 


The stock-related savings scheme, another 80C investment, in the long run yields much higher net profits. Moreover, the return from insurance plans may not be fully tax-exempt. If the bonuses exceed 20% of the guaranteed amount, then the term structure is taxed in such amount. As mentioned before, the most important thing to consider when it comes to life insurance is the goal of providing life insurance rather than creating the best return on investment.

5. Withdrawal of or withdrawal from life insurance policy before the deadline: This is a serious mistake and compromises the financial security of your family in the event of a missed incident. Life insurance should not be touched until the death of the insured accident has occurred. Some policyholders abandon their policies to meet urgent financial needs, hoping to buy new policies when their financial situation improves. 

[Life insurance] Such policyholders must remember two things. First, mortality is not under the control of any human being. That's why we buy life insurance first. Secondly, life insurance becomes very expensive as the insurance buyer becomes older. In your financial plan, unforeseen funds should be foreseen to cover unforeseen urgent expenditure or to provide liquidity in the financial period in the absence of financial resources.

6. Insurance is a unique task: I am reminded of the advertising of old motorcycles on television, which had a workout line: "fill it in, close it, forget it". Some insurance customers have the same philosophy of life insurance. When they buy sufficient cover in a good life insurance plan from a well-known company, they assume that their life insurance needs are monitored forever. This is a mistake. The financial situation of insurers changes over time. 

Compare your current income with your income ten years ago. Has your income not grown several times? Your lifestyle will also improve significantly. If you purchased a life insurance plan ten years ago based on your income, then the unsecured amount will not be enough to meet the current lifestyle and needs of your family in the unlucky times of premature death. Therefore, you should purchase an additional deadline to cover this risk. Life insurance needs need to be reassessed on a regular basis and, if necessary, you need to purchase any additional amount that is secured.

Conclusion

Life insurance, Investors should avoid these common mistakes when buying insurance policies. Life insurance is one of the most important components of every individual's financial plan. Therefore, life insurance should be carefully considered. Insurance buyers should take precautions against dubious sales that are practiced in the life insurance industry. It is always worthwhile to involve a financial planner who looks at your entire investment and insurance portfolio on a comprehensive basis so that you can make the best decision both for life insurance and investment.

Life Insurance About Special Risk of Vital Need For Protecting Those We Love

Life Insurance About Special Risk of Vital Need For Protecting Those We Love 


Life insurance is not something most people want to discuss. But I think that we all agree that insurance is very important for the protection of the people we love. an insurance policy is used not only as a way to protect your spouse and children, but it can also be used to protect your business.

Business owners often have a lot of people who depend on those who are there to keep their business open. It is important for the company to have a way to stay funded if the primary owner or key employee suddenly goes away. With the proper planning of the smart business owner, they can receive the money needed to enable the spouse or key employee to open a business. Money from insurance can be used to buy a spouse or other partner.

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People who generally have good health, buying life cover is not a problem. But for those with pre-existing medical conditions, such as diabetes, heart disease, cancer, etc., it is often difficult to purchase affordable life insurance. This blog will give you the tips you need to find out how to buy a cover with an existing medical condition.



Most people do not know that as well as she is a doctor specializing in brain surgery, cardiac surgery, etc., they are also a insurance specialist. These expert representatives usually have years of experience and specialized knowledge of complex insurance.

An insurance transaction is a process that needs to be able to find out if you can get insurance. It is important to remember that each life insurance company has its own set of guidelines and rules that they must follow when signing a specific risk.
One insurance company may waive the option of a person with a historical cardiac arrest if another carrier considers this risk acceptable and offers a fair rate. The secret is knowing which insurance company specializes in each particular medical risk.

This is where the risk agent of the life agent can really shine. An experienced agent will know which carrier guarantees the best condition. And the special risk agent may also agree on your behalf between different carriers. Most special-risk [life insurance] agents are independent. This means that they have no trust in any particular company. Most agents are also represented by many carriers.

The permanent life insurance arena in the United States has more than 1000 insurance companies. But there may be only a dozen or so in a special risk signing area that really endangers specific risks.

A good special risk venture insurance agent can save a lot of legwork, and more importantly hundreds, if not thousands of dollars, for your life insurance policy.