Don't be a Scrooge!

"At the ominous word 'liberality', Scrooge frowned, and
shook his head, and handed the credentials back." -- A Christmas Carol

On Black Friday last year, I posted the many ways you could donate to The Library. The ways haven't changed, though the various wishlists have had additions of subtractions. I mentioned in another post that after several years of having it on the wishlist, we were the lucky recipients of a lap top. We also had several individuals step forward in the past year to adopt books (we showed off the re-furbished History of Insurance in Philadelphia at this week's Annual Meeting). In case you wanted to donate to a charity as you shopped on amazon, or you wanted to make sure to get a donation in to one of your favorite charities before the end of the year, we thought we'd publish the three main ways to donate in one easy to find place!

The Annual Fund is where general monetary donations throughout the year go. The money is spent on up-keep of the library as well as focusing on one or two projects for the year. Companies and individuals who donate to the annual fund get their name published in our newsletter (we're a non-profit so your donation may also be eligible for a tax deduction -- we're not tax experts though). This year, a portion of the money went toward cleaning the library and putting finishing touches on rooms that had been damaged in the flood. If you take any classes from the library, you'll notice the basement classrooms have been spruced up!

Another way of supporting the library and its collection is through the "Adopt A Book Program" which provides for preservation of our historical publications and documents. The money donated goes toward a specific item --you can read some background about the books and look at them online in their tattered state to pick which one you want to adopt. We make sure a personalized book plate is put in the front of books, when requested, so users know whose generosity ensured future use of the material. The book plate can be donated in honor of someone in case you want to buy it as a gift for someone else. Your recipient can come into the library any time they want and admire the book-binder's handiwork and their name emblazoned on the inside cover.

Finally, the library has an Amazon Wishlist. While you're completing your other shopping on amazon, you can click over and skim the list. If anything catches your fancy, you can simply add it to your cart with the rest of your purchase and Amazon should know to send it to us. You'll notice there are items on the list for general office upkeep. We're currently using the 2004 version of Quicken and would love to upgrade to a more recent version. As you would expect, the rest of the list is filled out with books. Many of these books have been requested by patrons or are for very specialized areas of insurance interest but aren't in our budget. If you find something that falls within your particular area of interest, we'd love it if you'd donate it to our library so we could share it with many more people.

We are very grateful for all the ways in which our membership supports us, without your generosity we would not be able to offer the services we do!

Annual Meeting

The library had its annual meeting today and welcomed a new trustee, Patrick Quinn of Quinn Group Insurance, to the board.

Patrick Quinn and Frederick N. Nowell, III

Three awards were presented at the meeting as well. Sara Hua of Ironshore earned The Frank W. Humphrey Award. Joe Sciacca, her instructor, presented the award after a heartfelt speech about all of Sara's hard work. Her acceptance speech almost brought the group to tears!

Sarah Hua and Joseph Sciacca

Marc Cleary presented The Barbara W. Thornton Award to his colleague and student, Samantha Frank of Liberty Mutual. She spoke highly of Marc in her acceptance speech mentioning his excellent track record in preparing her for the national examinations.

Marc Cleary & Samantha Frank

Finally, Marc Cleary received an award as a teacher of excellence, for the above average passing ratio of students in his classes. It is the highest level of award from The Institutes, and Marc seemed both surprised and very pleased to be the recipient! He commented that it's the students who do so well, he merely encourages them to take the tests. "You can't pass unless you try."

We are very proud of all three award winners and pleased that they could attend the meeting this morning!

Auto Insurance Codes

We realize that not everyone has taken the time to explore the resources we've posted on our website, so we thought we might highlight some here on our blog.


From time to time, we get calls asking for the name of a company based on a company code. While we're more than happy to answer these calls, we do have links on our website to the Massachusetts, New York and New Jersey insurance company codes. While there may be other states that use auto insurance company codes, these are the three we get asked for most frequently.


These codes are codes that are assigned by the department of motor vehicles (or, in Massachusetts, by the Commonwealth Auto Reinsurers). They should not be confused with the National Association of Insurance Commissioners codes or with the codes that A. M. Best assigns companies. For one thing, the NAIC and AM Best assign company codes to more than just auto Insurance Companies.


If you're interested in finding the company name associated with an NAIC code, you can go to their consumer information source and look it up. You can also find out information on the company's financials and consumer complaints. If you're interested in recent Annual Statements, you can find that information there as well.


For A. M. Best Company Codes, you can go to the Company and Rating Search section of their website and look up a company by their A. M. Best Number (or by the NAIC number if you care to). Not only will it tell you the company name, but it will also provide you with contact information and, if you're a subscriber, related articles.



We hope that this information makes your research easier!

Insurance Library Annual Meeting

This year's Insurance Library Association's Annual Meeting will be held on Tuesday, November 22, 2011. The meeting is open to all of our members (member companies may send a representative). If you'd like to attend the meeting or assign a proxy, you can email Jean Lucey, or fill out the form found here.

11-11-11

Unlike Memorial Day, Veterans Day is designed to honor all of those in our armed services, not just those who died in service.

Though Veterans Day is a U.S. National Holiday, Britain celebrates Remembrance Day on the same day (both holidays began to honor the Signing of the Armistice at the end of World War I). We thought you might be interested in this link to Lloyd's During World War 1. Not only does it provide information on the many ways that Lloyd's was involved in the war effort (and honors those who lost their lives), but it has examples of telegrams sent shortly after the Armistice was signed.

Onward & Upward

Sandra Glaser Parrillo, 2011 Insurance Professional of the Year Award Winner

Donald F. Vose, President of the Board of Trustees for The Insurance Library Association of Boston

I'm afraid this blog languished while we worked on the Education Fair in September and the Insurance Professional of the Year Event in October. November is suddenly upon us and we're shocked at how quickly our annual meeting is approaching.

I mentioned last year that after The Insurance Professional of the Year Award Ceremony it often feels like a new year around here (perhaps it's no coincidence that our event occurs in the same season as Rosh Hashanah). So I'm sure you'll pardon us as we reflect a little.

A lot has happened in the last year:

1. We've worked harder on maintaining our website and blog. We've started a LinkedIn profile for the library and we're exploring ways to make our library even more available electronically.

2. We've added more items to our adopt a book program, and to our wishlist (and we finally got the laptop we'd put on there several years ago!).

3. We held our first ever Education Fair (with a lot of support), and had our 10th Insurance Professional of the Year Award Ceremony (which included a lot of firsts as well).

4. We put on our first ever (though, not last) silent auction during the social hour at The Award Ceremony -- thanks to a lot of support for that, we raised about $6,300 for the library!

Some staff changes include:

1. Our Director, Jean Lucey, changing her schedule to working three days a week.

2. Our "other" Jean, Jean Osborne, increasing her hours to three days a week (we don't ever want to be short a Jean).

3. Meagan completing another two CPCU tests on her way toward earning the designation.

It really does feel like a whirlwind, but we are glad that you were here for the ride!

The Advantages and The Disadvantages Of Individual Health Insurance

The Advantages and The Disadvantages Of Individual Health Insurance.

In a country like the United States, when you do not want to be buried in debt; you need a good health insurance for yourself and your family. Whether you are an employee or self-employed, it is necessary that you have a good health insurance coverage to cover your medical bills. However, there is no unique health insurance plan good for every one; benefits and costs vary from an individual to another (due to age, medical condition, etc.). To make a good choice, you need to know what benefits you are looking for, and examine each plan to find the one that best responses to your needs.

Though you have many options in choosing your health insurance, finding the right plan can be difficult. In general, individual health insurance is a form of contract between you and an insurer (insurance company )to repay all or almost all of your medical bills, which may includes hospitalization, medications, dental care, seeing a specialist, and certain therapies (radiotherapy, chemotherapy, etc.). Whatever your needs, you will most likely have to choose one of these plans, Fee-for-service, HMOs (Health Maintenance Organizations), or (PPOs) participating provider organization.

Fee-for-service - also known as indemnity plans, is a type of insurance plan where you, patient, have to pay all medical expenses out of your own pockets, and then request a reimbursement from your insurance company. These types of plans have their advantages and disadvantages.

The Advantages:
They offer more flexibility in choosing your own doctor. You can decide the time to see your health care provider, and what type of treatment you want; as long as you remain in the limit that your insurer will repay.

The Disadvantages:
In indemnity plans, most doctors require upfront payment, so you have to submit claim forms to the insurance company to receive a reimbursement. That requires paper work, and sometimes many phone calls. Fee-for-service plans offer limited benefits; they do not cover annual physical exam and educational programs.

HMOs (Health Maintenance Organizations)- Health maintenance organizations (HMOs) are managed care plans that offer health care coverage to their members through hospitals, doctors, and other health care providers that are in their network. That is, having their service, you are limited to members of their network.

The Advantages:
Unlike Fee-for-service plans, you do not have to pay up front; although some of them require a copayment. You do not need to submit forms after forms to receive reimbursement.

The Disadvantages:
Use only health care providers who are associated with the organization. Most HMOs (Health Maintenance Organizations) tend to disapprove certain treatments. Although some HMOs accept their members to see physician or specialists who are not in their network, they often charge you additional costs.

The (PPOs) participating provider organization - also known as Preferred Provider Organizations, is a form of managed care organization of physicians , hospitals, clinics and other health care providers that sign a contract with an insurer to provide health services to its member at reduced rates . Usually, PPOs cost more than traditional HMOs, but offer more options to their members.

The Advantages:
Preferred Provider Organizations provide more flexibility to their members; they have a bigger network of doctors and hospitals. You can take service from health care providers that are not part of their networks (certain charges often apply). You pay Lower copayments for care from primary care physicians. In addition, you do not need a referral to see a specialist.

The Disadvantages:
PPOs cost more than traditional HMOs. You will more likely to make co-payments (usually from $10 to $30) when you visit a health specialist.

American Home Owner Insurance

American Home Owner Insurance

How To Save Approximately 20% With A Home Security Set-Up

The Personal security camera systems are getting more and more common place as price plus availability continue to improve. House holders and Business owners can benefit from installing these security cameras. House holders utilize personal security camera systems for several reasons. Safety is presumably high on that list. Supervising the safety of family members, specially small kids plus older members, the safety of dogs and the security of personal belongings give home owners sobering reasons to purchase private security camera systems.

The Security Cameras for the supervising of dogs and small kids are very simple and affordable to fit when only a small place is to be monitored. For instance, checking the babies room or the area where your dog passes their day when home owners are away can be set up with a computer and a webcam that sells for under 20 dollars.

The parents can quickly see when and how well an infant is snoozing, what kind of attention the infant receives when awake plus what kind of daily timetable is being observed.

Pet lovers will be able to look in on pets, checking movements and demeanor and recognize instantly if your dog becomes ill or is hurt in some manner.

Using a personal security webcam system to keep an eye on senior moms and dads who rather to live by themselves and preserve their independence as much as possible yet might well have an fall or health emergencies.

The house holders installing a personal security webcam system will be able to add a layer of protection affecting personal belongings while saving nearly 20 % on American family home insurance.

Start-up retail owners can benefit in several ways by installing a personal security webcam system. Business offices plus shop floors can be monitored for damage via misfortune, violation or even staff theft.

The security camera systems are available in all sizes, like simple to hide to simple to miss. Oftentimes the best personal security webcam system utilises a combination of sizes and types of webcam. Concealed security cameras can be installed to keep an eye on particular areas of the shop floor, specially those controlling sensitive information.

Bulkier security cameras can be installed in very visible places to deter burglaries, thievery and malicious mischief. Personal security cctv cameras come wired or wireless. Wired security cameras are generally installed by electricians or security service providers during the construction of your house or store.

The wireless security cameras can be installed whenever construction is completed and almost anyplace. These wireless security cameras are quickly added-to to include additional security cameras for more capabilities.

Non obligatory plugins for personal security cctv cameras consist of motion sensors, smoke sensors, heat changes sensors and more.

Supervising of a personal cctv camera system can oftentimes be carried out by cellular phone, personal computer, plus other portable electronics plus by TV. House holders can capture webcam images digitally or on storage devices like a DVD or videocassette recorder. House holders that rather to do so can avail of a monitoring system which automatically notifies the authorities when alarms are activated.

The installation of a personal cctv camera system offers homeowners a means to keep an eye on the safety of loved ones, pets and belongings. Most American homeowners insurance companies grant discounts of up to 20 percent on property where a cctv camera system is used.

United Kingdom Insurance

 

The United Kingdom Insurance
The UK government introduced a law that required every person who used a vehicle on the road to have at least third party personal injury insurance in 1930.
UK law is defined by The Road Traffic Act 1988, which was last modified in 1991. The act requires that motorists either be insured, have a security, or have made a specified deposit (£500,000 as of 1991) with the Accountant General of the Supreme Court, against their liability for injuries to others (including passengers) and for damage to other persons' property resulting from use of a vehicle on a public road or in other public places.

The minimum level of insurance cover commonly available and which satisfies the requirement of the act is called third party only insurance. The level of cover provided by Third party only insurance is basic but does exceed the requirements of the act.

The Road Traffic Act Only Insurance is not the same as Third Party Only Insurance and is not often sold. It provides the very minimum cover to satisfy the requirements of the act.
For example Road Traffic Act Only Insurance has a limit of £250,000 for damage to third party property and does not cover emergency treatment fees. Third party insurance has a far greater limit for third party property damage and will cover emergency treatment fees.

It's an offence to drive a car, or allow others to drive it, without at least third party insurance whilst on the public highway (or public place Section 143(1)(a) RTA 1988 as amended 1991); however, no such legislation applies on private land.

The Vehicles which are exempted by the act, from the requirement to be covered, include those owned by certain councils and local authorities, national park authorities, education authorities, police authorities, fire authorities, heath service bodies and security services.

The insurance certificate or cover note issued by the insurance company constitutes legal evidence that the vehicle specified on the document is insured. The law says that an authorised person, such as the police, may require a driver to produce an insurance certificate for inspection.

When the driver cannot show the document immediately on request, then the driver will usually be issued a HORT/1 with seven days, as of midnight of the date of issue, to take a valid insurance certificate (and usually other driving documents as well) to a police station of the driver's choice. Failure to produce an insurance certificate is an offence.

When a vehicle has been substantially modified, the modifications must be notified to the insurer, otherwise the policy becomes invalid. In the case of a police check finding that the modifications have not been notified to the insurance companies, the driver would be prosecuted for the disclosed offence.

The Insurance is more expensive in Northern Ireland than in other parts of the UK.[vague][citation needed]

The most motorists in the UK are required to prominently display a vehicle licence (tax disc) on their vehicle when it is kept or driven on public roads. This helps to ensure that most people have adequate insurance on their vehicles because an insurance certificate must be produced when a disc is purchased.

The Motor Insurers Bureau compensates the victims of road accidents caused by uninsured and untraced motorists. It also operates the Motor Insurance Database, which contains details of every insured vehicle in the country.

Young Driver Car Insurance

Young Driver Car Insurance 

Make It Affordable

Are you dreading the day when you have to add your teen to your car insurance policy? You have probably ready heard nightmare stories from friends whose young driver car insurance resulted in a 50-100% increase in the family's overall premiums.
 

Lots of car insurance companies consider drivers under the age of 25 to be at much higher risk for vehicle-related accidents. And if you've driven by your local high school parking at 3:00 lately, you probably know too well the driving habits of young drivers. There are a few things you can do to help your teen become a safer and cheaper-to-insure young driver. The following five ideas will have a positive impact on your young driver car insurance rates:

1. Keep that driving record clean. Even one DUI infraction can multiply a young driver's car insurance premium by a factor of ten. And that's not just for one year. The increased annual premium is likely to stay in effect for three years, costing literally thousands of extra dollars in increased insurance premiums.

2. Keep those grades up. Some car insurance companies offer lower rates to young drivers who qualify as full-time high school or college students and maintain at least a 3.0 grade average. It doesn't hurt to ask about it when you're shopping for car insurance quotes!

3. Consider an accredited driver safety course for your young driver. Some insurance companies sponsor them locally, or check online with the National Safety Council. Your young driver might qualify for a car insurance discount, and is likely to become a safer driver in the process. A double win.

4. Consider a safer car. By avoiding sport cars, expensive cars, and SUV's your young driver may save up to 50% on car insurance premiums. Consider a newer model car with airbags as a cheaper, and safer, alternative for your teen.

5. Stuff the car with safety features. To keep your teen safe, and save on car insurance premiums, consider adding side-airbags, automatic seat belts, and anti-lock brakes to your young driver's vehicle.

By considering these five factors that affect young driver car insurance, you can make those teen years a little less expensive and a lot more enjoyable.

When you're ready to start shopping for young driver car insurance, consider getting multiple quotes from the online service recommended below. They provide at least five free quotes from major insurers.

Life Insurance Sector

Life Insurance Sector

The experts within the life insurance industry have urged many potential customers to think again with regards to their insurance policies. They claim that there is generally no need to live without any type of life insurance policy in these uncertain times as there are so many variable types on offer.

The Types
For those looking for a bit of excitement and variety, there is the option of a Variable life policy, which encourages the customer to amass a sum of money in order for it to be invested in a stock offered by the given company. The amount payable would be based on how well the investment does.
Those looking for more traditional cover could choose a whole life cover which means you pay into a policy in order for it to be attributed out to a nominated beneficiary when you pass away.
Despite the variety and comprehensive cover on offer, the industry struggles to reach all of its intended audience.

Few
Norwich Union revealed the depressing news that over 20 million adults in Britain do not own a life insurance policy or any kind of protection cover.

The leading insurance company has warned that many of the population without life insurance policies are risking financial ruin by leaving their future up to chance.

The Research has shown that the main reason for not purchasing life insurance is that they either haven't thought about it or considered taking out a policy (37%).

Head of protection marketing at Norwich Union, Darren Dicks commented; "These findings are cause for concern as they suggest many people are taking an 'it won't happen to me' approach to protection. Around 52% of UK adults have no life cover at all and the remainder are either underinsured or unsure about what type of cover they hold."

Peace of mind
Everybody, particularly families, are being urged by leading insurance companies to protect their mortgage and their lifestyle with the appropriate insurance as the realities of the credit crunch begin to take effect.

After a Car Accident: First Steps

After a Car Accident: First Steps
http://injury.findlaw.com

Would you know what to do if you were driving and hit another vehicle? A pedestrian? When a car accident happens, injuries may be severe and emotions may be high. However, there are important things that must be taken care of both at the scene of any accident and soon afterward.

Below is a list of things that should be done, if at all possible, when any automobile accident occurs.

Keep this information handy by printing out this helpful pamphlet on first steps after an auto accident, and storing it in your glove compartment. It has itemized steps you can check off, as well as an area where you can clearly fill out relevant information after a wreck.
 

Stay at the Scene
The cardinal rule for all car accidents is that you should never leave the scene until it is appropriate to do so. If you leave the scene of an accident, particularly where someone has sustained injuries or was killed, you can face serious criminal penalties for being a "hit-and-run" driver.

    Exception: If you are hit by another car in a deserted area, use caution in stopping and getting out of your vehicle. Unfortunately, there have been reported incidents where a person exited their vehicle in a deserted or unsafe area after being bumped by another car only to be robbed or killed. Instead of getting out of the car if you find yourself in that situation, drive to the nearest police station to report the accident. If it turns out that you were being over-cautious and the other driver had no ill intentions, you may be embarrassed, but you will also be safe.

Check on All Drivers and Passengers
Before assessing property damage, check to make sure that everyone else involved in the accident is okay. Get medical attention for anyone who may need it. If a person is unconscious or complains of neck or back pain, it is best not to move them until qualified medical personnel arrive. In some situations, for example if an injured person is lying in a pool of gas that you fear may ignite at any time, you may have no choice but to move them. If you are in that type of situation, try to move them as steadily and slowly as possible while supporting their neck and back. The less movement, the better.
 

Call the Police
Especially if the accident involves significant property damage, physical injury, or death, you may need to call the police. Ask that a police report be filed in situations where law enforcement officers do arrive at the scene, and obtain the name and badge numbers of any responding officers.
 

Exchange Information
Talk to the drivers of any other vehicles involved in the accident. Get their names, phone numbers, addresses, drivers' license numbers, license plate numbers, and basic insurance information. If there are passengers in any of the vehicles, obtain their names, telephone numbers, and addresses as well. In talking to drivers of other vehicles, you should try to be cordial and cooperative in determining that everyone is okay and in exchanging basic information.

However, do not apologize for anything at the scene. If you jump out of your car and blurt out, "I'm so sorry I ran that red light! Is everyone okay?" you may back yourself into a corner in terms of legal liability for what happened. Immediately after an accident, the scene is chaotic and it might not be evident who was at fault, or who was more at fault, in causing the accident. Moreover, in many states, fault is not determinative of which insurer will pay for any loss. Therefore, try to keep your conscience in check, at least until things get sorted out, so that you don't admit guilt unintentionally or unnecessarily.
 

Talk to Witnesses
Ask every witness what he or she saw. Get their names, telephone numbers or addresses, if possible. Whether the witnesses are residents of the area, businesspeople that work nearby, or passersby who were in the vicinity, try to talk to as many people as you can. Ask them, in particular, if they have ever witnessed other accidents in the same place. If a witness is hesitant to talk to you, don't beg or threaten them. Forcing information from someone will get you nowhere. Write down what they tell you and, if they agree, simply get their name and phone number so that you, your attorney, the insurance company, or the court can contact them again.
 

Inform Your Insurance Company
As soon as possible, tell your insurance company that you have been involved in an accident. Cooperate with your insurance company and tell them the truth about what happened and the extent of your injuries. If the insurance company finds out that you have lied to them about anything, you can get into serious trouble, not the least of which may be the denial of any coverage for the accident. Build support for your case when discussing the matter with your insurance company. Be able to explain to them the facts of the case in a clear manner. Obtain and review a copy of any police report, so that you can point out to the insurance company who broke what traffic laws or who was at fault for the accident. Such information will often be provided in the report. Although the insurance company may already know the facts of your case, taking an active interest in making sure your rights are protected will force the insurance company to take you seriously.

Car Accidents Overview - Attorneys and Law

Car Accidents Overview - Attorneys and Law

Source : http://attorneypages.com

Almost everyone will be involved in a car accident at some point in their lives. While hopefully your auto accident won’t cause serious car accident injuries, car accidents can have potentially serious and even fatal consequences. An auto accident can also give rise to liability – you may be able to sue the driver who caused the accident. As such, it is useful to learn more about motor vehicle accidents, vehicle accident lawsuits and how an accident attorney can help.

How Common Are Car Accidents?
The statistics governing car accidents are somewhat alarming:

•     More than 6 million motor vehicle accidents occur in the U.S. every year.
•     Car accidents kill one person every 12 minutes, and injure someone every 14 seconds in the U.S. – many of these cases give rise to car accident claims either for wrongful death or car accident injuries
•     Motor vehicle accidents kill over 40,000 people every year in U.S., and they are the primary cause of death for people from ages 2 to 34
•     About 2,000 children die as a result of car accidents every year, and over 250,000 are injured in accidents

Types of Car Accident Injuries
There are many different causes for car accidents, each of which are likely to lead to a variety of injuries. Some of the most common car accidents that occur include:

•     Rear Impact: If you hit someone from behind, or are hit from behind, you have been involved in a rear impact accident. Most often this occurs because someone has failed to brake in time, resulting in either a tap or a more significant rear impact accident. Nearly 30 percent of all car accidents in the U.S. are rear-impact collisions. When a rear impact collision occurs, the driver in the back is usually responsible because laws mandate that you drive a safe distance from the vehicle in front of you.
•     Side Impact: If you are hit in the side of your vehicle, you have experienced a side impact crash. Side impact accidents can happen when you “T-bone” another vehicle, meaning the front of your vehicle crashes into the side of another. You can also sideswipe another car by bumping into its side while changing lanes. Nearly 29 percent of all U.S. accidents are side-impact collisions. Proving fault often becomes an issue here- it can be hard to know which driver was in the wrong. A good car accident lawyer can help you collect photographic evidence of the scene or will hire an expert in accident reconstruction to act as your witness and to help you prove the fault of the other party.
•     Head-on Collision: If you hit another car front first, or if you hit a non-moving object with the front of your car, you have been involved in a head-on collision. Head-on collisions happen often when a driver falls asleep and slips into oncoming traffic. Other ways head-on collisions occur are where the driver is under the influence of drugs or alcohol, gets onto a freeway or a one-way street in the wrong direction, or loses control of their vehicle and skids into an oncoming lane. These accidents account for 2 percent of all U.S. collisions. The driver who was going the wrong way or who was drunk or asleep is generally at fault.
•     Rollover: If your car flips over in any way, or lands on its side, you have been involved in a rollover. Taller vehicles, like SUV’s and trucks, are more likely to experience rollovers than smaller cars. Nearly 2 percent of all accidents in the U.S. are rollovers. In some rollover accidents, you may be able to hold the manufacturer of the car responsible for a poor design or defects.
•     Runoff: These accidents usually involve only one car running off the road. This can happen when a driver is not paying attention, or swerves to avoid another vehicle or animal in the road. Runoffs account for 16 percent of all U.S. accidents. If you run off the road, you usually have no one to blame but yourself – unless another vehicle illegally got in your way or there was a problem with the road itself.

How an Auto Accident Attorney Can Help
No matter what the specific cause of your car accident injuries, a car accident attorney can help you prove fault and collect the damages you deserve.

Attorneys can be particularly helpful when injuries like whiplash or injuries involving hospitalization are involved. Car insurance companies will try to pay as little as possible, and an attorney can help you gather evidence and protect your rights by dealing directly with your insurer or by helping you to file a car accident lawsuit.

Auto Accident Insurance Claim

Anatomy of an Auto Accident Insurance Claim

Source : http://accident-law.freeadvice.com

Auto Accident Settlement  How Much Is Your Auto Accident Case Worth?
Can I Sue for Accident?  Do you have a case?
Injury Claims  Free Online Injury Claim Evaluation Nationwide.

An auto accident insurance claim always begins with an accident. If you are involved in a car accident, there are some very important things you should do at the accident site to the extent you can. At the first opportunity, you should report the accident with your insurance carrier and begin the process of filing a claim. After you have submitted your claim, a claims adjuster (someone who works for the insurance company and deals exclusively with claims) will either call, write or email you regarding your claim. He or she will then look at your policy to determine the types of coverage you have, deductibles, and any coverage limits that may affect your claim.

If your claim is simple (i.e., fault is not at issue, the damage was minimal, and little or no medical treatment was necessary), the adjuster may have you get an estimate for repairs and then send you a check. You will have to fill out some paperwork, but you may not have to meet with the adjuster in person. If your claim is more complicated (for example, liability is unclear, you do not have enough coverage in your policy, or you do not agree with your adjuster’s settlement offer), then the negotiation process will take longer.

Investigating Your Automobile Accident Claim
In relatively complicated injury accident claims, adjusters typically must do some investigation in order to adequately assess the insurance company’s liability. The adjuster will comb through your policy and possibly contact witnesses to the accident, the other party to the accident, look at the police report if there is one, take photographs of the damages and scene of the accident and generally investigate your medical expenses by sending out requests to your medical providers for information regarding your treatment. If you are seeking to have medical bills covered, the adjuster will send you a medical authorization form for the release of your medical records.

The Settlement Offer
Once the adjuster has investigated your claim and looked at your policy, he or she will typically send you a settlement offer.

The settlement offer will tell you what the insurance company is willing to pay on your claim. It could be all, it could be part, it could be none. This opening offer is typically on the low side. After all, the adjuster’s job is to save his or her employer money.

But the adjuster also wants to close a case and thus is typically allowed a settlement range that offers room for negotiation.

See When the Adjuster’s Settlement Offer is Too Low.

The Demand Letter
If you are confident about how much you think your claim is worth, you can preempt the adjuster’s settlement offer with your own settlement proposal (demand letter). Your demand letter would outline fault (if an issue), damages and ask for a certain amount to settle your claim.

Should you make a demand first, or wait for the offer? See Making a Demand or Waiting for a Car Insurance Offer and

Settling Your Car Insurance Claim: How to Write a Demand Letter.

Negotiating with the Claims Adjuster
If you’ve already received an opening offer from the adjuster, keep in mind that opening offers for settlement are almost always on the low side. Whether or not you think the offer is reasonable, read When the Adjuster’s Settlement Offer is Too

Low for more information on how to evaluate that opening offer. Then, unless you’re willing to go with that opening offer (knowing that it’s too low) without an argument, you will ultimately need to negotiate with the adjuster for a higher settlement.
See Negotiating Your Car Insurance Settlement.

If Your Auto Accident Claim is Denied
If your claim is denied in whole or in part, there could be many legitimate and reasonable reasons. Most have to do with limits in your coverage. You can check the denial letter against your policy to see if the denial seems legitimate or not. If you still think your claim was unfairly denied, read 

When Your Car Insurance Claim is Denied for more on what you can do next. But whatever you decide to do, don’t wait too long to do it. If you sit on your claim for too long, you may lose the right to sue in court to get your recovery. Each state has a statute of limitations (a time limit for filing a lawsuit in court). In most states, the statute of limitations for personal injury claims is 2 or 3 years, but could be shorter or longer. An attorney will be able to advise you.

Construction Accidents Lawyer

Source : http://www.oc-personalinjurylawyer.com

Orange County Personal Injury Attorney
Falling beams, collapsing scaffolding, welding accidents and a myriad of other dangerous scenarios make a construction site an incredibly dangerous place.  As you go about your job, you are depending on your co-workers to act responsibly and ensure that all areas of the site are as safe as possible, and that they conduct their tasks properly.  Regrettably, accidents often happen due to someone failing to properly prep their work area, or because someone was conducting their task in an improper manner.

When this occurs, people get hurt.  If you have been injured in a construction accident, contact an Orange County personal injury lawyer in order to discuss the circumstances of your case and learn about how to proceed with legal action.  We are committed to helping those who have suffered physical injuries due to another person's negligence and will fight day and night to secure the financial compensation you deserve.  With over 25 years combined experience, we have helped hundreds of people injured in construction accidents obtain justice for the pain they've suffered.

Personal Injury Lawyer in Orange County
When you're hurt on the job, not only do you have to pay your immediate medical bills, you also have to cover the ongoing pain medications plus physical therapy sessions and future medical procedures your injuries may require.  There is also the  issue of the wages you lose due to not being able to work while you recover from your wounds.

If you have been injured in a construction accident, it's crucial that you retain legal counsel as soon as possible.   

 

The legal procedures relating to those hurt on the job can be extraordinarily long and complex, and attempting to navigate the process on your own leaves you vulnerable to making critical mistakes that can end up preventing you from receiving the compensation you're entitled to.

Car Insurance, When Should I buy Rental Car Insurance

Car Insurance, When Should I buy Rental Car Insurance?

As you pick up your rental car, you will be asked by the associate if you would like to purchase insurance for the rented vehicle. You may stop and ask yourself, do I really need this insurance? Am I already covered through my current auto insurance policy for a rental car? Won’t the credit card I used provide insurance? Is the rental car company’s insurance the best option? Any consumer may easily dismiss the notion of paying the extra fees for rental car insurance, thinking they are covered and can save that money. However, it is best to know when it is and isn’t necessary to purchase rental car insurance before you get to the counter to avoid paying for duplicate coverage or not having enough.

To know the terms of your auto insurance policy prior to renting a car will save you from worrying and wasting time wondering about your policy. Every car insurance company offers different terms concerning the rental car coverage. It could be offered as a separate coverage that is available for purchase by any driver, or it could be included in your policy at no charge.

There'ss a difference between your policy including the insurance for a rented vehicle and your policy offering to pay for a rental car while your owned car is in the shop for accident-related repairs. If you are confused by what is covered through your policy, be sure to contact your insurance company and get a clear definition of what you have purchased regarding rental cars. In most cases, the policy you purchased applies towards the vehicle you regularly drive as well as any other vehicles — including rentals — you occasionally or very rarely drive. Again, each auto insurance company’s terms vary.

In terms of providing insurance for a rented vehicle, your auto insurance company will provide collision and comprehensive coverage for the vehicle, provided you already have those options on your policy. It is also suggested checking with your insurance company to see if they would be responsible to pay for any fees, loss of use or charges to tow the vehicle if needed. When comparing different means of rental car insurance, place yourself in the situation of an accident and think of the stresses that come with that situation. Don’t leave any room for error in being covered for all charges to prevent yourself from being required to pay for the damages.

Other way to purchase auto insurance for a rental car is by using certain credit cards for the payment to rent the vehicle. Some credit cards include an agreement that when the owner of the card uses it to pay for the rented vehicle in full, the credit card company will instantly insure the vehicle. However, just like different auto insurance companies vary in coverage, so do credit cards. Some credit card companies only offer rental car insurance to clients who have good credit standing. Sometimes the insurance offered for the rented vehicle only covers the rented vehicle and not the additional property that was damaged due to your negligence. Also, medical expenses for you and or the other driver or passengers may not be covered as well, leaving you to foot the bill. Before going to pick up a rental car, have the terms of coverage provided by the credit card company sent to you in writing so you can be very familiar with the terms. You may be able to see where you wouldn’t be covered by the credit card company and purchase rental car insurance from the rental car company for safe measures.

The third option for rental car insurance is by purchasing the insurance from the rental car company for an added fee. While some consumers find this fee to be obscenely expensive and unnecessary, other drivers view it as a must. For instance, if you do not currently own a vehicle and do not have auto insurance, it would be in the driver’s best interest to look into coverage provided by the rental car company, especially if the driver is not using a credit card that offers rental car insurance. The rental car company offers a variety of coverage that will provide drivers with what they can afford. Keep in mind that it is the driver’s responsibility to pay for any damages that occur to the rented vehicle, whether it was the driver’s fault or not. One example includes a valet who accidentally scratches the side of the rented vehicle. The driver would be required to pay for the damages upfront and hope the other party is good to reimburse.

One of the waivers or coverage that a rental car company provides is known as a loss damage waiver. By purchasing this waiver, the renter of the vehicle is not responsible to pay for accident damages or if the vehicle is stolen. Towing, administrative, and loss of use fees are also waived by purchasing loss damage waiver. Just as with a regular auto insurance company, the rental car company expects the driver to operate the vehicle with caution by obeying all traffic laws. If the driver is found in an accident and had been speeding or breaking any of the other traffic laws or conditions of the rental agreement, the waiver becomes void.

The rental car companies also offer liability insurance in the amount that is required by the state. Most often the state requirement liability amounts are rather low compared to what it costs to pay for the expenses of an accident. Check with your auto insurance company to find out whether or not you can apply your liability insurance towards the rental car. If you have it already, you might consider not purchasing this supplemental insurance.

The personal effects coverage will also be offered to you from the rental car company. This coverage will protect your personal items if they are stolen out of the rental car. Check with your homeowners insurance and see if property stolen away from your home is covered, and if it is, you won’t necessarily need to purchase this coverage.

Personal accident insurance is another form of coverage offered by the rental car company that will provide you and your passengers with medical coverage in the event of injuries sustained from an accident while in the rental car. Personal injury protection on your auto insurance policy or your health insurance will also pay for these expenses up to the purchased amount of coverage.

It is important to know what insurance is already provided to you through your credit card company and your auto insurance company before you get to the rental car counter. You can prevent duplicating your coverage and needlessly spending extra money to insure the rental car by knowing your insurance and knowing how you want to be covered by insurance.

Car Insurance, A Declarations Page

Car Insurance, 

what is a Declarations Page?

The auto insurance declarations page while discussing the topic of auto insurance, or while looking through the policy papers, new terms and information used can be confusing and add to the stress of understanding auto insurance. When reading through the policy, you’ll notice what’s known as the declarations page. This page is of vital importance, as it contains the most pertinent information you will need regarding your auto insurance policy. As you read through it, you will be given a basic outline of your policy, along with the insurer’s information and the driver’s information.

To break the declarations page down further, we’ll discuss each aspect presented on the page, and this is done in no particular order, meaning your declarations page may or may not have the same information in the same order listed here. First we’ll mention the auto insurance company’s information on the page. The declarations page will have the name of the insurance company, as well as their contact information including a phone number and address. If you need to contact the company, the information is readily available here and also on the insurance card that you should have somewhere in your car in case it is immediately needed.

 Your policy number is a way the auto insurance company can identify you without using your name. This lessens confusion as there is typically more than one client sharing the same first and last names. A policy number can include numbers and letters together, or just numbers. You will need to know your policy number any time you want to contact the insurance company. You can also find your policy number on the insurance card.

The information regarding the coverage you have purchased is also included in the declarations page. The coverage you purchased will include the minimal requirements provided by your state, as well as any additional coverage options you felt the need to purchase. Bodily injury liability, property damage liability, personal injury protection, and uninsured motorist bodily injury may be some of the coverage options you purchased that will be listed on the declarations page.

The cost of each coverage you purchase for your auto insurance policy will also be listed on this page. The price of your policy is determined by individual factors, including the cost of coverage you added to your policy. If you carry additional coverage options past the state’s requirements, you can look at these “extra” options and decide if they fit into your budget, or if you can add more coverage for added protection.

The deductible amounts may also be listed in the declarations page. A deductible amount is the amount of money you are willing to pay, out-of-pocket, when you make a claim to the auto insurance company. Any time you file a claim and expect the insurer to cover an accident-related cost, the insurer requires you to pay upfront a deductible. This amount can range from $250, to $1,000 or higher. The lower deductible you choose for your policy, the more expensive your policy premium will be.

Look for the policy periods on the declarations page to find out when your coverage begins and when it ends. You should also be aware that you have the option with the insurer to automatically renew your policy when it expires. This helps to avoid any time period of not carrying auto insurance, known as a policy lapse. It is illegal to drive a vehicle without proper auto insurance so it is vital that the policy always be in effect.

You will also notice your information, or the policyholder’s information, listed on the declarations page. Your name, address, and phone number will be listed on the page. It will also have information regarding the vehicle(s) you have insured with the company, such as the year, make and model of each vehicle. Always keep this information up-to-date with the auto insurance company so they can contact you easily with any questions they have or information they need.

Any changes, or endorsements, will also be listed here. Sometimes changes are made to a policy by the insurance company. If you have any questions regarding changes that were made to your policy without your knowledge, contact your insurer immediately. Supplemental coverage that is included in the policy may be listed here as well.

When you receive your policy information in the mail, it is important that you read through the declaration page and put the proof of insurance card in your vehicle. Reviewing the declarations page will help you better understand your policy (if you don’t already have an understanding of it). If you decide you want to purchase more coverage, give your auto insurance company a call and see what they can provide you. It is always best to carry more coverage than less, as this will protect you and your assets if you are ever the cause of a major accident.

Other importance of reviewing your declarations page is to make sure it states you have the coverage you wanted to purchase. Just because an agent over the phone says you have such-and-such coverage doesn’t mean it will apply if that coverage is not marked on your declarations page. Whatever is written on your declarations page is the policy you have for the vehicles listed on the declarations page. Check the information provided on the page is correct before you are put in a situation (like an accident) where you need to file a claim and are expecting certain coverage.

You may think the declarations page is just one more nagging piece of paperwork, but in actuality it is the most important piece of paper that you have for your auto insurance. You will need to review your declarations page every time your policy renews to make sure no coverage was accidentally dropped or so you know your information is correct. Don’t disregard your declarations page as it comes in the mail or think of it as worthless because you think you already know what coverage is on your auto insurance policy.

Conclusion: To learn more about declarations page visit our Auto Insurance Declaration page or if you would like to start saving on auto insurance today visit our main site at Online Auto Insurance to compare qutoes from multiple companies.

Why your Car Insurance Company Cancel your Policy

Why Would your Car Insurance Company Cancel your Policy?

It is possible for an auto insurance company to cancel a driver’s policy without obtaining permission from the driver. Some drivers believe the contract between the company and the driver will only be canceled upon the request of the driver, however this is not completely true. An auto insurer may terminate the auto policy at their discretion. The law of every state is that all drivers must hold proof of financial responsibility, or a form of auto insurance, to operate a vehicle on main roads. If a driver is found without auto insurance (or the equivalent) that driver will be held accountable and will be punished with fines, the suspension of the vehicle or license, or even prison. Each driver needs to be aware of the current status of their auto policy as often as possible.

Fortunately, an insurer cannot decide to stop providing insurance to a person without first notifying the policyholder. An auto insurance company is required to send a notice to your address they have on file at least ten days before the policy is to be canceled. This notice will inform the policyholder of the cancellation date and the reason why the insurance company is terminating the policy. This time period allows the driver to receive the notice and contact the company to resolve the issue before the policy is canceled. If the driver wants the policy canceled, simply waiting until that given date and doing nothing will automatically cancel the policy.

There are legit reasons as to why an insurer would cancel a policy. All drivers carrying auto insurance should be aware of reasons an auto insurance company may cancel their policy. Most of the reasons pertain to the driver who is insured and their actions.

An insurer can cancel a policy because of late or not paid bills. When the premium bill is disregarded and not paid, the auto insurance company will cancel the policy because they do not believe they should insure the driver when the driver is not paying for that protection. Making your premium payment on time or early will guarantee your insurer to not terminate your policy on account of late or missed payments. Any driver who struggles to make pa

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yments on time might want to consider paying the premium in one lump sum instead of making monthly payments, or contact your insurer about an automatic bill pay through either their site or your bank.

Any driver who has experienced this may easily be able to fix the problem with a phone call to the insurer and paying the bill right then.

Another valid reason an insurer can cancel a policy is due to misrepresentation or fraud. By claiming something to be true when it isn’t, the auto insurance company can void the policy. This is why it is important that when providing information to your auto insurance company, you give the honest truth. If you park your vehicle on the street but claim to park it in a locked garage, you are providing false information. When the insurance company finds out about the misrepresentation, they can cancel your policy.

All potential customers are asked to give information regarding themselves and the vehicle they wish to insure when applying for a policy. Auto insurance companies take the provided information and use it to determine the premium cost for that policy. There are certain things that cause a premium to increase or decrease. Take the example mentioned above. The person whose vehicle is parked in a locked garage will pay less for auto insurance than the person whose vehicle is parked in the street. An auto insurance company is willing to provide cheaper rates to the locked garage because that person is making an effort to keep the car safe. Auto insurance companies do not like to be lied to.

A third possibility for the cancellation of a policy by the insurer is when the driver has been deemed too dangerous to insure by the company. Any time a policy is formed or renewed, the insurance company assigns a level of risk to each driver. As the level of risk increases, so do the premium prices. (The level of risk indicates predictions made by the insurer that the driver will make a claim.) Each time a driver is involved in an accident, the level of risk increases. This is also true for receiving traffic tickets since people only receive traffic tickets when they are not obeying traffic laws. Don’t worry too much if you are involved in one accident or traffic ticket though. As long as these are very infrequent or never, you will not need to worry about the insurance company canceling your policy.

A more serious situation would involve driving under the influence, or a DUI. Participating in this act may cause serious accidents or even death, and the penalties for driving drunk are expensive. An auto insurance company may not be too forgiving about receiving even one of these offenses.

If your policy has already been canceled or not renewed by the insurance company, you will need to find another auto insurance company or contact your previous insurer to reinstate your coverage. The quicker this is done, the better. Auto insurance companies look at the length of the policy lapse and may charge more for you to have auto insurance again. Auto insurance companies are very particular about how safe and responsible a driver is, and showing a long gap between your previous policy and this new one will show them a lack of responsibility.

By the time you have new auto insurance coverage, you will be set and legal to drive again. Sometimes little mistakes, such as forgetting to pay one bill on time, are no big deal IF they rarely happen and are resolved quickly. The trouble really begins when those little mistakes occur over and over again, and it becomes apparent that you are not as responsible as once thought by the insurer.

International health insurance

The International health insurance:

Living and working overseas as an expatriate can be exciting and have many benefits, but you may find that access to high quality international healthcare for you and your family is not one of them.
 

When living in a strange country, where the traditions and ways of life are unfamiliar to you. The simple things like shopping can be a trial, so obtaining medical treatment for you or your family could be a nightmare, without a comprehensive expatriate health insurance plan.

The international healthcare arrangements for expatriates vary from country to country, and even where there are established state schemes, entitlement to such care for the expatriate worker may be restricted or non-existent. More importantly, in certain parts of the world, the standard of healthcare you might expect as an expatriate just may not be available.

1. Whatever the situation, without adequate expatriate health insurance the cost of paying for even the most basic of care could be very high - and that is if you can find the right hospital or doctor in the first place.

2. If you choose an international health insurance policy, you want the reassurance that you can count on it wherever you are in the world, at any time.

3. The health insurance plans you will enjoy the following:

THE FLEXIBILITY
Our plans have different levels of benefits and are split into geographical areas to assist with your choice of the most appropriate cover for your expatriate circumstances.

THE WIDE RANGE OF BENEFITS
Cover in-patient and day-patient hospital treatment costs, as well as offering a wide range of comprehensive out-patient benefits. In addition, there is cover available for routine dental treatment and routine maternity costs.

THE HEALTH CHECKS
Included cover for routine health checks on our more comprehensive plans as we feel prevention is just as important as treatment!

THE EMERGENCY ASSISTANCE
The plans include access to our 24 hr multi lingual assistance helpline, 365 days per year. For emergency admissions to hospital available within 48 hours. This will give the opportunity to arrange the direct settlement of your hospital bills.

THE CLAIMS SERVICE
Claims payments are wired directly to the treatment provider, or if you have paid them your self and are claiming back from us, directly into your bank account. What could be easier?
For a complete list of covered benefits please refer to the Benefits Table of your chosen international healthcare plan.

Health Insurance for Students

Students Health Insurance 

When your son or daughter is getting ready to pack up and head off to college, don't forget to pack a little health insurance along with the futons and orange crates. The student lifestyle of late nights, one-the-run nutrition, and germ-infested dorms is more than likely to require a few trips to the doctor.

However, what is the best way to insure your student's health? The answer to that question depends on the type and quality of your existing healthcare plan. Here are four options you may want to consider.

1. Use the Student Health Plan : Some families opt for the medical plan offered by the college. While this is a viable option if you don't have an existing health plan, it's important to realize that these college-sponsored health plans offer extremely limited benefits. While a student plan will usually pay for trips to the college health center, they usually charge up to 70 percent more, plus a deductible for additional medical care or testing, such as lab work, X-rays and prescriptions. In addition, most student health plans only cover care received at the student health center, meaning a trip to emergency room could be financially devastating.

2. Use Your Current Health Plan : One alternative is to skip the student health insurance and keep you son or daughter on your own health plan. However, if your current plan is available to you through your employer, there is a good chance it is an HMO (Health Maintenance Organization). An HMO is the most restrictive type of health plan when it comes to choosing your doctors and medical treatment centers, and if your son or daughter attends school in another city or state, he or she will most likely need a referral to see a physician while at school.

3. Change Your Health Plan to a PPO = If an HMO is too restrictive for your current needs, this may be a good time to switch to a PPO (Preferred Provider Organization) that provides more flexibility in the healthcare providers you use. To receive maximum coverage, you need to use an in-network doctor, but your student would have the option of going out-of-network by making a small co-payment.

4. Change Your Health Plan to a combo HDHP/HSA : You may have been reading about the benefits of the Health Savings Account (HSA) ever since it was first introduced by the Bush administration in 2003. An HSA allows you combine a High Deductible Health Plan with a designated savings account funded with pre-tax dollars. You use a debit card to access the account when you need to pay out-of-pocket medical expenses. This combination HDHP/HSA plan is a good strategy if you're self-employed and don't have an existing health plan, and it also provides good flexibility for both you and your student. But it works best when you have only occasional medical expenses, so if you or your student have chronic health problems that require frequent trips to the doctor or numerous prescriptions, it's best to opt for a traditional like an HMO or PPO.

You can  provide your son or daughter with a low-cost individual insurance policy. (Consider it an early graduation gift!) While not the cheapest choice, it's an excellent way to provide your student with security throughout the college years. After graduation, they can choose to maintain the policy on their own if they aren't covered by an employer-provided health plan.

When you are interested in learning more about health insurance for students, or would like to shop for multiple insurance quotes, please visit the website recommended below.

Life Insurance

Life Insurance

The Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses.
The Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

The annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires.
The annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources.
In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

The Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against.
Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

In any countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

In U.S., the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return.
This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.).
Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. A combination of low-cost term life insurance and a higher-return tax-efficient retirement account may achieve better investment return.

The Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness.
In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.
There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.
In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

The most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.

To be a life policy the insured event must be based upon the lives of the people named in the policy.

The Insured events that may be covered include:

Serious illness
The Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:
- The Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.
- The Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US anyway) are whole life, universal life and variable life policies.

Insurance Principles

Insurance Principles

Commercially insurable risks typically share seven common characteristics.

-  A big number of homogeneous exposure units.
The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004. The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results.
There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. 

Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.

- A Definite Loss.
The event that gives rise to the loss that is subject to the insured, at least in principle, take place at a known time, in a known place, and from a known cause.
The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.

- The Accidental Loss.
The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance.
The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.

- A big Loss.
The size of the loss must be meaningful from the perspective of the insured.
Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims.
For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.

- The affordable Premium.
If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer.
Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)

- Calculable Loss.
There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.

- Limited risk of catastrophically large losses.
The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed.

Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent.
Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders.

The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten.
Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon.

The aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk.

In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

Car Insurance and You

Car Insurance and You

Part of the beauty of living in a country that has fifty states rather than just one is the fact that you're free to move from place to place without having to spend hours (and dollars) convincing some government bigwigs to give you permission to do it. If you want to pack your bags and move from New York to San Francisco all you have to do is look for an apartment. You cut off your electric, turn on your California phone number…and make some changes in your car insurance.

The car insurance, like many other things, is regulated by state rather than federal government. That means that the regulations that dictate how much, how little and what kind of coverage you're required to have are going to change dramatically as you travel from the east coast to the west-and if you're not ready for it you may find yourself under insured when the time comes.

The first thing you should do when you hop state lines (after you find your plates and cups, of course, is find out what the mandatory state limits are for minimum coverage. Your mandatory minimum coverage (also known as minimum liability coverage) is the amount of money your insurance company will pay out if you're involved in an accident.

The first number represents the bodily injury liability maximum coverage for a single person injured in an accident; for example, if you were driving and hit a car holding a driver and no passengers that would be the amount your car insurance provider would pay to cover their medical bills and any recuperative therapy. The second number stands for bodily injury liability for two or more people; in other words, any passengers in their car (or yours) injured as a result of the accident. In the example above (which is the actual minimum insurance requirement guideline for the state of Alabama) the insurance company will pay up to $50,000 in medical bills.

The third number shows how much your insurance company will pay for any property damaged-other vehicles, guard rails, street signs, street lights (yes, it's actually happened-something other than a tractor-trailer successfully sent a street light crashing to the ground after an accident), gas station windows or anything else that happened to get in the way.

These liability minimums are going to change from state to state, meaning you'd be wise to find out what your new state minimums are before contacting your insurer. Your old policy limits might not be up to par for your new home, and while most agents will be able to advise you on what changes you need to make to your policies every once in a while a new agent will slip through the cracks and sell you a policy that doesn't meet state standards. Unfortunately, that's still going to be considered your fault-even if you asked.

There are lots of resources available on the web that will help you find your state's guidelines. Once you have those numbers in hand you'll officially be ready to become a resident of Monkey's Eyebrow, Arizona-or anyplace else you want to call home.