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Reinsurance Companies

Reinsurance companies exist so they can perform risk management services. This is because insurance companies normally insure a portion or either the entire sum of their insurance case against loss. This is a routine method to help reduce loss because a loss of premium or because of high payouts for insured customers. A great way to think of reinsurance is as insurance tailored for insurance companies. Essentially, the method of reinsurance allows companies to spread the risk so each company does not have to incur the loss dependently.

In a downturned economy, where businesses are fighting to survive, the business to business industry who typically serves as support, are undeniably affected by the turmoil of their clients. As more and more businesses close their doors, and in turn, their own service needs, those organizations selling B2B products and services who rely on their business are having to find alternative means to maintaining profits and combating dwindling contracts. From basic office needs such as supplies or tech support to HR details such as employee safety and health, few everyday matters escape the menacing squeeze of a tight economy.

Industries such as insurance start to feel the tightening grasp, as customers and client accounts look to cut costs by switching providers, or have to close accounts altogether, insurance providers must react with risk management techniques to help stifle the blow. When insurance companies can no longer depend on a full client roll to balance out the hefty risk and potential expenses that comes along with dealing in the insurance industry, forward-thinking organizations look to risk management advisors for unique ways to disperse expenses to keep themselves afloat.

A proactive measure known as reinsurance, these companies help to soften the risk blow by acting as an affiliate to a number of policies. For a small fee, the reinsurance companies underwrite a given policy and in the event the original company saves face in the event that the policy has to be paid out. Used also in times of booming business, reinsurance companies can work with the providers to take over policies in an effort to help make financial space and reorganize corporate structure. Used to expand an insurance providers ceiling, reinsurance companies allows the provider to take on more clients and revenue without the lingering policy cash out.

In times like these, the sector helps insurance providers cut costs by outsourcing some claims to risk management companies, and when combined with offsetting client and risk limits, the move is a way to maintain revenues. The providers are able to continue claiming premiums on an extended amount of clientele while lowering overhead and operations costs, as well as deflecting risk. Reinsurance companies allow insurance providers to continue growing their business even in the toughest of times.

Stay Secure With Income Protection Insurance

Life is indeed full of surprises. The sad thing is, not all of these surprises are good. Sometimes, we have to stop working as a consequence of accidents, sicknesses, and traumas. To keep your finances secure during these unfortunate times, you will need income protection insurance.

Why is this important?

1. Mishaps, illnesses, and injuries are already difficult times for you and your family. Not being able to work and receive your salary makes these circumstances a lot worse. In cases wherein other members of the household are relying on what you earn, their future can be put at risk.

2. Most of these regrettable events require a lot of hospital and other health-related expenses. Since you are no longer getting your regular wages, tendency is you would have to use up your personal savings. This can hinder you from reaching other personal goals and could also prevent you from meeting your basic needs and obligations.

What can the insurance do for you?

1. The solution to the possible problems mentioned above is the income protection insurance.

2. This plan keeps you safe by making sure you still receive your wages even if you are not fit enough to meet employment demands.

3. Depending on how much you decide to pay, this can cover as much as seventy percent of your monthly earnings and as well as the expenses related to the accident, illness, or trauma.

4. You also have options on how long you wish to be covered. Some can protect you up to the time you could get back to the workplace, while others can even sustain you up to retirement age in case you end up with an irreversible disability that makes it no longer medically safe to function again.

How can you find the right plans?

1. Approach different providers so they can give you plan options depending on factors such as your employment status, health history, position in the family, age, and sex.

2. The amount you are willing to pay will determine what percentage of your salary you will be able to receive in case of regrettable events. Consider the minimum sum you must have in order to satisfy all of your basic needs and obligations.

It is wise to be prepared for all kinds of situations that may come our way. Use the information mentioned above to help you in your decisions. You may also seek the aid of financial advisers in case you are having a hard time analyzing your financial needs.

Different Types of Insurance Riders Available in India

Awareness on benefits of insurance policies is growing rapidly among the employed individuals in India. This is leading to increased participation of more public, private and foreign investments in insurance sector in India. The insurance company in India has grown from 11 life and 11 general insurers in 2001 to 24 life and 25 general insurance companies in 2012 (Source: IRDA).

Due to this increased competition in Indian market, insurance companies are coming up with new and more functional insurance policies to attract customers. Not only the regular policies, but also the riders that are being offered by the companies are in great demand in India as people are now greatly aware of the importance of having a comprehensive insurance coverage. Keeping in view this increased popularity of riders, let us look at a few insurance riders that are being offered by various insurance companies in India.

What are riders? 

Riders are add-on benefits to your existing insurance policies, that offer coverage for additional risks and thus, give you complete protection. They are optional. You can buy riders by paying some additional amount to your original premium. Riders help in giving more comprehensive protection and enhance the scope of your insurance policy. These add-ons may help you in difficult situations where the basic insurance policy may not come into play. So, in order to add value to your basic protection plan, you need to consider taking a rider.

Following are the most common riders offered by life insurance companies in India.

Accidental death benefit rider 

Accidental death benefit rider is an add-on available with a life insurance policy. It provides an additional sum assured if the policy holder dies due to an accident. On opting for this rider, you need to pay extra monthly premiums along with your regular life insurance premiums.

For instance, if you take a life insurance policy of Rs 30 lakh sum assured along with accidental death benefit rider of Rs 25 lakh, your family will get Rs 55 lakh, instead of just Rs 30 lakh in case of your death in an accident.

Almost all the insurance companies present in India offer this rider. Some of them are Bajaj Allianz, ING Vysya, SBI Life, Kotak Mahindra, Met Life, LIC, AVIVA.

Critical illness rider 

This rider acts as an add-on for medical insurance policy. Critical illness rider provides huge coverage upon diagnosis of any pre-specified illness that is mentioned in the policy. Basically, all the major illnesses like cancer, heart attack, coronary artery bypass, kidney failure, organ transplant, paralysis are included in the critical illness cover. It pays you the assured sum in the event of occurrence of any one of these illnesses or diseases covered under the rider.

The growing cost of medical services makes it difficult to get treatment for such dreadful diseases. Different insurers have different types of exclusions for this rider. So, better read the policy documents before taking this rider.

Some life insurance companies in India that offer critical illness cover or dreaded disease cover are Bajaj Allianz, ICICI Prudential, ING Vysya, SBI life, Kotak Mahindra, Met Life, Reliance life, Sahara Life, AVIVA, Future Generali. Some companies also combine accident and critical illness riders together.

Partial and permanent disability rider 

This rider provides a portion of sum assured in case you are disabled permanently or temporarily due to an accident. Most policies pay a certain percentage of sum assured periodically for next 5-10 years. However, this rider is helpful only if you are disabled due to an accident. In many insurance policies, this rider is combined with accidental death benefit or waiver of premium benefit.

Many companies combine permanent or total disability rider with accident death benefit rider and offer them as a single rider. Some of the life insurers offering accident death benefit and disability riders together are ICICI Prudential, ING Vysya, SBI Life, Kotak Mahindra, reliance, Star Union Dai-ichi. Buying a rider that has a combination of two riders is more beneficial compared to buying single rider.

Waiver of premium rider 

This rider waives off future premiums in case you are not able to pay the premiums due to disability or income loss. But your original policy will be still in force. It exempts the insured from paying premiums until the insured is ready to work again. Also, this rider protects your policy from getting expired. This rider is being offered by Indian life insurance companies like ICICI Prudential, Bharati AXA and many more.

As per the Indian insurance sector regulator IRDA, the premiums for all riders together should not exceed 30% of the premium on the base policy. Moreover, the premium paid for the riders are eligible for tax deductions under section 80C and 80D of Income Tax Act.

Thus, you need to identify the rider that suits you by considering the factors like age, history of illness, regular mode of working, etc. Also, make sure the cost of the rider is affordable. Compare the cost of riders from different insurance companies and get a beneficial rider that suits your need.

The Effects of PI Insurance

If you are a contractor it is important to protect yourself by taking out good PI Insurance. This type of policy is considered essential to contractors and is very affordable for the cover it provides. If a client is dissatisfied and makes a claim against a contractor, it has the potential of financially costing them very dearly. If during a contract, a contractor either accidentally breached their duty of care, or unintentionally infringed someone else's copyright, or was dishonest or lost important data or documents, a dispute with their client can arise. This Insurance will cover the cost of damages and for fixing mistakes, as well as covering the cost of legal fees. It is one of the most important insurance policies to have in place as a contractor.

Technically speaking, PI Insurance will protect a contractor against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of their contractor's error, omission or negligence. Basically, the cover acts as a safety net for the contractor, covering the costs and troubles of a potential claim made against them as a policy holder created as a result of any mistakes that they may have made within the workplace. This is deemed to be an essential policy for contractors as contracting can be regarded as a high risk occupation, leading to increasing possibilities for professional error. As well as providing obvious protection, this type of insurance policy is commonly a contractual requirement on most contracts, therefore an essential policy to be purchased. It basically protects a contractor's professional indemnity, giving a freelancer not only great and vital protection, but also peace of mind in such a stressful and sometimes pressurizing line of work.

As well as obviously protecting a contractor's professional indemnity, PI insurance also looks positive in the eyes of the HMRC with regard to contracts and IR35 status. This is one of the huge benefits that the insurance cover delivers as IR35 can be devastating to contractors who fall under the legislation. In this case taking out the policy acts as a means to bolster a contractor's position as a limited company, therefore aiding their viewpoint from the HMRC.

PI Insurance is a form of contractor cover that should never be overlooked. No matter what professional field a contractor works in, claims of negligence can be made against them, making the need for a PI policy adamant. Insurance is important is all forms of business, and for high risk professions such as contracting, a policy such as PI insurance is necessary in order to provide complete peace of mind.

Contractors receive high earnings for their specialized lines of work, but their self-employed status leaves them potentially vulnerable to claims and assertions. These possible claims against a contractor can be very costly and often devastating to their professional reputation. PI Insurance is a contractor's lifeline in these cases, as it covers all expenses and efforts during a claim as well as taking the burden of any troubles and costs along the way.

Understand Unemployment Insurance

Many women have asked about whether there is such a thing as unemployment insurance for maternity leave. In order to get the details, it is best to discuss what unemployment insurance fund is first. When a worker becomes unemployed or is not able to secure a job because of illness or maternity leave, he can avail of the financial aid offered by the unemployment insurance fund, or UIF for short. It can also cover the dependents of the contributing worker if he has passed away. If an employee, excluding public servants, works for over 24 hours within each month, he or she is required to contribute to the UIF. The worker is required to pay 1 percent of his or her salary each month, and the employer will contribute an additional 1 percent. The employer is accountable for the salary deduction which is channelled to the worker's contribution to the fund.

Furthermore, it is the employer's obligation to ensure that all of his or her employees have officially signed up with the UIF, whether they are natives or foreigners of the area. When a worker who contributes to the UIF loses his or her job or is unable to work, he can claim their benefits from the fund. It covers for Unemployment, Maternity, Adoption, Illness, and Death.

A) Unemployment Benefits

If you have been retrenched or dismissed from the job or if your contract has expired, then you as a contributing member can avail of the benefits. However, if you have resigned of your own accord then you are exempted from the coverage.

B) Maternity Benefits

If you are pregnant and have to take a maternity leave, then the UIF can cover for you. You can avail of maternity leave whenever you want from 4 weeks before you are expecting and you can choose not to go back to work for six weeks after you have given birth.

C) Adoption Benefits

UIF can be applied to one who adopt a child whoever are not exceed two years old, and he or she must take a leave to take care of him or her. However, only one of the parents who are adopting will be able to apply for coverage.

D) Illness Benefits

If you are unable to work due to illness for two weeks, then you can be covered with the UIF starting from the date which you have been off of your job.

E) Death Benefits

If a contributing worker has died, the spouse or the child of minor age can be covered with the unemployment insurance fund.

The UIF will cover a percentage of the salary that the contributing worker earned while they were with the fund. The biggest number that can be claimed would be 58 percent of what the worker's daily income. A worker who has been a UIF contributor for over four years can claim coverage to a maximum of 238 days. For those who have been contributors for less than that time, he or she can claim one day every six days that they worked while they were UIF contributors. The unemployment insurance for maternity leave allows the woman to claim to a maximum of 121 days. If you gave used up the coverage but still unable to secure a job or are ill, then there you may apply to get an extension of the UIF benefits. Make sure to prepare for all of the paperwork and other requirements before you apply to claim the benefits from the unemployment insurance for maternity leave, unemployment, illness, adoption or death.

Medicare Part D Comparisons - A Vital Point Before Purchase!

With the technology showering its blessings on mankind on one side, the humans, on the other side are making great efforts to endow benefits, comforts and things that can enable the world to live a better, healthy and a long life. One such measure that was undertaken by some groups is the introduction of Medicare Part D. Now the question that arises is what is Medicare Part D?

It is nothing but a sort of prescribed drug especially introduced for senior citizens. The main motive of introducing this plan is to give a certain amount of privilege to the senior citizens so that they can purchase their medication at lowered discounted rates.

There are certain norms that must be taken into consideration like, for instance, it is necessary to be a member of either Medicare Part A or B if an individual wants to qualify for Part D medical coverage.

If you have a false perception that it is managed by the government, then the answer is a big NO. Though there exists many types of Part D plans, precaution is taken that each plan in the Medicare coverage is formulated in such a way that thy all meet a minimum standard that is stated by the government.

Now let's talk about the plan comparisons! It is very vital for everyone to go ahead with the Medicare Part D comparisons as you will come across different providers of Part D medications. In addition, apart from this you would find no similar price concept present over here. It means that the different providers of Part D medications offer different medications at different prices.

The other reasons behind opting for the comparisons is to be sure and clear that which plan will suit you the best as different plans would be focusing on different aliments that inflicts the elderly - so the comparison will make you aware about which plan exactly you need to cure a specific ailment.

A social deed done by us can really bring relief to the thousands of senior citizens who at their old age live their life with the support of medicines. The rise in price in the pharmaceutical products has really brought in a toll, in which middle class and lower class people are not even able to afford the medication, thus resulting in deteriorating conditions of the senior citizens and finally lack of medications - taking their lives!

The motive behind introducing these advancements is not to serve only rich class, but even for middle segment of the society. Feeling this need, the plans were introduced so that every senior citizen, without any class, creed or religious or social discrimination, has the right to get the medications at discounted rates.

Why Your Business Needs Public Liability Insurance

When you run a business that operates in the public sphere in any capacity, public liability insurance is an integral piece of how it will run day to day. Whether you own a small one-man operation that sells small goods in a town centre, or are in charge of a huge building company that's constructing your city's newest skyscraper, there won't be any self-respecting businesses who are currently operating without the safety net of public liability insurance.

Although the specific details of each public liability insurance policy will vary from time to time, it is an absolutely essential part of business life. And you can gauge just how essential it is by considering the effects of not taking out liability insurance:

If a customer of yours bought one of your products and was injured, or was hurt on your premises - or perhaps if someone was accidentally wounded by your staff's negligence - you could be sued for damages. If the claimant was successful, then you'd be liable to pay, from your own pocket, their compensation - not to mention the legal fees which can sometimes dwarf the actual compensation settlement. Eve after a relatively innocuous accident, you may find yourself having to pay a six-figure sum. Is that a fee that your business could afford to pay? A small outlay every month or year will protect you against the worst happening, and giving you the peace of mind to continue providing your important service.

What's more, public liability insurance is often requested by clients before you start to work for them. Having a strong insurance policy in place will impress them, assuring them that you're a responsible company, and their significant investment in you is a safe one. What's more, if it's found that you didn't have a public liability insurance scheme in place when you should have, you'll be liable to even greater punishments.

In these days, when some companies do skirt the uncomfortable line between profit and loss, companies can't afford the dangerous consequences of a court case gone wrong. An insurance policy guards against that.

The good news is that it's easier than ever to find a flexible insurance policy that suits you down to the very last detail - and the prices are often cheaper than you think. Be sure to shop around and to use insurance comparison websites, who will often be able to get you more competitive quotes than would be possible if you went straight to them. And try looking at different times of the day; it's true that an insurance policy will vary in its fees throughout the day, and you may find a cheaper deal in the morning or late at night.

Quite simply, there's no choice to make between securing your business with a strong policy and not. Why not look today how much a public liability insurance policy would cost you?

Income Protection Insurance Copes With Any Unknown Incidents

Most of us have one, two, or even three different sources of income just to meet our monthly obligations. Anyone who has financial obligations has to work hard to earn and save at the same time for unknown circumstances. In this case, when something happens that prevents you from working and earning, you should be prepared to protect your salary. Many insurance companies have developed a policy that would manage your monthly bills without worrying about the income source. Income protection insurance or IPI is here to loosen up your worries; it provides you the added security over a period of time.

If you can't cope financially while recovering from a serious illness or fatal accident you would surely miss the income you had that resulted to financial instability. You and your family would need to adjust to a different situation which would add stress and problems along the way. However, now you can plan ahead and consider consulting an agent to help you out in understanding the coverage further. As this would be an additional expense for you, go over of what might happen if you are already in a bad situation. As you research on how IPI works for you, it would make you realize that other health policies you have are not as good as this. In order for you to consider buying this kind of insurance, see these key points as shown below:

• You will receive a salary over a short or long period of time until you can get back to work or retire. 

• The monthly earnings you will receive depend on your age, gender, salary, occupation, and medical history is optional for some companies. 

• Make sure that the plan you choose is fully tax deductible, as some other companies might not offer this option. 

• You would be able to receive benefits when you get back to work but in a reduced capacity and salary. 

• It can pay up to 75% of your current monthly salary and would cover your illnesses, accidents, or major traumas. 

• The waiting time would usually be from 14 days up to 2 years. The longer the waiting period, the higher the premiums you can get and could cover you until 65 or 70 years of age.

To better understand the policy properly, you need to consult a reliable insurance agent to get proper investment advice. As we are not experts on this field of work, we might want to leave it to them for there are different types of policies that can be tailored for us.

How to Buy Insurance at the Best Value

What is the most important factor when purchasing insurance? Most people would say the premium. The premium is an obvious factor, but it should not be the only contributing factor to the decision. It is important to make sure the coverage is correct, look for bonus coverages, and work with reputable agents. When purchasing the cheapest policy it is very possible that it will cost more in the long run.

Correct Coverage

The most important step when purchasing insurance is making sure correct coverage is provided. Without the correct coverage there is no point in even purchasing insurance, because if a loss occurs on property that is not properly protected the claim will be rejected or only partially paid and the insured will have to pay the remaining expense themselves. For example, if a dwelling's replacement cost is $400,000 but it is only insured for $300,000 the insured will have to pay around $70,000 out-of-pocket due to the 90% co-insurance clause that is found in most insurance policies. Looking back saving that $50 a year by not insuring the dwelling to value could easily cost the insured more money in the end.

Bonus Coverage

Many policies have free bonus coverages built into them that some bare bone policies will not have. One example of this is Nationwide's "Vanishing Deducible"; this is provided in all of their auto policies and provides savings during the policy. Another example is in some policies windshield replacement is provided with no deductible. This again can save money during the policy, but may not be the cheapest premium upfront. When purchasing a policy look for these types of bonuses and decide if they could benefit your specific needs.

Insurance Agents

Dealing with a reputable insurance agent can save time and money. Insurance agents are supposed to service accounts and take care of any needs or questions the insured may have, although many agents will not contact the insured after they sell the policy. The agent also needs to work with the insured at policy renewal to make sure the coverages stay up to date and that the insured is receiving the discounts they qualify for. An agent that keeps their clients best interests in mind will be worth much more than the few hundred dollars they may cost upfront. When shopping for insurance ask for testimonials from insurance agents to make sure they take care of their clients passed the date they sell them the policy.

Who Requires Employers' Liability Insurance and Know How It Helps

Every employer is responsible for the health and safety of the employees while they are at work. His primary duty is to establish a safe working environment so as to prevent workplace accidents. Despite taking appropriate preventive measures, if any employee gets injured, the injured has all the rights to sue the employer making him legally liable for the injury. In such cases, the employer needs to compensate the employees for costs of hospitalisation, along with the legal costs. Since accidents are inevitable at workplace, it is sensible on the part of the employer to purchase insurance that enables him to meet the costs of compensation.

Employers' liability insurance protects businesses from liabilities. Let us discuss about this insurance and its benefits.

Who requires employers' liability insurance? 

Employers' liability insurance is required by companies that employ people to work for their organization. Even if the company has only one employee, it still requires employers' liability insurance. In Ireland, it is mandatory for every company to take employers' liability insurance.

Most employers ignore this policy thinking that they do not have any employees. But, according to Health and Safety Executive (HSE) Ireland, any person becomes an employee of an organization, even if he enters into a contract of service or if the PAYE (pay as you earn) deductions are made from his wages or if the employer has a control over when and where the employee carries out his work.

Exemptions in taking the policy 

Though employers' liability insurance is mandatory for every company, there are a few exemptions. Public bodies like government departments and local authorities, police and health authorities, non-limited companies which have the owner or his family members as employees, sole traders and partnerships with only one employee, where he owns at least 50% of the issued share capital in the company, are exempted from taking compulsory employers' liability insurance policy.

Level of cover required 

As per the law, every employer must have employers' liability insurance worth minimum of £5 million. If the risks and liabilities associated with the business are more, the company requires more cover. As many insurance companies automatically provide a cover of at least £10 million, there is nothing to worry about it.

Each employer will receive a certificate from the insurer after purchasing the policy. This copy should be displayed in the facility, making it visible to employees and the same needs to be present when asked by Health and Safety inspectors.

Things covered under employers' liability insurance 

Employers' liability insurance covers all those claims of liabilities which are likely to come against the employer, say, when an employee meets with a fatal accident or suffers from an illness while working. By and large, the insurance covers expenses incurred by the injured, legal and hospitalization expenses.

Benefits of taking the policy 

The benefits of taking this insurance are as follows:

• Serves the legal obligation: First and foremost, as employers' liability is compulsory in Ireland, purchasing the same fulfils the legal requirement. Else, while failing to purchase insurance leaves you with huge fines of £2,500 for each day, failure to display the certificate may attract £1,000 fine.

• Guaranteed financial security: The insurance from a reputed insurance company protects you by offering a cover for a wide range of risks. Having taken this insurance, you need not worry about any costs in case any employee meets with an accident. Employers' liability insurance, thus, saves businesses from becoming bankrupt.

• Financial assistance to employees: This insurance not only saves the employer from bearing the compensation amount, but also enables employees to have financial assistance in times of need. Purchasing employers' liability insurance and displaying it in the office, imparts confidence and a sense of security in employees. It assures them that even though something goes wrong, the compensation helps them to meet the required costs.

Purchasing the insurance through a reputed insurance brokerage firm, which can effectively tailor it as per your company's requirements, is advisable. Employers' liability insurance is, thus, significant to employers as it not only protects them from financing liabilities, but also protects the employees by compensating for the expenses.