HPK

insurance companies, insurance near me, insurance marketplace, insurance definition, insurance auto auction, insurance commissioner, insurance agency, insurance adjuster jobs, insurance adjuster salary, insurance auto, insurance agent jobs, a insurance company, a insurance agency, a insurance direct, a insurance kaysville, a insurance syracuse utah, a insurance depot of louisiana, a insurance roger grow, a insurance world, a insurance direct seffner fl, a insurance direct seffner fl 33584, insurance binder, insurance broker near me, insurance broker salary, insurance breast pump, insurance beneficiary, insurance blackjack, insurance bond, insurance brokers of mn, insurance broker vs agent, b+ insurance company rating, b insurance c, b&w insurance, ld&b insurance, plan b insurance, husky b insurance, cat b insurance, a&b insurance and financial, c insurance agency, c insurance germantown md, c insurance palatine il, c insurance contacts, c insurance agency palatine il, insurance c section, insurance c category, insurance c.d.w, insurance c&o, insurance c.o.p.e, insurance doctor, insurance declaration page, insurance depot, insurance designations, insurance deadline, insurance depar, insurance direct, insurance def, d insurance certificate, d insurance car, insurance d&o, insurance d category, insurance d-1 form, insurance d&f, insurance d&c, insurance d&g, ad&d insurance, husky d insurance, insurance exchange, insurance estimator, insurance enrollment, insurance express, insurance endorsement, insurance exam, insurance exchange of america, insurance eob, insurance epo, insurance etf, e insurance login, e insurance auto quote, e insurance company, e insurance health, e insurance nancy abraham, e insurance app, e insurance commercial, e insurance training, e insurance renters, e insurance actor, insurance for dogs, insurance for kids, insurance for small business, insurance fraud investigator, insurance for cars, insurance for veterans, insurance forums, insurance for college students, insurance for self employed, insurance for students, f insurance group, insurance f plan, insurance f&ec, cm&f insurance, f wilson insurance, d&f insurance, c&f insurance, f&m insurance, schedule f insurance, insurance group, insurance geico, insurance group number, insurance general, insurance guarantor, insurance gov, insurance grace period, insurance guy, insurance glossary, insurance guaranty association, g insurance companies, g insurance group, g insurance kenya, g insurance phone number, insurance g.s. canada, insurance g license, insurance g code, d&g insurance, g&n insurance, l&g insurance, insurance health, insurance house, insurance hub, insurance hmo, insurance home, insurance health plans, insurance hsa, insurance help, insurance helium commercial, insurance homeowners, h insurance company, h insurance broker, insurance h&s, insurance h&m, insurance h samuel, insurance h codes, insurance h&p, usl&h insurance, insurance institute for highway safety, insurance investigator, insurance industry, insurance insider, insurance institute, insurance information institute, insurance institute of america, insurance investigator jobs, insurance icon, i insurance group, i insurance group grapevine tx, insurance journal, insurance jobs near me, insurance jokes, insurance jobs from home, insurance jobs for nurses, insurance jobs houston, insurance jingles, insurance jobs charlotte nc, insurance journal magazine, j insurance group, insurance j code, insurance j houston, j&m insurance, j jaramillo insurance, travelers j insurance, j jacobs insurance, j byrne insurance, j edwards insurance, insurance king, insurance kaiser, insurance key terms, insurance king on alpine, insurance knowledge, insurance ky, insurance kentucky, insurance kpis, insurance keywords, insurance kalispell, k insurance sdn bhd, k insurance broker, k insurance agency kenner, k insurance korea, insurance k&r, insurance k factor, insurance k of c, insurance k bank, u k insurance limited, insurance lawyer, insurance leads, insurance lapse, insurance land, insurance license texas, insurance logos, insurance law, insurance license florida, insurance license exam, l insurance car, insurance l and g, insurance l&h, insurance l&s, insurance l drivers, insurance l plater, insurance l plates, insurance l&p, insurance l&r, insurance l/c, insurance meaning, insurance meme, insurance medical, insurance management services, insurance market, insurance mandate, insurance mga, insurance management group, insurance man, m insurance services, m insurance group, m insurance bureau, m's insurance company denied a reinstatement, &m insurance agency, insurance m&a activity 2017, insurance m&a activity 2018, insurance m&a 2018, insurance m&a deals 2017, insurance m&a symposium, insurance navy, insurance news, insurance number, insurance nation, insurance nurse, insurance now, insurance nursing jobs, insurance noodle, insurance network, an insurance company will, an insurance producer is best defined as, an insurance store, an insurance broker in north carolina is a representative of the, an insurance program for retired citizens, an insurance claim submitted with errors is referred to as, an insurance claims register provides a, an insurance claims register facilitates, an insurance policy must meet which of the following, an insurance policy is a contract between whom, insurance open enrollment, insurance online, insurance office of america, insurance one, insurance on the spot, insurance options, insurance open enrollment dates, insurance one agency, insurance offices near me, insurance out of pocket, insurance o&p, insurance o'fallon mo, insurance o/v, insurance o/s, insurance o&m, insurance o'keefe, o'leary insurance, e&o insurance cost, o'leary insurance cork, o'callaghan insurance, insurance policy, insurance policy number, insurance plans, insurance providers, insurance policy definition, insurance producer, insurance places near me, insurance phone number, insurance progressive, p insurance company, p insurance policy, insurance p&c, insurance p&c license, insurance p&l explained, insurance p&o, insurance p plater, insurance p&c wiki, insurance p&c industry, insurance p&c jobs, insurance quotes online, insurance quotes car, insurance qualifying event, insurance quote geico, insurance quotes health, insurance quotes texas, insurance questions, insurance quote progressive, insurance quotes nc, q insurance miami, q insurance database, q insurance llc, q insurance white hall ar, q insurance ring, insurance q check, sky q insurance, qsuper insurance, insurance rates, insurance rider, insurance risk, insurance reimbursement, insurance risk manager, insurance rates by car, insurance recruiters, insurance reviews, insurance rates by state, insurance risk services, r insurance quotes, r insurance data, r insurance dataset, r/insurancepros, r insurance package, r insurance conference, r insurance pricing, r insurance 2018, insurance r&c, insurance r us, insurance sales, insurance services, insurance solutions, insurance sales jobs, insurance services office, insurance score, insurance service center, insurance sales agent, insurance specialist, insurance subrogation, insurance s&p ratings, insurance s category, insurance s&p, insurance s pass, insurance s&d, insurance s.i.r, insurance s&t, m&s insurance, cat s insurance, e&s insurance, insurance terms, insurance types, insurance terminology, insurance tpa, insurance to go, insurance that covers ivf, insurance test, insurance technologies, insurance training, insurance total loss, insurance t mobile phone, insurance t mobile number, insurance t&c, insurance t mobile deductible, insurance t&d, insurance t mobile customer service, t mobile insurance claim, at&t insurance claim, bb&t insurance, insurance underwriter, insurance underwriter salary, insurance underwriter jobs, insurance unlimited, insurance umbrella, insurance umbrella policy, insurance usaa, insurance underwriting process, insurance usps, insurance until 26, insurance u promo code, insurance u of t, insurance u haul, insurance u of c, insurance u of m, insurance u.s, uswitch insurance, insurance u for life, uottawa insurance, insurance verification, insurance value, insurance verification jobs, insurance verification form, insurance verifier, insurance verizon, insurance vocabulary, insurance value of car, insurance vin check, insurance verifier salary, v insurance padi, v insurance claim form, v insurance basketball, v insurance group basketball, v insurance cresco ia, insurance or assurance, reinsurance vs insurance, insurance v indemnity, insurance v warranty, insurance v car, assurance wireless, insurance world, insurance work from home, insurance website, insurance waiver, insurance warehouse, insurance website builder, insurance wars, insurance wiki, insurance waiting period, w insurance group tacoma wa, w insurance services, w insurance companies, w insurance agency, insurance w 9 form, r&w insurance, w denis insurance, m&w insurance, insurance x dates, insurance xchange, insurance xfinity mobile, insurance xpress, insurance xcu, insurance xl, insurance xol, xinsurance reviews, x insurance for dogs, xinsurance powered by eib, insurance review, xinsurance utah, x insurance company, x insurance agency, insurance x movie, insurance x date scripts, insurance yuma az, insurance yuba city, insurance yakima, insurance yellow book, insurance yearly deductible, insurance year, insurance york pa, insurance yuba city ca, insurance you need, insurance you should have, y insurance is important, e&y insurance, y risk insurance, triple y insurance pecos tx, triple y insurance pecos texas, s&y insurance contact, y martinez insurance, s&y insurance newfoundland, l&y insurance and title service, insurance zip code, insurance zebra, insurance zone, insurance zone destin, insurance zip code unitedhealthcare, insurance zenni optical, insurance zipcar, insurance zip code florida blue, insurance zone destin fl, insurance zurich, z insurance group, z insurance meriden ct, z insurance wichita ks, z insurance brokerage inc, z insurance brokerage, z insurance/numeric stockage objective item, z-insurance llc, z insurance brokerage irvine ca, insurance z score, a-z insurance longview tx, insurance 0 down, insurance 02, insurance 07e, insurance 05e, insurance 06e, insurance 0 debt meaning, insurance 09e, insurance 02 number, insurance $0 deductible, insurance 01, $0 insurance claim, 0 insurance cars, insurance agency 105_0, insurance 0 percent, 0 debt insurance for bike, 0 coinsurance, 0 debt insurance for car means, insurance 101, insurance 100/300, insurance 1099, insurance 110, insurance 1199, insurance 101 training, insurance 123, insurance 1035 exchange, insurance 100, 1 insurance company, 1 insurance square celina oh, 1 insurance group, 1 insurance solution, #1 insurance company in us, #1 insurance company in the philippines, #1 insurance company in the world, 1 insurance policy for 2 cars, 1 insurance way, $1 insurance car, insurance 2019, insurance 26, insurance 220 license, insurance 24, insurance 2000, insurance 25/50/25, insurance 21, insurance 24/7, insurance 25, 2 insurances, 2 insurance policies on one car, 2 insurances which is primary, 2 insurance plans, 2 insurance claims in one year, 2 insurance policies one person, 2 insurance policies on one house, 2 insurances at once, 2 insurance levy, 2 insurance policies on same car, insurance 360, insurance321, insurance 365, insurance 3rd party, insurance 328, insurance 365 norfolk, insurance 350z, insurance 3 numbers, insurance 3rd party claim, insurance 326, 3 insurance points, 3 insurance claims in 1 year, 3 insurance claims in 3 years, 3 insurance for iphone, 3 insurance claim form, 3 insurance companies merged, 3 insurance smashed screen, 3 insurance contact number, 3 insurance cracked screen, 3 insurance company merger, insurance 4 less, insurance 440 license, insurance 4u 4 less, insurance 4 point inspection, insurance 4 u, insurance 411, insurance 4 you 4 less, insurance 401k, insurance 4 idaho, 4 insurance scams, 4 insurance points, 4 insurance companies, 4 insurance group, 4 insurance car, insurance 4 car hire reviews, insurance 4 my caravan, insurance 4 a day, insurance 5000, insurance 50/100, insurance 5 digit company code, insurance 500 deductible, insurance 50 50 settlement, insurance 55 and older, insurance 5000 inc, insurance 500 a month, insurance 50/50, insurance 5 years, 5 insurance companies, 5 insurance policies, 5 insurance company in nigeria, 5 insurance company of nepal, 5 insurance principles, insurance 5 points, insurance 6 month premium, insurance 6 months, insurance 639, insurance 626 request, insurance 600 a month, insurance 60/40, insurance 66th street, insurance 63304, insurance 65 years old, insurance 66th st, 6 insurance principles, 6 insurance group, 6 insurance points, ho-6 insurance, oneplus 6 insurance, iphone 6 insurance, mazda 6 insurance group, 6 wheel insurance, insurance 7702, insurance 77015, insurance 70/30, insurance 743, insurance 75211, insurance 72nd and pecos, insurance 75217, insurance 77055, insurance 77099, insurance 75208, 7 insurance principles, 7 insurance group, $7 insurance boost mobile, iphone 7 insurance, 7 corners insurance, insurance 80/20, insurance 89117, insurance 87106, insurance 80/20 rule, insurance 80 after deductible, insurance 80 20 fault, insurance 80c, insurance 8e, insurance 80d, insurance 8th st, 8 insurance wealth conference, 8 insurance group, 8 insurance schemes, 8 insurance claims that increase in the fall, 8 insurance policies, insurance 8 points, insurance 8 ways, iphone 8 insurance, insurance 911, insurance 9 minute mile, insurance 94, insurance 90 day waiting period, insurance 9e, insurance 9 points, insurance 99223, insurance 98665, insurance 9 seater, insurance 90/10, 9 insurance categories, 9 insurance group, 9 insurance points, 9 insurance policy, 9 insurance companies, insurance 9 letters, insurance 9-1-1

A Beginner's Guide to Insurance


Having the right kind of insurance is central to sound financial planning. Some of us may have some form of insurance but very few really understand what it is or why one must have it. For most Indians insurance is a form of investment or a superb tax saving avenue. Ask an average person about his/her investments and they will proudly mention an insurance product as part of their core investments. Of the approximately 5% of Indians that are insured the proportion of those adequately insured is much lower. Very few of the insured view insurance as purely that. There is perhaps no other financial product that has witnessed such rampant mis-selling at the hands of agents who are over enthusiastic in selling products linking insurance to investment earning them fat commissions.

What is Insurance?
Insurance is a way of spreading out significant financial risk of a person or business entity to a large group of individuals or business entities in the occurrence of an unfortunate event that is predefined. The cost of being insured is the monthly or annual compensation paid to the insurance company. In the purest form of insurance if the predefined event does not occur until the period specified the money paid as compensation is not retrieved. Insurance is effectively a means of spreading risk among a pool of people who are insured and lighten their financial burden in the event of a shock.
Insured and Insurer
When you seek protection against financial risk and make a contract with an insurance provider you become the insured and the insurance company becomes your insurer.
Sum assured
In Life Insurance this is the amount of money the insurer promises to pay when the insured dies before the predefined time. This does not include bonuses added in case of non-term insurance. In non-life insurance this guaranteed amount may be called as Insurance Cover.
Premium
For the protection against financial risk an insurer provides, the insured must pay compensation. This is known as premium. They may be paid annually, quarterly, monthly or as decided in the contract. Total amount of premiums paid is several times lesser than the insurance cover or it wouldn't make much sense to seek insurance at all. Factors that determine premium are the cover, number of years for which insurance is sought, age of the insured (individual, vehicle, etc), to name a few.
Nominee
The beneficiary who is specified by the insured to receive the sum assured and other benefits, if any is the nominee. In case of life insurance it must be another person apart from the insured.
Policy Term
The number of years you want protection for is the term of policy. Term is decided by the insured at the time of purchasing the insurance policy.
Rider
Certain insurance policies may offer additional features as add-ons apart from the actual cover. These can be availed by paying extra premiums. If those features were to be bought separately they would be more expensive. For instance you could add on a personal accident rider with your life insurance.
Surrender Value and Paid-up Value
If you want to exit a policy before its term ends you can discontinue it and take back your money. The amount the insurer will pay you in this instance is called the surrender value. The policy ceases to exist. Instead if you just stop paying the premiums mid way but do not withdraw money the amount is called as paid-up. At the term's end the insurer pays you in proportion of the paid-up value.
Now that you know the terms this is how insurance works in plain words. An insurance company pools premiums from a large group of people who want to insure against a certain kind of loss. With the help of its actuaries the company comes up with statistical analysis of the probability of actual loss happening in a certain number of people and fixes premiums taking into account other factors as mentioned earlier. It works on the fact that not all insured will suffer loss at the same time and many may not suffer the loss at all within the time of contract.
Types of Insurance
Potentially any risk that can be quantified in terms of money can be insured. To protect loved ones from loss of income due to immature death one can have a life insurance policy. To protect yourself and your family against unforeseen medical expenses you can opt for a Mediclaim policy. To protect your vehicle against robbery or damage in accidents you can have a motor insurance policy. To protect your home against theft, damage due to fire, flood and other perils you can choose a home insurance.
Most popular insurance forms in India are life insurance, health insurance and motor insurance. Apart from these there are other forms as well which are discussed in brief in the following paragraphs. The insurance sector is regulated and monitored by IRDA (Insurance Regulatory and Development Authority).
Life Insurance
This form of insurance provides cover against financial risk in the event of premature death of the insured. There are 24 life insurance companies playing in this arena of which Life Insurance Corporation of India is a public sector company. There are several forms of life insurance policies the simplest form of which is term plan. The other complex policies are endowment plan, whole life plan, money back plan, ULIPs and annuities.
General Insurance
All other insurance policies besides Life Insurance fall under General Insurance. There are 24 general insurance companies in India of which 4 namely National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd are in the public sector domain.
The biggest pie of non-life insurance in terms of premiums underwritten is shared by motor insurance followed by engineering insurance and health insurance. Other forms of insurance offered by companies in India are home insurance, travel insurance, personal accident insurance, and business insurance.
Buying Insurance
There are an umpteen number of policies to choose from. Because we cannot foresee our future and stop unpleasant things from happening, having an insurance cover is a necessity. But you need to choose carefully. Don't simply go with what the agent tells you. Read policy documents to know what is covered, what features are offered and what events are excluded from being insured.
1. Know your Needs
Determine what asset or incident must be protected against loss/damage. Is it you life, health, vehicle, home? Next determine what kinds of damage or danger exactly would the assets be most probably be exposed to. This will tell you what features you should be looking for in a policy. Of course there will be losses which cannot be foreseen and the cost of dealing with them can be very high. For instance nobody can predict that they'll never suffer from critical illnesses no matter if they're perfectly healthy at present.
The biggest mistake while it comes to buying insurance, particularly life insurance is to view it as an investment. Clubbing insurance and investment in a single product is a poor idea. You lose out on both fronts because for the premiums you're paying more cover could've been got in a term plan and if the premiums were invested in better instruments your returns could've been several times more.
Be wary of agents who want to talk you into buying unnecessary policies like child life insurance, credit card insurance, unemployment insurance and so on. Instead of buying separate insurance for specific assets or incidents look for policies that cover a host of possible events under the same cover. Whenever possible choose riders that make sense instead of buying them separately. Unless there is a fair chance of an event happening you do not need insurance for it. For instance unless you are very prone to accidents and disability due to your nature of work or other reasons you do not need an Accident Insurance policy. A good Life Insurance policy with accidental death rider or waiver of premium rider or a disability income rider will do the job.
2. Understand Product Features and Charges
The worst way of choosing an insurance product or insurer is to blindly follow the recommendation of an agent or a friend. The good way to do it is to shop around for products that suit your need and filter out the ones offering lower premiums for similar terms like age, amount of cover, etc. All details you need about the product features and charges will be provided on the company's website. Many insurance policies can now be bought online. Buying online is smarter because premiums are lower due to elimination of agent fees. If buying offline in case of life insurance, tell the agent that you're interested only in term insurance.
Before you sign on the contract make sure you have understood what items are covered and what items are exempted from the cover. It would be so devastating to learn in the event of damage or loss that the item you hoped to cover with the insurance was actually excluded. So many people rush to their insurers after being treated for diseases only to realize that the particular disease was excluded. Understand details like when the cover begins and ends and how claims can be filed and losses be reported.
Don't choose an insurance company because your neighbourhood friend is their agent and never let them coax you into buying from them. Insurance premiums run for years and it means a sizeable amount of money. Apart from the premiums charged look for the service provided. When you are faced with a peril you want the claims collection processed to be complicated with non-cooperating staff in the insurance company's office. Seek answers from people who have had previous experience with the company for questions like how customer friendly and responsive the company is when it comes to handling claims.
3. Evaluate and Upgrade in Time
As you walk from one life stage to another or when the asset insured changes your policies must be reviewed. Perhaps your cover will need to be increased (or decreased) or you'll need to top it up with a rider. Some instances when you need to review your cover are when you getting married, when you have children, when your income increases your decreases substantially, when you're buying a house/car and when you're responsible for your ageing parents.

Bagikan ke Facebook
[ Close ]
Selamat Datang
==> [ Close ] ==