Intro To Insurance: IntroductionBy Cathy ParetoBy Cathy Pareto

In one form or another, we all own insurance. Whether it's auto, medical, liability, disability or life, insurance serves as an excellent risk-management and wealth-preservation tool. Having the right kind of insurance is a critical component of any good financial plan. While most of us own insurance, many of us don't understand what it is or how it works. In this tutorial, we'll review the basics of insurance and how it works, then take you through the

main types of insurance out there. Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount ofmoney to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Meaning of InsuranceInsurance means a promise of compensation for any potential future losses. It facilitates financial protection against by reimbursing losses during crisis. There are different insurance companies that offer wide range of insurance options and an insurance purchaser can select as per own convenience and preference. Several insurances provide comprehensive coverage with affordable premiums. Premiums are periodical payment and different insurers offer diverse premium options.The periodical insurance premiums are calculated according to the total insurance amount. 

Mainly insurance is used as an effective tool of risk management as quantified risks of different volumes can be insured. 

DEFINITION OF 'INSURANCE'A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

Definition

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.

History of insuranceThe history of insurance describes the development of the modern business of insurance against risks, especially regarding cargo, property, death,automobile accidents, and medical treatment.

The industry helps to eliminate risks (as when fire insurance companies demand the implementation of safe practices and the installation of hydrants), spreads risks from the individual to the larger community, and provides an important source of long-term finance for both the public and private sectors. The insurance industry is generally profitable and provides attractive employment opportunities for white collar workers.

Ancient world[edit]

In some sense, we can say that insurance dates back to early human society. We know of two types of economies in human societies: natural or non-monetary economies (using barter and trade with no centralized nor standardized set of financial instruments) and monetary economies (with markets, currency, financial instruments and so on). Insurance in the former case entails agreements of mutual aid. If one family's house gets destroyed, the neighbours are committed to help rebuild it.Granaries embodied another early form of insurance to indemnify against famines. These types of insurance have survived to the present day in countries or areas where a modern money economy with its financial instruments is not widespread.[citation needed]

The first methods of transferring or distributing risk in a monetary economy, were practised by Chinese and Babyloniantraders in the 3rd and 2nd millennia BC, respectively.[1] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by earlyMediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.

Merchants have sought methods to minimize risks since early times. Pictured, Governors of the Wine Merchant's

Guild by Ferdinand Bol, c. 1680.

Achaemenian monarchs in Ancient Persia were presented with annual gifts from the various ethnic groups under their control. This would function as an early form of political insurance, and officially bound the Persian monarch to protect the group from harm.[2]

At some point in the 1st millennium BC, the inhabitants of Rhodes created the 'general average'. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether to storm or sinkage.[3]

The ancient Athenian "maritime loan" advanced money for voyages with repayment being cancelled if the ship was lost. In the 4th century BC, rates for the loans differed according to safe or dangerous times of year, implying an intuitive pricing of risk with an effect similar to insurance. [4]

The Greeks and Romans introduced the origins of health and life insurance c. 600 BC when they created guilds called "benevolent societies" which cared for the families of deceased members, as well as paying funeral expenses of members.Guilds in the Middle Ages served a similar purpose. The Jewish Talmud also deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

Medieval era[edit]

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented inGenoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. [5]

These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. The first printed book on insurance was the legal treatise On Insurance and Merchants' Bets byPedro de Santarém (Santerna), written in 1488 and published in 1552.[6]

Modern insurance[edit]

The subscription room at Lloyd's of London in the early 19th century.

Insurance became more sophisticated in Enlightenment era Europe, and specialized varieties developed. Some forms of insurance developed in London in the early decades of the 17th century. For example, the will of the English colonist Robert Hayman mentioned two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of £100 each, one related to the safe arrival of Hayman's ship in Guyana and the other was in regard to "one hundred pounds assured by the said Doctor Arthur Ducke on my life".[7]

Property insurance[edit]

Property insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in 1667".[8] A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. [9]

An 18th-century fire insurancecontract.

In the wake of this first successful venture, many similar companies were founded in the following decades. Initially, each company employed its own fire department to prevent and minimise the damage from conflagrations on properties insured by them. They also began to issue 'Fire insurance marks' to their customers. These would be displayed prominently above the main door of the property and allowed the insurance company to positively identify properties that had taken out insurance with them. One such notable company was the Hand in Hand Fire & Life Insurance Society, founded in 1696 at Tom's Coffee House in St. Martin's Lane in London.[10] It was structured as a mutual society, and for 135 years it operated its own fire brigade and played an important part in shaping fire fighting and prevention.[10] The Sun Fire Office is the earliest still existing property insurance company, dating from 1710.[10]

This system was soon exposed as terribly flawed, as rival brigades often ignored burning buildings once they discovered that it had no insurance policy with their company. Eventually, a solution was agreed upon in which all the insurance companies would supply money and equipment to a municipal authority charged with stationing fire prevention assets and firefighters equally around the city to respond to all fires. This did not solve the problem entirely, as the brigades still tended to favour saving insured buildings to those without any insurance at all.[11]

In Colonial America, the first insurance company that underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly Property insurance to spread the risk of loss from fire, in the form ofperpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company made contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

Business insurance[edit]

Lloyd's Coffee House was the first marine insurance company.

At the same time, the first insurance schemes for the underwriting of business venturesbecame available. By the end of the seventeenth century, London's growing importance as a centre for trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house on Tower Street in London. It soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. [12]

It became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. In 1774, long after Lloyd's death in 1713, the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange on Cornhill as the Society of Lloyd's.

Life insurance[edit]

The first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was theAmicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.[13][14] The first plan of life insurance was that each member paid a fixed annual payment per share on from one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the "amicable contribution" was divided among the wives and children of deceased members and it was in proportion to the amount of shares the heirs owned. Amicable Society started with 2000 members. [15][16]

Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life insurance company in the

world.

The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance. James Dodson, a mathematician and actuary, tried to establish a new company that issued premiums aimed at correctly offsetting the risks of long term life assurance policies, after being refused admission to theAmicable Life Assurance Society because of his advanced age. He was unsuccessful in his attempts at procuring a charter from the government before his death in 1757.

His disciple, Edward Rowe Mores was finally able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's firstmutual insurer and it pioneered age based premiums based on mortality rate laying “the framework for scientific insurance practice and development”[17] and “the basis of modern life assurance upon which all life assurance schemes were subsequently based”.[18]

Mores also specified that the chief official should be called an actuary - the earliest known reference to the position as a business concern. The first modern actuary was William Morgan, who was appointed in 1775 and served until 1830. In 1776 the Society carried out the first actuarial valuation

of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members.[17] It also used regular valuations to balance competing interests.[17] The Society sought to treat its members equitably and the Directors tried to ensure that the policyholders received a fair return on their respective investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances.[19]

The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York founded the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759;Episcopalian priests created a comparable relief fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived.

Accident insurance[edit]

The Railway Passengers Assurance Company was founded in 1848 as the first company to provide accident

insurance.

In the late 19th century, "accident insurance" began to become available. This operated much like modern disability insurance.[20][21] The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. It was registered as the Universal Casualty Compensation Company to:

...grant assurances on the lives of persons travelling by railway and to grant, in cases, of accident not having a fatal termination, compensation to the assured for injuries received under certain conditions.

The company was able to reach an agreement with the railway companies, whereby basic accident insurance would be sold as a package deal along with travel tickets to customers. The company charged higher premiums for second and third class travel due to the higher risk of injury in the roofless carriages.[22] [23]

National insurance[edit]

By the late 19th century, governments began to initiate national insurance programs against sickness and old age. Germanybuilt on a tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s ChancellorOtto von Bismarck introduced old

age pensions, accident insurance and medical care that formed the basis for Germany'swelfare state. His paternalistic programs won the support of German industry because its goals were to win the support of the working classes for the Empire and reduce the outflow of immigrants to America, where wages were higher but welfare did not exist.[24][25]

Leaflet promoting the National Insurance Act 1911

In Britain more extensive legislation was introduced by the Liberal government, led by H. H. Asquith and David Lloyd George. The 1911 National Insurance Act gave the British working classes the first contributory system of insurance against illness and unemployment. [26]

All workers who earned under £160 a year had to pay 4 pence a week to the scheme; the employer paid 3 pence, and general taxation paid 2 pence. As a result, workers could take sick leave and be paid 10 shillings a week for the first 13 weeks and 5 shillings a week for the next 13 weeks. Workers also gained access to free treatment for tuberculosis, and the sick were eligible for treatment by a panel doctor. The National Insurance Act also provided maternity benefits. Time-limited unemployment benefit was based on actuarial principles and it was planned that it would be funded by a fixed amount each from workers, employers, and taxpayers. It was restricted to particular industries, cyclical/seasonal industries like construction of ships, and neither made any provision for dependants. By 1913, 2.3 million were insured under the scheme for unemployment benefit and almost 15 million insured for sickness benefit.

This system was greatly expanded after the Second World War under the influence of the Beveridge Report, to form the first modern welfare state.[24][27]

In the United States, until the passage of the Social Security Act in 1935, the federal government did not mandate any form of insurance upon the nation as a whole. With the passage of the Act the new program expanded the concept and acceptance of insurance as a means to achieve individual financial security that might not otherwise be available. That expansion experienced its first boom market immediately after the Second World War with the original VA Home Loan programs that greatly expanded the idea that affordable housing for veterans was a benefit of having served. The mortgages that were underwritten by the federal government during this time included an insurance clause as a means of protecting the banks and lending institutions involved against avoidable losses. During the 1940s there was also the GI life insurance policy program that was designed to ease the burden of military losses on the civilian population and survivors.

General features[edit]

The insurance contract or agreement is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on behalf of), if certain defined events occur. Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all).

Insurance contracts are generally considered contracts of adhesion because the insurer draws up the contract and the insured has little or no ability to make material changes to it. This is interpreted to mean that the insurer bears the burden if there is any ambiguity in any terms of the contract. Insurance policies are sold without the policyholder even seeing a copy of the contract.[1]:27 In 1970 Robert Keeton suggested that many courts were actually applying 'reasonable expectations' rather than interpreting ambiguities, which he called the 'reasonable expectations doctrine'. This doctrine has been controversial, with some courts adopting it and others explicitly rejecting it.[3] In several jurisdictions, including California, Wyoming, and Pennsylvania, the insured is bound by clear and conspicuous terms in the contract even if the evidence suggests that the insured did not read or understand them.[4][5][6]

Insurance contracts are aleatory in that the amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. In contrast, ordinary non-insurance contracts are commutative in that the amounts (or values) exchanged are usually intended by the parties to be roughly equal. This distinction is particularly important in the context of exotic products like finite risk insurance which contain "commutation" provisions.

Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.

Insurance contracts are governed by the principle of utmost good faith (uberrima fides) which requires both parties of the insurance contact to deal in good faith and in particular it imparts on the insured a duty to disclose all material facts which relate to the risk to be covered. This contrasts with the legal doctrine that covers most other types of contracts,caveat emptor (let the buyer beware). In the United States, the insured can sue an insurer in tort for acting in bad faith.

Different types of insurancePrior to becoming self-employed, there are a number of factors that need to be considered and clarified, including social security, insurance coverage and retirement provisions. Being well-informed will help you implement the steps and measures required for your social and professional security.

In principle, insurances can be divided into three main categories: personal, property and asset insurances. It is difficult to make a general statement about coverage needs of new or potential entrepreneurs as these needs largely depends on the type of business and the individual risk situation. We recommend that you consult an insurance expert and request offers from various providers. Some general information concerning the different types of insurance is provided in the following.

Personal insurancesIn Switzerland, the following insurances pertain to the category of personal insurances:  

Old Age and Survivors‘ Insurance (AHV) and disability insurance (IV) Occupational pension plan (BVG) Unemployment insurance (ALV) Accident insurance (UVG) Health insurance (KVG ) Income compensation ordinance (EO) Maternity insurance (MSE) Military insurance (MV)Further information about personal insurances is available from this website under social insurances. 

Property insurancesProperty insurances provide protection from the financial consequences resulting from damage, destruction or loss of property caused by fire, water, glass, or theft (robbery or burglary). Most insurance companies offer insurance packages specifically tailored to the needs of small and medium-size enterprises (SME).

Buildings insurance (fire)A buildings insurance covers damages caused to buildings and permanently installed objects. In the Canton of Zurich, as in most other cantons, the property fire risk insurance is compulsory. This insurance also includes damage caused by certain natural forces (e.g. flooding). In contrast, furnishings (chattels) and equipment (goods) are not covered. Coverage of these items needs a separate insurance (chattels).

Property insurance (chattels)Destroyed or damaged business chattels or goods due to fire, water, theft (robbery and burglary) or glass breakage can pose a threat to your existence as an entrepreneur. This insurance is similar to a private household insurance and also covers damages to property of third parties, rented objects, leased objects or objects taken into care.  

Technical insurancesTechnical insurances can, for instance, be taken out for IT installations, technical installations (telephones), for machines or for their installation. The insurances cover the repair and replacement costs. These insurances are worthwhile supplements to property insurance (chattels) which does not always provide sufficient coverage and security in the technical field.  .

Transport insuranceThings can occasionally go wrong when transporting goods. A transport insurance protects from damages which goods can suffer during transport, e.g. through damage or loss.

Asset insurancesAsset insurances primarily provide coverage of assets. The most important asset insurances are:  

a) Third party liability insurance for motor vehicles  Third party liability insurance is compulsory for all motor vehicles (cars, motorbikes, commercial vehicles or agricultural vehicles) used on public roads. Insurance covers damages caused with the vehicle to third parties. The premium for the third party liability insurance for motor vehicles depends, inter alia, on age of the driver, his/her driving experience and the type of vehicle. The insurance also works according to a bonus-malus system, meaning that the premium is reduced (bonus) in the event of accident-free driving and increased (malus) following a damage claim.

b) Public / Professional liability  Anyone who inflicts harm on a third party, whether intentionally or due to carelessness, can be held liable. There are countless danger sources that can result from an entrepreneurial activity. Practically speaking, a distinction is made between three risk and danger areas:

facilities risks (e.g. construction defects) operating risks (e.g. environmental damages) product risks (e.g. damages caused by faulty products)The insurance company examines the claims, pays justified demands of claimants and rejects inflated or even unjustified claims. There are different public and professional liability insurances depending on the business sector. Medical doctors, architects, engineers, lawyers, notaries, fiduciaries, chartered accountants as well as their employees should on all accounts take out a professional liability insurance so as to be protected in the event of injury to a person or damage to property as a consequence of their professional activity.  

c) Interruption of businessProduction losses resulting from an interruption of operations of a machine, of goods or when transporting goods as a consequence of an insured fire or water damage are not covered by the property insurance (chattels). An additional insurance (e.g. a machinery loss of profits insurance) needs to be taken out for this.  

Insurance Products

Forum Category: Insurance ProductsThis category with its name "Insurance Products" was created by user when searching for related question/inquiry. Usually it´s about questions and answers concerning car insurance and liability. It can also be about different discussions regarding abroad and local (home country) insurance. In between related insurance commodity goes abroad travel insurance, comprehensive automobile insurance, health insurance (medical expenses coverage), household insuarance and other products.

Are you looking for releated information about "Insurance Products" or perhaps something else? No problem - insert your question/inquiry, offer or maybe request for proposal about auto insurance into our professional (discussion) forum and get your response.

Auto Insurance Forum (for free)To get a fine and inexpensive car insurance is about your priorities, abilities, drivers skills and flexibility. Through this server you can get a budget-wise auto insurance for all students, seniors as well as for decent drivers that goes a long time without accident. Our discusion forum can be used by both created demand and those proposing. Low-cost auto insurance vendors/dealers, brokers and insurance companies can publish their proposals/offers here and try to address their potential buyers/customers.

They can present their discounts on insurance, bonuses and special offers. Are you searching for fundamental/basic car insurance in particular place, or perhaps an enhanced liability? Are you not sure how to find the chapest insurance for your automobile, motorbike, lorry/track or agriculture vehicle such as tractor, mobile crane, etc. We can help you - insert your enquiry concerning prices for actual vehicle and await our offer. This is'nt only about Insurance Products :)

Types of insurance[edit]

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the United States typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.

Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.[28]

Auto insurance[edit]

Main article: Vehicle insurance

A wrecked vehicle in Copenhagen

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.

Coverage typically includes:

Property coverage, for damage to or theft of the car

Liability coverage, for the legal responsibility to others for bodily injury or property damage

Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses

Gap insurance[edit]

Main article: Gap insurance

Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the companies specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60 month or longer terms. Gap insurance is typically offered by your finance company when you first purchase your vehicle. Most auto insurance companies offer this coverage to consumers as well. If you are unsure if GAP coverage had been purchased, you should check your vehicle lease or purchase documentation.

Health insurance[edit]

Main articles: Health insurance and Dental insurance

Great Western Hospital, Swindon

Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs. In most developed countries, all citizens receive some health coverage from their governments, paid for by taxation. In most countries, health insurance is often part of an employer's benefits.

Accident, sickness, and unemployment insurance[edit]

Workers' compensation, or employers' liability insurance, is compulsory in some countries

Disability insurance  policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans andcredit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.

Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled.

Disability overhead insurance  allows business owners to cover the overhead expenses of their business while they are unable to work.

Total permanent disability insurance  provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.

Workers' compensation  insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

Casualty[edit]

Main article: Casualty insurance

Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances.

Crime insurance  is a form of casualty insurance that covers the policyholder against losses arising from the criminal actsof third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.

Political risk insurance  is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.

Life[edit]

Main article: Life insurance

Amicable Society for a Perpetual Assurance Office, Serjeants' Inn, Fleet Street,London, 1801

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. 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. In most states, a person cannot purchase a policy on another person without their knowledge.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. 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.

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 many countries, such as the United States 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 the United States, 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.

Burial insurance[edit]

Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. The Greeks and Romans introduced burial insurance c. 600 CE when they organized guilds called "benevolent societies" which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times.

Property[edit]

Main article: Property insurance

This tornado damage to an Illinoishome would be considered an "Act of God" for insurance purposes

Property insurance provides protection against risks to property, such as fire, theftor weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below:

US Airways Flight 1549 was written off after ditching into the Hudson River

Aviation insurance  protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures.

Boiler insurance  (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.

Builder's risk insurance  insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.[29]

Crop insurance  may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease.[30]

Earthquake insurance  is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage. Earthquake insurance policies generally feature a

high deductible. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home.

Fidelity bond  is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.

Hurricane Katrina caused over $80 billion of storm and flood damage

Flood insurance  protects against property loss due to flooding. Many U.S. insurers do not provide flood insurance in some parts of the country. In response to this, the federal government created the National Flood Insurance Programwhich serves as the insurer of last resort.

Home insurance , also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.[31]

Landlord insurance  covers residential and commercial properties which are rented to others. Most homeowners' insurance covers only owner-occupied homes.

Marine insurance  and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.

Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholder's home uninhabitable. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed.

Surety bond  insurance is a three-party insurance guaranteeing the performance of the principal.

The demand for terrorism insurance surged after 9/11

Terrorism insurance  provides protection against any loss or damage caused byterrorist activities. In the United States in the wake of 9/11, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was

extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA).

Volcano insurance is a specialized insurance protecting against damage arising specifically from volcanic eruptions.

Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes.

Liability[edit]

Main article: Liability insurance

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

The subprime mortgage crisis was the source of many liability insurance losses

Public liability  insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way.

Directors and officers liability insurance  (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting from errors made by directors and officers for which they are liable.

Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.

Errors and omissions insurance  (E&O) is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third-party administrators (TPAs) and other business professionals.

Prize indemnity insurance  protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golftournament.

Professional liability insurance , also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance.

Credit[edit]

Main article: Payment protection insurance

Credit insurance repays some or all of a loan when certain circumstances arise to the borrower such as unemployment,disability, or death.

Mortgage insurance  insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name "credit insurance" more often is used to refer to policies that cover other kinds of debt.

Many credit cards offer payment protection plans which are a form of credit insurance.

Trade credit insurance  is business insurance over the accounts receivable of the insured. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment

Types of Life Insurance PoliciesComparison between Unit Linked Plans and Conventional Plans

Description

Unit Linked Insurance Plans offered by insurance companies allow policy holders to direct part of their premiums into different types of funds (equity, debt, money market, hybrid etc.) Here the risk of investment is borne by the policyholder.

Conventional Plans are traditional insurance plans. They usually invest in low risk return options and offer guaranteed maturity proceeds along with declared bonuses.

Flexibility of investment

Unit Linked Insurance   Plans  give you flexibility to invest as per your risk profile, financial commitments and convenience. You can choose to invest either in equity, or in debt or in hybrid fund and even change your investment strategy.

These plans do not allow you to choose investment avenues. Your funds are invested as per the strategy and discretion of the company.

Transparency

Most Unit Linked Insurance Plans allow you to Your premiums are invested in a common 'with

track your portfolio. They also regularly intimate regarding the percentage of the premium that is invested along with the charges levied. You are also kept informed about the value and number of fund units that you hold.

profits' fund and therefore you cannot track your individual portfolio.

Maturity benefits payout

At the time of maturity you redeem the units collected at the then prevailing unit prices. Some plans also offer you loyalty or additional units annually or at the time of maturity.

At the time of maturity you get the sum assured plus bonuses, if applicable in the plan.

Partial withdrawal

Unit Linked Insurance Plans allow you to make withdrawals from your fund, provided the fund does not fall below the minimum fund value and subject to other conditions.

Conventional plans do not allow you to withdraw part of your fund. Instead, some policies offer you the facility to take a loan against your investment.

Switching options

Available. You can change your investment fund decision by switching between the funds as being offered by the policy.

Not available since the investment decision is taken by the insurance company.

Charges structure

Unit Linked Insurance Plans specify the charges. under various heads.

These plans do not specify the charges involved.

Single premium Top-up

Available. The single premium top-up facility allows you to invest an extra amount over and

The top-up facility is not available.

above your regular premiums in your unit linked plan.

Benefit Snapshot

Unit Linked Insurance Plans give you flexibility of investment,They allow you to track your portfolio.

Unit Linked Insurance Plans offer the benefit of a single premium top up which allows you to invest ad hoc additional amount.

Unit Linked Insurance Plans allow partial withdrawals, subject to conditions and switching between funds by paying some charges, if necessary.

Unit Linked Insurance Plans give you the option of a premium vacation.

Conventional plans offer fixed premiums linked to the sum assured.

The maturity benefits for these plans include the sum assured plus bonuses, if applicable

Women’s Health Insurance CoverageNov 06, 2013Health insurance coverage is a critical factor in making health care accessible to women. Women with health coverage are more likely to obtain needed preventive, primary, and specialty care services, and have better access to new

advances in women’s health. Among the 98 million women ages 18 to 64, most have some form of coverage. However, the patchwork of different private sector and publicly-funded programs in the U.S. leaves one in five women uninsured. The Affordable Care Act (ACA) of 2010 includes several measures that are changing the profile of women’s coverage as the law is implemented fully.

Sources of Health Insurance Coverage

Figure 1: Women’s Health Insurance Coverage, 2012Employer-sponsored insurance covers 58% of women between the ages of 18 and 64 (Figure 1). Women are less likely than men to be insured through their own job (35% vs. 43% respectively) and more likely to be covered as a dependent (23% vs.15%).1 Medicaid, the state-federal program for the poor, covers 12% of non-elderly women. Typically, only very low-income women who are pregnant, have children living at home, or who have a disability have been able to qualify for the program. Individually purchased insurance, which people buy on their own, is used by just 7% of women. Medicare and other government health insurance cover a small fraction (4%) of women under age 65. For non-elderly women, coverage is limited to women who either have a disability (Medicare) or are covered through the military (TRICARE). Uninsured women account for 19% of women ages 18 to 64. They typically do not qualify for Medicaid, do not have access to employer-sponsored plans, and either cannot afford or do not qualify for individual policies.Employer-Sponsored Insurance: Approximately 57 million non-elderly women in the U.S. receive their health coverage from their own or their spouse’s employer. Historically, full-time employment has provided the greatest opportunity for obtaining job-based coverage.

Women in families with at least one full-time worker are more likely to have job-based coverage (71%) and less likely to be uninsured (15%) than women in families with only part-time workers (33%) or without any workers (28%).1

Women are more vulnerable to losing their insurance compared to men, as they are more likely to be covered as dependents. This places a woman at greater risk of losing coverage if she becomes widowed or divorced, her spouse loses a job, or her spouse’s employer drops family coverage or increases premium and out-of-pocket costs to unaffordable levels.

In 2013, annual insurance premiums averaged $5,884 for individuals and $16,351 for families, nearly doubling in cost over the past ten years. Workers currently pay for an average of 18% of premiums for individual coverage and 29% for family coverage.2

Individual Insurance: Nearly 7 million women purchase insurance on their own. This type of insurance often provided more limited benefits than job-based coverage and was costly. In many states, insurers charged women more than men for the same coverage levels, a practice known as gender rating. Also, pre-existing medical conditions triggered coverage denials in the individual market, depending on the insurer and state regulations.

Historically, these plans did not cover certain services that are important to women, such as maternity care, prescription medications, or treatment for mental health conditions such as depression. It is expected that many people currently covered in these plans will purchase coverage in Health Insurance Marketplaces newly opened under the ACA, which require plans to cover all of these services to some degree and offer subsidies to purchase this coverage for those who are income eligible. Furthermore, in 2014 plans available in Marketplaces will be prohibited from gender rating and denying coverage based on pre-existing conditions.

Medicaid: According to Medicaid program statistics, in 2010, 19.3 million low-income women (18 to 64 years) were enrolled in Medicaid.3 Women make up two-thirds of the adult Medicaid population, but only low-income women who are pregnant, mothers of children who are 18 years or under, disabled, or over 65 can qualify for Medicaid. Women without children and disabilities typically have not been eligible regardless of how poor they were, but this will change in many states in 2014 when Medicaid eligibility is broadened to more people.

Among all insurers, Medicaid disproportionately carries the weight of covering the poorest and sickest population of women. Approximately 82% of non-elderly women on Medicaid have incomes below 200% of the Federal Poverty Level (FPL). One in three (33%) women on Medicaid rate their health as fair or poor, compared to 10% of low-income women covered by employer-sponsored insurance and 15% of low-income, uninsured women.1

Medicaid finances nearly half of all births in the U.S.,4 accounts for 75% of all publicly-funded family planning services5and nearly half (43%) of all long-term care spending.6

Over the past decade, several states (31 states) have expanded programs that use Medicaid funds to cover the costs of family planning services for low-income women and all states have established Medicaid programs to pay for breast and cervical cancer treatment for certain low-income uninsured women

IntroductionLIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

1. SPECIAL FEATURES

specialfeatures1.Encashment of Survival Benefit as and when needed:The policyholder at her option may avail the survival benefit any time on or after its due date.   If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable. 

2.Flexibility to pay premiums in advance:The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time 

3.Option to receive maturity proceeds in the form of an annuity: :The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4.AutoCover::After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.  

If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.

The auto cover shall not be available for rider benefits.Optional reader

The auto cover shall not be available for rider benefits.

2. OPTIONAL RIDERS:The following riders are available under this plan:

A. CRITICAL ILLNESS (CI) RIDER :An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:

An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs. 

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child   with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

Eligibility condition

Minimum age at entry : 18 years (completed)Maximum age at entry : 55 years (nearest birthday)Maximum age at maturity : 70 years  (nearest birthday)Policy term : 15 and 20 yearsMinimum Sum Assured : Rs. 50,000/-

Maximum Sum Assured : Rs. 25,00,000/-         (Sum Assured shall be in multiples of Rs.5,000/-)Sample premium ratefor basic plan Tabular Annual Premium per 1000 SA

AGE/TERM 15 2020 79.35 63.9025 79.45 64.1030 79.70 64.5535 80.25 65.4536 80.45 65.7037 80.60 66.0040 81.35 67.0045 83.15 69.5050 86.05 73.50

High sum assured rebatesSum Assured (in Rs)

Rebate per thousand Sum Assured

1,00,000 to 4, 99,999 Rs 2.005, 00,000 and above Rs 4.00

loanLoan is available under the plan after the policy acquires paid-up value.

Grace period7. GRACE PERIOD:A grace period of one-month but not less than 30 days will be allowed for payment of premium .

revival8. REVIVAL:A. REVIVAL DURING THE AUTO COVER PERIOD:(i) If Critical Illness Rider is not opted for:During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy. 

If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.(ii) If Critical Illness Rider is opted for:During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above. 

B. REVIVAL OTHER THAN DURING AUTO COVER PERIOD :If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The Rider/s shall be revived along with the Basic plan and not in isolation.

9. PAID UP VALUE: If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up

policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.

The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.

The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.

10. SURRENDER VALUE:The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

11. EXCLUSIONS:Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death. 

12. COOLING OFF PERIOD:If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

2. OPTIONAL RIDERS:The following riders are available under this plan:

A.CRITICAL ILLNESS (CI) RIDER :An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B.ACCIDENTBENEFIT RIDER:An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs. 

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

3. ELIGIBILITY CONDITIONS (For Basic Plan):

Minimum age at entry : 18 years (completed)Maximum age at entry : 55 years (nearest birthday)Maximum age at maturity : 70 years  (nearest birthday)Policy term : 15 and 20 yearsMinimum Sum Assured : Rs. 50,000/-Maximum Sum Assured : Rs. 25,00,000/-         (Sum Assured shall be in multiples of Rs.5,000/-)

4. SAMPLE PREMIUM RATES FOR BASIC PLAN :

Tabular Annual Premium per 1000 SAAGE/TERM 15 2020 79.35 63.9025 79.45 64.1030 79.70 64.5535 80.25 65.4536 80.45 65.7037 80.60 66.0040 81.35 67.0045 83.15 69.5050 86.05 73.50

5. HIGH SUM ASSURED REBATES:

Sum Assured (in Rs) Rebate per thousand Sum Assured1,00,000 to 4, 99,999 Rs 2.005, 00,000 and above Rs 4.00

6. LOAN:Loan is available under the plan after the policy acquires paid-up value.

7. GRACE PERIOD:A grace period of one-month but not less than 30 days will be allowed for payment of premium .

8. REVIVAL:A. REVIVAL DURING THE AUTO COVER PERIOD:(i) If Critical Illness Rider is not opted for:During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy. 

If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.(ii) If Critical Illness Rider is opted for:During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above. 

B. REVIVAL OTHER THAN DURING AUTO COVER PERIOD :If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of

maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The Rider/s shall be revived along with the Basic plan and not in isolation. 9. PAID UP VALUE: 

If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.

The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.

The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.

10. SURRENDER VALUE:The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

11. EXCLUSIONS:Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death. 

12. COOLING OFF PERIOD:If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

The following riders areavailable under this plan:

A.CRITICALILLNESS(CI)RIDER :An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs. 

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

3. ELIGIBILITY CONDITIONS (For Basic Plan):

Minimum age at entry : 18 years (completed)Maximum age at entry : 55 years (nearest birthday)Maximum age at maturity : 70 years  (nearest birthday)Policy term : 15 and 20 yearsMinimum Sum Assured : Rs. 50,000/-Maximum Sum Assured : Rs. 25,00,000/-         (Sum Assured shall be in multiples of Rs.5,000/-)

4. SAMPLE PREMIUM RATES FOR BASIC PLAN :

Tabular Annual Premium per 1000 SAAGE/TERM 15 2020 79.35 63.9025 79.45 64.1030 79.70 64.5535 80.25 65.4536 80.45 65.7037 80.60 66.0040 81.35 67.0045 83.15 69.5050 86.05 73.50

5. HIGH SUM ASSURED REBATES:

Sum Assured (in Rs) Rebate per thousand Sum Assured1,00,000 to 4, 99,999 Rs 2.005, 00,000 and above Rs 4.00

6. LOAN:Loan is available under the plan after the policy acquires paid-up value.

7. GRACE PERIOD:A grace period of one-month but not less than 30 days will be allowed for payment of premium .

8. REVIVAL:A. REVIVAL DURING THE AUTO COVER PERIOD:(i) If Critical Illness Rider is not opted for:During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy. 

If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.(ii) If Critical Illness Rider is opted for:During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above. 

B.REVIVAL OTHER THAN DURING AUTO COVER PERIOD :If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be

revived within a period of 5 years from the date of first unpaid premium and before the date of maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The Rider/s shall be revived along with the Basic plan and not in isolation. 9. PAID UP VALUE: 

If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.

The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.

The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.

10. SURRENDER VALUE:The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

11. EXCLUSIONS:Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death. 

12. COOLING OFF PERIOD:If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

Renters Insurance Policy Features and CoverageBuy renters insurance coverage online for as little 43 cents per day with ResidentShield. Protect yourself and your belongings in less than 5 minutes by applying online and purchasing today.

Rental insurance coverage protection covers the following:

Property Protection: As a renter it's important to insure your own belongings. Renters insurance protects up to your

selected policy limits against a variety of unexpected events such as fire, theft, vandalism, smoke, lightning,

windstorm, and more. Earthquake coverage is optional and available only in California.

Personal Liability Protection: Receive up to $100,000 of coverage against personal liability claims such as slip and

fall injuries and accidental damage of apartment property. Animal liability such as dog bites is covered up to $10,000.

If you are a pet owner, providing proof of liability can help you secure a better apartment or home rental.

Guest Medical Payments: Imagine if a guest is accidentally injured at your residence? Regardless of fault,

ResidentShield's renters insurance provides coverage for medical expenses incurred by accidental injury. Coverage

for up to $1,000 per person, per accident, is included as part of your ResidentShield policy. If the accidental injury is

due to your negligence any amount over $1,000 per person can be covered by your Personal Liability coverage (up to

the Personal Liability limit chosen for your policy).

Additional Living Expenses: Should you be forced to move out of your rented residence, even temporarily as the

result of a covered loss, you will be reimbursed for your additional living expenses.

Quick and Easy Claims Service: If you have experienced a loss and need to file a claim, please call 1-800-822-

2997 to speak to a claims representative 24 hours/day or click the Report a claim link to file your claim online.

Health insurance plan of women The contemporary age has witnessed a phenomenal participation of women in all walks of life. From parliament to offices and schools to business organizations, women are walking shoulder to shoulder with men. Women as a matter of fact constitute 49% of the voters and almost 25% of the workforce in India. It’s an irony that the society at large is still reluctant when it comes to buying health insurance for women. 

Modern women take a heavy toll trying to keep a balance between personal and professional life. On top of that, women are more vulnerable to health issues especially after the age of 40. It has been noted that women have a greater chance to fall a prey to critical ailments such as arthritis, irregular BP, diabetes and so forth. Women are even more susceptible to bone-related disorders and breast cancer. Moreover, the dreads of pregnancy related disorders come solely in women’s share.

Considering these facts, it seems only obvious that women need health insurance as much as men do and more or less for the same reason - to assure a financial back up in case a medical contingency arise. Why should they be any different and even more so when they constitute a major fraction of the working force.

The insurers have finally started getting serious about catering to the health insurance needs of this unserved niche. The market now offers women-specific

plans designed specifically for her needs. Some insurers offer in-built pregnancy related cover, though it’s not very extensive. These plans are specially designed with an intention to cover illnesses that a woman is more prone to get during her lifetime.

At present, there are two such plans in the market, TATA AIG Wellsurance Woman and Bajaj Allianz Women Specific Critical Illness Insurance.

TATA AIG Wellsurance comes with a substantial cover on:

11 critical illnesses including cancer Cashless hospitalization 3000+ network hospitals across India Daily hospital cash benefit Convalescence benefit Post hospitalisation treatment Cosmetic reconstruction surgery benefit for accidental injuries Income tax benefit under sec 80DPlus, it also features value added benefits such as free health helpline, discounts at health and wellness centers and health check-ups.

Bajaj Allianz Women-Specific Critical Illness Insurance is one of the best health insurance plans providing financial protection against 8 critical illnesses of which women are most prone to.

It works in a simple manner by assuring a guaranteed sum to the insured in case she gets diagnosed with one of the listed critical illnesses - breast cancer, vaginal cancer, cervical cancer, ovarian cancer, fallopian tube cancer, uterine/endometrial cancer, paralysis and burns.

The insured is also entitled to get 50% of sum insured in case of a congenital disability.

Plus, there’s a special sum to be paid out to working women who lost their job 3 months after being diagnosed with a critical illness.

Till now, women used to be covered under floater plans or as a dependent in the husband’s health insurance plan. But now as more and more women are getting into the working force, they are being covered under employer group health insurance plan as well individual health plans. While purchasing a policy, one should look out

for a comprehensive coverage that includes women related diseases and maternity benefits.

For the loving husbands, your wife takes care of the smallest things in your life. It’s time you start showing a little care too. The same goes for the loving sons and daughters for whom mom is the world. And for all the ladies out there, whether you are working or stay-at-home moms; single or married; you all ought to put your health first. Needless to say, the obligations only widen for single moms and divorcees. A wisely chosen health plan can go a long way to take care of your well being in all phases of your life. Wait no more, get and compare quotes and pick up the best health insurance plan today!

Women and Health Coverage:

The Affordability Gap

Introduction

While lack of insurance is a major barrier to health care, having just any

insurance does not guarantee access to affordable and comprehensive health

care. In addition to the 44.8 million Americans without health coverage,

there are an estimated 16 million more adults who, because of high outof-pocket

costs relative to their income, can be considered “underinsured.”1

Although men and women are at similar risk of not having health insurance,

women—whether insured or uninsured—are more likely to report

cost-related access problems.These problems can be attributed directly to

women’s lower average incomes compared with men and to their greater

need for, and use of, health care services.

This issue brief examines the unique difficulties women encounter

in obtaining and paying for health care.The data cited come primarily

from three surveys: the Annual Social and

Economic Supplement to the Current Population

Survey (CPS), 2005; the Medical Expenditure

Panel Survey (MEPS), 2004; and the Commonwealth

Fund Biennial Health Insurance Survey,

2005 (see Study Methods box on page 10). In a

companion report available from the National

Women’s Law Center, Women and Health Coverage:

A Framework for Moving Forward,

2 the authors analyze

various policy approaches to determine those

that will best serve women’s needs.

Insurance Coverage Patterns

Currently, health insurance coverage patterns are

similar for adult men and women (ages 19–64) in

a number of ways, though important differences

do exist. About two-thirds of nonelderly adults, or

some 113 million people, are covered by employersponsored

insurance. Another 10.3 million people

(among whom women slightly outnumber men)

purchase their health coverage through the individual

insurance market; and 8.3 million men and

women are insured through Medicare, military

health coverage, or other sources. Medicaid insures

nearly twice as many women as it does men (6.1

million vs. 3.5 million).3

Although health insurance coverage is vital

for timely and meaningful access to health care,

44.8 million Americans, including children, currently

lack such coverage. Uninsured men and

women are more likely to be younger, be single,

have a low-income, work in small businesses, and

belong to a racial or ethnic minority than those

who are insured