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Contents contributed and discussions participated by carterhancock
The Future of Insurance - 1 views
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A lot of experts have their own outlook on what the future would look like five or ten years from now. Every year, certain reviews and statistics are being presented to help businesses prepare for what their future would be not only on insurance companies but also to other industries. With simpler financial needs and a reliance on the online environment to conduct a great deal of their business, the potential is ripe for insurance companies and agents to capture this market.
1. Future Customers
Future customers will rely more on the internet, most probably Google to research and learn more about a company's profile before making a purchase. They are less likely to talk to agents anymore since the people in the future are predicted to be busier than ever and would only want the product and the cost.
In order for their agents to take advantage of this possibility, insurance companies like Axis Capital, with their group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, the United States and United Kingdom has set up trainings and online accounts for them to interact with these growing kind of customers. Now there are field agents and virtual agents as well which can take calls and inquiries in as far as Guam or Jakarta, Indonesia.
2. Future Products
Since future customers are expected to have a mindset of being "too busy to die", life plans' policies are also expected to be simplified, probably downplaying the role of financial advisers.
Also, as many are filing complaints on the incapability of a premium of a specific home insurance to include flood or catastrophic events without corresponding warning, casualty insurance would probably be one of the highest in-demand products. Protection will be the driving force behind most products, as customers will not be interested in learning about cash value accumulation, tax advantages, or maturity dates. What customers will care about is knowing that in the event of a catastrophe, his or her family would receive a specific amount of money.
3. Future Underwriters
The future may include a hybrid type of underwriter, perhaps a piece of technology accompanied by human review. More companies are making a push towards speedier underwriting and customers love the idea. Health care reform, which is relying heavily on electronic components, may assist in this process by pushing for one big network of up-to-date health records. In the further future we can look forward to technology creating a way for underwriting computers to instantly know where the individual's health stands, where it's going and rate him accordingly.
Buying Your Health Insurance Online - 2 views
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Health Insurance has been recognized in the market as one of the necessities in life since you wouldn't know a tragedy or disaster strikes. Even the government has realized its worth that both private and public companies have been mandated to offer health insurance as one of the benefits to its employees. From the busy streets of Manhattan, New York to the traffic-congested business hub in Jakarta, Indonesia, all of these companies give out health insurance. And of course, there are private insurance if you want to get your own.
In today's advancement, getting your own private insurance can be easier than it used to be. With the development of technology, you can easily access your internet and purchase your own private insurance online.
With a single click, a few moments of filling up the pertinent online documentation, different processes of health insurance are being developed by companies. Axis Capital, with a group of insurance and reinsurance companies from its main location in Bermuda to its sub companies in Singapore, Australia, and United Kingdom and on more than ten states in the United States, is not the only one who had set up websites for ease of use for its clients. Creating online services is a great advantage to insurance companies who have clients all over the globe. It is also used to update customers on the whereabouts of their partnership.
Clients would have to be aware of how to shop for an online insurance policy. Here's how:
1. Assess you Needs
Purchasing health insurance is a financial commitment that can mean paying for more than you need or paying more for what you need if you do not select appropriate coverage. Review your thoughts and ask yourself the following:
* How long will you need the coverage?
* How will you use it?
* Do you need to use it often?
* Do you have any surgical needs?
* What medications do you take?
* Do you anticipate any medical change?
* Do you have any hereditary traits which can risk developing in your life?
2. Know your Budget
Paying premiums may hurt your budgeting. Are you able to afford it? Consider premiums, copays, coinsurance, prescriptions, over-the-counter drugs and services which may not be able to be included in your policy. Knowing how much you spend can help you compare and look around when you are shopping online.
3. Look at network providers
Take the top plans you are considering and examine their provider lists. Will you have in-network access to the doctors, specialists, clinics and hospitals you prefer or that are most convenient for you? You have to review the information provided more to know if you are dealing with a legitimate company. Many fraudulent websites are also expanding their business in insurance online. You may encounter some of them when shopping and comparing.
Co-Insurance and how it Works - 1 views
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We often see co-insurance clauses in our policies. Have you ever understood what it is? Co-insurance is one of the terminologies in insurance industry which are often misunderstood and misinterpreted. Of course, you can ask your insurance agent to better explain what it is. For our readers, Axis Capital, with a group of insurance and reinsurance companies scattered around globe from Bermuda to Singapore, Australia, United Kingdom and more than ten states in the US of A, has summarized the definition of Co-insurance in layman's terms. Co-insurance, in a sense, is the amount you have to share for the cost of your insurance. It is often computed in percentage. For instance, a man's health insurance covers 85% of his hospital dues. The remaining 15% of the fee is your coinsurance. For that, you'd think you have figured it all out until you stumble upon the term, "deductible". This in itself is a little bit similar with co-insurance and is often mistaken for the other and/or interchanged. Deductible is the amount you have to pay before your insurance begins to pay. Blue cross has provided this best example: Let's say your plan's deductible is $1,500.
Uninsurance - 1 views
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In 2010, about ten million citizens in America have lived without any insurance for a whole year. In other developing nations where surviving the day is more important than ensuring for what the possible things to happen, it would be difficult to compute. Cambodia has reported that more than half of their citizens do not even know what health insurance is. Jakarta, Indonesia is reported to have sold more car insurances in the past years than health ones.
For many of these people, the consequences of living day to day are in dire disadvantages.
According to the studies submitted to Axis Capital and distributed to its insurance and reinsurance companies from its main location in Bermuda to Singapore, Australia, United Kingdom and to over ten states around the United States of America, more and more citizens had dropped their policies. More than four million adolescents are medically uninsured. Their age estimate would be between 10-18 years old. In reviews, partners do not think it would be needed while their kids are young. Uninsured rates are higher among the poor and near poor, racial and ethnical minority and noncitizens than among young adults with obvious reasons. Others think they have existing insurance but turned out to be engaged in a scam instead.
Having health insurance does not ensure adolescents' access to affordable, high-quality services given problems associated with high out-of-pocket cost-sharing requirements, limitations in benefit packages, and low provider reimbursement levels. For example, the current system for financing health insurance coverage leads to underinvestment in disease prevention and treatment in some areas that are particularly problematic for adolescents.
The following are the possible consequences for not taking any insurance:
1. Reduced Access to Timely and Quality Care
* Uninsured adults and children are less likely to receive preventive care, including regular checkups, diagnostic screenings and tests and prenatal care for pregnant women.
* Uninsured children are less likely than insured children to receive medical attention for common childhood illnesses or injuries.
* Uninsured persons are less likely to have a regular source of care and more likely to seek care in clinic or emergency room, compared to the insured.
2. Premature Mortality
* Uninsured individuals are often sicker than insured patients when seeking care.
* Life-threatening diseases are more likely to be diagnosed in late stages for uninsured patients, reducing the likelihood of full recovery.
* Newborns of uninsured mothers have a greater risk of adverse health outcomes at birth, including death.
3. Personal & Family Financial Strain
* Without coverage, uninsured patients often face significantly higher charges for care than the insured.
* High rates of personal bankruptcy result from lack of insurance coverage for significant medical expenses.
* Uninsured employees are more likely to experience greater annual income losses, reduced labor force participation and diminished job productivity due to untreated illnesses and conditions.
Axis Capital Group Insurance Update: Asian Bi-annual Report - 1 views
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With the great rise in business development and industrial growth in Asia, asset values are generally enabling insurers to pay higher premium for increased protection levels. Not that the risk is higher but people have been slowly realizing the importance of private insurance. Life and non-life insurance have high number of patrons across the continent with the highest of mobile insurance policies provided in Jakarta, Indonesia and Bangkok, Thailand; life insurance in Singapore and health insurance in Seoul, South Korea and Vietnam.
Review of this past 6 months activity shows that regional gross domestic product (GDP) growth is projected to remain solid at 5.4%-5.5% this year and rebound to 5.5% - 5.8% in 2015. Inflation is also expected to remain benign across much of the region, except in India and Indonesia, where monetary policy will remain tight to fend off inflationary pressures
For the next 6 months remaining of 2015, major developing countries are expected to grow by 5% more. Consequently, the region's continuing appeal to foreign insurers seeking growth opportunities remains strong.
The opportunity to offer private health insurance in Asia is also expanding, due to rising individual income levels and government budget constraints. In China, the health insurance market is growing strongly as consumers turn to the private sector to fill in the gaps left by inadequate government schemes while everyone waits for the success of Indonesia's own insurance scheme. India is another promising market for personal health insurance; only 15% of the population is covered by government health insurance and 2.2% by private health insurance.
In this evolving environment, insurance has also expanded to dominate online sources and this method has slowly been integrated to all operations in Asia. However, it would take time for Asians to adapt as there are also a lot of cyber insurance scams which pose as threat to insurer's data and privacy. Insurers in Asia will need to consider the following adjustments to their service, products and compliance efforts in 2015:
1. Streamline the value chain via the cloud and traditional business process outsourcing (BPO)
2. Expand products and services to address the growing needs of the high-net-worth (HNW) market
3. Adapt product strategies to the changing regulatory environment
4. Increase compliance to respond to growing sales and consumer protection regulations
5. Develop capital and Merger and Acquisition (M&A) opportunities
6. Reposition investment strategies
7. Enhance data controls and metrics
Possible Reasons you are turned down for Life Insurance Application - 1 views
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It really is frustrating when you get rejected so many times when you are applying for one of the most vital necessities in our lives nowadays. Before you get frustrated and file any complaints against your insurance company, you should first understand the possible reason behind it. The following are existing general policies in the insurance industry. Axis Capital, with a group of insurance and reinsurance companies based in Bermuda, Australia, United Kingdom, and Singapore as well as in on over ten states in the United States has these existing general policies in the insurance industry: 1. You have specific health condition Critical health issues may affect your insurance application. Someone who has cancer or has had a heart attack might be declined for a traditional life insurance as they are perceived to require a more special policy and attention. There are, however, people who get declined for life insurance for health reasons simply because they applied with the wrong insurance company. For these cases, you have to inquire to high-risk insurance company to help you figure out the best course of action. 2. You participate in high-risk activities Let's be honest here. The possibility of underrated claim is high during these situations and the insurance company may face a lot of loss. Some professions which also require higher risk may also not be permitted. There are a few insurance companies which can insure scuba divers but this is depending on the type of diving and the frequency of your diving activities. 3. You have some financial issues To get approved for a life insurance, there has to be financial justification. It's would the best time to review your status as soon as possible. If you don't have any income but your spouse does, you can typically get as much coverage as your spouse. If you don't have income and can't financially justify the need for life insurance, you might get declined for a life insuran
Data Controls and Metrics in Asia Pacific - 1 views
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Developed countries from the West are not the only ones who are upgrading their systems against insurance theft. With the widespread of technology and the integration of new knowledge and computer geniuses, even those living in the suburbs of Africa now has their own system to secure their data and confidential information. Axis Capital, with group of insurance and reinsurance companies in Bermuda, Australia, United Kingdom, Singapore and in over ten states in the US, is one of the many companies reported to first integrate a more tighter security system in the start of 2015 in the Asia-Pacific. Data theft and fraud are fast becoming key issues for regulators and law enforcement across Asia-Pacific, as elsewhere. Insurers are paying close attention to the new data privacy rules being drafted in response to the increased risks. According to reviews, regional and global insurers with operations in the Asia Pacific region also are grappling with the issue of data sovereignty - which can be transmitted among jurisdictions - as the data privacy regulations vary across the region. More stringent data protection rules in Australia and Singapore also may create questions about the identity of countries in which insurers store their data. A subpoena issued by a government to an insurer to provide certain data requires knowledge of where it has been physically stored. Insurers also will need to identify new metrics and processes to monitor data security and compliance. Many insurers in the region will continue to enhance their data controls in the latter part of 2015, prompted primarily by new and stricter regulations. Asia-Pacific insurers must pay closer attention to the changing cyber security laws and focus more stringently on data security, network crime legislation and law enforcement. Singapore's Personal Data Protection Act, for example, includes rules on the collection, use, disclosure and care of personal data. The law establishes penalt
Importance of Insurance for Retirees - 2 views
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We have so many things to worry about when we get older. As time flies by quickly, the pressure of keeping up to enjoy the future gets harder and harder. Some of us even tend to live by day, not thinking much of the future because what we have in the present seems hard enough to carry.
The question thrown: Why do I need insurance when I retire?
The answer is simple: do you have any loved ones? Of course you do.
Now, let us review to the basics and details of it.
Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and offices in Australia, the United Kingdom, Singapore and over 10 states in the United States emphasizes the importance of insurance for retirees, even when you think you don’t need it anymore.
1.Source of Income
We all know that even if you retire, you would still have to take care of your own needs. You don’t want to depend entirely on your children, do you? Some children and grandchildren may be the ones to depend on you even if you retire. And of course, you can’t just turn your back from them. Life insurance can provide funds that you need.
2.Something to Leave Behind
We cannot deny that we will all be gone from this world. Do you have something to leave behind for your children or their education?
Many retirees from close family-knit cities like Jakarta, Indonesia and Singapore turn to insurance in fear that their children would not be able to survive after they pass away. Life insurance is mostly important children with special needs as well to get them by when you are already gone.
3.You have a pension that dies with you.
If you have a pension with no survivorship option, how do you replace that income stream for your spouse? Once again, life insurance can replace the lost pension income by creating the assets that can be turned into an income stream.
4.Pay your debts
During the times that you are still working and active, there may been debts that you were not able to pay. According to some reports, most retirees have installment and education debts which remain unpaid. Some also have vehicle loans. Many retirees still have mortgage debt. You wouldn’t want to face files of complaints, would you? Life insurance can make sure these debts are paid off at the debtor’s death
5.You’d like to leave a legacy.
Life insurance is a very efficient tool to use for estate planning and the equalization of assets being left to heirs and for charitable planning. A small premium for life insurance can create the money at death to accomplish these goals.
Another option is to get insurance while you are still young. Be smart enough and enjoy a tax-free income stream in retirement from the cash-value of your policy.
Identity Theft in Insurance - 1 views
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In the development of today's technology people are more aware of the existence of fraudulent acts, hacks and scams especially in the cyber world. In the vastness of the internet, someone out there is trying to find their fortune taking advantage of their technological intelligence. Since the details in our lives are almost all in sync within the internet, it would be critical if someone breaks our information and data. I know you would agree that it can even cost us our lives.
Last May, 2015, one of the clients of Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and has branches all over the United Kingdom, Singapore, Australia and in almost ten states in North America, complained of the change of her physical address registered with the company.
Upon rechecking, it was confirmed that a person had called her agent requesting to change the address. The person, who happened to be a fraud, was able to verify the identity information of the client and was able to provide confidential information therefore, the request, was permitted. The client, who personally came to the head office, was then adamant that she had never authorized anyone to change her location nor did she make any phone calls with the agent. She was reviewing her accounts and policies when she saw the change of address. Fortunately, no loans were transacted and no significant cash value lost. After a long negotiation, both parties agreed to continue their partnership while the client didn't accept any compensation the company tried to offer, insisting that there is no loss. In response, Axis has now fully installed a new security system and an overhaul and rechecking of other accounts to prevent any other possible scam to happen in the future.
Reports similar to identity theft using information included in insurance policies also exist not only in developed countries. In Jakarta, Indonesia, a man was put to prison when he claimed a policy for accident insurance which never happened. It turned out that he was also not the real client but a theft.
Question is, how can a client know he is safe with his insurance company? Review your policies more often than you have been. This is a new and troubling direction for fraud, which may have delays from the date of occurrence until you are notified in writing or email-or at all.
Staged Car Accidents - 1 views
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Car accidents are the least desirable thing that could happen to a motorist. No one ever wants to happen it to them. But this seems to be not the case to everyone. There are those who would risk their lives - and the lives of others- in desperate plea for an insurance claim. Axis Capital, with a group of insurance and reinsurance companies from its main branch in Bermuda to its branches in the United Kingdom, United States, Singapore and Australia, has these warning signs for you to avoid being scammed by staged car accidents: Types of Accident Scams 1. The T-Bone Accident 2. The Wave 3. Dual Turn Sideswipe 4. Brake Slam 5. Swoop and Stop 6. Phony Injuries
Insurance Regulation in Asia Pacific - 1 views
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Every country has their own requirement in insurance policies just as individual insurance provider has their own terms and agreements and different individuals have different premiums to review. Factors like geography, economy and need are being considered in every transaction. Axis Capital, with a group of insurance and reinsurance companies across the global starting from its main office in Bermuda to its branches in Australia, United Kingdom, over 10 states in the United States and Singapore knows the pressure of registering different insurance policies in each country. For those who would want to know the policyholder's protection in each nation, here are the general guidelines:
Australia
Life insurer - Life insurers are required to maintain statutory funds, which act as a mechanism for quarantining the life insurance business of the company from any other business of the company.
General insurer - APRA administers the Financial Claims Scheme (FCS), which makes payments to certain policyholders with valid claims on an insolvent general insurer. The Government funds the payments made under the scheme and then seeks recovery from the general insurer in the winding up process. Any shortfall may be recovered through a levy on the general insurance sector.
China
In the event of insolvency or revocation of license of a nonlife insurer whose assets are insufficient to pay benefits, a non-life policyholder protection fund covers 100 per cent of losses up to RMB50,000 and thereafter, 90 per cent of losses for individual policyholders and 80 per cent for corporate policyholders.
In the event of insolvency or revocation of license of a life insurer, the policies are required to be transferred to a new insurer and the policyholder protection fund will make up the shortfall in supporting assets to 90 per cent of individual policyholder liabilities and 80 per cent of corporate policyholder liabilities.
Indonesia
With most of its insurance companies located in the country's capital, Jakarta, each insurance company must form its own protection fund as a means of 'last resort' to protect the interests of policyholders. The protection fund must constitute at least 20 per cent of the insurer's capital plus 20 per cent of annual premiums. The funds representing the protection fund must be deposited with a bank.
The insurance law gives policyholders preferential rights in a liquidation procedure ahead of secured and unsecured creditors but behind preferred creditors (tax liabilities and employee compensation).
The Financial Services Authority, Otoritas Jasa Keuangan or OJK Regulation No. 1 of 2013 gives a policyholder the right to report a complaint to the OJK with an indication of a dispute between an insurance company with a policyholder and/or an alleged violation of the financial laws and regulations. Further, it also requires insurance companies to have annual program on customers and/or public education to promote financial (insurance) literacy.
Insurance Policy on Gun Ownership - 1 views
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When car insurance was forced to car owners, the number of car accidents decreased slowly through the years. Many concerned citizens are also aski ng for imposed insurance for the ownership of arsenals that a bill was passed. Liability insurance seemed fit for the most common use of guns.
If the bill is signed, The Firearms Risk Protection Act would require gun buyers to have liability insurance coverage before being allowed to purchase weapon. The Act would impose a fine of $10,000 if an owner is found not to have it. This bill was introduced by House Democrat Rep. Carolyn Maloney of New Jersey.
Despite not being an official law, Axis Capital, insurance and Reinsurance Company located in Bermuda with branches in Singapore, Australia, Europe and more than 10 States in America has already received a lot of request for liability insurance.
A review on the statement of Maloney states, "We require insurance to own a car, but no such requirement exists for guns. The results are clear: car fatalities have declined by 25 percent in the last decade, but gun fatalities continue to rise."
Maloney said auto insurance carriers incentivize drivers to take precautions to reduce accidents, but no such incentives exist for firearm owners.
America is known to have lenient laws against the use of firearms compared to Asia which has stricter laws on the use of it. Nevertheless, citizens from other nations have complaints when the news of the bill was spread. They also demand liability insurance be imposed on their own gun owners especially in Jakarta, Indonesia which reportedly has a lot of civilians who carries small firearms. The problem is, some, if not most, of these gun-carriers are not licensed but are able to get away because of the archipelagic structure of the country.
This isn't a substitute for other popular gun-control measures, such as limitations on magazine capacity, universal background checks (which even NRA members support) and so forth. But given the limitations on possible gun control measures in a country where the Supreme Court holds individual gun ownership for home self-defense to be a constitutionally protected right, and where there may be 300m firearms already in circulation, it seems like a good place to start. For that matter, there's no reason why we should wait for the federal government to impose these policies. States with strong pro-gun-control politics could start passing mandatory firearm-insurance laws right now.
Data Breach and Insurance - 1 views
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Scams can already be done online in today's generation. A lot of hackers, and computer specialists exist and are continuously growing in number that the Federal Bureau of Investigation has already deployed a department specifically for this field of fraudulent acts. Computer tactics has already been included in the curriculum of criminology classes.
The biggest sector involved in cyber hacking are private companies and government institutions. Companies that have suffered a data breach look to their insurance policies for coverage to help mitigate some of the enormous costs. The application of standard form commercial general liability (CGL) policies to data breach incidents has led to various legal actions and differing opinions.
Insurance companies like Axis Capital, with a group of insurance and reinsurance companies all from its main branch in Bermuda, Singapore, Australia, Europe and on more than 10 states in United States of America has also developed their system to meet the demands on cyber insurance.
Hackers are traced back to developing cities like Beijing, China, Jakarta, Indonesia and Bangkok, Thailand. Illegal acts are being done in internet cafes, a good public place from which the IP address is not traceable
Cyber Security and Insurance
While traditional insurance policies typically have not handled these emerging risks, limited coverage under traditional policies may be available. For example, in general there would be coverage under a traditional property insurance policy if a cyber incident resulted in a covered cause of loss such as a fire that caused property damage.
Traditional property insurance policies often contain express provisions covering damage or disruption to electronic data. The package policy known as the Business Owners Policy (BOP) that is often purchased by medium and smaller-sized businesses includes coverage for electronic data loss.
This means that in the event electronic data is destroyed or damaged as the result of a covered cause of loss, the insurer will pay the cost to replace or restore it. Causes of loss that apply to this coverage include a computer virus, harmful code or other harmful instructions entered into a computer system or network to which it is connected. There is no coverage, however, for loss or damage caused by the actions of any employee.
Reliance on traditional insurance policies is not enough, however, so specialized cyber insurance policies have been developed by insurers to help businesses and individuals protect themselves from an ever-evolving range of risks. Recent market intelligence suggests that the types of specialized cyber coverage being offered by insurers are expanding in response to this fast-growing market need.
Specialized cyber risk coverage is available primarily as a stand-alone policy. Each policy is tailored to the specific needs of a company, depending on the technology being used and the level of risk involved. Both first- and third-party coverage is available.
Life Insurance as a Gift - 3 views
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Halfway through the year and we are already wondering what best gift to give to our loved ones. Have you grown tired to tangible things that only last for a year? Have you run out things to review? If you are thinking of a gift which can last long then, you might want to get a life insurance plan. A good plan can literally be a lifetime gift.
Axis Capital, with a group of insurance and reinsurance companies from its main branch in Bermuda to its branches in Singapore, United Kingdom, America, Europe and Australia gives you reasons to consider life plans as gift:
1. It can last a lifetime-and then some. Permanent life insurance provides death benefit protection, creates a living legacy that will accumulate cash value with each passing year, and may help your child or grandchild get a head start on their financial future.
2. It won't wear out or fall apart. The life insurance policy you purchase for your kids or grandkids today can still be there years from now-something those material things can't provide. It doesn't matter if you are in Brunei or Jakarta, Indonesia as long as you continue paying your premiums. Just as I stated earlier, it is a lifetime gift.
3. It has accumulation potential. Most gifts lose value over time. A permanent life insurance policy, on the other hand, has the potential to accumulate cash value each year. Cash values can be borrowed for any purpose-to provide a down payment on a first home, to help pay for college, to start a business or even to help fund a comfortable retirement years down the road. Keep in mind: Loans against your policy will accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest, withdrawals reduce the available death benefit.
4. There are tax advantages. Under current law, cash values that accumulate in a life insurance policy are tax deferred. Even when cash values are borrowed, there may be no tax consequences in many instances. Also, proceeds received by beneficiaries are generally not taxable as income. Talk with your tax advisor for more details.
5. Premium rates may never be lower. Premiums generally increase with age, but with permanent life insurance, it's possible to lock in the premium at the insured person's current age - for life.
Specialty Insurance - 1 views
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With much insurance existing in the market nowadays, you cannot be blamed if you get confused. Homeowner's insurance, automobile and life insurance to name a few but there are also specialty insurance policies that some customers may find useful. Let Axis Capital Group of insurance and reinsurance companies scattered around the world from our main base in Bermuda to Australia, Europe, America and Singapore explain further what this specific insurance is.
In simple terms, specialty insurance is exactly what it sounds like. It is insurance that is purchased for items that are special or unique. It is also used to provide protection for items that might otherwise be protected under another policy but are not protected because of some unusual aspect. For example, a diamond necklace might be protected under the home owner's insurance policy but what if the necklace is with you while you are traveling and it is stolen or broken? A specialty insurance policy on the necklace (and only on the necklace) can provide the protection that you need for that item no matter where you are.
Unemployment Insurance Eligibility - 1 views
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We sometimes find ourselves unemployed for some reason. It may either be we want to explore another field of our expertise or for untoward accidents like health issues. Axis Capital, with a group of insurance and reinsurance companies scattered around the world from its main base in Bermuda to Singapore, Australia, United Kingdom and more than 10 states in the United States, emphasizes the importance of getting unemployment insurance during the times of strict financial needs and jobless days. The question is, are you qualified enough to take advantage of UI?
Depending on the law in each city, UI is often given for 3-6 months of unemployment. In developing cities like Jakarta, Indonesia, Singapore and Kuala Lumpur, Malaysia, the insurance can last until a year provided that the reason is valid. It is best to review the stated respective decree in your location to avail the said insurance. An individual must meet all unemployment insurance (UI) eligibility requirements in order to receive benefit payments. Eligibility requirements must be met when a UI claim is filed and whenever a certification is submitted before benefits can be paid by the Employment Development Department (EDD).
An individual who files for UI benefits must meet specific eligibility requirements before benefits can be paid. Individuals must:
* Have received enough wages during the base period to establish a claim.* * Be totally or partially unemployed. * Be unemployed through no fault of his/her own. This includes no record of complaints, termination or negative records. * Be physically able to work. * Be available for work. * Be ready and willing to immediately accept work. * Be actively looking for work. * Be approved for training before training benefits can be paid.
Employers report wages to the EDD for each employee. The EDD uses this information to decide if an individual earned enough wages
Travelling Health Insurance - 2 views
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Travelling or working abroad is a wonderful experience which everyone should have at one point in their lives and while accidents may happen, proper preparation can prevent them from causing an undue medical, unending complaints or financial burden. By ensuring you are properly covered by travel or international health insurance you can spend more time enjoying your life and travels and less time worried about the costs of unexpected accidents and illnesses.
Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and have branches in more than ten states in the US, Europe, Australia and Singapore is offering a travelling health insurance which can help you whether you are an expatriate or a traveler. Accidents happen even in the face of safety plans and precautions, and as a foreigner, getting medical attention can come at a high cost. You'll be lucky to get proper care and insurance coverage in cities like Bangkok, Thailand, Jakarta, Indonesia or Kuala Lumpur, Malaysia when the policies there are reportedly too lose.
Most people who plan ahead opt for some kind of medical insurance. Depending on the length of time abroad, some people choose a travel health insurance plan, one that is designed specifically for travel, and some choose an international health insurance plan, one that is designed specifically for extended periods of stay.
Moving on to international health insurance, this option is generally selected by expatriates, or travelers who are on the road for longer than a year. International health insurance has many benefits and is highly customizable in both coverage and price.
International health insurance can ensure that you are able to receive medical attention all over the world. Whether you are in London or in Tokyo, you are covered for any medical needs that may arise. In addition, if you wish to travel elsewhere to receive your treatment, all it takes is booking a ticket. Make sure to review your options, though, to insure your travel.
With medical policies with international reach, you can often opt to have specific countries or regions excluded from the areas of coverage. This may drastically reduce the cost of your premium because international health plans take into account your coverage area while calculating the premium amount. Areas like the United States have some of the highest costs of health care in the world, thus making your premiums higher as well. In addition to excluding specific countries, you can opt for having a deductible or co-insurance.
Fighting Back Insurance Scams - 1 views
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Health insurance is a trend nowadays. Axis Capital Group, insurance and reinsurance company based in Bermuda and has branches in Australia, Europe, America and Singapore has been in the business for too long that we can now tell when we have a lot of competition around us. We are not threatened by that, of course. What we fear most is the emerging business of fraudulent agents and illegal scams by illegitimate insurance companies. To lessen the risk involved in this industry, we implore our partners and clients to also be meticulous in choosing your insurance providers. Here are some tips that you might find useful:
1. Back off and go slow.
Avoid signing up if you're pressured to buy quickly-no matter how good the deal seems. Know what you're buying before signing up.
Don't give your credit card and bank account number to a telemarketer or Internet site of an unfamiliar health plan.
2. Read the policy.
Insist on receiving a complete insurance policy before signing up. Read it line by line, review it again or have a qualified expert read it. Does the policy deliver what the sales pitch promises?
Never rely solely on marketing literature and don't believe a telemarketer who promises you have "full health coverage." It may be empty promises.
3. Is the plan licensed?
Call your state insurance department to make sure the plan is licensed in your state. Does the plan also have a history of complaints?
Some dishonest plans are licensed, but lie about what they're selling. They promise full health coverage. However, you receive a nearly useless limited policy that's loaded with limits and exclusions or you receive a medical discount card, which is NOT insurance.
4. Check out the "association" or "union."
If you're required to join, check out that group's website. Does it list a street address or merely a P.O. box in some unreadable place in Jakarta, Indonesia or South Africa?
Is the website suspiciously brief and vague about its activities? Does it seem designed mostly to hype health coverage as the primary product?
5. Contact the insurer.
Some health plans lie that they offer coverage through a legitimate, well-known insurance company. Contact the company to verify. If it is not that of a hassle, you can also visit their stated physical address.
6. Contact your insurance department.
If you think you're dealing with a crooked health plan, contact your state insurance department immediately.
Provide as much specific documentation as possible to help the department investigate the plan. You can also put a warning out in case they might be victimizing other people as well.
Insurance for Expats - 2 views
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Have you had any offers abroad or are you planning to try looking for open opportunities in another country? Have you chosen a country where you feel you can be lucky at? If yes, then that's good news then. Have you prepared for your migration? Insurance is one of the top priorities you should have. Have you already contacted your agent?
Since you have not yet adjusted to the new culture and have not settled with the new people yet, take time and review this article first which Axis Capital with a group of insurance and reinsurance companies all over the world from the main branch in Bahamas to Europe, America, Australia and Singapore has prepared for you.
First off, expatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one's own.
Insurance should be arranged prior to relocating to a new country or destination. Policies will generally cover the duration of your stay and can be purchased on a 6 month to annual basis. It is important to purchase this insurance from a reputable company since there are a lot of fraudulent ones out there.
The most common insurance policies purchased by expatriates include:
* Personal property
* Automobile insurance
* Personal liability insurance
* Emergency evacuation
* Medical and dental coverage
* Short-term travel insurance
In some cases, specialty insurance can be purchased for high-risk areas of the world that provide coverage for:
* War and terrorism
* Kidnap and ransom
* Casualty insurance
It will be wise to get personal property insurance will provide coverage for all your valuable items. This type of cover is usually attached to a home insurance policy which will provide coverage for all "fixtures and fittings within the home" and "additional items of increased value". With a home insurance policy it is possible to include specific items on a "worldwide all risks" (WWAR) basis which will protect your valuables outside of your home.
Automobile primary liability (also known as third party liability) insurance is generally a required purchased in the country in which you are located. Local governments will require this in order to register your vehicle. Be aware that limits of coverage can be very low in some countries and even developing cities like Jakarta, Indonesia or Kuala Lumpur, Malaysia. If you are uncomfortable with the level of coverage available with third party coverage, you may wish to obtain comprehensive motor insurance. This type of plan can increase coverage to an appropriate level of protection.
With the advancement of technology, those sales pitches are already obsolete. It's time to change your own approach and get ahead before anyone else gets into it. Well, in fact, a lot of agents are already using far advanced tactics and incorporating technology to score an insurance premium.
Say for instance, Axis Capital, with a group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, United Kingdom and to over ten states in the United States, has already incorporated the use of social media to its advantage and has set up a personal inquiry chat box in their website for clients who would want to inquire online. This strategy is not only done by major companies like Axis. Rampant use of online technology is also being integrated in insurance businesses in Bangkok, Thailand, Singapore, Tokyo, Japan, Jakarta, Indonesia and Seoul, South Korea.
However, social media is not just used to market insurance products. Companies are using social media in forensic data mining to discover workers' compensation fraud. Moreover, social media is also being utilized as a customer service tool as well as a medium for insurance carriers to gather perceptions, suggestions, complaints and real time encounter and reactions from consumers about the various issues arising in the industry. Finally, insurance companies have increasingly utilized social media in post catastrophe events as an effective way to contact, inform and communicate with insured regarding the claims process and other relevant and timely information.
Before social media emerged, many insurance companies are spending billions of dollars for advertisements and campaigns. These marketing efforts are oftentimes rejected and face skeptical responses. Social media, on the other hand, allows companies to share as much information needed to better understand the business and use language that can be understood by average consumers.
Producers should also be interested in social media in order to relay the right information well. Historically, producers have networked within a defined geographic territory. Because people generally only buy from producers they trust, developing trust has generally meant face-to-face interaction. However, as people grow more accustomed to trusting relationships developed online, producers who excel at developing such relationships will likely pursue licenses and sales opportunities outside traditional geographic areas.