Category Archives

Archive of posts published in the category: insurance
Apr
1

Is Individual Dental Insurance Your Best Option or is a Dental Discount Plan? Let's Find Out

Is individual dental insurance really your best option or would a dental discount plan make more sense? Well, there are a few things that you need to determine before you spend your hard earned money on either one. Let's take a look at both dental insurance and discount dental plans and weigh the "pro's and con's" of both real quick.

Dental insurance for individuals can cost all the way up to fifty dollars per month, depending on where you buy your policy, and the benefits that are included. Here are some things that you need to look at in dental insurance policies before you buy.

Does the insurance coverage pay for pre-existing conditions or if there is a waiting period of six months or a year? A "pre-existing" condition is a condition that you had at the time that you purchase the dental insurance policy. For example, you have an obvious cavity that needs to be filled. In this case, your insurance would not pay anything and you would be forced to pay 100% out of pocket.

Other questions would be "how long do I have to wait before I receive full coverage?" "Is there a deductible and if so, how much?" "Does the dentist bill you for the procedures or do I have to pay him and then wait for you to repay me the money?" "Do you provide 100% coverage on anything and if so, when?"

Individual dental insurance is not necessarily a bad thing if you have the benefit of getting it through your employer's group dental plan. Many of these plans will provide more thorough coverage than the average insurance policy purchased through a private agent.

Discount dental plans are less expensive than dental insurance and may be your best option for individual benefits. These discount plans are not insurance, but a network of dentists that have set up a discount fee scale for you becoming a member. This has advantages for both you and the dentist. They get paid money on the spot for their services rendered. They do not have any insurance companies to bill and no waiting up to forty five days in order to get their money back, if at all. There have been cases where dentists did not get paid because they found out "after the fact" that the procedure performed was not covered by the insurance provider. This is not an everyday occurrence, but it makes cash for a discount that much more appealing.

The one drawback to the discount plans is that you must pay for the procedures at the time of the visit to the dentist. However, dental insurance is very similar because of the lack of coverage it provides. Also, even if the procedure was covered by the individual dental insurance plan, you would still be responsible for the higher premiums and the deductible.

Dental discount plans include benefits for pre-existing conditions and there are no age limits or exclusions. Some of the plans even provide discounts …

Mar
26

Auto Insurance Facts – What You Should Know

Confused about auto insurance? Want to know the most important auto insurance facts? Here they are …

Do I need auto insurance?

Most of the 50 states require you to have a minimum amount of bodily injury and property damage liability insurance. Some states make you show proof of insurance before you register your car, while other states don’t ask for proof of insurance until you have an accident or get a ticket.

To find out what your state’s requirements are, go to your state’s department of insurance website by doing a web search for: “(your state’s name here) department of insurance.”

What does auto insurance cover?

Bodily injury liability coverage – Pays for your legal fees and any claims made against you if your car injures or kills someone. It also covers any family members living with you and anyone driving your car with your permission.

Property damage liability coverage – Pays your legal fees and any claims made against you if your car damages someone else’s property.

Personal injury protection – Pays for you and your passengers medical expenses when you’re involved in an accident. It also pays for you and your family’s medical expenses if you’re injured in someone else’s car or are walking.

Collision coverage – Pays for repairs to your car when you’re in an accident with another vehicle or an object, regardless of who was at fault.

Comprehensive coverage – Pays for damages to your car resulting from theft, vandalism, fire, or acts of nature.

Uninsured/underinsured motorist coverage – Pays for personal injury and property damage expenses for you and your family when you’re in an accident that’s caused by an uninsured, underinsured, or hit-and-run driver.

Where can I get cheap insurance with a good company?

Because yearly insurance premiums for the same type of policy can vary as much as $1,000 or more from one insurance company to another, the best way to get cheap insurance is to compare rates from different companies.

Go to an insurance comparison website. Once there you’ll fill out a simple questionnaire in order to get quotes from a number of companies. Compare those quotes and choose the best one.

There are comparison sites that let you talk with insurance experts using an online chat service or a toll-free telephone service. Take advantage of this service if you have any questions about auto insurance or want to find out about any discounts you may qualify for. (See link below.)

How do I know the company I choose is reliable?

To find out if the company you choose is reliable and will give you good service, go to the following websites:

* Your state’s department of insurance website offers a wealth of information about auto insurance and auto insurance companies.

* J.D. Power & Associate’s website (jdpower.com) rates auto insurance companies using feedback from their customers.

* A.M. Best (ambest.com) provides an insurance company’s financial ratings which tells you something about the company’s stability and it’s ability to pay …

Mar
24

Want a Free Car Insurance Quote in Billings?

For people living in Billings, Montana, the time has never been easier to save money on your car insurance. There are many insurance companies out there looking for your business and its free and quick to find out who has the best deal for you.

Nobody likes paying for car insurance. Every year it sees to get more expensive, and every year it looks you have another car to insure. Your son's new car, granddaughter's car, your husband's second car for the weekend. It never ends! This is not too mention the deductible, the collision, different premiums, discounts … finding out which is what and how much of this do you need, or is that really necessary.

But there is help. With the advent of the Internet, there is now the opportunity to both learn and save more on your car insurance. With a cup of coffee and a few clicks of the mouse, you can easily be on your way. There are many, many insurance companies out there, but dont let that scare you. Turn it to your advantage. Think of it this way: They are all competing for your attention and they know you can just as easily go to the guy across the street, and they have lost you as a customer forever.

There are services out there that will provide you with different quotes from different companies to let you see for yourself and to decide for yourself, who you would like to do business with. These services are free and they are fast, usually taking only a few minutes. Then, with this new information at your hand, you are now in a position to not only get what you need, but also what you want. And save money doing it. …

Mar
23

What is Renters Insurance? And Other Moving-Out Concern

First time moving out of the house? Do not be surprised if you're overwhelmed with the number of responsibilities you have to face, and the number of choices you have to consider in the course of smoothing out your new life as an independent taxpayer! Insurance is one of the things that you absolutely have to take into consideration. But the kinds of insurance out there in the market might overwhelm you even more! You might find yourself asking: What is renters insurance? How can I protect myself from the potential risks of renting a home?

Well, luckily, you do not need to be in the dark for much longer. If by the time you move out, you still have to ask "What is renter's insurance?" you're actually asking for someone to take advantage of you! It is best to secure a renter's insurance as soon as you move in, so that you are able to protect yourself against the common problems faced by someone who has just moved into his or her own living space.

You may finally appreciate how having one's own living space is not as easy as it used to look, when you were stuck with your parents and had to abide by their house rules. As someone who is responsible for pretty much everything in a new living space, you should finally be able to appreciate the house rules your parents or guardians tried so hard to make you stick to, while you were growing up! House rules are there to make sure everything in the house runs smoothly. For malfunctions and everything else, there is renters insurance.

Once the lease is signed, the tenant (to be more specific, you: the person who is leasing a specific area of ​​the building for any purpose) is obligated to take care of everything inside his or her area of ​​responsibility. But no matter how vigilant you are, things could always get out of control. Bear in mind that some devastating problems are not easily visible, or foreseeable. Faulty wiring, for example, could just creep up on you while you are sleeping, while you are away and you left the Tivo plugged in, or other inopportune moments.

It is best to secure renters insurance in case of emergency. This is the kind of insurance that you, as the renter, must take the intiative to get. This is not included in your contract with the building manager. This is protection from accidental fires, electrical surges, theft and other unforeseen potential tragedies.

If you are in correspondence with an agent who is selling property insurance, make sure to ask him or her: "What is renters insurance?" Getting a good answer – as well as a good premium – will save you a lot of grief in the future. …

Mar
20

Insurance Score – What It Is, How It Affects Your Auto Insurance Rates and How to Make It Serve You

Do you understand what your insurance score is? Do you also know factors affecting it? What about how it is being used to determine your rate? If yes, do you also know how to adjust it to your satisfaction? If not, why not.

But before we proceed, let’s take a look at the term…

Due to the information extracted from the insurance information institute, it is defined as a numerical rank given to a person depending on his or her credit history.

According to insurers, individuals who lack good credit history are likely to file up claims more often. This in particular should give you reason why you would enjoy cheaper rate if you maintain good credit history. And we can also say, for one to enjoy a more cheaper rate, one need to take some steps in order to enjoy more favorable rate.

Listed below are steps on how to achieve a good credit rating.

-Always pay your bills at the appropriate time. Apart from the fact that you will pay more interest, failure to do this will affect your credit score negatively.

-Always re-check, double check and even triple check to correct any available errors.

-Try hard not to make use of too much credit cards.

-At any point in time, do not exhaust your credit card. Try as much as possible not to spend more than 30%.

Now, what else do you think you could do to enable you save on insurance rates?

The fact is that, most insurers do use your credit score to determine your rate, which if bad, will cause increase in rate. But keep in mind that you will get different quote from different insurers. Therefore, to enjoy favorable rates, it is highly advisable to compare quotes online in order to select a more suitable one.…

Mar
20

Reinsurance Jobs – The Basics of the Insurance Industry

If you are financially minded but unfamiliar with what a reinsurance job might entail we've compiled four reasons why companies carry out reinsurance and the two main different types of reinsurance.

Four Reasons for Reinsurance

Risk Transfer – you only have to look at the amount of money an insurance company would have to pay out if your house was damaged in a natural disaster to realize how there is the potential for them to have huge costs. By reinsuring themselves with other insurers they are able to spread the risk so that no matter how many of their policy are claimed upon they have the ability to pay out.

Income Balancing – for any large company its important they can predict their income for cash flow and often shareholder benefits. As you can imagine this would be difficult for insurance companies if they were not reinsuring. A number of big payouts if they were not reinsured could have a very significant effect on their bottom line. By reinsuring they are able to manage this risk more effectively.

mproved Surplus – on the balance sheet of a company it's good to have a surplus. This is the sum of assets minus liabilities. Successful reinsurance can reduce the liability pushing up the surplus level upwards. It is desirable as it makes the company more financial stable and more attractive to potential investors.

Arbitrage – another reason reinsurance is often popular is due to arbitrage. If you are not familiar with arbitrage in simple terms it is where you sell something at a high cost which you then buy at a low cost. In reinsurance this would be where a company sells you insurance at one price yet is able to insure that same risk at a lower cost from another supplier. This is of course hugely appealing to insurance companies and fuels some of reinsurance popularity.

Two Types of Reinsurance

Proportional – this type of reinsurance is often known as quote share insurance. If companies are entering into a proportional reinsurance arrangement they divide the risk up as a percentage. Assuming insurance company alpha reinsures 50% of my house insurance with insurance company beta, if I then make a claim both companies would pay their percentage of the settlement. The agreement does not have to be with just two companies, it is possible for several companies all insuring the same risk sometimes with different percentages.

Non-Proportional – this system works in slightly different way. Assuming I felt on any policy I could only pay out a £ 1000 but there is a reasonably hood that the risk could require more coverage I could get reinsurance for £ 9k. If this even then takes place and costs £ 5 thousand I can then recover £ 4k from the reinsurance company. …

Mar
17

Everything About Life Insurance!

I want to start off this 2010 with an article regarding Life Insurance. Many people find this topic morbid but believe me when I say this contract is as important as a Will and should be taken just as seriously as health insurance. Due to the length in details of this article I have provided chapters for easy reading. I hope this will educate you on Life Insurance and the importance of its necessity. (Note: For better understanding “You” is the policy owner and the insured)

Chapters:

1= Introduction

2=When/If you have Life Insurance already

3= Difference between a Insurance Agent and Broker

4= Types of Policies

5= What are Riders and popular types of Riders

6= The medical exam

1) About general Life Insurance:

This is a contract between you and an insurance company to pay a certain amount (the premium) to a company in exchange for a benefit (called the Death Benefit, face amount, or policy amount) to the beneficiary (the person you want to get paid in the time of your death). This can range based on the type of policy (which will be discussed momentarily), your health, your hobbies, the Insurance company, how much you can afford in premiums, AND the amount of the benefit. It sounds overwhelming but it is not if you have the right agent or broker.

Now many people can say that Life Insurance is like gambling. You are betting that you will die in a specific time and the insurance company bets you won’t. If the insurer wins, they keep the premiums, if you win…well you die and the death benefit goes to the beneficiary. This is a very morbid way of looking at it and if that is the case you can say the same for health insurance, auto insurance, and rental insurance. The truth is, you need life insurance in order to ease the burden of your death. Example 1: A married couple, both professionals that earn very well for a living have a child and like any other family has monthly expenses and 1 of the couple has a death. The odds of the spouse going back to work the next day is very slim. Odds are in fact that your ability to function in your career will lower which RISK the cause of not being able to pay expenses or having to use one’s savings or investments in order to pay for these expenses NOT INCLUDING the death tax and funeral expenses. This can be financially devastating. Example 2: lower middle income family, a death occurs to 1 of the income earners. How will the family be capable of maintaining their current financial lifestyle?

Life insurance is about the ability of lowering the risk of financial burden. This can be in the form of simple cash or taxes via estate planning.

KEY Definitions:

The Insured: The person that is covered by the insurance company (He/She does NOT have to the policy owner)

The (policy) Owner: The one …

Mar
15

Points To Consider With Cheap Auto Insurance

The word "cheap" means different things to different people, so the first thing you will want to do is to define what "cheap" means in your vocabulary. If it means that you want the bottom line lowest of the low prices to get cheap auto insurance, and the only thing you are concerned about is what the policy costs, then this may not be for you. But if you are looking for the best value to get the most bang for the bucks, then there are multiple places, online and offline, where you can find cheap auto insurance.

You need to understand that not all auto insurance policices are done the same way. The standard policy from one insurance carrier is significantly different than the standard policy from another insurance provider. You also need to know that whatever you get, everything comes at a cost, and sometimes if you do not pay that cost up front, you will pay it later, and there is no getting around that.

For example, the reason you are carrying cheap auto insurance is because you need the coverage, either for peace of mind or to comply with your state laws, but what happens when you get into an accident? If you have a good policy, then things are taken care of with minimal effort on your part. However, with some of the cheap auto insurance policies that are available out there, getting the insurance company to pay on a claim is going to take significant time and effort on your part. If you value your time at all, sometimes think about it and attach an hourly rate to it, you will realize that after factoring in the personal time you had to spend on getting them to cover a claim, you have not saved any money at all . In fact, you paid MORE for it!

Auto insurance policy coverage is not an exact science. First of all, you have the deductible, and the amount of the deductible could be different for the various kinds of coverage. For example, you may have it set up for $ 500 deductible on collision, but a $ 1500 deductible on comprehension or fire. The deductible amount has a drastic impact on the rate that you pay, and is the amount that you will pay out of your own pocket before the insurance company pays anything. To give an example, let's say you have $ 500 deductible on collision and you get into a minor fender bender, but the estimate to repair only comes to $ 400. The insurance company will not pay anything on that, since it is less than your deductible, and in fact, that is a case where you probably do not even want to tell your insurance company about it.

There are also differences in liability. For example, if you get into an accident where the other person sustains various severe flaws. It is not unusual these days for hospital costs to go well …

Mar
15

Auto Insurance Principles Should Apply to Health Insurance

Many Americans rely on their automobiles to get to work. No automobile means no job, no rent or mortgage money, no food. A single parent, struggling to make ends meet in the suburbs with 100,000 miles on the odometer, would normally welcome the guaranteed opportunity for low-priced insurance that would take care of every possible repair on her auto until the day that it reaches 200,000 miles or falls apart, whichever comes first. Especially if the insurance is valid regardless of whether she even changes the oil in the interim.

So why are not the auto insurance companies writing such coverage, either directly or through used auto dealers? And given the importance of reliable transportation, why is not the public demanding such coverage? The answer is that both auto insurers and the public know that such insurance can not be written for a premium the insured can afford, while still allowing the insurers to stay solvent and make a profit. As a society, we intuitively understand that the costs associated with taking care of every mechanical need of an old automobile, particularly in the absence of regular maintenance, are not insurable. Yet we do not seem to have these same intuitions with respect to health insurance.

If we pull the emotions out of health insurance, which is admittedly hard to do even for this author, and look at health insurance from the economic perspective, there are several insurances from auto insurance that can illuminate the design, risk selection, and rating of health insurance.

Auto insurance comes in two forms: the traditional insurance you buy from your agent or direct from an insurance company, and warranties that are purchased from auto manufacturers and dealers. Both are risk transfer and sharing devices and I'll generally refer to both as insurance. Because auto third-party liability insurance has no equivalent in health insurance, for traditional auto insurance, I'll examine only collision and comprehensive insurance – insurance covering the vehicle – and not third-party liability insurance.

Bumper to Bumper

The following are some commonly accepted principles from auto insurance:

* Bad maintenance voids certain insurance. If an automobile owner never changes the oil, the auto's power train warranty is void. In fact, not only does the oil need to be changed, the change needs to be performed by a certified mechanic and documented. Collision insurance does not cover cars purposefully driven over a cliff.

* The best insurance is offered for new models. Bumper-to-bumper warranties are offered only on new cars. As they roll off the assembly line, automobiles have a low and reliably consistent risk profile, satisfying the actuarial test for insurance pricing. Furthermore, auto manufacturers usually wrap at least some coverage into the price of the new auto in order to encourage an ogoing relationship with the owner.

* Limited insurance is offered for old model autos. Increasingly limited insurance is offered for old model autos. The bumper-to-bumper warranty expires, the power train warranty historically expires, and the amount of collision and comprehensive …

Mar
13

Understanding Free Homeowners Insurance Quotes

As a shopper for insurance for your home, you undoubtedly want to know the most direct route to getting the coverage you need at a price that will not keep you up at night. This can be achieved most easily by taking advantage of free homeowners insurance quotes. If you have never gotten insurance quotes before, take a moment to read through this article to get a basic understanding of what they are and what they can offer you.

What are Free Homeowners Insurance Quotes

Quotes for homeowners insurance are simply price quotes for specific insurance coverage for your home which are based upon the specific circumstances related to your home and its geographical location. Quotes are free and non-binding. They are simply a shopping tool to allow you to compare the rates of homeowners insurance to find the best deal available. Quotes can be obtained in person at a local insurance company office, over the phone or online. Online quotes are becoming the most popular because of their convenience, time savings and ability to gather more than one quote at a time.

Why Do Companies Offer Free Homeowners Insurance Quotes

Insurance companies offer free rate quotes in order to provide you, the customer, a way to compare their offerings with the competition. Some seek to offer the lowest price, while other companies strive to offer the best combination of price and service. It has gotten to the point in the insurance industry, that if a company does not offer free homeowners insurance quotes online, they risk being skipped over by consumers. Some consumers are concerned of a scam involved somewhere in the process because the quotes are free, but you can rest easy. Online rate quotes are simply a low-cost marketing tool for insurance providers that also provide a great benefit for you.

What Type of Homes Are Eligible for Free Homeowners Insurance Quotes

Virtually any type of home is eligible for a free insurance quote. Standard stick-built homes, mobile homes, double-wide homes, duplexes, condominiums and apartments are eligible for quotes. You can also get a quote for renters insurance if you wish. If you need to insure it, you can get quotes for it.

Effective Use of Free Homeowners Insurance Quotes

In order to effectively make use of quotes for home insurance, you must be sure to provide accurate information. Insurance companies are not bound by the quotes they offer, so if the information you supply is not accurate, you will not get an accurate quote. All information will be verified, so once the information is verified, quotes may change to reflect accurate data. You will also want to make sure that you compare like policies from company to company to make sure the comparison is accurate. This means using the same coverage options, coverage amounts, and deductibles. Free homeowners insurance quotes can be really handy and can save a significant amount of money on premiums if they are used wisely.…