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Insurance Technology

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As far as fields are concerned, insurance technology is a new field that many companies have just started putting their resources into. The best way to define insurance technology is to look at it as being a combination between the conventional fields of insurance and technology. In other words, technology that is created in an effort to support insurance policies would fall under the purview of the insurance technology field.

One of the main advantages that insurance technology has over conventional insurance mechanisms is that it is a lot cheaper to employ. Instead of having mountains of papers assorted across hundreds of different files for each insurance policy that a company has on tap, the insurance technology process instead makes it possible to make all of those records electronic. This saves on further use of paper as well as on storage for the current files since they are now stored in digital form in a computerized hard drive that is really going to be very small in comparison to the storage rooms that most insurance companies employed when they were using paper

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Tips On How To Reduce Your Insurance Life

is2When you request for an online life insurance quote, you can check costs by inputting various parameters. So, do these simple tests – input an age over 40 and invent some serious illness – now see the results. You will notice at once that a middle aged person or one with serious illness will attract high insurance life rates, for nothing can be done lower age or get rid of a serious illness. However, if you do want low insurances rates, here are some points you can act on to reduce them:

• Quit smoking
• Shop around
• Go with current provider
• Get group insurance
• Improve credit history
• Wait for sometime
• Try different types of insurance

An important factor that will increase your insurance life rate is if you are a smoker. Hence, quit smoking for at least 6 months before applying for insurances. While the basic price of insurance is the same among different companies, premium rates can vary and each company can have different add-on packs. So, request a insurances

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Life Insurance Criteria For Being Approved Quickly

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What are some of the life insurance criteria for being approved quickly? Many people are interested in finding a quick approval life insurance policy as they do not want to go through a long and drawn out medical underwriting process. Enforcements and the criteria for people to be approved quickly into life insurance policies within life insurance industry are simply made by the companies so that they don’t lose money when it comes to claims.

For life insurance companies there is a risk associated with insuring someone because you are basically either going to have to end up paying the death benefit of the person that is deceased, or you will gain money by their paying of premiums; however, it’s important to understand that there are applicants that have it easier when it comes to life insurance policies, and that the life insurance criteria for being approved quickly varies according to many factors and is not the same from company to company.

Age Is Perhaps One of the Most Important Criteria to be Approved Quickly For A Life Insurance Policy

Although not all the companies

Life Insurance Policies

There are various aspects to consider before getting a life insurance policy. One of them is a sustained doubt about the significance and need for life insurance. A life insurance policy is relevant for all individuals who are concerned about the financial future of their family in case of death.

Apart from the purely protectional needs, life insurance policies, like whole and variable life insurance, offer the opportunity for tax-free investment and reaping dividends, and they have a built-in cash value. Purchased with due discretion, it can be utilized as liquid cash to cater to the various needs of policyholders.

There are various types of life insurance policies customized to suit the different needs of various individuals. Depending on the number of dependants and kind of insurance needs, a suitable life insurance policy can be chosen after consultation with financial experts and advisors.

Whole life insurance and term life insurance are the two basic forms of insurance policies. With time, there have been different variations to suit the changing demands of people. A term life insurance policy is also called temporary or short-term life insurance. These are purely protection-oriented and provide death benefits only

The Life Cycle

Whenever you talk about life insurance with your customer, use a Bell Curve illustration to help her visually comprehend the concept of the life cycle and the way it relates for the changing need for life insurance. The need for insurance and the benefit amounts should increase or decrease – like the shape of the Bell Curve – as your customer’s earning potential and responsibilities increase or decrease. This gives Agents a chance to sell additional products to existing customers throughout their lives.

People buy life insurance for two main reasons:

• To meet final expenses so their family is not burdened at the time of death
• To make up for lost income within the event of an unexpected death

But those aren’t the only reasons to buy life insurance. Others are:

• To cover the mortgage so a family won’t lose their home on account of the loss of a breadwinner’s income
• To finance a kid’s college education if the household loses the breadwinner’s income

Regardless of why they buy it, the end result will be same – life insurance pays a specific benefit amount upon the policyholder’s death.

Life Cycle Costing in Asset Management

What is Life Cycle Costing?

The Life Cycle Cost (LCC) of an asset is defined as:

“the total cost throughout its life including planning, design, acquisition and support costs and any other costs directly attributable to owning or using the asset”.

Life cycle costing is a key asset management tool that takes into account the whole of life implications of planning, acquiring, operating, maintaining and disposing of an asset.

The process is an evaluation method that considers all ownership and management costs. These include;

• Concept and definition;

• Design and development;

• Maintenance;

• Support services; and

• Retirement, remediation and disposal costs.

One way to express the total life cycle cost is as follows:

Total Life Cycle Cost (LCC) =

Initial asset acquisition /capital cost (AC)

Less

Tax depreciation entitlements (TD)

Plus

Operating and maintenance costs (OC)

Plus

Replacement / disposal /upgrade costs (RC)

Less

Residual / salvage value (RV) = LCC

A typical life cycle cost for facilities could be represented in the following equation:

LCC = (AC –

The Business Life Cycle

As a business owner, you can expect that your business will go through 3 distinct phases of development. Each phase brings its own success and challenges. If you are aware of these stages and what financial tools apply to each, your business will be better prepared to THRIVE.

I call the first stage “Survival Mode”. In this stage, you are focused on day to day issues. The primary concern is making it to the next week, next month or next year (rightfully so). You typically will have high debt and a low margin for error. Anything that goes wrong…loss of an important client or contract, sickness or injury of the owner or key employee…can have a devastating effect on the bottom line.

You can protect against some of these scenarios using business life and business disability insurance. Life insurance can be purchased as key person coverage or in combination with a buy/sell agreement. The most prevalent employee benefit in this stage of the business lifecycle is medical insurance.

The “Established Business” has established clientele and systems and has a relatively stable cash flow. At this point as the business owner, you typically turn your

The Life Cycle of Acquisition

A few years ago, I was discussing this phenomenon with the CEO of one of our clients. His company had grown almost entirely through acquisition, and for several years the company had experienced revenue growth rates exceeding 20%. However, the company had plateaued with respect to earnings, and looking at their overall performance it became clear to him (and to the Wall Street analysts that watched his company) that a great deal of money had been left on the table. Working with that CEO, I developed a model called the ACL Life Cycle. Understanding and using the ACL Life Cycle has proven enormously beneficial to clients depending on an M&A strategy for continued growth.

The ACL Life Cycle

The ACL Life Cycle describes the maturation process of companies who grow substantially through acquisitions and mergers. Using the ACL model, we can clearly identify the company’s current position. Knowing that position, and then looking forward at the company’s financial objectives through the lens of their business strategies, the specific actions that are needed become clear. Those actions can then be formed into an executable plan with associated performance measures, and managed through completion to bring the overall enterprise to heightened levels of financial

The Business Life Cycle

The initial phase of the business life cycle, ‘Entity Selection and Start-Up,’ requires careful thought and planning for such details as whether to purchase an existing business or start a new one, setting up the legal structure, analyzing the size of the market and its growth potential, determining the ease of securing loans or funding, etc. It’s clear that all these considerations are critically important.

In the second phase, ‘Growth and Value Creation,’ the business requires development through such activities as refining the market niche, branding the company, forecasting sales, automating procedures, building staff, expanding operational financing, monitoring and adjusting insurance needs, etc. This phase also includes planning for expansion, establishing partnerships, mergers and acquisitions, making secure investments, repaying debt, being innovative, sustaining and building growth, etc.

The third phase of the business cycle is preparing your business for transition and making your business attractive to the market so you can exit the business with the wealth you’ve built in your company. This could include improving your company’s branding, reinvesting cash flow, controlling risks, improving the budgeting process, or creating an exit plan.

The Importance of What Comes Next

This article will focus on

Buying the Right Kind of Life Insurance

There are two basic kinds of life insurance. One gives insurance agents big commissions but would be the wrong kind for a young family with children. The other would be the kind that a young family should buy but the commissions are rather small. If that insurance agent goes to their home and sits down at the kitchen table, what type do you think he or she will recommend. I’m afraid most of the time it will be the kind that’s best for the agent, not the young family. Especially when it’s the kind that the insurance company itself wants to promote. Lets look at the two types of life insurance.

One kind is term life insurance. It is for a certain time period say 10, 20 or 30 years. If the insured person dies during the term of the life insurance, the policy pays the beneficiary. When the term expires the policy is worthless. There is also a type called decreasing term, where the value of the payout to the beneficiary goes down over time. Again at the end of the term, the policy has no value. The advantage of term insurance is that’s it’s

Good Bike Insurance

When a student son or daughter leaves home to go off to college, very often their parents’ help to subsidize their expenses to a certain extend by allowing them to include the contents of their student homes and such things as bikes on their own current home policy.

This was not the case with one student, who recently had her individually insured cycle stolen whilst she was in the college. She had locked her cycle with a good, secure lock and gone in to lectures. When she returned an hour or so later, the bike had been stolen. Although annoyed and inconvenienced by the matter, she was consoled by the fact that she had had the forethought to arrange insurance through a well known company who marketed themselves to the student population. The bike had been a special present from her parents and she had taken great care with it, but there’s a limit to the care you can take to something as portable as a cycle.

When the time came to make a claim, however, she was met with something of a shock – the insurer wouldn’t cover her claim because she hadn’t removed the front wheel

Life Insurance Protection

Life protection insurance is a life insurance policy that is designed to cover the insured for life. It pays a lump sum of money upon death, and about 5 installments of payout upon Total Permanent Disability of the insured. Life insurance policy usually also comes with Critical Illness coverage that also pays a lump sum upon the diagnosis of the covered critical illness defined by the insurer.

The following three types of life insurance are currently sold in the market.

Type of Life PolicyCoverageTraditional Whole Life PolicyWhole lifeTerm PolicyUp to a specified age, say 60Investment-linked Life PolicyAs long as it is in-forceWhole life policy costs higher compared to a term policy for the same sum insured. For investment savvy people, it is good to buy the term policy to cover the required amount of sum assured for life and total permanent disability. You may then channel the remainder sum of premium saved in other investment that reaps returns of 4% and above. However, it is still advisable to buy at least one life policy that covers you for life which also includes critical illness. This is to ensure we are independent and able take care

Low Cost Auto Insurance

A sensible strategy to lower your car insurance cost for life will save plenty of money. These five tips apply to every policyholder. Smart consumers, with good agents, pay less for their insurance.

1. Review rates frequently. Keeping lower cost auto insurance up-to-date requires flexibility. Car insurance companies typically change rates twice per year. Rate adjustments apply to new policies and existing ones too. When rates change, underwriting rules are usually adjusted also. After several years of a hard market, Florida auto insurance is now experiencing a soft market. This type of market is characterized by lowering rates and easing underwriting requirements. For example, several key companies are now accepting applications for risks with a prior PIP claim, and at reduced rates. Formerly it was very common that all companies refused risks with any type of PIP claim. Drivers who had a PIP claim, through no fault of their own, were forced to buy insurance from the Florida Joint Underwriting Association which is the state pool for drivers who are unable to secure a policy in the private market.

2. Adjust for life cycle events. Changes in your life can greatly affect your auto insurance

Effectively Tackle Insurance Fraud

Insurance Fraud is one of the top challenges that insurers are facing worldwide. While there are pricing pressures owing to slow economic environment, cutting back the Claims payout is one of the best means to increase efficiency and cut cost. From a strategic perspective also, carriers overall success to a large extent depends on the manner they treat their Claims function; for many insurers Claim processing efficiency is often their unique selling proposition. Reducing Claim leakages by effectively fighting against insurance Fraud and having a larger focus on recovery management can help insurers reduce their Claim cost.

This article is an effort to highlight five key areas that should be considered when building an effective Fraud management strategy.

1. Underwriting Prudence

Claims and Fraud management begin much before the Claim incident is reported. There are several indicators that can raise suspicion during the underwriting process. After the Claims are settled, the Claims data can positively impact the underwriting and rating functions. There is a need to incorporate more information into the underwriting decision-making process. The responsible use of data and information during the underwriting analysis is one of the most powerful weapons against Fraud.

Benefits of Whole Life Insurance

Let’s talk about Whole Life Insurance Investments. They aren’t the most glamorous financial tool around. They’re safe and dependable and tend to get overlooked by consumers bedazzled by the promise of high investment returns. But if the last few years have taught us anything, it’s that safe and dependable are the way to go. And, in fact, the benefits of participating whole life insurance are numerous.

Safety First
To begin with, whole life insurance investments are safe. Historically, life insurance companies have demonstrated superior financial strength and investment track records than banks and other financial institutions. There are many reasons for this. The professional money managers working for life insurance companies do not chase performance like most hedge fund and mutual fund managers. They are not looking for a quick return on money; They are looking 5, 10 and even 20 years down the road. These companies invest in very safe financial instruments such as bonds, and they also diversify by industry, maturity & geography. This keeps costs and risks very low.

Whole Life Insurance investment portfolios are structured, conservative and regulated according to the state in which they operate. State insurance commissioners in each

What Is Juvenile Life Insurance

Juvenile life insurance is a tax-advantaged financial product that insures the life of a child. It provides cash value accumulation, tax-deferred growth, and guaranteed insurance for life.

A policy can be fully funded in five years or less and secures guaranteed lifetime coverage at the lowest cost of insurance. The policy’s accumulated cash value can be used to pay premiums, eliminating the need for further out-of-pocket contributions. The owner can withdraw or borrow from the cash value at any time, for any purpose.

Juvenile life insurance can be used to accumulate and transfer significant wealth to your loved ones – estate, gift, generation-skipping and income tax free.

A medical exam is normally not required and coverage is guaranteed for life, regardless of the future insurability of the child. Most policies also offer an option to purchase additional insurance in the future without medical underwriting.

Parents and grandparents can select between whole life that increases by a minimum guaranteed interest rate, plus a non-guaranteed dividend declared annually by the insurance company or indexed universal life that has cash value increases linked to the performance of an equity index (e.g., S&P 500®) up to a

Tips on How to Find The Best Insurance

Many people know that the process of looking for cheap insurance life policy is not easy. However, with some tips, you can find the best insurance policy. The first thing any potential policyholder should do is to shop around for the best rates. He can do this by talking to various insurance agents as well as insurance companies and finding out about the policies they have to offer. This will help the client save money in the long run, because he would familiarize himself with the policies on offer, and he would also gain invaluable information on the premium rates.

Potential clients should look at the various options available for best insurance policy. The most common are guaranteed-issue life insurance, term life insurance as well as whole life insurance policies. The most expensive one is the guaranteed-issue insurance because it does not need the policy holder to get a medical exam. In the long run, the client can end up not getting cheap life insurance if he opts to buy this insurance policy. Many such policies come with hefty premiums because the insurance company cannot estimate the risk factor of the client in question.

Many

Tips About Shopping For Insurance

We as Americans are required to have coverage on our vehicles and our homes. The reason for this is because if something were to happen to our homes or our vehicles there is not a way to recoup the money to pay for the damages. Another reason is that the mortgage or car company is not wanting to lose the money they would have gained if you paid in full. They do not want end up paying to fix and try to sell the property due to a not having insurance issue. Having insurance is crucial for both sides. Plus not everyone is a millionaire in this country so when your home gets hit by a natural disaster or you accidentally rear end someone on the road, your insurance has you covered. For most of us, it is hard to find the right person to cover us and our needs, so we have to do some shopping for insurance until we find the right coverage.

For many they turn to World Wide Web in order to gain quotes for the different reasons they will need insurance. Shopping for auto insurance can be simple if you are

For Those Who Need Health Insurance in California

California private health insurance plans are on a lot of people’s mind right now. If you have become confused as to what is going on with health care insurance due to all the political maneuvering, promises of new health care reform, and the President’s messages and news conferences during major media events, you are not alone.

Since, health insurance has become a common law, it has also become a common topic of conversation at the water cooler at work, the coffee shop in town, and your own dinner table you probably want some answers. And you probably just want the facts, without the promises, hype, or speculation. Good, you’ve come to the right article to help you with information to secure your California health insurance needs.

California family healthcare insurance can be had at affordable prices. Finding affordable health insurance in California is not impossible, but it does take a little bit of work. Paying attention to the details is essential, and getting the best California healthcare insurance quote is paramount. But, it hardly starts and stops with merely an online insurance quote.

Most insurance carriers in California generally have their online health insurance

Sought After Insurances

Purchasing insurance has many benefits, physical, financial and psychological. First, if you covered your building, contents and stock, you’ll have the physical benefit of preserving them in their initial condition, except for the usual wear and tear or consumption (of stock), being able to capitalize on them all through their life cycle, by using them so as to make a profit. If destroyed by natural calamities or by humans, if appropriated or stolen, the insurance company will pay you their equivalent value, enabling you to replace them, by constructing (your building) or buying brand new ones (contents and stock).

The financial benefits of having insurance are even greater, given their wider scope. But, as in the case of the physical benefits, they may be synthesized in one sentence: ‘any of your losses will be reimbursed’. Whether you have employer’s liability insurance, public liability insurance or professional indemnity insurance, any third-party compensations will not be deducted from your capital or profit, but from the insurance company money, the insurer being the one covering them on your behalf. The same applies to any legal expenses incurred during legal proceedings.

The psychological benefits of purchasing insurance are various

Buying Insurance Through a Reputed Brokerage Firm

From carpet to car, man to machine everything needs insurance in today’s litigious and uncertain world. And when it comes to buying a policy, consumers are often confused as where to start and how to choose a perfect one for their requirements. Shopping around for insurance, whether it is personal or commercial, is always a bewildering task even for the most sophisticated buyer.

The best way to cope with this situation is to go for a reputed insurance broker. Besides making the process easier, experts from the brokerage firm will work on your behalf to provide you the best coverage available in the market from the most trusted and federally regulated insurance companies. Go through the article to know more about the benefits of buying insurance through a reputed brokerage firm.

Saves time and effort: A reputed insurance broker will have access to many national and multinational insurers, and hence will have ample knowledge about the policies offered by those companies. With enough knowledge on the products available, the broker searches the market in a more professional and sophisticated way to offer you the policy that suits your requirement. This avoids you to spend hours