Insurance Guardian

Insurance is a risk transfer mechanism that shifts responsibility for losses to specialists called insurance companies who handle the risk by spreading it over a large number of people or firms. Insurance can help you cover the cost of unexpected events such as theft, illness or property damage. If you purchase insurance for any of your assets, the insurance company will pay you an amount equal to the value of the asset that has been lost. You can also purchase life insurance to protect your loved ones on your death. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured.

So long as an insurer maintains adequate funds set aside for anticipated losses , the remaining margin is an insurer's profit. Insurance can be broadly divided into two categories - life insurance and non-life/general insurance. Life insurance is further divided into various types of plans namely Term Plans, Unit-Linked Insurance Plans , Endowment Plans, Child Plans, Retirement Plans, Savings Plans, Personal Accident Cover, etc. All other types of insurance plans such as car insurance, bike insurance, health insurance, travel insurance, home insurance, fire insurance, marine insurance, etc come under the non-life/general insurance category. Before you are insured, the insurance company will carry out a need assessment to see which insurance policy is most suitable for you.

Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking. Naturally, the float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums.

Life, health, homeowners, and auto are the most common forms of insurance. IGI General Insurance Limited is providing management services and a complete line of general insurance, comprising home, travel, auto, marine, health, fire and miscellaneous. This policy covers imports and exports of consignments, loss or damage of cargo during transit by Air, Sea and Road; also covers dispatch of finished goods from the insured factory to anywhere in Pakistan.

The more likely the event you are insuring against is to occur, the higher the risk to the insurer and, as a result, the higher the cost of your premium. Take the time to review your policies andcontact one of our helpful Financial Advisors to answer your questions or get advice. A little knowledge can make a big difference when it comes to buying the right insurance to help protect what matters most for you and your family. Run asmall business orfamily farm by managing the risks of ownership.

Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits. Public liability insurance or general liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way. Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. 600 CE when they organized guilds called "benevolent societies" which cared for the surviving families and paid funeral expenses of members upon death.

Investment Plans

These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Comprehensive insurance is car insurance that covers damage to your car from causes other than a collision. With regard to health insurance, people who have chronic health issues or need regular medical attention should look for policies with lower deductibles.

Company

With the continuation of the gradual recovery of the global economy, it is likely the insurance industry will continue to see growth in premium income both in industrialised countries and emerging markets in 2011. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. Stop-loss insurance provides protection against catastrophic or unpredictable losses.

As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation . The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process. Under an "indemnification" policy, the insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. Indemnity – the insurance company indemnifies or compensates, the insured in the case of certain losses only up to the insured's interest.