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India Insurance Industry Is On a High

June 27, 2011 By Leave a Comment

Although we enjoy a high standard of living and are leading a decent lifestyle but how many among us are aware of the ill effects that this drastic change has brought? Well, for all of you who are still confused, I am talking about the ailments and diseases that this hectic schedule has gifted us.

 

A major percentage of people in India are suffering from heart diseases, cervical cancer, obesity and diabetes to name a few. According to reports, the number of heart and diabetic patients will increase manifold in the next 10 years in India. This has brought insurance industries to an alarm and they have felt the need of providing insurance facilities in India. Insurance industry has undergone a gigantic change in past few years and major players have come up.

 

These include financial institutions such as Aviva, Bharti AXA, Kotak Mahindra, Reliance, Aditya Birla among many others. There is no doubt about it that Life Insurance Corporation of India is still the leader when it comes to life insurance but for other types of insurances, especially medical and health insurance, some major financial institutions have come forward. Even people today are realizing the need of health insurance for their families.

 

Besides life, medical and health insurance in India; another type of insurance is general insurance which comprises fire insurance and marine insurance. They provide compensation for damages in the event of unforeseen circumstances such as fire breakouts in offices and factories, floods, etc.

 

Today the institutions that are engaged in providing insurance policies in India ensure that they provide the best services. The major reason for this is the cut throat competition among various companies as well as mushrooming of insurance agencies. Therefore you simply have to be the best. Insurance Regulatory and Development Authority (IRDA) is the organization that keeps a control and check on the policies of all insurance agencies in India and ensures that the demand of policy holders is met in an organized manner.

 

Insurance offers a cover, minimizes all potential risks and safeguards your family and business against unforeseen circumstances. So if you still haven’t insured your family or business, do not spend further time thinking and just get going!

Author of this article is a consultant of finance in India. This time he is discussing about   insurance in India.


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The History of Insurance

June 25, 2011 By Leave a Comment

The concept of insurance is increasingly gaining popularity even in India, though instead of being seen as a protection shield, its being seen as an investment. Insurance can be considered as a promise of reimbursement for specific potential future losses for a periodic payment between the insurer and the insured.

How important is insurance really? An insurance product is designed such as to protect the life and/or the property of an individual, company or other entity from losses under unforeseen circumstances.

It would not be incorrect to say that the concept of insurance is as old as that of human societies. In the ancient times, if an individual’s house burned down, the other members of the community helped build a new one by contributing the necessary resources.

In as early as 3rd and 2nd millennia BC, the Chinese and the Babylonian traders’ practiced methods of risk transfer. The Chinese were known to redistribute their wares across many vessels to limit the loss due if a ship sunk when traveling through treacherous river rapids.

Insurance was practiced by Babylonians in form of a system, the famous Code of Hammurabi, c. 1750 BC and the by early Mediterranean sailing merchants. If a merchant took a loan to fund his shipment, he would also pay the lender an extra sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen.

The concept of insurance was also popular among the Iranian Achaemenian monarchs of Iran who were pioneers in insuring their people. They went an extra step by registering the insuring process in governmental notary offices. Insurance was almost ceremonial and was performed each year in Norouz (beginning of the Iranian New Year). The heads of different ethnic groups, as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

People in Rhodes came up with the concept of the ‘general average’. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.

Life insurance and health insurance have been around since 600 AD when the Greeks and Romans who organized guilds called “benevolent societies” that took care of families and paid funeral expenses of members upon death. In the late 17th century England, “friendly societies” existed where people donated funds to be used for emergencies. This was much before the concept of insurance was formally brought in place.

It was in 14th century in Genoa that came up the concept of separate insurance contracts which were not bundled with loans. The insurance pools were backed by mortgage of property.

The end of the 17th century, the concept of marine insurance existed in a concrete form.

The modern day concept of insurance has its origin in the Great Fire of London, 1666 which destroyed 13,200 houses. This lead to the establishment of England’s first fire insurance company, “The Fire Office,” to insure brick and frame homes by Nicholas Barbon in 1680.

The first Insurance Company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin popularized the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he established the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Insurance has come a long way today

ApnaInsurance.com is India’s first online definitive guide to insurance requirements. Learn & compare various insurance schemes and apply for insurance including health insurance, life insurance & car insurance schemes offered by different insurance companies in India.


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Plethora Of Insurance Jobs In India

June 24, 2011 By Leave a Comment

Jobs in insurance sector are emerging at a fast pace due to the growing demand of insurance policies across the country. This sector has widened its scope and reaches in last few years and is now reaping huge benefits.

Insurance Jobs are available throughout all levels like executive, administrative and managerial and in all types of insurance i.e. life insurance jobs, health insurance jobs, marine insurance jobs, fire insurance jobs, property and automobile insurance jobs and others.

Getting insured is an easiest and the safest way of avoiding a risk, it is the covering of risk from loss and damage or from the agents causing them. This risk could be on life, health, travel, automobiles, goods, properties from agents like accidents, thefts, fire, emergencies, etc. In financial terms, insurance is the coverage or a financial agreement between two parties called insurer and insured of which one undertakes to indemnify other’s loss. Insurance companies reduce the risk of financial loss to both individuals and organizations in return of the payment of regular premiums.

There are wide options for those thinking to pursue a career in insurance. Some of the careers are of underwriters, insurance agents, insurance adjusters, insurance brokers, etc. in insurance sales that maybe life insurance, medical insurance, pet insurance, risk management insurance, state farm insurance, etc. To explain a little more:

-Underwriters are the most important link between an insurance company and the insurance sales agent. They calculate the level of risk and the premium amount before writing the policies.

-Insurance sales agents are the intermediaries who ensure that clients get the best cover for their lives, health and property. They may work exclusively for one insurance company or represent several companies by acting independently as brokers. They have to don the role of advisors to some extent and also help clients in submitting their claims after a loss.

-Claims adjusters have a traveling job as they are required to visit the client’s insured property and inspect the damage occurred. They are involved in processing the financial aspects of paying claims as the job title suggests.

In a financial or insurance company, a professional may take up an insurance job in any of the following departments:

Administration Department – One has to deal with the registry of claims.
Development Department – He/ She is involved in dealing with marketing and procurement of business, etc.
Accounts Department – One is required to deal with the management of funds and their disbursement.
Investment Department – He/ She is responsible for the investment of funds of insurance company.

As said earlier, there are many career options in Insurance companies for those with diverse skill sets. Some of them are:

Administrative support occupations including clerical jobs make for almost 40% of insurance-related jobs like:

1.)      Insurance policy processing clerks.

2.)      Secretaries.

3.)      Adjustment clerks.

4.)      Bookkeeping, accounting, and auditing clerks.

5.)      Receptionists and information clerks.

6.)      File clerks.

7.)      General office clerks.

8.)      Insurance claims clerks.

9.)      Word processors and typists.

10.)   Office and administrative support supervisors and managers.

The mainstream occupations at executive, administrative and managerial levels comprise of the following kind of jobs:

1.)      Insurance adjusters, examiners, and investigators.

2.)      Claims examiners, property and casualty insurance.

3.)      Accountants and auditors.

4.)      Financial managers.

5.)      General Managers and top executives.

6.)      Insurance underwriters.

Other Marketing, Sales and Technicians related support occupations include:

1.)      Insurance sales careers.

2.)      Marketing and sales worker supervisors.

3.)      Computer systems analysts, engineers, and scientists.

4.)      Computer programmers.

5.)      Legal assistants and technicians, except clerical.

You may choose whichever profile suits you the best and become a part of the swiftly growing insurance industry.

Deepika writes on behalf of Naukri.com, a leading job portal for jobs in India. She writes on topics like Government Jobs in India, Insurance Jobs and increasing work concentration.Naukri.com is a recruitment platform & provides products and services like resume writing services, Salary Tool, Resume Database Access & Response Management tools to corporate world, placement.


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China Insurance Sector Forecast to 2013

June 23, 2011 By Leave a Comment

China’s insurance industry is one of the fastest growing insurance industries on the globe. It is expected to grow at a CAGR of 28-30% during 2009-2013. While most of countries worldwide are busy in finding ways to come out from the financial crisis, China’s insurance industry is already on the way to make great headways and grow robustly in coming years. Last year (2008), the insurance industry grew at the fastest pace since 2002 on rising insurance awareness level and government support. It recorded YOY growth of over 39% in 2008. Personal insurance products including life, health and personal accidents led the majority of growth, accounting for over three-fourth of total insurance premium written in the country.

 

Non-life (property) insurance products are also growing at rapid pace. The market is mainly concentrated into two segments: Motor and Commercial Property insurance. Motor insurance accounts for over 70% of premium written in non-life insurance segment. But there are many other emerging non-life insurance products like product liability, credit, marine insurance etc, which will decide long-term viability of the non-life insurance market. Therefore, there is a strong need to focus on these emerging insurance segments.

 

However, the insurance market in China still remains largely untapped. With insurance penetration (in terms of GDP) at mere 3.2% at the end of December 2008, China stands far behind than the global average of insurance industry penetration over 7%. So the future of industry looks certainly promising but growth rate is expected to be marginally lower in near term as demand for life insurance products, particularly investment linked insurance products, may see a downturn amidst the financial crisis.

 

“China Insurance Sector Forecast to 2013” is an outcome of extensive research and in-depth study of insurance market in China. The report discusses each of the insurance segments in detail, including personal insurance, property insurance, etc. Most importantly, it also tells clients the direction in which the market is likely to move in coming years. Additionally, the report analyses pattern of macroeconomic variables and their impact on the insurance market. It also contains information about emerging industry trends, which will decide future of China’s insurance market.

 

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM228.htm

 

Check DISCOUNTED REPORTS on: http://www.rncos.com

 

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.

 


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How to find a Good Health Insurance Advisor?

June 22, 2011 By Leave a Comment

 

Who do you go to when something is wrong with your car? – The Mechanic. Who do you go to when you don’t feel well? – The Doctor, of course. Do you depend on your own skills and intuition to deal with the situation? -Mostly, no. And do you trust just any other mechanic or doctor to solve your problem? -No. You go to someone who is trustworthy and who knows what he or she is doing).

These responses answer why you need to find a good health insurance advisor. You can’t buy a health insurance policy  just by yourself (there are so many products and a great deal of fine print to understand); similarly you cannot trust just any other advisor while buying a policy (it is after all your health and money!).

Here are some tips to help you choose a Good Health Insurance Advisor:

Go to a Health insurance Broker- The first step in finding a good health insurance advisor would be- knowing where to look. We advise you to opt for health insurance brokers for your health insurance advice than health insurance agents; here is why –
They sell products from different companies: Health insurance brokers can sell you a wide range of products from different companies while health insurance agents can only sell products from one company. The brokers would therefore give you completely unbiased advice.
They are Loyal to the customer not the company: Brokers represent you and facilitate your buying health insurance from any health insurance company that you may finally choose. An agent, on the other hand, represents her/his insurance company. Therefore, while the primary loyalty of the broker would be towards you, that of the agent would be towards her/his insurance company.
They have more knowledge: Since agents represent only one insurance company, their exposure in terms of product knowledge and processes may not include those of other insurance companies. Brokers deal with all the insurance companies and therefore provide you with more robust insights on the products and processes of all insurance companies.
They are organizations with more resources: Even at the highest level of efficiency, an agent is an individual, with limited resources and capabilities. Brokers are organizations with larger wherewithal, making it possible for them to invest in people and processes to serve you better. You know, whilst the agent doesn’t have to commit any financial capability while obtaining agency license, a broker has to invest a minimum of Rs.50 Lacs towards share capital to be eligible for broking license.
They have Medical knowledge: A good health insurance broker will have a team of experts not alone from health insurance domain but also from the medical services domain. Such a broker can therefore help you even with your hospitalization related needs. An agent cannot be expected to have such multidimensional expertise and can, at best, provide advice and help only on matters relating to insurance.

Research- Do a research on the internet about good health insurance advisors in your city or locality. You can get the names of a few health insurance brokerage firms as well local agents.  

Make enquiries- Once you get the names of agents and brokers, the next step is making an enquiry. You can do this by either mailing them or calling them up and asking them about a product to suit your basic requirement. One way of knowing if the broker or agent is a good one is if he or she is prompt in his/her reply.

How to know if he or she or the firm is a good health insurance advisor?

Once you have narrowed it down to a good broking firm or a good agent, you still need to check if he is as good as he seems.

Step 1: To ascertain if your broker is a good one, you need to find answers to a few questions-

How long has he been in health insurance business?
Does he sell any other insurance product (Life, motor, marine insurance?). An advisor who focuses only on health would be a better choice than one who sells all.
How does he manage claims? Does he have experience in managing claims? Who manages claims?

Also tell him to give you a list of 10 of his customers, you could call one of them and ask about the broker’s service. Any good broker will not hesitate to share his list of customers.

Step 2:  His behavior also reflects if he is really a good advisor.

Listens: If you find that your broker pays attention to your needs, listens when you are talking without rushing you or interrupting you, he is likely to be a good advisor.
Asks: A good advisor will first ask you questions about what you need, about your budget and other requirements than directly selling a product.  If your broker doesn’t seem to do that, he isn’t really a good advisor because without knowing about your needs, how could he advise you to go for a suitable product?
Answers: Once he/she gives you one or two products to choose from, feel free to ask him/her questions about these products; if you don’t understand any condition or are not clear about any insurance terms ask him or her. If he or she isn’t able to answer your question effectively, he/she may not be knowledgeable and thus may not be a good advisor.
Is Accessible: Finally, make sure your advisor is accessible by mail and phones. If you always find him/her attentive when you call, he/she is likely to be available to you during the claims procedure too.

And if you have a bad health insurance agent you can even Change your Health Insurance Agent.

Step 3: His advice is the final key to decipher if your health insurance advisor is a good one.

The most important thing for you is to  buy a health insurance plan that suits your requirements and takes consideration of your budget. So rather than focusing on getting an inexpensive product, it would be advisable to opt for a plan that is beneficial in the long run. Only this will actually be a proper way of budgeting the outgo.

Analysis: Your advisor should give you a number of suitable products to choose from. He should provide detailed analysis to help you make a choice. It should be you who makes the final call while he gives you information that will help you make that call. If he pushes for one particular product without a good reason, think again about using his services!

Policy wordings: Just before you issue the cheque, it would be a good idea to ask him to give you the policy wordings. Read these carefully, as these are the actual terms and conditions of the products, that may not always be mentioned in detail on the brochure.Once you read through the fine print and conditions and are happy with the product, buy the policy.

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Things you must know before buying an Insurance Plan

June 21, 2011 By Leave a Comment

An insurance plan is essentially an agreement between an Insurance company and a customer. Under the agreement the company promises to pay a pre determined sum of money upon the death of the policy holder or upon his inability to earn owing to a disability. For getting this benefit, the customer pays an amount called as premium, every year.

Reasons for Insurance

The past few years have witnessed tremendous changes in the product offerings. There are a variety of reasons why people opt for an insurance plan. An insurance cover helps in meeting unforeseen situations confidently. In many situations having a risk cover helps protect your family from any future economic loss in case of an unfortunate death or disability to you. It is also a long term investment plan that also provides with a large risk cover.

Life Insurance

Since life is quite unpredictable, there are certain things that you must know before buying an insurance plan. The best way to protect yourself as well as your family is through life insurance. A life insurance plan offers protection against any unforeseen circumstances and at the same ensures that there is no economic loss due to the unfortunate demise of the policy holder. There are different kinds of life insurance plans that not only offer protection but also provide returns on your investment. Life Insurance investment includes Endowment plans, Money Back Plans, Unit Linked Insurance Plans, Pension Plans, Children’s Plan, Whole Life Plans, etc. Most of these plans provide long term savings as well as systematic creation of wealth.

Non Life Insurance

Covering the risk for any thing else other than human life is referred to as non life insurance. Some of the popular non life insurance plans include Motor Insurance, Marine Insurance, Fire Insurance, Health Insurance, Personal Accident Insurance, Liability Insurance, Engineering Insurance and other non life plans. Irrespective of whether you are looking for a life insurance plan or a non life insurance plan, it is better to contact a reputed Insurance Broker who can help determine the best insurance plan for you.

SMC Global is leading share trading platform that has published many informative articles on Insurance Plan, Life Insurance Investment and Life Insurance Plans. To know more, kindly visit: http://www.smctradeonline.com/insurance-plan.aspx


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Benefits of Permanent life insurance

June 20, 2011 By Leave a Comment


Permanent life insurance is insurance policy ideal for those who don’t want to feel like investing in term life insurance policy.

This is often due to the fact that term life insurance, at times, results in no payment if nothing happens in the stipulated period of insurance. For example; you pay and ensure your car for a stipulated period but if your car doesn’t meet any accident and get damaged in this given period, you won’t get any money back.

It is in this context that the importance of permanent life insurance comes to the fore. As the name suggests, permanent insurance continues for the full duration of a lifetime and gives guarantee of payment. One can borrow against some permanent life insurance policy as long as one is ready to pay premium on time.

However, while buying permanent life insurance you need to analyze your need in detail. It needs regular investment and if you can’t afford that, it is better for you to go for term life insurance policy. Term life insurance is also better of you are looking for coverage in shorter period of time.

For example; if your retirement is only four or five years ago and you are expecting to get a large sum of money at that time, it’s better for you to go for term life insurance policy.

Permanent insurance is best suited for you if you want to keep your life insurance of a very long time. It is also advantageous for those who want tax-deferment on their income.

Permanent insurance will provide a huge sum of money to the appointed beneficiary once you die.

There are various kinds of permanent life insurance policies available in the market. Some of them are traditional whole life insurance, universal life insurance, and variable life insurance. Choose the one that covers all your risks and specific needs of your family.

Click on the following link to contact us for affordable and comprehensive permanent life insurance service.  Our other comprehensive insurance services include life insurance, automobile insurance, homeowner insurance, boat insurance, ocean marine insurance, construction insurance, retirement planning insurance, umbrella insurance.

 

keshav k solanki is a veteran IT professional with ten years of experience in writing on various technological topics. The author has been associated with various major yacht insurance florida and ocean marine insurance service providers.


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Boat Insurance For Tropical Sailing

June 18, 2011 By Leave a Comment

Cruising around the Florida peninsula, in the Bahamas or in the Caribbean is the pinnacle of boating vacations for numerous owners of pleasure boats. Of course, the fine images of beautiful beaches with miles of sand, crystal clear waters, and perfectly clear skies fill our minds. But, while southern navigation is an exciting adventure for some, or a romantic interlude for others, all boaters should be aware of the dangers that lurk above and below the water’s surface.

Be ALERT and READY for inclement weather and other hazards.

Tropical storms and hurricanes pose the largest threat. The United States National Hurricane Center is the best internet site for information on tropical storms and hurricanes that affect southern navigation during the Atlantic hurricane season, which runs from June 1 to Nov. 30. The Center provides highly accurate satellite storm tracking from the coast of Africa to the Gulf of Mexico and issues storm watches and warnings that travelers should pay careful attention to as their vacation date draws near.

Within certain uncharted channels, running aground in shallow waters or upon coral reefs is also a concern. Real, modern day pirates exist, too! Keep in mind that, although beautiful and often pleasant to navigate, many harbors and inlets within the tropics are so far removed from modern amenities, and some piers are even falling apart. Therefore, in the event that an insurance claim is needed, due to the scarcity of capable labor and parts, it is difficult to effect repairs.

Buy the Right Product from the Right Company

Savvy boaters purchase extended insurance coverage to protect them and their boats against the increased risks involved with southern navigation. If you are looking, make sure you find a TOP-QUALITY insurance agency that specializes in marine insurance, and knows EXACTLY what to do in such extreme cases to help you to set sail again – SAFELY and in the SHORTEST TIME!

There are several determining factors that dictate price ranges and coverage for marine insurance policies, such as the kind of ship you have, the voyage details, and your choice of deductible. The intended course (whether navigating coastal or inland waters), and the dates you plan to travel are two more key components in determining boat insurance coverage.

My love for writing dates back to my childhood, I went to school in the USA and at a very tender age I had a instructor that animated me to follow writing as a hobby. I have not looked back since. I hope you find theseMarine Insurance recommendations useful


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Insurance Issues – Riot – Part II

June 17, 2011 By Leave a Comment

The key to the definition of riot is that the elements of riot must occur at or about the same time. It is not, for example, sufficient for the violence to have been perpetrated by differing individuals at differing places at differing times and the violence must be threatened in the course of fulfilling the combined intention of the rioters, not subsequent to the occurrence or in the course of escape.

 

Finally, the Public Order Act 1986 has abolished the common law offence of riot and replaced it with a statutory offence. The main difference between the common law offence and the statutory offence is that the number of persons who must be involved in the violence has been increased from three to 12. Should this new definition now be incorporated into insurance law? Certainly, the definition does seem to apply to marine insurance as specifically provided by section 10(2) of the Act. There is no reference to non-marine insurance, but it seemed reasonable to assume that if the court is to impute to the parties an intention to incorporate the criminal law definition of riot into the insurance contract then it should be the current definition and not one that has since been superseded.

 

It is interesting to note that under the Riot (Damages) Act 1886, compen­sation is payable by the police authority in respect of damage to certain property caused by persons riotously and tumultuously assembled. If an insurer is forced to pay out under a policy, it is entitled to subrogate the rights of the assured against the police authorities.

 

Willis J. Watson is a freelance writer since 2006, living in United States and he writes about he enjoys the most…insurance policies. If you want to read more informations about Landlord Insurance Quote and also read more reviews about Compare Building Insurance, you can check out his websites.


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Choose Navigation Territory for Your Boat Insurance

June 16, 2011 By Leave a Comment

If you own a boat, then you need to consider obtaining marine insurance. Once you apply, your premium in relation to navigation, must always be met with full compliance. Navigation territory belongs to the limits they have in store for you. This means that you need to navigate your boat in the territory defined limit. Completely filling the requirements of your insurance company gives you the security of your policy. Do not, however, rejected an insurance company bond and may not reimburse you for your policy.

Navigation area has several categories. You can use this guide to choose the area of navigation.

There are several categories related to the port you may want to consider:

1. Inland waterways and coastal – This area extends up to 5 who are miles away from the coast. If ever you will go to an island 5 miles off the coast, you can still enjoy this area, provided they do not navigate away from 5 miles from the nearest land. Discuss this land navigation with your insurer so you can fully know the limits of this policy.
Puerto risk land As the name implies, you can choose to use this territory if the marine vessel is not in the water. If you decide to put your boat in the water, you should contact your insurance company or of another territorial coverage.
Puerto risk territorial board You can have this insurance if your boat is actually in the water and not going anywhere. Think of this as an area for navigation “parked” the boat. Any form of movement of the ship instantly nullify the claim that territory.
2. Navigating with a distance from the coast – this territory requires a large ship-type of discussion or negotiation. This means that some boats have different limits than other boats. If you have a boat fully equipped with professional team, you can have up to 250 miles. If you ever stray outside the limits, accidents (loss of equipment, for example) will not be covered.
3. Travel Navigation – This refers to the coverage of a long passage that leads to their ships beyond the usual limits. If you travel from one place to another, then you must have this policy area. If the boat is on a trip and do not have the correct shipping claim territory, something not lost refund. If insurance has paid trip and the trip did not happen due to their own reasons, keep in mind that the policy can not be refunded.
4. Navigation Canal – Navigating from any channel also has a bonus area navigation. Is not covered by any of the above policies. Like the trip shipping premium will be refunded if not for this use and not go into a travel channel.

Navigating his boat to safer territory must be met with full compliance. This ensures that you will always be reimbursed by any accident you might get into.

For more info please visit our site @ www.boatinsured.net


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