Insurance
For a list of insurance providers, please click on the 'Insurance Providers in Holland' tab located above.
Business Insurance
Having the right company insurance gives you more than just a good night's sleep. It is fundamental to the protection and management of your business. It's hard to get the equilibrium right too: some will try to get away with minimal insurance, whereas others will overindulge on insurance they don't really need. The easiest way to evade this is to consult an expert. They will advise you on the appropriate insurance for your company.
Paying insurance premiums is always going to appear onerous, but can you really afford to be without sufficient coverage? More importantly, can your company afford it? This is especially true to setting up overseas. As a foreign business, you are susceptible to infractions, accidents, even disasters, which you will not be accustomed to in the UK. You only have to look over the past few years to see how many people in both the East and West that have been afflicted by natural disasters.
It is advised you seek out a reputable insurance broker, who will not only be able to recommend the exact insurance needs for your company, but also compare deals and negotiate cost-effective packages. They will also be able to inform you of any legal requirements that you may not be aware of.
Generally, there are four main types of insurance:
•Vehicle Insurance
•Personnel Insurance
•Public Liability Insurance
•Building and content insurance
Vehicle Insurance
By law, all vehicles must be insured to a third party liability level. There are two predominant policies to choose from: third party and comprehensive insurance. If a claim is made against you for personal injuries and legal costs, then third party injury insurance is required.
Comprehensive vehicle insurance covers damages caused to your own car by you, as well as injury, property damage, fire and theft.
Personnel Insurance
This type of insurance covers you and your employees in the event of sickness, accident or illness.
An employer must provide accident or sickness cover for their employees. However, self-employed people are not covered by employee compensation, and therefore need to cover themselves through a private insurer. There are various types of insurance available, such as income protection, trauma, life and disability.
Public Liability Insurance
This is a compulsory form of cover, and protects from claims by third parties against negligence, death, injury, loss and damage of property, and economic or financial loss.
Building and Contents Insurance
This insurance covers your property and its contents and/or stock against fire, water and other damages such as earthquakes, lightning, storms, explosions, burglary and theft.
Personal Insurance
There are a handful of insurances that are tailored to meet your day-to-day needs and cover you in the event of damage or injury to yourself or other persons, as well as assets and property.
Home Insurance
Home Insurance in Holland covers the contents of your home in the event of fire, water damage, theft and vandalism. The cost of home insurance generally depends on what it would cost to replace your home and exactly which additional contents you have insured alongside it. In this instance, home insurance is particular to each case, as opposed to universal.
Car Insurance
As in all EU countries, all vehicles must have, at the very least, third party liability insurance. It is compulsory for a car owner to take out insurance against injury and damage. The insurance covers both driver and passengers.
The two types of insurance available are third party and comprehensive. Third party ensures compensation is paid to victims, while comprehensive covers injury and damages whether or not the driver was responsible.
The criteria on which insurance is based upon include age, car and driving history.
Health Insurance
The social insurance scheme in Holland is compulsory for everyone that works there, and they are consequently eligible for free or subsidised health care.
Private health insurance is another thing you may want to consider upon arriving in Holland. There are many companies dealing in private health insurance. Private patients generate higher earnings for medical professionals and therefore will invariably be consulted by senior doctors. A private patient can also request a doctor who speaks their native language.
Life Insurance
Life insurance isn't just something to think about when you reach old age. In fact, the earlier you take it out, the better deal you get. Insurers are more likely to give a better deal to someone who is young and healthy than old and ill. Even if you have no family or dependents to worry about, there are still very good reasons for you to invest in life insurance.
Life insurance isn't really a country-specific affair, like health or vehicle cover is. It is tailored to your individual circumstances and needs.
It is important to know the kinds of life insurance available to you. Typically, these are term/temporary insurance and investment/permanent insurance.
Term insurance invariably provides compensation and benefits to a family or dependent in the case of death within the terms outlined in the policy. It ensures that, in the instance of death, the people you leave behind are not left in financial turmoil.
Investment-type insurance will be inclusive of endowment and 'whole of life' policies, and is valid for as long as premium payments are made. Technically, part of the premium is invested and will build in value. It can even be cashed before you die. Therefore, the earlier you buy, the more will accumulate, the more you can reclaim.
It is essential to remember, that, when looking for a life insurer, you shop around. It is imperative that you get a deal to suit your needs. So, with this in mind, not only are you looking for a good price, but a suitable, individual policy. Ask yourself what you need from a life insurance policy. There are many people that can help you deduce which company and policy is most appropriate for you, and there are many price comparison sites located on the internet.
Friday, June 25, 2010
Among various types of insurances available, the health care insurance in the country has covered larger portions of peoples in the country.
The Supervisory Authority De Pensioen & Verzekeringskamer has been acting as the regulatory body in the Netherlands Insurance business.
Netherlands Insurance Companies:
Leading insurance companies in Netherlands including both life insurance companies and non-life insurance companies on the basis of their gross written premiums are as follows:
Netherlands Life-Insurance Companies:
Major life insurance companies in Netherlands is as follows:
Nationale Nederlanden Leven Insurance
AEGON Leven Insurance
Interpolis BTL Insurance
AMEV Leven Insurance
Reaal Leven Insurance
Stad Rotterdam Leven Insurance
ABN Amro Leven Insurance
Netherlands Non-Life Insurance Companies:
Major Non-life insurance companies in Netherlands is as follows:
Achmea Zorg Insurance
Achmea Insurance
VGZ Zorgverzekeraar Insurance
Delta Lioyd Insurance
AEGON Insurance
Allianz Schade Insurance
General Netherlands Insurance Information
Compulsory Insurance:
1.Third Party Automobile Liability;
2.Workers’ Compensation (Social Security Scheme);
3.Hunter’s Liability;
4.Nuclear Liability;
5.Pension.
Non-Admitted Insurance:
Permitted except for compulsory coverages. The are also no restrictions on the servicing of non-admitted policies by brokers or claim adjusters.
Policy Wordings & Rates / Tariffs Controlled:
Insurers are not required to file wordings or rates.
Policy Language:
Dutch although Marine policies are often written in English.
Types of Insurance Restricted to Government Institutions:
A schedule of Social Benefit coverages including basic disability.
Policy Currency:
euro (EUR) note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries. U.S $ insurance is available.
Currency Restrictions / Exchange Controls:
No restrictions.
Policy Period:
Annual is customary but longer periods of 3, 5 and 10 years are available. Long Term Agreements (LTAs) are available.
Cancellation Provisions:
90 day written notice is required for mid-term cancellations of annual policies. Longer term policies generally have annual cancellation provisions.
Premium Tax, etc. paid by Insured:
7.5% premium tax on all lines except for Surety Bond and Credit, Life, Pension, Personal Accident, Aircraft, Goods in Transit. There are no fire brigade taxes, federal taxes or stamp duties.
Insurance Companies:
Brokers:
Brokers are common. There is also an efficient agency system in The Netherlands.
Brokerage Commissions:
Fire (Industrial) - 15-20%; Liability - 25%; Automobile - 20%; Personal Accident - 25%. Commissions cannot be paid to foreign brokers not licensed in The Netherlands.
Broker of Record Letters:
Required for the transfer of business. Newly appointed brokers will not earn commissions on business placed by the previous broker.
Reinsurance:
No restrictions known.
Local Natural Hazards:
Windstorm & Flood.
Other Information:
Additional detailed information on insurance and business practices is available by e-mail: info@isn-inc.com
Property Insurance
Fire:
Standard fire perils include - fire, lightning, aircraft, explosion, storm / tempest, burst water pipe, vehicle impact. Riot / civil commotion, malicious damage, windstorm / hurricane, weight of snow / avalanche are available in the market for an additional premium charge.
All Risk:
Available.
Coinsurance:
100%.
Blanket Insurance:
Available.
Business Interruption:
Available - basically follows UK Loss of Profits.
Replacement Cost:
Available.
Discount for fire protection equipment / systems: Available and negotiable.
Boiler & Machinery / Machinery Breakdown / Engineering
Wordings:
Local, UK, U.S. forms available. Boiler explosion may be covered under the Fire policy. Inspections are required by Government Inspectors.
General / Public Liability
Available Wordings:
Comprehensive General / Public Liability including Product Liability and Employer’s Liability.
Comments:
Policies can be written on an occurrence basis. Non-Owned Automobile coverage is a usual extension of coverage. Defense costs are covered. The Territorial designation is generally worldwide providing suit is brought in the Netherlands.
Automobile / Motor
Compulsory Limits:
Euro 1,000,000 Combined Single Limit (CSL).
Comments:
Coverage applies to the Insured and any licensed individual driving with the Insured’s permission. Passengers are deemed to be Third Parties and therefore covered. Fleet discounts are available.
Workers’ Compensation
Comments:
This is a compulsory coverage and coverage is provided by the Government Social Security Scheme. All workers (including maritime) are protected. Extra-Territorial, Medical Expenses and Occupational Disease benefits are provided under the Scheme. Employees have the option to sue.
Marine
Available Wordings:
Local, UK & U.S. Cargo forms closely follow the Institute of London Underwriters. Hull is written on Dutch policy wordings. War Risks rates follow the London scale.
Crime
Available Coverages:
Available - various local and foreign forms. Theft and Burglary are included under the Fire policy subject to a deductible
The Supervisory Authority De Pensioen & Verzekeringskamer has been acting as the regulatory body in the Netherlands Insurance business.
Netherlands Insurance Companies:
Leading insurance companies in Netherlands including both life insurance companies and non-life insurance companies on the basis of their gross written premiums are as follows:
Netherlands Life-Insurance Companies:
Major life insurance companies in Netherlands is as follows:
Nationale Nederlanden Leven Insurance
AEGON Leven Insurance
Interpolis BTL Insurance
AMEV Leven Insurance
Reaal Leven Insurance
Stad Rotterdam Leven Insurance
ABN Amro Leven Insurance
Netherlands Non-Life Insurance Companies:
Major Non-life insurance companies in Netherlands is as follows:
Achmea Zorg Insurance
Achmea Insurance
VGZ Zorgverzekeraar Insurance
Delta Lioyd Insurance
AEGON Insurance
Allianz Schade Insurance
General Netherlands Insurance Information
Compulsory Insurance:
1.Third Party Automobile Liability;
2.Workers’ Compensation (Social Security Scheme);
3.Hunter’s Liability;
4.Nuclear Liability;
5.Pension.
Non-Admitted Insurance:
Permitted except for compulsory coverages. The are also no restrictions on the servicing of non-admitted policies by brokers or claim adjusters.
Policy Wordings & Rates / Tariffs Controlled:
Insurers are not required to file wordings or rates.
Policy Language:
Dutch although Marine policies are often written in English.
Types of Insurance Restricted to Government Institutions:
A schedule of Social Benefit coverages including basic disability.
Policy Currency:
euro (EUR) note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries. U.S $ insurance is available.
Currency Restrictions / Exchange Controls:
No restrictions.
Policy Period:
Annual is customary but longer periods of 3, 5 and 10 years are available. Long Term Agreements (LTAs) are available.
Cancellation Provisions:
90 day written notice is required for mid-term cancellations of annual policies. Longer term policies generally have annual cancellation provisions.
Premium Tax, etc. paid by Insured:
7.5% premium tax on all lines except for Surety Bond and Credit, Life, Pension, Personal Accident, Aircraft, Goods in Transit. There are no fire brigade taxes, federal taxes or stamp duties.
Insurance Companies:
Brokers:
Brokers are common. There is also an efficient agency system in The Netherlands.
Brokerage Commissions:
Fire (Industrial) - 15-20%; Liability - 25%; Automobile - 20%; Personal Accident - 25%. Commissions cannot be paid to foreign brokers not licensed in The Netherlands.
Broker of Record Letters:
Required for the transfer of business. Newly appointed brokers will not earn commissions on business placed by the previous broker.
Reinsurance:
No restrictions known.
Local Natural Hazards:
Windstorm & Flood.
Other Information:
Additional detailed information on insurance and business practices is available by e-mail: info@isn-inc.com
Property Insurance
Fire:
Standard fire perils include - fire, lightning, aircraft, explosion, storm / tempest, burst water pipe, vehicle impact. Riot / civil commotion, malicious damage, windstorm / hurricane, weight of snow / avalanche are available in the market for an additional premium charge.
All Risk:
Available.
Coinsurance:
100%.
Blanket Insurance:
Available.
Business Interruption:
Available - basically follows UK Loss of Profits.
Replacement Cost:
Available.
Discount for fire protection equipment / systems: Available and negotiable.
Boiler & Machinery / Machinery Breakdown / Engineering
Wordings:
Local, UK, U.S. forms available. Boiler explosion may be covered under the Fire policy. Inspections are required by Government Inspectors.
General / Public Liability
Available Wordings:
Comprehensive General / Public Liability including Product Liability and Employer’s Liability.
Comments:
Policies can be written on an occurrence basis. Non-Owned Automobile coverage is a usual extension of coverage. Defense costs are covered. The Territorial designation is generally worldwide providing suit is brought in the Netherlands.
Automobile / Motor
Compulsory Limits:
Euro 1,000,000 Combined Single Limit (CSL).
Comments:
Coverage applies to the Insured and any licensed individual driving with the Insured’s permission. Passengers are deemed to be Third Parties and therefore covered. Fleet discounts are available.
Workers’ Compensation
Comments:
This is a compulsory coverage and coverage is provided by the Government Social Security Scheme. All workers (including maritime) are protected. Extra-Territorial, Medical Expenses and Occupational Disease benefits are provided under the Scheme. Employees have the option to sue.
Marine
Available Wordings:
Local, UK & U.S. Cargo forms closely follow the Institute of London Underwriters. Hull is written on Dutch policy wordings. War Risks rates follow the London scale.
Crime
Available Coverages:
Available - various local and foreign forms. Theft and Burglary are included under the Fire policy subject to a deductible
Types of Insurance Providers
Types of Insurance Providers
Insurance is provided to the public by three major sources: private commercial insurers; private noncommercial (nonprofit service organization) insurers; and the federal government, which is a special type of nonprofit provider. Private life and health insurers are in the business of making money and are therefore known as commercial insurers. Stock and mutual insurers are private insurers. Other types of insurers that fall into this category include reciprocals, fraternals, Lloyd's, and reinsurers. Private noncommercial service organizations, such as Blue Cross and Blue Shield, operate on a nonprofit basis, returning profits to their subscribers in the form of reduced premiums or expanded benefits.
A stock insurance company, like other stock companies, consists of stockholders who own shares in the company. The individual stockholders provide capital for the insurer. In return, they share in any profits and losses. Capital stock companies control roughly two-thirds of the premiums in the property- and liability insurance fields and nearly one-half of the premiums of all life insurance. If the company's board of directors declares a dividend, it is paid to the stockholders. Often a stock company may be referred to as a non-participating company because its policyholders do not participate in dividends.
Conversely, there are no stockholders in a mutual company. Company ownership rests with the policy owners. They vote for a board of directors that in turn elects or appoints the officers to operate the company. Funds that are not used for paying claims or for other operating costs are returned to the policy owners in the form of policy dividends. As such, mutual companies are sometimes referred to as participating companies because the policy owners participate in the dividends. In theory, policy owners should share in company losses as well as profits, but in actuality losses are generally realized simply in the discontinuation of dividends. Mutual companies write nearly one-third of the property and liability insurance in the U.S. and the other half of the life insurance business.
Reciprocal insurers are unincorporated groups of people providing insurance for one another through individual indemnity agreements. Each member individual is known as a subscriber. Every subscriber is allocated a separate account into which his or her premiums are paid and interest earned is tracked. If any subscriber suffers a loss provided for by the reciprocal insurance, each subscriber account would then be assessed an equal amount to pay the claim. Administration, underwriting, sales promotion, and claims handling for the reciprocal insurance are handled by an attorney-in-fact, who is in turn overseen by an advisory committee of subscribers.
Fraternal benefit societies are primarily life insurance carriers that exist as social organizations and usually engage in charitable and benevolent activities. Fraternals are distinguished by the fact that their membership is usually drawn from those who are also members of a lodge or fraternal organization. They operate under a special section of the state insurance code and receive a number of income tax advantages.
Lloyd's of London is not an actual insurance company; it can be more closely compared to a stock exchange. Just as an exchange provides facilities for its members but does not actually buy or sell securities itself, Lloyd's provides a meeting place and clerical services to its members who actually transact the business of insurance. Members – which may be individuals or corporations – are grouped into syndicates, but they remain individually liable and responsible for the insurance contracts that they enter into. Their individual fortunes and resources are pledged as the capital behind their assumption of risk. A syndicate is represented in a Lloyd's Organization by an underwriter. Lloyd's of London assures full and adequate performance by its members through a governing committee and rules of eligibility. Character, experience, business integrity, and amount of capital (funds held in trust at Lloyd's along with personal wealth) are among the factors that are considered for any new member.
Reinsurance is a type of insurance between insurers. It occurs when an insurer (the reinsurer) agrees to accept all or a portion of a risk covered by another insurer (known as the ceding company). In many cases, the original insured individual or entity has no knowledge of the transaction. In the event of loss, the insured has no claim against the reinsurer. The ceding company is responsible for the coverage it has written, but it will have a legitimate claim against the reinsurer for any portion of its own loss that is reinsured.
Companies often use reinsurance to reduce the risk of a catastrophic loss. Insurance against disastrous losses by earthquakes, floods, or aviation accidents might not be available if a single carrier had to assume all of the risk. Large life insurance cases are also often reinsured. For example, a $1 million life insurance policy on an insured may be shared through reinsurance with one or more additional insurers. Reinsurance makes it possible for a carrier to issue a policy and then share the risk with another insurer or group of insurers. Additionally, reinsurance also helps carriers avoid capacity problems. Insurers must keep unearned premium reserves and certain levels of surplus in relation to premiums that they've written. A shortage of capacity occurs when the ratio of premiums to surplus and reserves becomes unbalanced. By reinsuring a risk, many insurers are able to avoid – or greatly reduce – capacity shortages.
Service organizations are unique to the health insurance field, and are technically not insurers at all. They are operations that provide prepaid plans for hospital, medical, and surgical expenses. They don't pay cash benefits (except under certain limited conditions) to their plan subscribers (the insureds), but instead pay the medical services provider used by the subscriber to the extent the services are covered in the contract. The most well known insurers of this category are the various Blue Cross and Blue Shield companies. Blue Cross plans cover hospital expenses and Blue Shield plans pay for medical and surgical costs.
The "Blues, as they are known in the industry, are a cooperative group of separate insuring organizations loosely coordinated by a national association – the Blue Cross and Blue Shield Association – that sets standards and attempts to enforce them by the authorization or denial of use of the Blue Cross or Blue Shield designation. Originally, Blue Cross and Blue Shield were completely separate entities, but with the merger of the national associations in the early 1980s, many local Blue Cross and Blue Shield organizations followed suit, combining into one Blue Cross and Blue Shield association. BC/BS associations are, with very few exceptions, incorporated under special legislation in most states.
The United States Government provides life and health insurance through various sources. The federal government has offered a variety of military life insurance plans including United States Government Life Insurance (to veterans of World War I), National Service Life Insurance (in 1940) and Servicemen's Group Life Insurance. Other occupations are also eligible for federal government insurance provided through the Railroad Retirement Act, the Civil Service Retirement Act, and the Federal Employees' Compensation Act.
Because private insurance policies invariably exclude catastrophic risks, the federal government provides War Risk Insurance, Nuclear Energy Liability Insurance, National Flood Insurance, Federal Crop Insurance, and insurance on mortgage loans. Additionally, federal, state and local governments provide social insurance to a segment of the population that would otherwise be without disability income, retirement income, or medical care.
Social Security provides retirement benefits to covered workers when they reach the age of 65 (or earlier if elected by the individual). It also provides survivor benefits in the event of the death of a covered worker, as well as disability benefits if a covered worker becomes totally disabled. The Medicare program – also part of Social Security – provides medical expense benefits for covered workers beginning at age 65. Medicaid is primarily a state governmental program that provides health care benefits for the financially needy. It's financed by the individual states with some federal subsidies.
Insurance is provided to the public by three major sources: private commercial insurers; private noncommercial (nonprofit service organization) insurers; and the federal government, which is a special type of nonprofit provider. Private life and health insurers are in the business of making money and are therefore known as commercial insurers. Stock and mutual insurers are private insurers. Other types of insurers that fall into this category include reciprocals, fraternals, Lloyd's, and reinsurers. Private noncommercial service organizations, such as Blue Cross and Blue Shield, operate on a nonprofit basis, returning profits to their subscribers in the form of reduced premiums or expanded benefits.
A stock insurance company, like other stock companies, consists of stockholders who own shares in the company. The individual stockholders provide capital for the insurer. In return, they share in any profits and losses. Capital stock companies control roughly two-thirds of the premiums in the property- and liability insurance fields and nearly one-half of the premiums of all life insurance. If the company's board of directors declares a dividend, it is paid to the stockholders. Often a stock company may be referred to as a non-participating company because its policyholders do not participate in dividends.
Conversely, there are no stockholders in a mutual company. Company ownership rests with the policy owners. They vote for a board of directors that in turn elects or appoints the officers to operate the company. Funds that are not used for paying claims or for other operating costs are returned to the policy owners in the form of policy dividends. As such, mutual companies are sometimes referred to as participating companies because the policy owners participate in the dividends. In theory, policy owners should share in company losses as well as profits, but in actuality losses are generally realized simply in the discontinuation of dividends. Mutual companies write nearly one-third of the property and liability insurance in the U.S. and the other half of the life insurance business.
Reciprocal insurers are unincorporated groups of people providing insurance for one another through individual indemnity agreements. Each member individual is known as a subscriber. Every subscriber is allocated a separate account into which his or her premiums are paid and interest earned is tracked. If any subscriber suffers a loss provided for by the reciprocal insurance, each subscriber account would then be assessed an equal amount to pay the claim. Administration, underwriting, sales promotion, and claims handling for the reciprocal insurance are handled by an attorney-in-fact, who is in turn overseen by an advisory committee of subscribers.
Fraternal benefit societies are primarily life insurance carriers that exist as social organizations and usually engage in charitable and benevolent activities. Fraternals are distinguished by the fact that their membership is usually drawn from those who are also members of a lodge or fraternal organization. They operate under a special section of the state insurance code and receive a number of income tax advantages.
Lloyd's of London is not an actual insurance company; it can be more closely compared to a stock exchange. Just as an exchange provides facilities for its members but does not actually buy or sell securities itself, Lloyd's provides a meeting place and clerical services to its members who actually transact the business of insurance. Members – which may be individuals or corporations – are grouped into syndicates, but they remain individually liable and responsible for the insurance contracts that they enter into. Their individual fortunes and resources are pledged as the capital behind their assumption of risk. A syndicate is represented in a Lloyd's Organization by an underwriter. Lloyd's of London assures full and adequate performance by its members through a governing committee and rules of eligibility. Character, experience, business integrity, and amount of capital (funds held in trust at Lloyd's along with personal wealth) are among the factors that are considered for any new member.
Reinsurance is a type of insurance between insurers. It occurs when an insurer (the reinsurer) agrees to accept all or a portion of a risk covered by another insurer (known as the ceding company). In many cases, the original insured individual or entity has no knowledge of the transaction. In the event of loss, the insured has no claim against the reinsurer. The ceding company is responsible for the coverage it has written, but it will have a legitimate claim against the reinsurer for any portion of its own loss that is reinsured.
Companies often use reinsurance to reduce the risk of a catastrophic loss. Insurance against disastrous losses by earthquakes, floods, or aviation accidents might not be available if a single carrier had to assume all of the risk. Large life insurance cases are also often reinsured. For example, a $1 million life insurance policy on an insured may be shared through reinsurance with one or more additional insurers. Reinsurance makes it possible for a carrier to issue a policy and then share the risk with another insurer or group of insurers. Additionally, reinsurance also helps carriers avoid capacity problems. Insurers must keep unearned premium reserves and certain levels of surplus in relation to premiums that they've written. A shortage of capacity occurs when the ratio of premiums to surplus and reserves becomes unbalanced. By reinsuring a risk, many insurers are able to avoid – or greatly reduce – capacity shortages.
Service organizations are unique to the health insurance field, and are technically not insurers at all. They are operations that provide prepaid plans for hospital, medical, and surgical expenses. They don't pay cash benefits (except under certain limited conditions) to their plan subscribers (the insureds), but instead pay the medical services provider used by the subscriber to the extent the services are covered in the contract. The most well known insurers of this category are the various Blue Cross and Blue Shield companies. Blue Cross plans cover hospital expenses and Blue Shield plans pay for medical and surgical costs.
The "Blues, as they are known in the industry, are a cooperative group of separate insuring organizations loosely coordinated by a national association – the Blue Cross and Blue Shield Association – that sets standards and attempts to enforce them by the authorization or denial of use of the Blue Cross or Blue Shield designation. Originally, Blue Cross and Blue Shield were completely separate entities, but with the merger of the national associations in the early 1980s, many local Blue Cross and Blue Shield organizations followed suit, combining into one Blue Cross and Blue Shield association. BC/BS associations are, with very few exceptions, incorporated under special legislation in most states.
The United States Government provides life and health insurance through various sources. The federal government has offered a variety of military life insurance plans including United States Government Life Insurance (to veterans of World War I), National Service Life Insurance (in 1940) and Servicemen's Group Life Insurance. Other occupations are also eligible for federal government insurance provided through the Railroad Retirement Act, the Civil Service Retirement Act, and the Federal Employees' Compensation Act.
Because private insurance policies invariably exclude catastrophic risks, the federal government provides War Risk Insurance, Nuclear Energy Liability Insurance, National Flood Insurance, Federal Crop Insurance, and insurance on mortgage loans. Additionally, federal, state and local governments provide social insurance to a segment of the population that would otherwise be without disability income, retirement income, or medical care.
Social Security provides retirement benefits to covered workers when they reach the age of 65 (or earlier if elected by the individual). It also provides survivor benefits in the event of the death of a covered worker, as well as disability benefits if a covered worker becomes totally disabled. The Medicare program – also part of Social Security – provides medical expense benefits for covered workers beginning at age 65. Medicaid is primarily a state governmental program that provides health care benefits for the financially needy. It's financed by the individual states with some federal subsidies.
Insurance in Italy
All to often we speak with insurances consumers that don't fully understand the industry or the products that are available. Consumers understand deductibles and generally co insurance percentages if they have any and the rest is somewhat of a mystery.
To educate and give you non biased information on Life, Car, and Homeowners Insurance. Hopefully, we will shed some light on some questions you may have and give you information you didn't even know you needed.
It's very important to understand what you're buying or what kind of policy you already have. It's pretty regular to see people who couldn't even tell you what deductible they have on their current policy. A lot of consumers purchase an insurance policy and when it comes in the mail, it gets filed away and never even looked at.
It's very important you review all insurance policies for accuracy. Accuracy on your information you gave the agent and information you were given at the time of purchase. Make sure the policy is what you remember buying. We've heard of cases where the policy arrived totally different from what the individual thought they were buying. That's why it's good to check these things out.
We sincerely thank you for stopping by and hope you find information that will help you when you need it.
Home Insurance
Home insurance breaks down into two distinct types: buildings insurance and contents insurance. You can buy a single policy that covers you for both, but it’s best to treat them as two separate policies: the cheapest insurer on the house might not be the cheapest for the contents.
Car Insurance
Car Insurance is which protects the insured against losses involving the use of automobiles. Various coverages may be bought depending on the desires of the insured. Such coverages include the liability coverages of bodily injury, property damage, and medical payments, and the physical damage coverages of collision and comprehensive.
Life Insurance
Life insurance is bought by someone in order to protect his or her family in case of death. This may be mainly bought by people who are the sole breadwinners of the family: without that money in the event of that person's death, the family couldn't survive. However, not many people truly know how life insurance policies work. Many people don't believe they can afford any life insurance and a few see it as an unneeded cost.
Travel Insurance
Travel insurance covers a number of possible mishaps that can occur on the road. Peace of mind comes from knowing that if one experiences terrorism, a need for medical attention, emergency evacuation, or bankruptcy of a trip organizer, there will be recourse. Travel should be about wonder and delight, not anxiety and lost funds.
Health Insurance
It's a fact of life — you need health insurance — and the time to get it is before you have an accident, suffer a serious illness, or discover you're pregnant. Insurance doesn't cover health care for medical problems or conditions that start before the moment you have your policy. Finding adequate coverage may seem overwhelming, but knowing the basics can help make your search less stressful.
To educate and give you non biased information on Life, Car, and Homeowners Insurance. Hopefully, we will shed some light on some questions you may have and give you information you didn't even know you needed.
It's very important to understand what you're buying or what kind of policy you already have. It's pretty regular to see people who couldn't even tell you what deductible they have on their current policy. A lot of consumers purchase an insurance policy and when it comes in the mail, it gets filed away and never even looked at.
It's very important you review all insurance policies for accuracy. Accuracy on your information you gave the agent and information you were given at the time of purchase. Make sure the policy is what you remember buying. We've heard of cases where the policy arrived totally different from what the individual thought they were buying. That's why it's good to check these things out.
We sincerely thank you for stopping by and hope you find information that will help you when you need it.
Home Insurance
Home insurance breaks down into two distinct types: buildings insurance and contents insurance. You can buy a single policy that covers you for both, but it’s best to treat them as two separate policies: the cheapest insurer on the house might not be the cheapest for the contents.
Car Insurance
Car Insurance is which protects the insured against losses involving the use of automobiles. Various coverages may be bought depending on the desires of the insured. Such coverages include the liability coverages of bodily injury, property damage, and medical payments, and the physical damage coverages of collision and comprehensive.
Life Insurance
Life insurance is bought by someone in order to protect his or her family in case of death. This may be mainly bought by people who are the sole breadwinners of the family: without that money in the event of that person's death, the family couldn't survive. However, not many people truly know how life insurance policies work. Many people don't believe they can afford any life insurance and a few see it as an unneeded cost.
Travel Insurance
Travel insurance covers a number of possible mishaps that can occur on the road. Peace of mind comes from knowing that if one experiences terrorism, a need for medical attention, emergency evacuation, or bankruptcy of a trip organizer, there will be recourse. Travel should be about wonder and delight, not anxiety and lost funds.
Health Insurance
It's a fact of life — you need health insurance — and the time to get it is before you have an accident, suffer a serious illness, or discover you're pregnant. Insurance doesn't cover health care for medical problems or conditions that start before the moment you have your policy. Finding adequate coverage may seem overwhelming, but knowing the basics can help make your search less stressful.
Insurance in Japan
Home Insurance - Standard Policies
Property insurance protects you against loss or damage to personal property, which includes homes and home contents. Standard homeowner insurance policies provide coverage for liability claims, medical payments to third parties, legal costs, as well as for damage to your home or contents caused by theft, fire, storms, smoke, frozen pipes, and ice or snow. Standard policies are typically about ¥20,000 – ¥40,000 for two years.
Earthquake Coverage
Since Japan is one of the most earthquake-prone countries, earthquake coverage is not included in standard insurance policies and must be obtained separately. Unless you add earthquake coverage to your policy, any loss or damage due to earthquake, or fire as a result of earthquake, will not be covered. Typical policies for earthquake coverage are usually about ¥10,000 – ¥20,000 for two years.
As a tenant – by law you are liable for all damages to your rented home or apartment caused by accidental explosion or fire, (originating from your apartment or home).
Car Insurance Tokyo
Automobile Liability Insurance
(Jibaiseki Hoken) – a compulsory type of auto insurance that protects against claims for legal liability arising out of auto accidents, including death or injury. This type of policy provides legal defense and pays sums necessary to settle claims against the insured person. This kind of standard compulsory insurance is paid together with a “Mandatory Inspection Fee”, (Shakken), when you first buy a car and every two years thereafter. This type of insurance is typically about ¥20,000 – ¥40,000 for two years. Note: When buying a new car the insurance and “Mandatory Inspection Fee” are covered for the first 3 years and is then renewed every two years thereafter.
Voluntary Automobile Insurance
(Ninni Hoken) – is an optional insurance policy that includes medical coverage, (for injury caused by accident), and collision protection, (which covers necessary repairs).
In addition, this type of insurance covers a person’s car against theft or any type of non-accidental damage such as windshield cracks caused by rocks. This type of coverage is more expensive and is usually about ¥100,000 – ¥200,000 for per year.
Health Insurance
Japan’s health insurance system is designed to make sure that everyone can afford medical treatment in the event of sickness or injury. There are basically two types of compulsory medical securities in Japan. Everyone living in Japan must subscribe to the “Social Insurance System”, (provided for full-time workers in companies), or the “National Health Insurance System”, (standard insurance system in Japan).
Additionally, many expats in Japan will purchase (or will be provided with by their company) private medical insurance. Some medical service providers (particularly English speaking services designed for the expat community) are not covered under the Japanese medical insurance system. These providers are usually very expensive so if you anticipate using their services it is advisable to have private medical insurance.
Social Insurance System
This is a compulsory health insurance plan provided for full-time workers in companies. You and your employer will share the cost of insurance premiums and your payment will be automatically deducted from your monthly salary. At the time of payment, at the hospital or clinic, you will have to pay about 20% of the total cost. This is separate to private medical insurance.
National Health Insurance
The objective of National Health Insurance is to use the funds obtained from premium payments to reduce the medical bills associated with visits to doctors. Anyone who does not have Social Insurance provided by their company and has had a valid visa in Japan for a period greater than one year must obtain National Health Insurance.
National Health Insurance covers 70% of medical costs, while the patient pays the remaining 30%. Your insurance premium is based on your year’s income, so make sure to file your residents tax declaration even if you do not have any income to declare.
Health Insurance Certificate
Soon after you register for Health Insurance you will be issued a Health Insurance Certificate, which you will need as proof of coverage. You should carry this certificate with you, (especially when you travel in Japan), for you will need to present your Health Insurance Certificate when you require medical attention. Your Health Insurance Certificate should never be lent to others
What is Covered and not Covered
•Normal pregnancies and childbirth; physical examinations; vaccinations; work-related injuries and illnesses covered by worker’s compensation are not covered.
•If you become suddenly ill while traveling without your health insurance certificate you must pay 100% of your bill.
•You may apply for a 70% reimbursement by presenting the receipt, certificates of medical remuneration, your insurance certificate, the savings passbook of the head of household, and your personal seal at the National Health Insurance Section at City Hall, or at your nearest municipal government office.
•Medical expenses exceeding a specified amount for one month are not covered, but you may be reimbursed for the
excess amount.
•If the insured gives birth, she shall receive an allowance of ¥300,000.
•If the insured dies, his or her survivors shall receive ¥40,000 for funeral expenses.
•For more information or to apply for Health Insurance contact the National Health Insurance Section (usually on the first floor), at your local City Ha
Property insurance protects you against loss or damage to personal property, which includes homes and home contents. Standard homeowner insurance policies provide coverage for liability claims, medical payments to third parties, legal costs, as well as for damage to your home or contents caused by theft, fire, storms, smoke, frozen pipes, and ice or snow. Standard policies are typically about ¥20,000 – ¥40,000 for two years.
Earthquake Coverage
Since Japan is one of the most earthquake-prone countries, earthquake coverage is not included in standard insurance policies and must be obtained separately. Unless you add earthquake coverage to your policy, any loss or damage due to earthquake, or fire as a result of earthquake, will not be covered. Typical policies for earthquake coverage are usually about ¥10,000 – ¥20,000 for two years.
As a tenant – by law you are liable for all damages to your rented home or apartment caused by accidental explosion or fire, (originating from your apartment or home).
Car Insurance Tokyo
Automobile Liability Insurance
(Jibaiseki Hoken) – a compulsory type of auto insurance that protects against claims for legal liability arising out of auto accidents, including death or injury. This type of policy provides legal defense and pays sums necessary to settle claims against the insured person. This kind of standard compulsory insurance is paid together with a “Mandatory Inspection Fee”, (Shakken), when you first buy a car and every two years thereafter. This type of insurance is typically about ¥20,000 – ¥40,000 for two years. Note: When buying a new car the insurance and “Mandatory Inspection Fee” are covered for the first 3 years and is then renewed every two years thereafter.
Voluntary Automobile Insurance
(Ninni Hoken) – is an optional insurance policy that includes medical coverage, (for injury caused by accident), and collision protection, (which covers necessary repairs).
In addition, this type of insurance covers a person’s car against theft or any type of non-accidental damage such as windshield cracks caused by rocks. This type of coverage is more expensive and is usually about ¥100,000 – ¥200,000 for per year.
Health Insurance
Japan’s health insurance system is designed to make sure that everyone can afford medical treatment in the event of sickness or injury. There are basically two types of compulsory medical securities in Japan. Everyone living in Japan must subscribe to the “Social Insurance System”, (provided for full-time workers in companies), or the “National Health Insurance System”, (standard insurance system in Japan).
Additionally, many expats in Japan will purchase (or will be provided with by their company) private medical insurance. Some medical service providers (particularly English speaking services designed for the expat community) are not covered under the Japanese medical insurance system. These providers are usually very expensive so if you anticipate using their services it is advisable to have private medical insurance.
Social Insurance System
This is a compulsory health insurance plan provided for full-time workers in companies. You and your employer will share the cost of insurance premiums and your payment will be automatically deducted from your monthly salary. At the time of payment, at the hospital or clinic, you will have to pay about 20% of the total cost. This is separate to private medical insurance.
National Health Insurance
The objective of National Health Insurance is to use the funds obtained from premium payments to reduce the medical bills associated with visits to doctors. Anyone who does not have Social Insurance provided by their company and has had a valid visa in Japan for a period greater than one year must obtain National Health Insurance.
National Health Insurance covers 70% of medical costs, while the patient pays the remaining 30%. Your insurance premium is based on your year’s income, so make sure to file your residents tax declaration even if you do not have any income to declare.
Health Insurance Certificate
Soon after you register for Health Insurance you will be issued a Health Insurance Certificate, which you will need as proof of coverage. You should carry this certificate with you, (especially when you travel in Japan), for you will need to present your Health Insurance Certificate when you require medical attention. Your Health Insurance Certificate should never be lent to others
What is Covered and not Covered
•Normal pregnancies and childbirth; physical examinations; vaccinations; work-related injuries and illnesses covered by worker’s compensation are not covered.
•If you become suddenly ill while traveling without your health insurance certificate you must pay 100% of your bill.
•You may apply for a 70% reimbursement by presenting the receipt, certificates of medical remuneration, your insurance certificate, the savings passbook of the head of household, and your personal seal at the National Health Insurance Section at City Hall, or at your nearest municipal government office.
•Medical expenses exceeding a specified amount for one month are not covered, but you may be reimbursed for the
excess amount.
•If the insured gives birth, she shall receive an allowance of ¥300,000.
•If the insured dies, his or her survivors shall receive ¥40,000 for funeral expenses.
•For more information or to apply for Health Insurance contact the National Health Insurance Section (usually on the first floor), at your local City Ha
Insurance in Germany
Life Insurance Companies In Germany
Leading Life Insurance Companies in Germany are as follows:
Allianz Leben Insurance
Aachenmunchener Leb Insurance
DT. Herold Leben Insurance
Victoria Leben Insurance
Debeka Leben Insurance
AXA Leben Insurance
Non-Life Insurance Companies In Germany
Leading Non-Life Insurance Companies in Germany are as follows:
Allianz Vers. Insurance
AXA Vers. Insurance
R+V Allgemeine Vers. Insurance
Zurich Vers. AG
Victoria Vers. Insurance
Wurtt. Vers Insurance
LVM Sach Insurance
Health insurance in Germany
Statutory health insurance (Krankenversicherung) safeguards you and your family in case of illness:
• It pays for necessary medical treatment. The only exceptions are benefits you claim after an occupational accident or because of an occupational illness. In these cases you are covered by statutory accident insurance.
• It pays sickness benefit if your employer does not continue to pay your wage or salary while you are unable to work.
Until the end of 1995, which health insurance scheme you were in depended on your profession or who you worked for. As of 1 January 1996, anyone in a local, company, guild or other statutory health insurance fund is free to choose which fund they wish to be insured with (company and guild funds can only be chosen if they have changed their statutes to accept outsiders). Special conditions apply for entry into certain statutory health insurance funds like the Miners Social Security Fund (Knappschaft) or the Maritime Health Insurance Fund (See-Krankenkasse). It often pays to compare their rates.
German insurances
There are many different types of insurance on offer in Germany, which range in importance. Some, such as health insurance, will usually be arranged through your employer.
Health Insurance
Private and Public Health Insurance
See main article: Health insurance
European Health Insurance Card
The European Health Insurance Card (EHIC) is the replacement of the E111 form and offers European Union citizens emergency treatment in other EU countries. You must apply for the card from your home country, and should carry it with you when you travel abroad. The EHIC is only valid for medical treatment that becomes necessary during short trips abroad from your home country. It is not valid for extended stays in a foreign country. If you have public or private health insurance in Germany, your regular health insurance card usually doubles as your EHIC card, although with private insurance, cover in Europe outside Germany depends on your tariff. Contact your health-care provider in the event of any doubt.
See also: Information from the British Department of Health
Dental Insurance
Employers sometimes offer dental insurance as part of the company benefits package. Employees must pay part of the dental bill but the amount might be reduced (sometimes by up to 80%) if you can produce proof of 10 years of continuous visits to the dentist! Note the word "continuous". Skip a year and you might lose out on the reduction. The insurance companies can be really quite picky.
See the related chat forum discussion: Dental insurance and the 10 year rule.
Personal Liability Insurance
In German this is called "Privathaftpflichtversicherung". It is insurance in case you (for example) hit someone whilst riding your bike or knock someone down the stairs. Having such insurance is not a legal requirement in Germany but most Germans do have it and it is strongly recommended for expats as well, especially as it can cost as little as €40 per annum.
See the related chat forum discussion: Personal Liability Insurance.
Legal Insurance
Legal insurance will cover your legal fees in many situations, regardless of whether you are a defendant or a plaintiff in a case. Legal situations that such insurance would normally cover the costs for include disputes between landlords and tenants, problems with companies that fail to deliver an expected service, and in the event of an accident in which you or the second party incurred costs.
See the chat forum discussion: Legal Insurance - is it worth the money?
Household Insurance
Insurance against fire, flood etc is normally the responsibility of the owner of the property, not the renter. This form of household insurance is called Hausratversicherung and you should generally insure for a value of €650 per square metre. This insurance will not cover you for any damage you cause to your neighbours' property, so homeowners should have Liability Insurance (Haftpflichtversicherung, see above) as well as Hausratversicherung. Expect to pay €150-200 per annum for both. Renters can take out Contents Insurance to cover their belongings in the event of fire, theft etc.
See the related chat forum discussion: Homeowner's insurance, Recommended agents and companies
Life Insurance
As in any other country, life insurance is particularly important if you have a family. There are two common types - risk life insurance (Risikolebensversicherung) and capital life insurance (Kapitallebensversicherung). The former is a simple insurance against the risk, the latter combines this with a capital savings plan, which is paid out to the policy holder at a given date, typically the statutory retirement age.
See search results for "Life Insurance".
Travel Insurance
Your health insurance provider will usually cover you for any medical treatment that you may require while abroad, but you should always confirm this with your provider before travelling, especially if you are travelling to North America, where different arrangements often apply. Insurance coverage for delayed flights, lost baggage, theft etc will need to be taken out separately.
See the chat forum discussion: travel insurance recommendations
Car Insurance
Car insurance usually insures the car rather than the owner, which means that anyone with a valid drivers license can legally drive the car, providing they meet any other relevant criteria, such as age. As is the case anywhere else, prices will vary substantially depending on the type of car, the age of the driver and the place of residence, among other considerations.
See chat forum search results for "car insurance".
Bicycle Insurance
Bicycles are normally covered by a household insurance (see above), but there may be certain exclusions or a surcharge for particularly expensive bikes. See the related chat forum discussion: Bicycle insurance against theft, etc., General advice and recommended providers
Pet Insurance
It is also possible to purchase insurance for your pet, to cover medical bills and the like. See the related chat forum discussion: Health insurance for pets.
Insurance Obligations for Freelancers
Freelancers are not obliged to pay any kind of insurance - not even health insurance. Freelancers must pay income, solidarity, and value added taxes, but not insurances. Of course, most freelancers do have health insurance cover, as well as other insurances. Depending on the nature of the freelance work, legal insurance may be particularly worthwhile.
German terms relating to "Insurance"
•Krankenversicherung - Health Insurance
•Pflegeversicherung - Nursing Insurance (usually bundled with heath insurance)
•Rentenversicherung - Retirement Insurance/Scheme, see: Pensions in Germany
•Arbeitslosenversicherung - Unemployment Insurance
•Privathaftpflichtversicherung - Personal Liability Insurance
•Rechtschutzversicherung - Legal Insurance
•Vorversicherungsnachweis - a certificate showing that you're insured
•Krankenkasse - a health insurance company
•Gesetzliche Krankenversicherung - legally-required public health insurance
Insurance Companies
There are lots of insurance companies. The largest companies include:
•AOK - Allgemeine Orts Krankenkasse
•ADAC - Automobile Deutschland, they offer insurance too
•ERV - same as reiseversicherung.de
•SDK - SD Krankenkasse
•Huk Coburg - frequently good value
Advertised insurance agents
Toytown Germany has agreements with three insurance agents in Germany. All of them are able to offer advice on a wide number of different types of insurance from a wide number of different insurance companies. They speak good English and are familiar with the problems often encountered by foreigners in Germany.
•Derek Loehr at Optimum Capital - free advice on all insurances, investments and pension plans
•Martin Brown at First Financial Direct
•Mike Woodiwiss at Spectrum International
•Patrick Ott at C R & Cie Insurance and Finance
•Holger Kretzschmar at Kretzschmar Insurance
Leading Life Insurance Companies in Germany are as follows:
Allianz Leben Insurance
Aachenmunchener Leb Insurance
DT. Herold Leben Insurance
Victoria Leben Insurance
Debeka Leben Insurance
AXA Leben Insurance
Non-Life Insurance Companies In Germany
Leading Non-Life Insurance Companies in Germany are as follows:
Allianz Vers. Insurance
AXA Vers. Insurance
R+V Allgemeine Vers. Insurance
Zurich Vers. AG
Victoria Vers. Insurance
Wurtt. Vers Insurance
LVM Sach Insurance
Health insurance in Germany
Statutory health insurance (Krankenversicherung) safeguards you and your family in case of illness:
• It pays for necessary medical treatment. The only exceptions are benefits you claim after an occupational accident or because of an occupational illness. In these cases you are covered by statutory accident insurance.
• It pays sickness benefit if your employer does not continue to pay your wage or salary while you are unable to work.
Until the end of 1995, which health insurance scheme you were in depended on your profession or who you worked for. As of 1 January 1996, anyone in a local, company, guild or other statutory health insurance fund is free to choose which fund they wish to be insured with (company and guild funds can only be chosen if they have changed their statutes to accept outsiders). Special conditions apply for entry into certain statutory health insurance funds like the Miners Social Security Fund (Knappschaft) or the Maritime Health Insurance Fund (See-Krankenkasse). It often pays to compare their rates.
German insurances
There are many different types of insurance on offer in Germany, which range in importance. Some, such as health insurance, will usually be arranged through your employer.
Health Insurance
Private and Public Health Insurance
See main article: Health insurance
European Health Insurance Card
The European Health Insurance Card (EHIC) is the replacement of the E111 form and offers European Union citizens emergency treatment in other EU countries. You must apply for the card from your home country, and should carry it with you when you travel abroad. The EHIC is only valid for medical treatment that becomes necessary during short trips abroad from your home country. It is not valid for extended stays in a foreign country. If you have public or private health insurance in Germany, your regular health insurance card usually doubles as your EHIC card, although with private insurance, cover in Europe outside Germany depends on your tariff. Contact your health-care provider in the event of any doubt.
See also: Information from the British Department of Health
Dental Insurance
Employers sometimes offer dental insurance as part of the company benefits package. Employees must pay part of the dental bill but the amount might be reduced (sometimes by up to 80%) if you can produce proof of 10 years of continuous visits to the dentist! Note the word "continuous". Skip a year and you might lose out on the reduction. The insurance companies can be really quite picky.
See the related chat forum discussion: Dental insurance and the 10 year rule.
Personal Liability Insurance
In German this is called "Privathaftpflichtversicherung". It is insurance in case you (for example) hit someone whilst riding your bike or knock someone down the stairs. Having such insurance is not a legal requirement in Germany but most Germans do have it and it is strongly recommended for expats as well, especially as it can cost as little as €40 per annum.
See the related chat forum discussion: Personal Liability Insurance.
Legal Insurance
Legal insurance will cover your legal fees in many situations, regardless of whether you are a defendant or a plaintiff in a case. Legal situations that such insurance would normally cover the costs for include disputes between landlords and tenants, problems with companies that fail to deliver an expected service, and in the event of an accident in which you or the second party incurred costs.
See the chat forum discussion: Legal Insurance - is it worth the money?
Household Insurance
Insurance against fire, flood etc is normally the responsibility of the owner of the property, not the renter. This form of household insurance is called Hausratversicherung and you should generally insure for a value of €650 per square metre. This insurance will not cover you for any damage you cause to your neighbours' property, so homeowners should have Liability Insurance (Haftpflichtversicherung, see above) as well as Hausratversicherung. Expect to pay €150-200 per annum for both. Renters can take out Contents Insurance to cover their belongings in the event of fire, theft etc.
See the related chat forum discussion: Homeowner's insurance, Recommended agents and companies
Life Insurance
As in any other country, life insurance is particularly important if you have a family. There are two common types - risk life insurance (Risikolebensversicherung) and capital life insurance (Kapitallebensversicherung). The former is a simple insurance against the risk, the latter combines this with a capital savings plan, which is paid out to the policy holder at a given date, typically the statutory retirement age.
See search results for "Life Insurance".
Travel Insurance
Your health insurance provider will usually cover you for any medical treatment that you may require while abroad, but you should always confirm this with your provider before travelling, especially if you are travelling to North America, where different arrangements often apply. Insurance coverage for delayed flights, lost baggage, theft etc will need to be taken out separately.
See the chat forum discussion: travel insurance recommendations
Car Insurance
Car insurance usually insures the car rather than the owner, which means that anyone with a valid drivers license can legally drive the car, providing they meet any other relevant criteria, such as age. As is the case anywhere else, prices will vary substantially depending on the type of car, the age of the driver and the place of residence, among other considerations.
See chat forum search results for "car insurance".
Bicycle Insurance
Bicycles are normally covered by a household insurance (see above), but there may be certain exclusions or a surcharge for particularly expensive bikes. See the related chat forum discussion: Bicycle insurance against theft, etc., General advice and recommended providers
Pet Insurance
It is also possible to purchase insurance for your pet, to cover medical bills and the like. See the related chat forum discussion: Health insurance for pets.
Insurance Obligations for Freelancers
Freelancers are not obliged to pay any kind of insurance - not even health insurance. Freelancers must pay income, solidarity, and value added taxes, but not insurances. Of course, most freelancers do have health insurance cover, as well as other insurances. Depending on the nature of the freelance work, legal insurance may be particularly worthwhile.
German terms relating to "Insurance"
•Krankenversicherung - Health Insurance
•Pflegeversicherung - Nursing Insurance (usually bundled with heath insurance)
•Rentenversicherung - Retirement Insurance/Scheme, see: Pensions in Germany
•Arbeitslosenversicherung - Unemployment Insurance
•Privathaftpflichtversicherung - Personal Liability Insurance
•Rechtschutzversicherung - Legal Insurance
•Vorversicherungsnachweis - a certificate showing that you're insured
•Krankenkasse - a health insurance company
•Gesetzliche Krankenversicherung - legally-required public health insurance
Insurance Companies
There are lots of insurance companies. The largest companies include:
•AOK - Allgemeine Orts Krankenkasse
•ADAC - Automobile Deutschland, they offer insurance too
•ERV - same as reiseversicherung.de
•SDK - SD Krankenkasse
•Huk Coburg - frequently good value
Advertised insurance agents
Toytown Germany has agreements with three insurance agents in Germany. All of them are able to offer advice on a wide number of different types of insurance from a wide number of different insurance companies. They speak good English and are familiar with the problems often encountered by foreigners in Germany.
•Derek Loehr at Optimum Capital - free advice on all insurances, investments and pension plans
•Martin Brown at First Financial Direct
•Mike Woodiwiss at Spectrum International
•Patrick Ott at C R & Cie Insurance and Finance
•Holger Kretzschmar at Kretzschmar Insurance
Thursday, June 24, 2010
An Introduction to Insurance in France
There are many types of insurance in France, some of which may be familiar but others not.
* Civil liability insurance: called responsabilité civile propriétaire it is a third party compulsory insurance that covers any accidental damage you, as a private person, cause to others or their property. Most often this is included in a home insurance policy but do check.
* House Insurance: for information on how to insure your house in France if it is your main place of residence see House Insurance in France
* Holiday Home: for information on ensuring your covered for long abscences and letting out see French holiday home insurance
* Car insurance: whether you own a car in France or bring your car over, what you need to know can be found in French car insurance
* School insurance: this is compulsory for children going to a French school. See School Insurance in France
* Private health insurance: it is now a must for many new arrivals to France. To find out if you need it see French Healthcare changes.
We also have information on private health insurance in France
* Life Insurance: if you want to take out a policy, make sure you are asking for the right one - French life insurance
* Credit Card insurance: It is advisable to insure your carte bleue – because not only will you have to pay for the replacement card if it is stolen, French banks DO NOT replace money stolen from your account by thieves, identity scams or any other criminal activity unless the card is insured.
You can insure your card at the bank where it is issued.
When something goes wrong:
With all policies, you must report a theft to the police within 24 hours of it occuring.
The police will give you a form called a déclaration de vol – which will detail what you have lost.
You must contact your insurer within two working days and send them the receipt of the police déclaration by registered post (recommandé) that will give you a receipt of delivery (avis de réception). It is also best to telephone the insurere direct and inform them of what has occurred.
Once you have drawn up a lost of stolen goods send it, again by registered post, to the insurer.
In the case of a credit card you must also report a theft to the bank.
Cancelling your insurance
The process of cancelling a policy in France is very formal. You cannot let it lapse or cancel at the last minute with a phone call. Instead you must send your insurance company a formal letter informing them that you are cancelling your policy. This must be done at least two months before the renewal date and you need to send the letter by registered post (recommandé). If you do not do this you are legally compelled to pay for the following year.
* Civil liability insurance: called responsabilité civile propriétaire it is a third party compulsory insurance that covers any accidental damage you, as a private person, cause to others or their property. Most often this is included in a home insurance policy but do check.
* House Insurance: for information on how to insure your house in France if it is your main place of residence see House Insurance in France
* Holiday Home: for information on ensuring your covered for long abscences and letting out see French holiday home insurance
* Car insurance: whether you own a car in France or bring your car over, what you need to know can be found in French car insurance
* School insurance: this is compulsory for children going to a French school. See School Insurance in France
* Private health insurance: it is now a must for many new arrivals to France. To find out if you need it see French Healthcare changes.
We also have information on private health insurance in France
* Life Insurance: if you want to take out a policy, make sure you are asking for the right one - French life insurance
* Credit Card insurance: It is advisable to insure your carte bleue – because not only will you have to pay for the replacement card if it is stolen, French banks DO NOT replace money stolen from your account by thieves, identity scams or any other criminal activity unless the card is insured.
You can insure your card at the bank where it is issued.
When something goes wrong:
With all policies, you must report a theft to the police within 24 hours of it occuring.
The police will give you a form called a déclaration de vol – which will detail what you have lost.
You must contact your insurer within two working days and send them the receipt of the police déclaration by registered post (recommandé) that will give you a receipt of delivery (avis de réception). It is also best to telephone the insurere direct and inform them of what has occurred.
Once you have drawn up a lost of stolen goods send it, again by registered post, to the insurer.
In the case of a credit card you must also report a theft to the bank.
Cancelling your insurance
The process of cancelling a policy in France is very formal. You cannot let it lapse or cancel at the last minute with a phone call. Instead you must send your insurance company a formal letter informing them that you are cancelling your policy. This must be done at least two months before the renewal date and you need to send the letter by registered post (recommandé). If you do not do this you are legally compelled to pay for the following year.
Types of Insurance in US
Insurance is something that almost all of us will need sometime, and it is worth understanding it before buying it.
Various types of insurance include vehicle insurance, which includes auto, motorcycle, and boat insurance, health insurance, life insurance, home insurance, travel insurance, personal property insurance, keyman insurance, dental insurance, rental insurance, and more.
Often, insurance is required - especially in the cases of motor insurance. Other times, it is a safeguard.
Insurance is a form of risk-management which spreads risk of many people in exchange for small payments from each. Specifically, insurance transfers some type of risk (accident, theft, natural disaster, illness, etc) from one person or group to a more financially-sound entity in exchange for a payment (also known as an insurance premium). Premiums are often annual or monthly, but depending on the type of insurance they can be at other intervals.
For example, a consumer can pay a certain amount to an insurer such as Motley Fool each year to insure that person's car. This sum represents the insurance company's assessment of the likelihood that the car will be damaged or wrecked. These data are normally taken from historical figures relating to the age, sex, profession, driving record, and accident history of the insured, as well as statistics concerning make and model of the car and its accident record, as well as the engine size, number of passengers, and even color of the vehicle.
Statistically, if the make and model of the vehicle in question, and/or its driver have been in numerous accidents, the insurance company will charge a higher premium in order to hedge expected losses. As the risk increases, so too do the premiums. In fact, sometimes, insurance companies will not even insure certain people and/or vehicles as the chance of them having to make a payout (in the event of an accident) will be almost guaranteed.
Types of Insurance
1.Motor insurance
This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized transportation. It is perhaps the most common type of insurance, and is required by law in many countries.
Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third party’s in the event of an accident. In return for annual or semi-annual premiums, the insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage.
Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or property damage that may occur as a result of the insured’s actions, and medical coverage pays any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and funeral costs.
In many countries, all of these types of automovile insurance are required of vehicle owners. In some countries, or states, only third party is required. However, in the case of new vehicles, any banks which may be financing the vehicle may require full insurance as a condition of financing.
2.Health insurance
Most developed nations have government-funded health care which means that most or all citizens have access to medical facilities and treatment, as well as health insurance.
For example, the National health Service (NHS) in the United Kingdom pays for citizens’ medical needs. However, in the US, there is no government-funded health policy - whether for insurance or treatment. As a result, US citizens and residents must be insured or risk facing astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both health and dental) is included in employee benefit packages in the US and other countries. Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most controversial and heated topics, as many cannot afford either. If you live in a country without comprehensive national health care, then low cost health insurance is a vital requirement.
3.Disability insurance
This form of insurance protects workers from injuries and illnesses which prevent them from doing their jobs. It can pay for existing commitments the policyholders may have such as outstanding bills, mortgages, utilities, and more.
Workers’ compensation is common in the US, and pays a worker his wages and medical expenses in the event of an injury on the job.
Permanent disability which prevents a worker from ever working again is covered by total permanent disability insurance. This provides the disabled employee with benefits for the rest of his or her life, or according to the terms specified in the policy. Companies can purchase a similar type of insurance, called, disability overhead insurance. This pays for ongoing overhead costs of a business while the owners are not able to work.
4.Property insurance
This type of insurance typically covers things like homes, machinery, crops, valuable goods, shipped cargo, rented property (homes or apartments), and more.
It can cover damages as a result of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism, fraud, and more.
5.Liability insurance
This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification.
There are various types of liability insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance .
Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents, notaries, and others), and other acts of unintentional workplace negligence.
6.Credit insurance
This is taken by lenders who need coverage against the people that have credit with them (borrow money). In the event of their inability to pay it back (usually due to unemployment, disability, or death), this insurance protects the lender.
There are many other kinds of insuance, and even each of the major categories mentioned above has dozens of variations and types. They differ depending on the markets, the understanding of risk and availability of historical data, government regulation and law, cultural perceptions and expectations, and more.
7.Travel insurance
Travel insurance covers financial losses caused by trips abroad. Depending on the policy in question, in may cover lost luggage, theft of personal possessions, medical costs and delayed flights.
The internet has become an extremely popular means to find cheap holiday insurance.
If you have a larger vehicle, take a look at Autonet Van Insurance
Various types of insurance include vehicle insurance, which includes auto, motorcycle, and boat insurance, health insurance, life insurance, home insurance, travel insurance, personal property insurance, keyman insurance, dental insurance, rental insurance, and more.
Often, insurance is required - especially in the cases of motor insurance. Other times, it is a safeguard.
Insurance is a form of risk-management which spreads risk of many people in exchange for small payments from each. Specifically, insurance transfers some type of risk (accident, theft, natural disaster, illness, etc) from one person or group to a more financially-sound entity in exchange for a payment (also known as an insurance premium). Premiums are often annual or monthly, but depending on the type of insurance they can be at other intervals.
For example, a consumer can pay a certain amount to an insurer such as Motley Fool each year to insure that person's car. This sum represents the insurance company's assessment of the likelihood that the car will be damaged or wrecked. These data are normally taken from historical figures relating to the age, sex, profession, driving record, and accident history of the insured, as well as statistics concerning make and model of the car and its accident record, as well as the engine size, number of passengers, and even color of the vehicle.
Statistically, if the make and model of the vehicle in question, and/or its driver have been in numerous accidents, the insurance company will charge a higher premium in order to hedge expected losses. As the risk increases, so too do the premiums. In fact, sometimes, insurance companies will not even insure certain people and/or vehicles as the chance of them having to make a payout (in the event of an accident) will be almost guaranteed.
Types of Insurance
1.Motor insurance
This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized transportation. It is perhaps the most common type of insurance, and is required by law in many countries.
Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third party’s in the event of an accident. In return for annual or semi-annual premiums, the insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage.
Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or property damage that may occur as a result of the insured’s actions, and medical coverage pays any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and funeral costs.
In many countries, all of these types of automovile insurance are required of vehicle owners. In some countries, or states, only third party is required. However, in the case of new vehicles, any banks which may be financing the vehicle may require full insurance as a condition of financing.
2.Health insurance
Most developed nations have government-funded health care which means that most or all citizens have access to medical facilities and treatment, as well as health insurance.
For example, the National health Service (NHS) in the United Kingdom pays for citizens’ medical needs. However, in the US, there is no government-funded health policy - whether for insurance or treatment. As a result, US citizens and residents must be insured or risk facing astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both health and dental) is included in employee benefit packages in the US and other countries. Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most controversial and heated topics, as many cannot afford either. If you live in a country without comprehensive national health care, then low cost health insurance is a vital requirement.
3.Disability insurance
This form of insurance protects workers from injuries and illnesses which prevent them from doing their jobs. It can pay for existing commitments the policyholders may have such as outstanding bills, mortgages, utilities, and more.
Workers’ compensation is common in the US, and pays a worker his wages and medical expenses in the event of an injury on the job.
Permanent disability which prevents a worker from ever working again is covered by total permanent disability insurance. This provides the disabled employee with benefits for the rest of his or her life, or according to the terms specified in the policy. Companies can purchase a similar type of insurance, called, disability overhead insurance. This pays for ongoing overhead costs of a business while the owners are not able to work.
4.Property insurance
This type of insurance typically covers things like homes, machinery, crops, valuable goods, shipped cargo, rented property (homes or apartments), and more.
It can cover damages as a result of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism, fraud, and more.
5.Liability insurance
This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification.
There are various types of liability insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance .
Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents, notaries, and others), and other acts of unintentional workplace negligence.
6.Credit insurance
This is taken by lenders who need coverage against the people that have credit with them (borrow money). In the event of their inability to pay it back (usually due to unemployment, disability, or death), this insurance protects the lender.
There are many other kinds of insuance, and even each of the major categories mentioned above has dozens of variations and types. They differ depending on the markets, the understanding of risk and availability of historical data, government regulation and law, cultural perceptions and expectations, and more.
7.Travel insurance
Travel insurance covers financial losses caused by trips abroad. Depending on the policy in question, in may cover lost luggage, theft of personal possessions, medical costs and delayed flights.
The internet has become an extremely popular means to find cheap holiday insurance.
If you have a larger vehicle, take a look at Autonet Van Insurance
Monday, June 21, 2010
Types of Insurance in INDIA
(A) LIFE INSURANCE :
Term Life Insurance
Permanent Life Insurance
(B) GENERAL INSURANCE
Fire Insurance
Marine Insurance
Accident Insurance
(A)Life Insurance
Life Insurance is a contract providing for payment of a sum of money to the person assured or, following him to the person entitled to receive the same, on the happening of a certain event. It is a good method to protect your family financially, in case of death, by providing funds for the loss of income.
A1. TERM LIFE INSURANCE : Under a Term Life contract, the insurance company pays a specific lump sum to the designated beneficiary in case of the death of the insured. These policies are usually for 5, 10, 15, 20 or 30 years.
Term life insurance are the most popular in advance countries but were not so popular in India. However, after the entry of the private operators and aggressive marketing by few players this kind of policies are becoming popular. The premium on such type of policies is comparatively quite low when compared with other types of life insurance policies, mainly due to the fact that these policies do not carry cash value.
PLUS OF TERM LIFE INSURANCE MINUSES OF TERM LIFE INSURANCE
- The premium payable on these policies is low as they do not carry any cash value.
- One can afford for quite high value insurance policies - If one survives the period of the policy, he / she does not get any money at the end of the policy.
The premium on such policies keeps on increasing with age mainly because the risk of death of older people is more. Over the page of 60, these policies become difficult to afford.
A2. PERMANENT LIFE INSURANCE :
In a Permanent Life contract, a portion of the money paid as premiums is invested in a fund that earns interest on a tax-deferred basis. Thus, over a period of time, this policy will accumulate certain "cash value" which you will be able to get back either during the period of the policy or at the end of the policy.
Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for support. Your life insurance premium is based on the type of insurance you buy, the amount you buy and your chance of death while the policy is in effect. This type of policy not only provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death, but it also allows you to use some part of the money while you are alive or at the end of the policy. Some examples of such policies are :- Whole Life, Universal Life and Variable-Universal Life.
A2. PERMANENT LIFE INSURANCE :
In a Permanent Life contract, a portion of the money paid as premiums is invested in a fund that earns interest on a tax-deferred basis. Thus, over a period of time, this policy will accumulate certain "cash value" which you will be able to get back either during the period of the policy or at the end of the policy.
Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for support. Your life insurance premium is based on the type of insurance you buy, the amount you buy and your chance of death while the policy is in effect. This type of policy not only provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death, but it also allows you to use some part of the money while you are alive or at the end of the policy. Some examples of such policies are :- Whole Life, Universal Life and Variable-Universal Life.
ENDOWMENT POLICIES
These policies provide for period payment of premiums and a lump sum amount either in the event of death of the insured or on the date of expiry of the policy, whichever occurs earlier.
MONEY BACK POLICIES
These policies provide for periodic payments of partial survival benefits during the term of the policy itself. A unique feature associated with this type of policies is that in the event of death of the insured during the policy term, the designated beneficiary will get the full sum assured without deducting any of the survival benefit amounts, which have already been paid as money-back components. Moreover, the bonus on such policies is also calculated on the full sum assured.
ANNUITY / PENSION POLICIES / FUNDS
This policies / funds require the insured to pay the premium as a single lump sum or through installments paid over a certain number of years. The insured in return will receive back a specific sum periodically from a specified date onwards (the returns can can be monthly, half yearly or annually), either for life or for a fixed number of years. In case of the death of the insured, or after the fixed annuity period expires for annuity payments, the invested annuity fund is refunded, usually with some additional amounts as per the terms of the policy.
Annuities / Pension funds are different from from all other forms of life insurance as an annuity policy / fund does not provide any life insurance cover but merely offers a guaranteed income either for life or a certain period. Therefore, this type of insurance is taken so as to get income after the retirement.
Term Life Insurance
Permanent Life Insurance
(B) GENERAL INSURANCE
Fire Insurance
Marine Insurance
Accident Insurance
(A)Life Insurance
Life Insurance is a contract providing for payment of a sum of money to the person assured or, following him to the person entitled to receive the same, on the happening of a certain event. It is a good method to protect your family financially, in case of death, by providing funds for the loss of income.
A1. TERM LIFE INSURANCE : Under a Term Life contract, the insurance company pays a specific lump sum to the designated beneficiary in case of the death of the insured. These policies are usually for 5, 10, 15, 20 or 30 years.
Term life insurance are the most popular in advance countries but were not so popular in India. However, after the entry of the private operators and aggressive marketing by few players this kind of policies are becoming popular. The premium on such type of policies is comparatively quite low when compared with other types of life insurance policies, mainly due to the fact that these policies do not carry cash value.
PLUS OF TERM LIFE INSURANCE MINUSES OF TERM LIFE INSURANCE
- The premium payable on these policies is low as they do not carry any cash value.
- One can afford for quite high value insurance policies - If one survives the period of the policy, he / she does not get any money at the end of the policy.
The premium on such policies keeps on increasing with age mainly because the risk of death of older people is more. Over the page of 60, these policies become difficult to afford.
A2. PERMANENT LIFE INSURANCE :
In a Permanent Life contract, a portion of the money paid as premiums is invested in a fund that earns interest on a tax-deferred basis. Thus, over a period of time, this policy will accumulate certain "cash value" which you will be able to get back either during the period of the policy or at the end of the policy.
Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for support. Your life insurance premium is based on the type of insurance you buy, the amount you buy and your chance of death while the policy is in effect. This type of policy not only provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death, but it also allows you to use some part of the money while you are alive or at the end of the policy. Some examples of such policies are :- Whole Life, Universal Life and Variable-Universal Life.
A2. PERMANENT LIFE INSURANCE :
In a Permanent Life contract, a portion of the money paid as premiums is invested in a fund that earns interest on a tax-deferred basis. Thus, over a period of time, this policy will accumulate certain "cash value" which you will be able to get back either during the period of the policy or at the end of the policy.
Your need for life insurance can change over a lifetime. At any age, you should consider your individual circumstances and the standard of living you wish to maintain for your dependents. In most cases, you need life insurance only if someone depends on you for support. Your life insurance premium is based on the type of insurance you buy, the amount you buy and your chance of death while the policy is in effect. This type of policy not only provides protection for your dependents by paying a death benefit to your designated beneficiary upon your death, but it also allows you to use some part of the money while you are alive or at the end of the policy. Some examples of such policies are :- Whole Life, Universal Life and Variable-Universal Life.
ENDOWMENT POLICIES
These policies provide for period payment of premiums and a lump sum amount either in the event of death of the insured or on the date of expiry of the policy, whichever occurs earlier.
MONEY BACK POLICIES
These policies provide for periodic payments of partial survival benefits during the term of the policy itself. A unique feature associated with this type of policies is that in the event of death of the insured during the policy term, the designated beneficiary will get the full sum assured without deducting any of the survival benefit amounts, which have already been paid as money-back components. Moreover, the bonus on such policies is also calculated on the full sum assured.
ANNUITY / PENSION POLICIES / FUNDS
This policies / funds require the insured to pay the premium as a single lump sum or through installments paid over a certain number of years. The insured in return will receive back a specific sum periodically from a specified date onwards (the returns can can be monthly, half yearly or annually), either for life or for a fixed number of years. In case of the death of the insured, or after the fixed annuity period expires for annuity payments, the invested annuity fund is refunded, usually with some additional amounts as per the terms of the policy.
Annuities / Pension funds are different from from all other forms of life insurance as an annuity policy / fund does not provide any life insurance cover but merely offers a guaranteed income either for life or a certain period. Therefore, this type of insurance is taken so as to get income after the retirement.
Wednesday, June 16, 2010
International Medical and Health Insurance
International Medical Insurance, International Health Insurance
International health insurance provides worldwide coverage for individuals and families living abroad, 24 hours a day and beyond geographical boundaries. In most cases, protection is available without any additional underwriting and provides an accidental death and dismemberment benefit.
International Health Insurance: A Mandatory Requirement
Being a global citizen can be exciting; but while living abroad or maintaining residences in various countries, health care should not be one of the concerns. Traditional home country private health insurance will not meet one's needs beyond geographical frontiers. However, international medical insurance is specifically designed to meet this particular requirement. Such insurance protects individuals and families from extravagant medical expenses. International health insurance is also handy if one loses one's luggage or requires emergency evacuation.
International Health Insurance: Options
A global person has a variety of international medical insurance options and s/he can choose one appropriate to his/her needs. For example, a U.S. citizen living abroad can choose medical coverage worldwide or worldwide excluding the U.S. and Canada. S/he may also wish to share some risk, in which case the cost of insurance is lowered. There are plans for international senior citizens as well.
International Health Insurance: Applicable Exclusions
There are, however, some international health insurance providers that exclude the following treatments/circumstances from coverage:
•Charges that were not incurred during certificate period
•Self inflicted harm
•Weight modification
•Substance abuse
•HIV+ at effective date.
•Sexual dysfunction
•Speech or sleep therapy
•Acupuncture
International medical insurance from a quality service provider gives you access to the latest health benefits as well as peace of mind while abroad.
International health insurance provides worldwide coverage for individuals and families living abroad, 24 hours a day and beyond geographical boundaries. In most cases, protection is available without any additional underwriting and provides an accidental death and dismemberment benefit.
International Health Insurance: A Mandatory Requirement
Being a global citizen can be exciting; but while living abroad or maintaining residences in various countries, health care should not be one of the concerns. Traditional home country private health insurance will not meet one's needs beyond geographical frontiers. However, international medical insurance is specifically designed to meet this particular requirement. Such insurance protects individuals and families from extravagant medical expenses. International health insurance is also handy if one loses one's luggage or requires emergency evacuation.
International Health Insurance: Options
A global person has a variety of international medical insurance options and s/he can choose one appropriate to his/her needs. For example, a U.S. citizen living abroad can choose medical coverage worldwide or worldwide excluding the U.S. and Canada. S/he may also wish to share some risk, in which case the cost of insurance is lowered. There are plans for international senior citizens as well.
International Health Insurance: Applicable Exclusions
There are, however, some international health insurance providers that exclude the following treatments/circumstances from coverage:
•Charges that were not incurred during certificate period
•Self inflicted harm
•Weight modification
•Substance abuse
•HIV+ at effective date.
•Sexual dysfunction
•Speech or sleep therapy
•Acupuncture
International medical insurance from a quality service provider gives you access to the latest health benefits as well as peace of mind while abroad.
World Life and Nonlife Insurance Premium
| Year | Non-Life (1) | Life | Total |
| 1995 | 906,781 | 1,236,627 | 2,143,408 |
| 1996 | 909,100 | 1,196,736 | 2,105,838 |
| 1997 | 896,873 | 1,231,798 | 2,128,671 |
| 1998 | 891,352 | 1,275,053 | 2,166,405 |
| 1999 | 912,749 | 1,424,203 | 2,336,952 |
| 2000 | 926,503 | 1,518,401 | 2,444,904 |
| 2001 | 969,945 | 1,445,776 | 2,415,720 |
| 2002 | 1,098,412 | 1,534,061 | 2,632,473 |
| 2003 | 1,275,616 | 1,682,743 | 2,958,359 |
| 2004 | 1,395,218 | 1,848,688 | 3,243,906 |
Non-Life (1) includes accident and Health Insurance.
Understanding a World Life Insurance PremiumWhen looking at insurance, two primary options exist – life and non-life. In this article, we wanted to help you understand a world life insurance premium, specifically the factors involved that determine how much you pay. However, we also want to address the basics of a non-life insurance premium. Unfortunately, too many people pay the life or nonlife insurance premium because that is what they are to pay but in truth, they have no idea the determining factors, or things they could do to save money.
By understanding what underwriters consider when setting a world life insurance premium, you could make appropriate adjustments to bring the premium down. While you would have the chance to make changes for some factors, of course, some of the factors would be out of your control. However, by becoming educated on a life premium, as well as a non life insurance premium, you have more control as to what comes out of your pocket.
The following are the main factors that determine a world life insurance premium so you can make adjustments in lifestyle wherever possible. Insurance companies look at the level of risk and the more potential for risk the higher the premium you would pay. Keep in mind that differences exist between factors that determine a life and non life insurance premium so these are strictly for a world life insurance premium only.
• Obesity – When a person carries around excessive weight, risk for all types of health problems increase. For instance, when a person is overweight and especially obese, risk is high for diabetes, heart disease, high blood pressure, and some kinds of cancer. If you need to drop weight so you could take out a policy and afford a world life insurance premium, it would be to your benefit to eat healthier, get involved with physical activity, and see your doctor if the weight is related to something else.
• Smoking – Another factor, which can affect both a life and non life insurance premium, is smoking. For the world life insurance premium, even someone who smokes two cigarettes a day would pay much higher and in some cases, not qualify. For the non life insurance policy, smoking can cause health insurance and even car insurance to be more expensive.
• Alcohol Consumption - Now, most insurance companies do not worry about a glass of wine or an occasional cocktail but if a problem of heavy alcohol consumption exists or if you have been drinking over a long period, you would likely be approved for the policy but the premium would be increased.
• Health Problems – In most cases, anytime you have a pre-existing health condition, securing life insurance is tough. However, even when you are approved, the world life insurance premium would be extremely high. Obviously, it would be impossible to wipe out a prior health problem but in this case, the best thing you can do is be honest when trying to get coverage. In fact, for health insurance coverage, you need to be honest about any health issue so you would be offered the best coverage and best life and non life insurance premium available.
Top Ten World Insurance Companies by Revenue
Since the recent financial meltdown which began in September 2008, a reshuffling of the market value of the world's largest insurance companies has occured. Here is a list of the top ten insurance companies:
| Rank | Company | Market Value | Country |
| 1 | American Intl Group | $172.24 | United States |
| 2 | AXA Group | $66.12 | France |
| 3 | Allianz Worldwide | $65.55 | Germany |
| 4 | Manulife Financial | $50.52 | Japan |
| 5 | Generali Group | $45.45 | Italy |
| 6 | Prudential Financial | $39.70 | United States |
| 7 | MetLife | $37.94 | United States |
| 8 | Aviva | $33.10 | United Kingdom |
| 9 | Munich Re Group | $30.99 | Germany |
| 10 | Aegon | $26.40 | Netherland |
(1) Based on an analysis of companies in the Forbes Global 2000.
(2) Based on market value in billions. Rankings based on sales, profits, or assets will be different.
The market value of these companies has been in flux due to recent financial crisis and the changes that has brought to capital movements and the changes in risk profiles. Fluctuations in the area of financial services is likely to affect insurance companies considerably. Stock market uncertainty will probably curb expansion of the life insurance market, while the rate demands limit the growth of non-life insurance markets. The report discusses trends, challenges and possible growth areas on a global basis.
Among the top ten insurance companies in the United States are All State Insurance Company, State Farm Insurance Company, Prudential Insurance Company, Travelers Insurance Company, Fidelity Insurance Company, Metlife Insurance Company, Farmers Insurance Company, AIG Insurance Company, MassMutual Insurance Company, and The Hartford Insurance Company. These companies are providers of a wide range of coverage such as property, life, casualty, and health or any combination thereof. The companies are rated based on their financial strengths. These ratings are useful in helping consumers make informed decisions as well.
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