Insurance companies
Insurance companies may be classified into two groups:
* Life insurance companies, which sell life insurance, annuities and pensions products.
* Non-life, general, or property/casualty insurance companies, which sell other types of insurance.
General insurance companies can be further divided into these sub categories.
Standard lines
Excess lines
In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.
In the United States, standard line insurance companies are "mainstream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.
Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century.
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Thursday, December 16, 2010
Travel Insurance
Travel Insurance
Travel Insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies. Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
The most common risks that are covered by travel insurance are:
Medical expenses
Emergency evacuation/repatriation
Return of a minor child
Repatriation of remains
Trip cancellation/interruption
Accidental death, injury or disablement benefit
Overseas funeral expenses
Curtailment
Delayed departure
Loss, theft or damage to personal possessions and money (including travel documents)
Delayed baggage (and emergency replacement of essential items)
Legal assistance
Personal liability and rental car damage excess
Travel Insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies. Travel insurance often offers coverage for a variety of travelers. Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel are all various options that can be insured.
The most common risks that are covered by travel insurance are:
Medical expenses
Emergency evacuation/repatriation
Return of a minor child
Repatriation of remains
Trip cancellation/interruption
Accidental death, injury or disablement benefit
Overseas funeral expenses
Curtailment
Delayed departure
Loss, theft or damage to personal possessions and money (including travel documents)
Delayed baggage (and emergency replacement of essential items)
Legal assistance
Personal liability and rental car damage excess
Title insurance
Title insurance
Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the U.S. land records laws. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] The vast majority of title insurance policies are written on land within the U.S.
Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash (without a lender) often want title insurance as well.
Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, Korea and throughout Europe.
Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the U.S. land records laws. It is meant to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.[1] The vast majority of title insurance policies are written on land within the U.S.
Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease or life estate. Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in the collateral of loans secured by real estate. Some mortgage lenders, especially non-institutional lenders, may not require title insurance. Buyers purchasing properties for cash (without a lender) often want title insurance as well.
Title insurance is available in many other countries, such as Canada, Australia, the United Kingdom, Mexico, New Zealand, Japan, China, Korea and throughout Europe.
Livestock (also cattle) refers to one or more domesticated animals raised in an agricultural setting to produce commodities such as food, fiber and labor. The term "livestock" as used in this article does not include poultry or farmed fish; however the inclusion of these, especially poultry, within the meaning of "livestock" is common.
Livestock generally are raised for subsistence or for profit. Raising animals (animal husbandry) is an important component of modern agriculture. It has been practised in many cultures since the transition to farming from hunter-gather lifestyles.
Locked Funds Insurance
Locked Funds Insurance
Locked Funds Insurance is a little known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorised parties. In special cases, a government may authorise its use in protecting semi-private funds which are liable to tamper. Terms of this type of insurance are usually very strict. As such it is only used in extreme cases where maximum security of funds is required.
Locked Funds Insurance policies are not exactly insurance policies in the real sense. They possess characteristics similar to both ordinary types of insurance covers and International protectorate documents therefore they are more correctly known as hybrid policies.
They exist in 4 main classes: Class A, B, C and D (in decreasing order of strictness of terms). Additionally, these could either be "Interferral" or "Non-Interferral". The Interferral category allows its terms to be modified by special authority of the issuing government while the terms of the Non-Interferral category can only be modified by clauses present within the policy itself.
Locked Funds Insurance policies provide the highest level of security for funds and are rarely used because of the amount of protocol involved in its issue. Any amount of money protected by this type of cover is virtually impossible to tamper with, except the terms with which the insurance was drawn permits for such.
Locked Funds Insurance is a little known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorised parties. In special cases, a government may authorise its use in protecting semi-private funds which are liable to tamper. Terms of this type of insurance are usually very strict. As such it is only used in extreme cases where maximum security of funds is required.
Locked Funds Insurance policies are not exactly insurance policies in the real sense. They possess characteristics similar to both ordinary types of insurance covers and International protectorate documents therefore they are more correctly known as hybrid policies.
They exist in 4 main classes: Class A, B, C and D (in decreasing order of strictness of terms). Additionally, these could either be "Interferral" or "Non-Interferral". The Interferral category allows its terms to be modified by special authority of the issuing government while the terms of the Non-Interferral category can only be modified by clauses present within the policy itself.
Locked Funds Insurance policies provide the highest level of security for funds and are rarely used because of the amount of protocol involved in its issue. Any amount of money protected by this type of cover is virtually impossible to tamper with, except the terms with which the insurance was drawn permits for such.
Legal expenses insurance
Legal expenses insurance
Legal expenses insurance, also known as ‘LEI’ or ‘legal protection insurance’, is a type of insurance which covers policyholders against the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as ‘the event'. There are two main types of legal expenses insurance, "before the event insurance" and "after the event insurance".
Before the event insurance
Before the event insurance, also known as ‘BTE insurance’, is taken out by those wishing to protect themselves against the potential litigation costs, which could be incurred following a future event. These costs often include solicitors’ fees, barristers, expert witnesses, court fees and any legal costs awarded to the other side[1]. Before the event insurance is generally paid on an annual basis to an insurance company. It is often sold as part of a household or car insurance package. It is also sometimes offered as a benefit to members of a trade union or association.
[edit]After the event insurance
After the event insurance, also known as ‘ATE insurance’, is taken out after an event, such as an accident which has caused an injury, to insure the policyholder for disbursements, as well as any costs should they lose their case[2]. After the event insurance is usually used by people who do not have before the event insurance. If the claimant loses their case, then the insurance company will pay their opponent's legal costs and expenses. Solicitors who take on, for example, personal injury cases on a 'no win no fee' basis, may require their clients to take out after the event insurance so that costs will be covered if the case is lost. This insurance is often offered by solicitors and claims management companies.
Legal expenses insurance, also known as ‘LEI’ or ‘legal protection insurance’, is a type of insurance which covers policyholders against the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as ‘the event'. There are two main types of legal expenses insurance, "before the event insurance" and "after the event insurance".
Before the event insurance
Before the event insurance, also known as ‘BTE insurance’, is taken out by those wishing to protect themselves against the potential litigation costs, which could be incurred following a future event. These costs often include solicitors’ fees, barristers, expert witnesses, court fees and any legal costs awarded to the other side[1]. Before the event insurance is generally paid on an annual basis to an insurance company. It is often sold as part of a household or car insurance package. It is also sometimes offered as a benefit to members of a trade union or association.
[edit]After the event insurance
After the event insurance, also known as ‘ATE insurance’, is taken out after an event, such as an accident which has caused an injury, to insure the policyholder for disbursements, as well as any costs should they lose their case[2]. After the event insurance is usually used by people who do not have before the event insurance. If the claimant loses their case, then the insurance company will pay their opponent's legal costs and expenses. Solicitors who take on, for example, personal injury cases on a 'no win no fee' basis, may require their clients to take out after the event insurance so that costs will be covered if the case is lost. This insurance is often offered by solicitors and claims management companies.
Kidnap and ransom insurance
Kidnap and ransom K&R insurance
Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world, such as Mexico, Venezuela, Haiti, and Nigeria [1], certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. K&R insurance policies typically cover the perils of kidnap, extortion, wrongful detention and hijacking[2].
K&R policies are indemnity policies - they reimburse a loss incurred by the insured. The policies do not pay ransoms on the behalf of the insured. The insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy[3]. Losses typically reimbursed by K&R polices are ransom payments, loss-of-ransom-in-transit and additional expenses, such as medical expenses[4].
The policies also typically indemnify personal accident losses caused by a kidnap. These include death, dismemberment, and permanent total disablement of a kidnapped person.[4] They also typically pay for the fees and expenses of crisis management consultants[5]. These consultants provide advice to the insured on how to best respond to the incident.
The policies may be written to cover families and corporations. Some policies include kidnap prevention training[6].
Criminal gangs are believed to make $500 million a year from kidnap and ransom payments
Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world, such as Mexico, Venezuela, Haiti, and Nigeria [1], certain other countries in Latin America, as well as some parts of the Russian Federation and Eastern Europe. K&R insurance policies typically cover the perils of kidnap, extortion, wrongful detention and hijacking[2].
K&R policies are indemnity policies - they reimburse a loss incurred by the insured. The policies do not pay ransoms on the behalf of the insured. The insured must first pay the ransom, thus incurring the loss, and then seek reimbursement under the policy[3]. Losses typically reimbursed by K&R polices are ransom payments, loss-of-ransom-in-transit and additional expenses, such as medical expenses[4].
The policies also typically indemnify personal accident losses caused by a kidnap. These include death, dismemberment, and permanent total disablement of a kidnapped person.[4] They also typically pay for the fees and expenses of crisis management consultants[5]. These consultants provide advice to the insured on how to best respond to the incident.
The policies may be written to cover families and corporations. Some policies include kidnap prevention training[6].
Criminal gangs are believed to make $500 million a year from kidnap and ransom payments
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