Insurance Information - Insurance Owl
What is insurance?
A promise of compensation for specific potential future losses in exchange for a periodic payment
The world of insurance can sometime be confusing, what is the best insurance? How to claim for cover?
But more importantly how do you choose the best insurance.
Insurance owl answers some of those questions for you.
Everything you've ever wanted to know about Insurance.
And much more...
We also have the lattest insurance news from around the world as well as some great articles on insurance.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss.
Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. In practice, however, the business of providing insurance protection often ends up in litigation between the parties involved, while the responsibilities of regulating insurance markets routinely winds up as a political football for government agencies.
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Council of Insurance Agents & Brokers Benefits Survey Shows Health Savings Accounts with HDHPs Gaining Traction in Marketplace
2005 - 11 - 28
After initial skepticism from employers, the concept of Health Savings Accounts (HSAs) coupled with High Deductible Health Plans (HDHPs) is beginning to gain traction in the marketplace, according to the latest Employee Benefits Market Survey released today by The Council of Insurance Agents & Brokers.
The Council represents the leading domestic and international commercial insurance brokers who annually write 80 percent of the commercial property/casualty premiums and administer billions of dollars in employee benefits accounts.
The fall 2005 survey showed a definite uptick, compared with spring 2005, in the number of commercial clients who are viewing HDHPs and HSAs as a health benefits option to be offered in the workplace. In the spring, 40 percent of survey respondents said only a handful of their customers - 1-10 percent - were inquiring about the HDHP/HSA approach. This fall, those reporting minimal interest from their clients had dropped to 22 percent, while almost one-third of the respondents said more than half of their customers were interested in HDHPs and HSAs.
In addition, 71 percent of the respondents reported actually selling an HDHP-HSA plan for 2006 compared with 65 percent who reported selling a plan in the spring survey.
According to the fall survey, about two-thirds of employers who offer an HDHP-HSA plan do so as an option, rather than a replacement for an existing plan. Asked how much the typical employer is contributing to the employee's Health Savings Account, 29 percent of the survey respondents said their clients were offering between $500 and $749 a year. But 23 percent of the respondents reported that their employer clients were not making any contribution whatsoever.
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First ever broad based life insurance for HIV+ individuals to revolutionise industry
2005 - 11 - 28
In a first for South Africa, and possibly worldwide, people living with HIV can now easily access life insurance cover. Following two years of exhaustive research and development, South African insurance product designer and administrator, AllLife, has launched the first ever affordable broad based life insurance offering for people living with HIV in this country.
Ross Beerman, AllLife’s Managing Director says: "In a country which constitutionalises equality, HIV+ individuals have been routinely discriminated against by the insurance industry. Insurance policy applications by people living with HIV or those found to be HIV+ on application are consistently declined as a matter of course. The harsh reality is that as an individual living with HIV it is extremely difficult to obtain life insurance, be it standard life insurance (where the cause of death is not necessarily HIV); life insurance required for obtaining a home loan; or even to make financial provision for dependents via insurance cover."
A key component of AllLife’s innovative model is the direct offering to consumers. Products include Term life insurance (duration of cover varies, with premiums remaining fixed for the duration of the policy - Level cover for ten years and twenty years is available); Whole Life “standard” life insurance, similar to life insurance policies available to non-HIV+ indiviudals that provides level cover for as long as premiums are paid, and is available on a fixed monthly premium or increasing monthly premium basis. This product is a pure risk life insurance policy and not a funeral policy; and Home Loan Protection insurance providing cover for the amount outstanding on the individual’s home loan. Central to the calculation of premiums is the prospective policy holder’s health profile and commitment to adherence to appropriate therapy. Cover is extended up to R1 million.
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Businessman jailed over insurance fraud
2005 - 11 - 28
A Longford businessman was tonight sentenced to two years in jail for staging a road accident between a truck and a car.
Aloysius Manning, (aged 57), from Newtown Forbes, was found guilty by a jury last month of conspiracy to defraud the Guardian PMPA company (now AXA) after he took part in the incident at Anaduff, Drumsna, Co Leitrim, in April 1994.
Judge Joseph Matthews imposed the two-year jail sentence despite a plea from Manning’s wife of 35 years that such a decision would leave their family penniless and homeless.
He said that despite the testimony from Manning’s very loving and supportive wife and nine other character witnesses, he could not ignore the fact that the crime involved conspiracy with others in the preparation of a criminal offence.
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Disclaimer
Please note that this website is for information only. Whilst every care has been taken to provide accurate information the complex nature of insurance, cover and compensation mean that you are responsible for the final decision on what action should be taken.
You need to take special care to ensure that the advice given applies to you country, state or jurisdiction.
