Travel Insurance In a word, yes. Much like any type of insurance, travel insurance can seem like a useless expense - until you need it. I was never pro-travel insurance, until I was robbed in Lima and wasn’t reimbursed for personal property or flights or passport reissue or anything else for that matter. Travel insurance is very important, whether it be medical, trip cancellation or property reimbursement. American medical plans often cover overseas travel, but won’t pay right away. The insured is responsible for initial payment, and the insurance company then reimburses the person. If you’re Donald Trump and can afford loads of out of pocket expenses, then maybe you don’t have to worry about travel insurance. But most of us do. BootsnAll offers a whole host of travel insurance packages to fit your specific need.
For information on specific types of insurance or policy information, visit the travel insurance portion of the insurancelist.us directory.
Thursday, February 8, 2007
Wednesday, November 15, 2006
Guide to Life Insurance Terms
Guide to Life Insurance Terms
more info
Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you.
Accelerated Benefit Provision
A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness or permanently confined to a nursing home.
Accidental Death Benefit
A provision added to a policy that provides an additional benefit if the insured dies from accidental causes.
Certificate
A document provided to a person insured under a group insurance policy that provides evidence that the coverage exists.
Convertible Term Insurance
These policies allow conversion, without further medical evidence, to a different type of policy from an insurance company's range.
Decreasing Term Insurance
The sum assured decreases each year throughout the term of the policy.
Dependent protection
Where the protection is required on a permanent basis rather than just for a specified term.
Evidence of Insurability
Medical and other information about a person applying for insurance that the life insurance company keeps confidential, but uses to decide whether the policy can be issued and what premiums will be charged.
Face Amount
The amount to be paid to the beneficiary when the insured dies.
Free Look
The right of the policy holder to have a period of ten or more days to examine an insurance policy, and if not satisfied, return it to the company for a full refund of all amounts paid.
Grace Period
A period of time after the premium due date when an overdue premium may be paid without penalty. The policy remains in force throughout the period.
Guaranteed Insurability
An option that permits the policyholder to buy additional stated amounts of life insurance at certain times in the future, without having to provide new evidence of insurability.
Illustration
A document used in life insurance sales presentations showing year-by-year numbers indicating how a policy will work.
Increasing Term Insurance
Under this option, the benefit payable on death increases and is particularly useful to avoid the sum assured being eroded by inflation.
Insured
The person whose life is covered by a life insurance policy.
Lapse
The discontinuation of insurance without cash value when the required premium is not paid.
Level Term Life Insurance
In this form a policy will pay out a fixed sum on death during the term.
Loan Value
The amount which can be borrowed by the policy holder from the company using the value of the policy as collateral.
Mode of Premium Payment
The frequency of premium payments during the policy year. Premium payments can usually be made on annual, quarterly, or monthly basis.
Mortality Table
A statistical table showing the death rate for each age.
Nonforfeiture Options
A provision in the policy that allows the policy holder to choose how the cash value of the policy will be used if the policy is surrendered or lapses due to non-payment of premium.
Ownership
All rights, benefits, and privileges under a policy controlled by the insured.
Paid-Up Insurance
A life insurance policy where all premiums have already been paid, with no further premium payment due.
Policy
The printed document issued to the policy holder by the company stating the terms of the insurance contract.
Policy Year
A one-year period starting on the day and the month the policy was issued. The first policy year starts on the date of issue, and ends on the day before the policy's first anniversary date.
Premium
The payment a policy holder is required to make to an insurance company to purchase insurance coverage and to keep the policy in force.
Rated Policy
A policy issued with an additional premium to cover the extra risk involved if an insured has impaired health, a hazardous occupation or hobby.
Reinstatement
The restoring of a lapsed or surrendered policy to full force and effect.
Renewable Increasable Convertible Term Insurance
This contract combines the options of increasing the sum assured, converting the policy and renewing the contract.
Reviewable Term
Level term assurance with an option to renew the contract at the end of the term, without the need for further medical evidence.
Rider
A provision added to a policy that provides additional benefits.
Settlement Option
The manner in which the insured or beneficiary may choose to have the policy proceeds paid.
Suicide Clause
A policy provision which reduces or eliminates the amount to be paid if the insured dies from suicide.
Surrender
To voluntarily terminate or cancel a policy for its cash value.
Term Life Insurance
This type of policy runs for a specified time period.
Underwriting
The process of evaluating applicants for insurance and classifying them fairly, so the appropriate premium rate may be charged
Waiver of Premium
A provision added to a policy that will waive the premium payments required by an insured during the total disability of the insured.
more info
Listed below is a useful guide to life insurance terms. It is a list of definitions of life insurance terms that may or may not be familiar to you.
Accelerated Benefit Provision
A provision in many new policies which will allow the policy owner to receive a portion of the death benefit early if the insured person is diagnosed with a terminal illness or permanently confined to a nursing home.
Accidental Death Benefit
A provision added to a policy that provides an additional benefit if the insured dies from accidental causes.
Certificate
A document provided to a person insured under a group insurance policy that provides evidence that the coverage exists.
Convertible Term Insurance
These policies allow conversion, without further medical evidence, to a different type of policy from an insurance company's range.
Decreasing Term Insurance
The sum assured decreases each year throughout the term of the policy.
Dependent protection
Where the protection is required on a permanent basis rather than just for a specified term.
Evidence of Insurability
Medical and other information about a person applying for insurance that the life insurance company keeps confidential, but uses to decide whether the policy can be issued and what premiums will be charged.
Face Amount
The amount to be paid to the beneficiary when the insured dies.
Free Look
The right of the policy holder to have a period of ten or more days to examine an insurance policy, and if not satisfied, return it to the company for a full refund of all amounts paid.
Grace Period
A period of time after the premium due date when an overdue premium may be paid without penalty. The policy remains in force throughout the period.
Guaranteed Insurability
An option that permits the policyholder to buy additional stated amounts of life insurance at certain times in the future, without having to provide new evidence of insurability.
Illustration
A document used in life insurance sales presentations showing year-by-year numbers indicating how a policy will work.
Increasing Term Insurance
Under this option, the benefit payable on death increases and is particularly useful to avoid the sum assured being eroded by inflation.
Insured
The person whose life is covered by a life insurance policy.
Lapse
The discontinuation of insurance without cash value when the required premium is not paid.
Level Term Life Insurance
In this form a policy will pay out a fixed sum on death during the term.
Loan Value
The amount which can be borrowed by the policy holder from the company using the value of the policy as collateral.
Mode of Premium Payment
The frequency of premium payments during the policy year. Premium payments can usually be made on annual, quarterly, or monthly basis.
Mortality Table
A statistical table showing the death rate for each age.
Nonforfeiture Options
A provision in the policy that allows the policy holder to choose how the cash value of the policy will be used if the policy is surrendered or lapses due to non-payment of premium.
Ownership
All rights, benefits, and privileges under a policy controlled by the insured.
Paid-Up Insurance
A life insurance policy where all premiums have already been paid, with no further premium payment due.
Policy
The printed document issued to the policy holder by the company stating the terms of the insurance contract.
Policy Year
A one-year period starting on the day and the month the policy was issued. The first policy year starts on the date of issue, and ends on the day before the policy's first anniversary date.
Premium
The payment a policy holder is required to make to an insurance company to purchase insurance coverage and to keep the policy in force.
Rated Policy
A policy issued with an additional premium to cover the extra risk involved if an insured has impaired health, a hazardous occupation or hobby.
Reinstatement
The restoring of a lapsed or surrendered policy to full force and effect.
Renewable Increasable Convertible Term Insurance
This contract combines the options of increasing the sum assured, converting the policy and renewing the contract.
Reviewable Term
Level term assurance with an option to renew the contract at the end of the term, without the need for further medical evidence.
Rider
A provision added to a policy that provides additional benefits.
Settlement Option
The manner in which the insured or beneficiary may choose to have the policy proceeds paid.
Suicide Clause
A policy provision which reduces or eliminates the amount to be paid if the insured dies from suicide.
Surrender
To voluntarily terminate or cancel a policy for its cash value.
Term Life Insurance
This type of policy runs for a specified time period.
Underwriting
The process of evaluating applicants for insurance and classifying them fairly, so the appropriate premium rate may be charged
Waiver of Premium
A provision added to a policy that will waive the premium payments required by an insured during the total disability of the insured.
nobody should have higher deductibles than their coverage
nobody should have higher deductibles than their coverage.....
OR should they .. well take a minute with the guerilla arist team and you`ll know too
or more info
What is a deductible? A deductible is the amount you pay before your insurance carrier pays any claim. Insurance companies offer deductibles on certain coverage in insurance policies as a method of sharing risk with the people they insure. Insurers believe that if you, the insured, share some of the risk you will likely be more careful and try to minimize the possibility of a claim. Since you, the insured, pay your share before the company is liable for their share, smaller potential claims are often avoided.
What is the right deductible to carry? It depends not only on the particular coverage but further on your willingness and ability to pay the specified amount in the event of a claim. In other words, select a deductible based on your tolerance for risk. Your agent should be able to help you choose a deductible that is right for you. Often, the decision is an easy one as insurers may only offer a few choices in deductible for a specific coverage.
Typically, which type of coverage offers a deductible? The most common type of coverage with a deductible is physical damage (also known as comprehensive and collision). This is coverage for your vehicle itself. For damage caused whether or not at fault. In many cases if you have borrowed money to purchase your vehicle through a bank or credit union, the lien holder will require that you carry this coverage. This coverage is usually required in the event any damage occurs while you are still paying for the vehicle. Typical physical damage deductibles are $250, $500, and $1000. Higher deductibles will reduce the cost of your insurance by lowering your premiums. When evaluating higher deductibles, it is a good idea to consider carefully your circumstances. Ask your insurance provider for quotes for various deductibles, and analyze them carefully before making a decision. The higher the deductible is on a specific coverage, the lower the premium for that coverage. This is a great way to save on the total cost of your policy. For example, increasing your deductible from $250 to $500 could reduce the physical damage portion of your policy from 15% to 30% depending on your insurance carrier.
Another type of coverage typically offered with a deductible is Personal Injury Protection or PIP. This coverage is also sometimes referred to as No Fault. "No Fault" insurance is a general term that is used to describe any auto insurance system that not only requires drivers to carry insurance for their own protection, and places limitations on their ability to sue other drivers for damages. In an accident, under no fault laws, your auto insurance company will pay for your damages (up to your policy limits), regardless of whom was at fault for the accident. Any other drivers involved will be covered by their auto insurance policies. Not every state requires this type of coverage. No Fault is required if you live in:Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah or D.C.
No Fault is usually offered with or without the option of a deductible. You can choose to purchase this coverage with a deductible if you want to absorb some of the risk as with other coverage such as physical damage. As with physical damage, the higher the deductible, the lower the premium on the No Fault portion of your policy. Your agent may recommend taking a deductible on your No Fault if you have health coverage elsewhere since you can only make one claim on any one injury. Some health insurance policies exclude automobile accident so it may be wise to check with your healthcare provider to make sure you are covered if you decide to go with a deductible. Common deductibles options on No Fault are $0, $250, $500, and $1000.
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