An Auto Insurance Guide For You

When you are looking to purchase auto insurance for the first time it can be extremely helpful to have an auto insurance guide.

Step 1: Determine what and how much coverage you require.

Laws governing how much and what type of auto insurance vary from state to state. It is your responsibility to find that data on your state to ensure you have at least the minimum amount of coverage. However, you'll find that most auto insurance guides will recommend you carry more than the minimum if you're able.

All states, except New Hampshire and Wisconsin, require vehicle owners to carry liability insurance. Liability insurance covers the other person. This usually includes covering medical, lost wages, and property damage. Liability insurance does not cover the policy holder.

Some states also require motorists to carry insurance for uninsured/underinsured drivers. This is because there are increasing numbers of people who are driving without any coverage at all.

You may need or want to consider comprehensive and collision coverage.

Comprehensive coverage takes care of damage caused by things like natural disasters, weather, and theft. If your car is vandalized, comprehensive insurance would cover the costs of replacing stolen items and repairing any damage. Collision covers the policy holder in the event of an accident.

Step 2: Research your own driving history.

You need to know how many tickets, accidents, or other auto insurance claims you have made for at least the past 10 years. Any reliable auto insurance guide should remind you of this fact.

The amount of money you'll pay for your insurance will be greatly influenced by these factors. As time passes, we tend to forget negative details like speeding tickets. You should check with your state's DMV (department of motor vehicles) to make sure you have accurate records to present to the insurance company.

Step 3: Compare insurance quotes

No good insurance guide would allow you to skip this particular step. It is in your best interest to obtain quotes from a few insurance companies. You can do this through online insurance quote sites, or you can contact the companies directly. A combination of both online and actually making phone calls is highly recommended.

Online comparison sites will provide you with fast, free quotes, but these sites are only providing you with flat rates. These sites do not factor in any discounts you might be eligible for. To determine discounts, you'll need to actually speak with an insurance agent.

Some things you should be looking for when selecting an auto insurance company are:

Is there a contact number for questions you can't find answers to online?

What are the annual versus monthly rates for coverage?

When are your payments due, and what will happen if you're late one month?

How many complaints have been filed with the state against the insurance company? (You can look at J.D. Power and Associates' customer satisfaction surveys.)

What is the company's business rating? (Look at Standard & Poor's and A.M. Best's ratings.)

What discounts do you qualify for?

Is there an actual agent in your town or are you going through a call center somewhere else?

Step 4: Purchase your auto insurance.

Once you have gone through all of the steps listed in this auto insurance guide, you should have the information you need to make an intelligent decision regarding auto insurance.

Purchasing auto insurance can be a bit time-consuming. However, not taking the time to do the homework could result in you wasting your money on coverage you don't really need.

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Read More About Vacation Insurance
Read More About Car Insurance and Your Claims
Read More About Term Life Insurance Life
Read More About Home Care Personal Insurance

Alternate Risk Transfer (ART)

Insurance Strategies

By Wayne Walker
Risk Management

Alternate Risk Transfer is a fancy way of saying alternate methods of insurance and risk management, of which there are many. From the most basic alternative of going without insurance (self-insuring) to so-called "program business captives", there are a wide variety of strategies from which to choose.

To understand why ART strategies are so popular it is important to understand a few facts about insurance pricing.

►Insurance Premiums are related primarily to economic cycles NOT primarily to claims.

"The claims that recent increases in medical malpractice liability insurance premiums in Connecticut are attributable to overly generous jury verdicts are unfounded. The more likely explanation for the sudden rise in rates is the decrease in investment earnings of the medical malpractice insurers..." Professor Tom Baker, Director, Insurance Law Center, University of Connecticut School of Law

Every time insurance industry profits decline sharply, the industry declares an "insurance crisis" - rates go up sharply, deductibles rise and underwriting guidelines tighten.

►Insurance Premiums have risen much faster than claims.

Median medical malpractice payments rose 35 Percent from 1997 to 2001 (an average of 8.5% a year).
Average premiums for single health insurance coverage increased 39 percent over that time period (9.5% per year). (Source: National Practitioner Database)

►A small number of insured may be responsible for a large percentage of losses.

National Practitioners Database:

For example, in Florida, 6% of the doctors were found to be responsible for 51% of the malpractice claims. 2,674 out of 44,747 doctors have paid two or more malpractice payments. These doctors are responsible for 51% of total malpractice payments.

24 Florida physicians have paid 10 or more malpractice settlements since 1990.

Needless to say, the 94% pay for the poor claims experience of the 6%.
ART Strategies

Conventional insurance markets are one-year indemnity contracts designed to transfer specific hazard risks. Typical features of an ART strategy are:

►Multi-year, multi-line coverage

►Coverage tailored to special need of insured

►Provides coverage not generally available in the marketplace

►Risk retention by insured

There is a multifarious trade-off between risk retention, complexity and cost among the various different ART strategies. Not surprisingly, the plans with the least risk, complexity and expense generally provide the least benefit. As more risk is retained, the greater and greater benefits can be obtained. Of course, complexity and administrative expenses grow as well. Windward Harbor can help you find, execute and manage the right strategy for you. We have listed the basic ART strategies below.

►Guaranteed Cost Insurance Plans

Traditional insurance coverage.

►Loss Sensitive Insurance Plans

Insurance coverage for a specific insured where the final premium is based on the insured's losses.

►Risk Purchasing Groups (RP's)

Risk Purchasing Groups were created by the Liability Risk Retention Act of 1986. The purpose of the act was to break through the myriad of state insurance regulation in the hopes of making it easier for groups to purchase liability insurance. The act allows groups of individuals combine to purchase liability insurance while prohibiting states (regulators) or insurance companies from discriminating against them.

►Self-Insured Retention Plans (SIRS)

The primary difference between a deductible and a self-insured retention is that a deductible amount counts against the total limits of the policy, reducing total coverage, whereas a self-insured retention plan provides limits of coverage in excess of the self-insured retention so that the amount payable under the policy is not reduced by the amount of the retention.

►Protected Cell Captives (Segregated Portfolio Companies)

PCCs (SPC's in certain domiciles) are essentially rent-a-captive companies that ensure complete separation among program participants. According to the laws of specific domiciles, PCCs or SPC's generally guarantee complete separation of each cell's assets, capital, and surplus from each other. Because they can achieve economies of scale, rent-a-captives make captive insurance affordable for companies that would not otherwise be large enough to profitably own and operate their own captive.
Windward Harbor LLC owns a BVI licensed Segregated Portfolio Company - Windward Harbor SPC Ltd, which provides rent-a-captive services for selected clients on an annual fee basis. Each segregated portfolio has its own economic ownership, tax Id number and files a separate tax return.

►Self-Insured Groups & Pools (SIG's)

While the concept differs slightly from state to state, SIGs work similarly in the nearly 40 states in which they are legal. A group of employers form a nonprofit corporation or trust and hire a professional to manage it. This new entity then purchases the insurance, meaning the SIG members essentially "own" their own workers' comp company.

The group pools the money it otherwise would pay an insurer, earning investment income on funds held in reserve. If a SIG program cuts down on workplace injuries and claim costs, the surplus, or "dividend," from premiums is returned to members.

Of course, if a company or the group as a whole has catastrophic losses, members pay the difference, up to a limit. Above that point, the group buys excess insurance to offset a single large loss or a combination of losses.

►Captives (See Captive Services)

A captive insurance company is an insurance company that is owned and controlled by its insureds. According to Captive Insurance Companies Association (CICA), the first captive ever formed was in the late 1800s, and was designed to write more cost effective fire insurance policies for New England textile manufacturers that were hit hard by increasing market rates.

Captives gained popularity in the 1980s as a result of the US liability crisis, particularly in the medical arena.

As captives have continued to grow over time, employers are considering employee benefits as a new or expanded coverage. The more recent hard market and changing economy is expected to spur even more and rapid industry growth yet this year.

Single Parent (Pure) Captive: A single parent captive is owned and controlled by one owner, typically the parent organization, and is formed as a subsidiary company. The captive subsidiary underwrites policies for the parent, and solely bears the risks of the parent.

►Group Captive: A group captive is owned and controlled by multiple insureds. They may or may not be related entities or a part of a homogeneous group like industry or trade groups. Typically, companies of similar size pool their risks in an industry captive with customized insurance plans. Similarly, companies of similar size in different industries can also form group captives to enjoy the benefits of a captive model. More recently, associations have been forming association captive insurance companies to offer captive services as part of their membership benefits.

►Agency Captive: Agency captives are companies typically owned by groups of brokers or other insurance intermediaries and are typically structured like rent-a-captives.

►Risk Retention Groups

Risk Retention Groups were also created by the Liability Risk Retention Act of 1986, which provides for streamlined regulation. A RRG is an insurance company in every regard but has one very important regulatory distinction. Every RRG chooses a single state in which to be domiciled and regulated. The act provides that the RRG is then eligible to do business in all states.

►Program Business Captives

Associations, regional producers and corporations who desire to assume some selected third-party exposure.



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Read More About Vacation Insurance
Read More About Car Insurance and Your Claims
Read More About Term Life Insurance Life
Read More About Home Care Personal Insurance
Read More About Long Term care Insurance

Insurance Glossary of Terms

By Ken Barnes

Assured - Those insured under the terms of an insurance policy.

Benefit - The money paid to the policyholder when a claim is made.

Bid Price - The selling price or cash-in value of your unit holdings.

Bonus - Relates to a with-profits policy. The amount of money added to the benefit payable under the policy. The amount is dependent upon the profits made by the insurance company. Added bonuses cannot be taken away.

Convertible Term Assurance - A term insurance policy which gives you the option to convert your current policy to a whole-life or endowment insurance policy, without having to take further medical examinations.

Critical Illness Insurance - A policy that pays out a lump sum on the diagnosis of life threatening illnesses indicated in the terms of the plan.

Decreasing Term - A form of term life insurance where the death benefit decreases each year as per your policy. Premiums remain level. This type of certificate is frequently sold as mortgage insurance. There is no surrender value for this policy.

Endowment Insurance - An insurance policy that pays a stated amount at the end of a specified period or upon the death of the insured if it occurs within that period.

Family Income Benefit - Term assurance which pays money to the life assured's dependants for a set period, rather than paying a lump sum.

Guaranteed Bond - A bond in which principal and interest are guaranteed by an entity other than the issuer. Guaranteed Bonds can be income or growth.

Increasing Term - The cover and the amount you pay into the policy are increased by a specific percentage each year calculated on the original sum insured. Designed as a way to increase your life cover as your earnings increase.

Investment Bond - Combines investment with some life cover. The payments you make into an insurance policy or investment bond, usually a lump sum, are invested in the insurance company's with-profits or unit-linked funds (Life Funds). Different types of bonds include the guaranteed bond and unit-linked single premium bond. Not to be confused with a company or government bond, an investment that offers a fixed rate of interest and an area where your chosen Life Funds may be invested.

Life Fund - This usually refers to Unit linked Investment Funds. These are funds run by Life Assurance or Pension Companies. Such funds are used for individuals holding life assurance policies to invest in. The assets held within the fund are divided into a number of units. When an investor contributes to a Life Fund, units are allocated to investors in proportion to their investment.

Maturity - An agreed date when an endowment policy ends and the proceeds, including any bonuses, are payable.

Mutual - A life insurance company that is owned by its with-profits policyholders.

Offer Price - The price at which fund units are bought.

Premium - The amount of money paid into an insurance policy.

Proprietary - A life insurance company that issues its profits to its shareholders.

Qualifying Policy - A life assurance based savings plan that has to be written for a minimum of 10 years and must fulfil certain qualifying policy criteria to ensure the final payout is tax free.

Renewable Term - Term Insurance that may be renewed for another term without evidence of insurability.

Single Premium Policy - Where a single lump sum is paid for an insurance policy.

Sum Insured - The amount of money that is guaranteed to be paid under an insurance policy, before any bonuses are added.

Surrender Value - Not applicable to all life insurance policies. The amount that an insurance policyholder is entitled to receive when he or she discontinues coverage

Term Insurance - Provides policyholder with protection only. Life insurance payable to a beneficiary only when an insured dies within a specified number of years (the term). If you live beyond the term you do not receive any payment. This is thought to be the cheapest type of insurance.

Terminal Bonus - This is an extra bonus determined when a death or maturity claim is paid. Terminal bonus is often only paid if the policy has been in-force for a minimum number of years at claim time. The amount is dependent upon the profits made by the insurance company.

Unitised With Profits Fund - Also known as a Unit-Linked With Profits Fund. A type of Life Fund that can invest in UK and overseas shares, property, fixed interest securities and cash. When you invest in this fund through an insurance policy, you buy 'units'. When an annual bonus is declared, you can either receive more units or it is added to the unit price on a daily basis. Due to the addition of bonuses the unit price does not reflect the value of the underlying investments.

Unit-Linked - Also called Unitised. If your insurance policy is unit-linked, some of your money is used to purchase 'units' in a fund. The value of your policy at maturity is dependent upon the growth of the fund in which the policy is invested. Generally refers to policies that offer protection and saving such as endowment insurance, whole life insurance and investment bonds.

Unit-Linked Single Premium Bond - A single lump sum life insurance policy where your investment is spread over a number of Life Funds.

Whole Life Insurance - Whole life insurance provides a death benefit for the policyholder as it builds up cash value. The policy remains in force for the lifetime of the insured, as long as premiums are paid according to the policy agreement. You can choose insurance that pays out on death a guaranteed sum only, the sum plus any bonuses that have been added, or the sum plus any additional value from the growth of the funds invested in.

Without Profits - When a policy reaches maturity or the policyholder dies, the amount paid out is the basic guaranteed sum only. You would not be entitled to any bonuses.

With Profits - Relates to insurance policies that combine investment with protection. This type of policy is entitled to a share of the profits made by the insurance company. Premiums are invested in the with profit fund, reversionary bonuses are applied usually on an annual basis which reflect the investment growth of the fund assets. On death and/or maturity a further terminal bonus might be applied to the fund value.

With Profits Bond - An insurance policy where your lump sum is in most cases invested in a Unitised With Profits Fund (which is listed under the Life Funds section).



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Read More About Car Insurance and Your Claims
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Read More About Home Care Personal Insurance
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Vacation Insurance

Saves Your Money, Time And Frustrations!

By Jonathan Tan

Don't forget your vacation insurance before you take off for any travel.

I am very serious when it comes to insurance, I do not want to take any chances, I grew up in a family with my mother as a sole bread winner, my Dad passed away when I was 10 years old without any insurance. Life was very very difficult then.

So the same goes with vacation insurance too!

It can cost you an extra few thousands of dollars if the cruise or tour operator goes bankrupt, or if you need to shorten your vacation due to sickness or injury.

Quick Tip

The biggest myth would be that your normal health insurance covers you when you are away, or that since many travelers visit an area or region, access to medical care is easy or affordable.

Here's a quick guide to understanding what a good vacation insurance should cover for any travel.

1. Travel Curtailment

If you or an immediate family member becomes seriously ill or is injured during the vacation most vacation insurance companies would reimburse you for the unused portion of the vacation.

2. Travel Cancellation

You would be reimbursed if the cruise line or tour operator goes out of business. It would also reimburse you if you have to cancel the vacation due to sickness, a death in the family or other calamity listed in the insurance policy.

Travel cancellation is very different from a Cancellation Waiver that many cruise and tour operators offer. Waivers are relatively inexpensive. They provide coverage if you have to cancel the trip, but they have many restrictions.

They must be purchased when you book the trip and will usually not cover you immediately before departure. Most importantly, waiver is not insurance.

2. Personal liability

Personal Liability is important in case of legal liability, arising out of one's negligence in causing a third party injury (or death) and/or third party property damage.

Some traveler insurance companies even insure against the loss or theft of golfing equipment and laptops.

3. Luggage/Baggage/Flight Delay

This feature comes along with a "Time" excess, meaning that the traveler insurance companies only compensate when the delay exceeds a certain time frame. The limit for loss of luggage/baggage/flight varies, usually with a cap for individual items.

4. Emergency & Medical Assistance and Information Service

Look for those 24-hour services that offer information on visa requirements, foreign exchange, weather forecasts and medical advice et cetera.

Emergency evacuation is very helpful indeed for inexperienced travelers or travelers with medical conditions or for those who are traveling to more remote and less traveled places.

These service centers may also offer emergency assistance in the form of embassy, legal, interpreter and medical referrals.

Most vacation insurance policies would compensate a couple of hundred dollars for each day of hospitalization up to the maximum limit indicated in their respective packages.

This is solely to compensate the traveler for the number of days spent in a hospital overseas and should not be mistaken as hospital or medical reimbursement, which takes care of the hospital and ward charges.

4. Accidental Death insurance

Personal accident coverage, which is to compensate the insured for permanent or temporary disablement or death as a result of an accident.

2 Main Types of Vacation Insurance

Annual Policy

Most traveler insurance companies offer vacation insurance on annual basis as well as per trip basis. Annual policies cover unlimited trips made by the insured during the entire year provided that each trip does not exceed a certain number of days, usually 90 days.

No declaration is required.

For frequent flyers, this type of cover would be most ideal in terms of cost and convenience.

Family Vacation Insurance

Family packages are also designed to cater for immediate families traveling together. Definition of immediate families would mean you, your spouse and your children.

Family vacation insurance are usually priced lower premium than if individual insurance policies were to be taken up for the whole family.

Special Features ALERT!

Go for vacation insurance policies come with higher deductible and this translates into lower premium.

The worst case scenario is you may end up having to bear the first $40 or $50 of every claim that you make.

Deductible: (Also known as Excess in UK, NZ, AU) This is the amount that the insured must pay before the vacation insurance starts paying for your claim.

This may be an annual amount, an amount for the duration of the policy, or an amount for each incident. Choose the latter.

For those of you who intend to engage in water or winter sports during your vacation, it would be wise to take up your insurers who offer free coverage for such activities.

Some traveler insurance companies may charge an additional premium for this extension, so it is better to check this point before you effect your cover.

Unfortunately, the definition of water sports in the typical travel policy does not include scuba diving.

Not surprisingly, bungee jumping is excluded from most policies. Watch out for age limits imposed by some traveler insurance companies, meaning that persons exceeding a certain age are excluded from their coverage. But if you belong to this elderly group, fret not.

There are traveler insurance companies that do not impose any age limit and offer the same coverage at no additional premium loading.

A unique coverage that is being offered in the traveler insurance market is the "Car Rental Excess". This feature takes care of the excess amount that the insured normally has to bear (under the motor policy taken up at car rental companies) in the event of damage to the rented vehicle while driving overseas.

Price of Vacation Insurance also known as Premium - Premium Computation

For "per-trip" policies, the premium payable hinges considerably on the number of days of travel, the country of destination and choice of plan.

For example, if you are from Europe, a vacation in USA warrants a much higher premium than a trip within Europe for the same number of days.

Some traveler insurance companies provide the option of higher limits of coverage at of course, a higher premium.

If price is of concern, it is advisable to keep on hand the premium schedule from a few traveler insurance companies for comparison before you activate your insurance before each trip.

Claim Procedure

I consider this the most important aspect of buying a vacation insurance.

All traveler insurance companies will require you to lodge your claims within a certain time frame. You would be required to complete and submit a claim form, which can be obtained from the traveler insurance company.

In almost all instances, your claims must be accompanied by relevant documents, such as medical receipts for medical reimbursement or hospital cash; a police report for loss of money or personal documents; an official letter from the airline in cases of flight or lugguage delay and loss of lugguage if within custody of the airline.

In all cases, call up and inform your traveler insurance company immediately for necessary advice.

There you are... now with a basic knowledge of vacation insurance, you are equipped to choose the best suited to your travel needs and you are all set to fly!

Car Insurance and Your Claims

They MUST Pay!

To further complicate matters, even if a loss is covered, the policy most likely includes a deductible as well as coverage limits. Depending on the nature of the loss, multiple insurance companies may be involved. For example, if a storm strikes and you have both wind and flood damage, you may have to file a claim with your homeowners insurance for the wind damage and another with the national flood insurance program (if you have flood insurance) for the water damage.

Depending on where you live, your deductible may be higher under certain circumstances. For example, in Florida, your insurance deductible for hurricane damage is much higher than if your home was burglarized. So, will your local insurance company pay or won’t they? Look at it this way, insurance companies DON’T want to pay. They are in business to generate profits and will need to be convinced BY YOU that the claim should be paid. The burden of proof lies on you, the homeowner. This means that you will need to prove your case and do it well. The better prepared and more organized you are, the better.
Documentation for Making Insurance Claim

Start with documentation. You may need to take dozens of photos and provide your direct insurance agent with detailed estimates to counter against the insurance company’s original settlement offer. You may need to demand to see how the agent depreciated your property and negotiate a more reasonable method. While your homeowner’s insurance policy is a contract, the claims process does provide room for negotiations with auto insurance company (more information on best negotiation tactics in How to Contact with Auto Insurance Company? article).

Your best bet is to be prepared for a fight. Your tools in this battle include a detailed home inventory, digital photos and video documenting the damage, estimates from local contractors, and a willingness to demand a better offer. You don’t have to do this alone. In fact, many contractors are willing to be present during the insurance adjuster’s visit to help point out damage that the adjuster might have otherwise ignored. In addition, public home or auto insurance adjusters act as advocates for the homeowner and work on your behalf to negotiate a higher settlement offer.

Arm yourself with knowledge, documentation, and real-world estimates while also considering professional representation and you’ll be better equipped to answer the question, “Will they pay for it?”

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Term Life Insurance Rate

Be Safe Looking For a Term Life Insurance Rate

Looking for a abundant allowance amount can be a pain, and analytic accurately for that absolute appellation activity allowance amount can be even added difficult. Even admitting there are websites that action to advice you seek for rates, some of them can be risky, while others may not accept a complete database of companies and behavior for you to accept from.

Searching for the words “term activity allowance rate” on any seek engine yields tens of bags of results, and a ample allocation of those sites are to seek for quotes. But just because one of those sites is one of the aboriginal ten seek after-effects does not beggarly they are reliable or the best choice.
There are actually hundreds of websites that affiance the best ante in the industry, and that they can agreement you a low amount with any allowance company. In a absolute apple it would be accessible to skip all of the underwriting and the top ante with a simple seek and a few account of bushing out a form, but this is not a absolute apple and there are humans out there using the internet to get your advice through these sites to accomplish character fraud.
The a lot of accepted acknowledgment to this is to just go accept a appointment with an allowance agent, but it accessible to get a appropriate appellation activity allowance amount online safely. All it takes is a little added analytic and some accepted sense.

If you acquisition a website that you are absorbed in to get you coverage, there are a few absolute simple things you can attending for as a array of aegis check. Aboriginal off, attending for an abode on the website for the aggregation that claims to be hosting the service. An abode would appearance that the website is absolute and that there are absolute humans abaft it, not one being aggravating to get your claimed information.

Next, attending for a buzz number. Many sites so action “live abstruse support” and action a buzz number. Call the buzz amount provided and ask about their accreditation and how continued they accept been in business. Also ask for the manager’s amount if possible. If there is no buzz amount or address, the website is an acutely top risk. If there is a amount but no one answers or the advice they accord is shaky, move on.

It’s far too east to acquisition that “perfect” appellation allowance amount online, but attention yourself afore putting your claimed advice out there is traveling to accord you the key to accepting the advantage and amount you need.

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Home Care Personnel Shortages

All About In Home Care Personnel Shortages – Problems On The Horizon For The Elderly Generation


The baby boomers are getting older, and the previous folks homes are obtaining a lot of expensive. A lot of and more individuals are selecting in-home care, and they are looking for qualified individuals, or nurses to assist them. Whereas, some people will afford assisted-living, or senior living center communities, many people are choosing to stay in their own homes, and rent a live-in helper, or an assistant to return in and occasionally and help out.

These trends can continue, as more and more baby boomers hit their later senior years. There is solely one problem, we tend to have a shortage of home care personnel. Right currently, there’s not a severe shortage due to the unemployment rates, however as the economy kicks back into gear the shortages will get extremely tight once again.

Currently, enrollment at the colleges and universities for nursing is huge, and most of the upper learning establishments cannot keep up. Still, if we tend to get a replacement health care bill passed, allowing folks who normally do not move to the doctors full access to medical attention, they will exploit it in droves. This will cause shortages and lines at the hospitals, and doctor’s offices.

Our medical industry cannot handle the onslaught of all these new patients at once. Thus, nurses will be even in higher demand than they’re right now. Due to the upper demands there will be fewer individuals that are qualified to work in in-home care situations, or assisted living facilities to assist the elderly Generation.

Additionally, additional and more legislation is being passed to protect senior citizens in their homes and in these facilities. With all the new laws this conjointly creates additional lawsuits, that interprets to more ongoing education, more licensing, and a extended amount of time and training. Conjointly, it will drive many to opt-out of in-home care work.


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