The insurance diary

US fails to offer universal coverage !

2006-09-14T04:42:00.000-07:00

The most recent studies across the US depicts a high proportion of the masses to have remained uninsured till date. The figures amount to some 42.6 million in the recent times. This has been the consequence of certain critical conditions which could have been eradicated cheaply through the initial stages. But they have turned into a grave concern for the masses of late by generating an acute health crises and demanding expensive healthcare services or ICU care.
Apart from South Africa, the US still remains the only representative of the developed nations, that fails to offer universal coverage to all the citizens. To add to this menace, medical inflation has come up as a big jolt. And as insurance rates rise, more and more employers will eventually be forced to either drop their insurance benefits altogether, or to raise premiums and deductibles.

State wise Car Insurance Info.

2006-07-17T04:09:00.000-07:00

Keep watching.... some interesting blog syndication tools are supposed to come.

Wrap-up Insurance

2006-07-11T23:17:00.000-07:00

The customary approach for insuring against risks associated with work under third-party contracts is to require contractors to purchase and maintain insurance coverages that the grantee specifies within the terms and conditions of the third-party contracts.

Learn more about this insurance.

China Insurance News

2006-06-30T03:43:00.000-07:00

The introduction of foreign-funded insurance companies has not had any impact on the business and market order of the Chinese-funded insurance industry. This was spoken by Wu Dingfu, Chairman of China Insurance Regulatory Commission (CIRC), in the insurance work forum held recently in Beijing.

Read More...
http://english.people.com.cn/200606/30/eng20060630_278811.html

Crop Insurance

2006-06-29T22:14:00.000-07:00

Buying a crop insurance policy is one risk management option. Producers should always carefully consider how a policy will work in conjunction with their other risk management strategies to insure the best possible outcome each crop year. Crop insurance agents and other agri-business specialists in the private and public sectors can assist farmers in developing a good management plan.

Read More...
http://www.rma.usda.gov/policies/

State wise changes in Workers Compensation Insurance Laws

2006-05-30T21:31:00.000-07:00

Workers' compensation usually covers the Injuries or loss of limbs, Injury inflicted at work, Medical treatment, Lost wages, Liability insurance for the company for lawsuits filed by injured employees.

To see the changes in the laws of the Workers compensation, follow the link below...
State Laws

Long Term Care Statistics

2006-05-26T22:58:00.000-07:00

Have a look on the following data for the Long-term care costs. You would certainly think to get an insurance policy on long-term care.

• The average person's chances of being admitted to a nursing home at some point of 65 years of age more than 4 in 10.
• One person in three who turned 65 in 1990 will stay a year in a nursing home. One person in 10 will stay five years or more. (NAIC)
• Recent studies report that two out of every five people aged 65 and over will enter a nursing home and stay an average of 2.5 years. (Life Insurance Selling, December 1995)
• In 1994, 7.3 million Americans needed long-term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. Because of inflation, by 2060 it will skyrocket to 24 million Americans paying more than $250,000 per year to receive long-term care.
• On an average the nursing home care costs is about $40,000 per year.
• More than 90% of nursing home residents become insolvent within a year after admission as private-pay people.

Currency Insurance

2006-05-23T21:59:00.000-07:00

One idea has popped up in my mind regarding the Currency Insurance. Usually the currency insurance is meant by a policy which protects the agreed future exchange rate which is being fixed in the current period against the cost of the premium.

But what happens to those currencies which are destroyed/lost due to the fire, vandalism or any other calamities? What happens if my son destroys a bunch of $ unintentionally? Is there any insurance to provide the coverage? If so, what about the cost?

I must try to find out the answers. If someone provides answers that will be a great help!

Insurance Community

2006-05-22T22:37:00.000-07:00

I have found some of the insurance communities.... those are really helpful in resolving the queries related to insurance. Insurance industry experts are providing the guidance to manage and/or maintain the insurance policies. If you are in trouble with your insurance policy and might not be able to find answers in the tight situations, these forums can help you out to get rid off the probs.

http://www.ampminsure.org/
http://www.insurance-forums.com/
http://forum.doityourself.com/forumdisplay.php?f=53
http://www.money-talk.org/board.html

Travel Insurance for the Soccer World Cup 2006

2006-04-26T03:00:00.000-07:00

It is important to have adequate insurance protection before set out for a travel. Because so many tensions are associated at present with the travel industry as the global politics is disturbed enough. And so before any unforeseen events take place like cancellation of trips, losses of baggage, medical assistance are associated with travel during the World Cup, make sure you have bought travel insurance.

Many insurance companies are providing travel insurance for the Soccer World Cup 2006 Germany, at a very cheaper rate.

So why to wait... check out for the insurance quotes available in the internet.

Pet Insurance Facts

2006-04-24T20:05:00.000-07:00

Pet health care insurance isn't a new idea -- it has been around for 15 - 20 years, but many people haven't been aware of it. The availability has been limited and the policy restrictions have been prohibitive in many cases.

Pet insurance is much less expensive than human health insurance. Employers typically pay 80% - 90% of an employee's health insurance. A recent government survey* showed that small companies paid an average premium of $3,003.31 per employee for health insurance coverage. However, the average contribution by an employee was only $396.12. A VPI policy can cost less than $1 a day.

*Source: 2000 Employer-Sponsored Health Insurance Survey

Most companies start policies at age 6-8 weeks, some have no age limit, and of the others I researched, one had a limit of 27 years, others had a limit of 8 years of age (if the animal was insured when less than 8 years, coverage would continue beyond 8 years).

Pet health policies are similar to human insurance policies; annual premiums, deductibles, and different coverage plans based on what the owner chooses. Plans are based on species, age, pre-existing conditions and in some cases, lifestyle of the pet (i.e. indoor vs. outdoor cat).

For more pet insurance articles:
http://vetmedicine.about.com/od/pethealthinsurance/

Health Insurance Costs:2006

2006-04-24T19:37:00.000-07:00

Medical malpractice insurance covers doctors and other professionals in the medical field for liability claims arising from their treatment of patients.

The cost of medical malpractice insurance began to rise at the beginning of this decade, after a period of essentially flat prices. Rate increases were precipitated in part by the growing size of claims, particularly in urban areas. Among the other factors driving up prices was a reduced supply of available coverage as several major insurers exited the medical malpractice business because of the difficulty of making a profit.

New research suggests that premium increases may be moderating but for any turnaround to take root significant reforms in the delivery of medical care and in the liability system need to occur, industry observers say.

View full report:
http://www.iii.org/media/hottopics/insurance/medicalmal/

California Health Insurance 2001 Findings

2006-04-24T19:29:00.000-07:00

An estimated 4,519,000 Californians lacked health insurance at the time they were interviewed in 2001. An additional 1,753,000 persons were insured when interviewed, but were uninsured during at least some of the preceding 12 months. Thus, a total of 6.3 million Californians (21%) experienced lack of coverage during at least some part of a year. For those covered by some form of health insurance at the time of interview, employment-based health insurance remains critically important, covering nearly two-thirds of all nonelderly adults and children in California (18.7 million). Medi-Cal and Healthy Families combined cover 16% of Californian children and adults under 65 — a total of 4.65 million people. Despite the important role these sources of coverage play, together with privately purchased insurance and some additional public programs, 15.2% of nonelderly Californians were uninsured at the time they were interviewed. More than 1.85 million workers (14.5%) are uninsured, comprising over half (51.1%) of all uninsured adults. Los Angeles County remains the epicenter of uninsurance in California and the nation, where one in five nonelderly residents of the county is uninsured — more than 300,000 children and nearly 1.4 million adults. On the whole, CHIS 2001 data show wide differences in coverage across California’s diverse population groups.

Vital Statistics of Car Accidents

2006-03-23T20:34:00.000-08:00

The things you should know before getting started. And accidents should be avoided to reduce the cost of insurance. The more you involved in accidents the more you tend to file a claim. That in turn reduce the insurance as well as the credit score. And this reduction will affect the premium...... it is supposed to rise.

One in five teenage drivers is involved in an accident in the first year of driving.
Vehicular crashes are the leading cause of death for 15Ð to 20-year-olds and account for more than 40 percent of overall fatalities for that age group.
in 2001 alone, 3,608 drivers between the ages of 15 and 20 were killed nationwide; in the last decade, more than 68,000 teens were killed.
In Maryland in 2004, there were 109 people ages 16-20 killed in auto accidents; 112 were killed in 2003.
Nearly half of the fatal crashes involving 16-year-old drivers were single-vehicle crashes.
Twenty-five percent of 15Ð to 20-year-old drivers killed in crashes in 2001 had blood alcohol concentrations of 0.08 percent or greater and were considered intoxicated.
The fatality rate for teenage drivers is about four times higher than the rate for drivers 25 to 69 years of age.
For the teenage driver, the presence of one passenger almost doubles the risk of a fatal crash, compared to driving alone. With two or more passengers, the fatal crash risk is five times as high as driving alone.

Date source: The National Highway Traffic Safety Administration, the Insurance Institute for Highway Safety, the Maryland Motor Vehicle Administration and the Maryland State Police.

Terrorism Insurance

2006-03-23T20:22:00.000-08:00

In addition to the risk of natural disasters, the insurance industry faces the threat of terrorist attacks. Losses stemming from the destruction of the World Trade Center and other buildings by terrorists on September 11, 2001 totaled about $32.5 billion, including commercial liability and group life insurance claims—not adjusted for inflation—or $35.9 billion in 2005 dollars. About two thirds of these losses were paid for by reinsurers, companies that provide insurance for insurers.

The full story can be viewed here:
http://www.iii.org/media/hottopics/insurance/terrorism/
http://www.iii.org/media/hottopics/insurance/sept11/tria/

Insurance Fraud

2006-03-23T00:47:00.000-08:00

Fun is not meant for anytime. Let us concentrate on some serious issue. I am going to provide some data on insurance fraud that I am sure will knock you.

Insurance fraud is the second largest crime in USA after the Tax evasion.
Property/casualty insurance fraud cost insurers about $30 billion in 2004.
Prompted by the incidence of insurance fraud, about 40 states have set up fraud bureaus.
One in 10 paid BI auto claims in CA had the appearence of fraud. And it was found that between $319 and $432 million in BI payments were attributable to fraud and buildup.

You can also share your views with relation to insurance fraud. Raise your voice to make the world insurance scam free.

Funny Insurance Claims

2006-03-22T22:03:00.000-08:00

Accidents with other vehicles.

I collided with a stationary truck coming the other way.
A truck backed through my windshield into my wife's face.
The other car collided with mine without giving warning of its intention.
My car was legally parked as it backed into another vehicle.
When I saw I could not avoid a collision I stepped on the gas and crashed into the other car.
I started to slow down but the traffic was more stationary than I thought.
The accident occurred when I was attempting to bring my car out of a skid by steering it into the other vehicle.
I was backing my car out of the driveway in the usual manner, when it was struck by the other car in the same place it had been struck several times before.
I was unable to stop in time and my car crashed into the other vehicle. The driver and passengers then left immediately for a vacation with injuries.
The gentleman behind me struck me on the backside. He then went to rest in a bush with just his rear end showing.
The car in front of me stopped for a yellow light, so I had no choice but to hit him. (She pushed him through the intesection)

ha ha ha ....

Insurance Jokes

2006-03-22T01:45:00.000-08:00

Some insurance jokes for you....

1. A woman was in the hospital after feeling very ill. The doctor says to her, "I have some bad news for you. You only have three months to live." "Oh that's terrible," the woman sighs, "what am I going do?" The doctor replies, "Marry an insurance agent." "Will I live longer?" asks the woman. "No," replies the doctor, "but it will SEEM longer."

2.
Q: Do you know what a woman and insurance have in common?

A: They are both expensive, difficult to understand and what you get is not guaranteed.

Q: Do you know the difference between a man and a whole life policy?
A: A whole life policy eventually matures.

Welcome note

2005-09-15T02:07:00.000-07:00

Welcome to the Insurance World.
Let us make ourselves knowledgeable with the stats and facts of insurance through this diary.

Everyone in this living world needs insurance. Living without insurance, oh! would be some horrified experience. Have you ever thought why do you need insurance? May be no, may be yes. If the answer is yes, that is also not so focused. I have an article to guide you better.

Read this.....

Why Do you need insurance?

An Insurance policy is a promise to protect you against the perils like illness, accident, natural disasters and/or other unforeseen events that may cause financial losses.

For the insurance you have to pay an amount of money called premium. The promise is renewed on an annual basis in general.

The more family responsibility a person has the greater is the chance to have an impact if he dies or becomes physically disabled. By having insurance you can alleviate the concern about the possibility of suffering a loss of property or a disabling accident.

Odds in life may come in all shapes, sizes and colors such as Health problems, Premature deaths, Floods, Lawsuits, Fires, Hurricanes. You cannot prevent these from occurring as the future is unpredictable. But you can always take the constructive actions to protect the lives as well as the financial belongings against the damage and harms caused by the perils. Because even a minor health treatment or replacing a spare part of the car could cause a significant depletion of the savings account.

Insurance do probably need for the persons of the following categories:

If the married persons are supporting their young children for their education then they will need the insurance.

The older parents aged above 50s to support the education for their young children.

The single persons with dependents. Insurance is needed to support the dependents if the premature death or disability occurs.

Two-income couple with dependents will need insurance to ensure the lifestyle if the income of one is lost due to some reason or other.

For the retired persons the partner’s will need sufficient money to maintain her lifestyle after the death of the spouse.

For the wealthy people who want their heirs should continue the living standards and the estate taxes without using the money you have left for them.

If you are a graduate and just finished your college, and don’t want your parent should continue your education debts.

Health Care and Insurance Regulation:

States play a major role in the delivery and financing of health care and public health in the United States. Insurance regulation, Medicaid policy and financing of public health services, and many reproductive health policies are under state jurisdiction. States operate their own Medicaid programs within broad federal guidelines, the State Children’s Health Insurance Program (SCHIP) for low-income children, and in some cases also offer additional health care programs such as discount drug programs for seniors.

In recent years, states have been facing major budget shortfalls. These fiscal constraints have broad implications for many aspects of the health care financing and delivery system. Recent reductions to Medicaid coverage and benefit packages have been a reversal from the programs expansions of the late 1990s when states experienced unprecedented budget surpluses. State legislatures are also playing an increasingly important role in health policy, enacting legislation on issues that have been controversial and slow-moving at the national level, such as patients’ rights and reproductive health.

The Foundation’s work in state health policy cuts across nearly all of the Foundation’s policy priority areas. The Kaiser Commission on Medicaid and the Uninsured analyzes state Medicaid and SCHIP programs, and tracks changes states are making to their Medicaid programs as a result of their deteriorating fiscal conditions. The California Health Policy Program provides information and analysis about health policy issues and key trends in the nation's largest and most diverse state. Nearly all of the Foundation’s priority areas collect and conduct analyses on state-based policies. Much of this information is presented in State Health Facts Online, a web-based interactive database, including demographic information, health insurance coverage rates, Medicaid and Medicare enrollment, spending and policies, private insurance mandates, health care financing and delivery information, as well as disease and mortality statistics.

Courtsey: www.kff.org

Know your state's Status: No-fault or Tort

When it is the turn to auto insurance most of the states fall under the following three categories.

1. No-fault

2. Tort and

3. Add on state.

Well there exists a variations on no-fault.

It is necessary to be knowledgeable about the state's status for an individual having a car, as it will provide some convenient way to file a claim. Now we shall explain the above terms in short. Also lists are being supplied to have the state's status:

Many states have "no-fault" laws. Some times it becomes difficult to determine who caused "the accident". In that case the auto policy must pay for the bodily injury and property damages no matter as who is "at-fault". Also each party in an accident is responsible for their own medical expenses and other injury-related costs that are incurred in an accident. Under pure no-fault system neither party would allow to sue the other.

We can discuss about partial no-fault state in this regard. The no-fault provision is applicable to bodily injury. That means, each party in an accident is responsible for their own medical bills and other injury-related costs that may incurred in an accident. Your right to sue the other party for your personal injuries is limited. You can have your own medical coverage.

In "tort" states there are no restrictions on lawsuits. That is you can or can be sued by the other driver's or by the passengers for the pain and sufferings. Also the lawsuits in tort states cover expenses for medical costs out of the "at- fault" driver's pocket.

For the add-on states, drivers receive compensation from their own insurance company as they do in no-fault states, but there are no restrictions on lawsuits. The term “add-on” is used because; first-party benefits have been added on to the traditional tort liability system. In add-on states, first-party coverage may not be mandatory and the benefits may be lower than what is in true no-fault states.

I have got some very interesting stats regarding the costs of insurance fraud and the catastrophe losses.

In 2005 more than 97,000 people lost their lives due to natural catastrophes or man-made disasters. The Swiss Re sigma statistics for 2005 counted almost 400 catastrophes, which caused damage totaling more than $230 billion. About one third, or $83 billion, was covered by insurance. In the previous year, insured catastrophe losses had amounted to $48 billion. 2005 turned out to be the costliest year ever for property insurers.

Between January and December 2005, Consumer Sentinel, the complaint database developed and maintained by the Federal Trade Commission, received over 685,000 consumer fraud and identity theft complaints. Consumers reported losses from fraud of more than $680 million.

The Insurance Information Institute estimates that property/casualty insurance fraud cost insurers about $30 billion in 2004.
Courtsey: iii.org

Medical malpractice insurance covers doctors and other professionals in the medical field for liability claims arising from their treatment of patients.

The cost of medical malpractice insurance began to rise at the beginning of this decade, after a period of essentially flat prices. Rate increases were precipitated in part by the growing size of claims, particularly in urban areas. Among the other factors driving up prices was a reduced supply of available coverage as several major insurers exited the medical malpractice business because of the difficulty of making a profit.

New research suggests that premium increases may be moderating but for any turnaround to take root significant reforms in the delivery of medical care and in the liability system need to occur, industry observers say.
Courtsey: iii.org