Looking for an
Insurance Company?
Insurance companies are rated by several
different kinds of rating companies,
typically the most notable is AM Best. They
are rated on several factors ranging from
the degree liquidity to the amount of
business on the books.
Many people have the mistaken notion that
only a company with a superior ranking of A+
(or A++ depending on the service you
evaluate the company with) is a reputable
company, and that all others should be
avoided. Nothing could be farther from the
truth!
An insurance company must meet a required
threshold of "availability to pay claims,"
to put it in layman's terms, before
they can even do business. You can have the
same degree of security doing business with
a company rated B+ as you can with a company
rated A+; the difference is simply the
amount of money they have within the
company, or premiums reported to be "on the
books." It has little to do with the
companies ability to pay claims.
Life
Insurance
Click here to get a
free life insurance quote.
Life insurance policies are issued in two basic
types: term life and permanent life.
Term life insurance,
in a level term form, requires fixed, regular premiums
and pays the death benefit, also called the principle
sum, only if the insured dies during the policy's term.
There are no cash values built under these policies.
This kind of insurance is "pure" insurance - you are
only paying for the risk of dying and you are not
bundling any other whistles or bells with the policy.
Whole life insurance also requires fixed, regular premiums
and pays the death benefit when the insured dies. Because
the level premium in the early years of such a policy
exceeds the average cost of claims and expenses there are
moneys available to be invested. The policy owner has access
to these invested amounts via the policy's surrender value.
Surrender values are not usually available in the first few
years of the policy because of high initial expenses. In
this sense a whole-life policy has an investment component.
Therefore, whole-life insurance is more expensive than term
life.
Documents that may be required for payment on life insurance include
a certified, official copy of the death certificate stating that a
person died on a particular date. A claim form from the insurance
company would also usually be required to be signed by each
beneficiary or their representative.
More...
Health Insurance
Medical coverage can be found in a variety of ways: HMO to private
insurance coverage. Whatever the coverage may be, you should feel
comfortable with what the product offers and feel good about the
companies availability to contact them with concerns and questions.
customer support is a real issue that you should consider carefully
when making a decision on purchasing medical coverage.
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Auto Insurance
Click here to get a free
auto insurance quote.
Typically, most insurance companies will be very competitive
at first and you will find the difference in insurance
premiums minimal; that's why you want to look at what kind
of promotions or discounts they offer. For example, many
companies offer some kind of good student discount to reward
young drivers for being responsible in school; also, many
will consider your past driving record when they factor the
amount of premiums you will pay.
More...
Home Owners Insurance
Also known as liability insurance. Liability coverage
offers protection, including the cost of legal
representation, from covered claims made against you or a
resident family member for property damage or bodily injury.
This section of your Homeowner's coverage is broken into two
parts:
Personal Liability coverage: Pays up to
your limit of liability when you or a resident family
member is found legally responsible for damage to the
property of others or injuries to persons who are not
members of your household. For example, a delivery person
slips on the ice on your doorstep and is injured. If you are
found legally responsible, your Personal Liability coverage
will cover the damages (e.g., medical expenses, lost wages)
incurred by the delivery person.
Medical Payments to Others: Pays medical bills if someone
(outside of your family) is injured while on your property,
or is injured by you or a resident family member away from
your property. This coverage is available regardless of
whether or not you are legally responsible for the injury.
More...
Additional Resources
All Insurance Products.com
http://www.allinsuranceproducts.com/
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