Tuesday, May 25, 2010

Insurance Agency Marketing and PR


Small business marketing tips help any business promote their products and services. Identify an insurance agency’s marketing and public relations campaign objectives to stay on target. Some questions to ask:

* What will be gained by an insurance agency’s marketing campaign?
* Is the focus on finding new customers or customer retention? Or both?
* What messages should be sent to prospects, customers, business partners and insurance agency employees?

Completing an executive summary, a more complex SWOT (Strengths, Weaknesses, Opportunities and Threats exercise) or compiling competitive intelligence helps small businesses identify their insurance agency’s marketing and public relations objectives and to get agreement on them.
Small Business Marketing Goals

Set concrete marketing and public relations campaign goals for an insurance agency or small business. Agencies may need to change goals later, but this sets checkpoints to review progress throughout the campaign. Here’s a sample marketing campaign goals and objectives statement:

Lisa Nichols' Insurance Agency has a great opportunity to find all-new customers in 2008. It is estimated that there are 10,000 potential, eligible agency customers in our community. The agency anticipates that 1,000 new customers will join the agency by the end of 2008, and that an additional 2,000 customers will be on board by June 2009.

Monday, May 17, 2010

How to Become a Federal Agent

How to Become a Federal Agent

LIC agent Become a Federal Agent


If you have specialized knowledge, let the authorities know about it. You can even travel to different places as an agentBeing a Special Agent

Special agents are often associated with the Federal Bureau of Investigation. Well, this may be partly true since the said agency employs a great number of agents. However, you can also find federal agents in the Judicial, Legislative, and Executive branch. You can become a federal agent in the many independent agencies of the federal government. As a federal agent, it is your duty to investigate different crimes like robbery, murder, internal fraud, postal fraud, terrorism, and many others.
Everyday, a lot of people violate the law and it is your duty to investigate on these potential crimes. To become a federal agent, you can exhibit specialized knowledge. If you love traveling, you can use this passion by working with the Secret Service, State Department, Peace Corps, FBI, and other related agencies. Oftentimes, this will involve long working hours and you will be dealing with serious crimes. Are you willing to work for more or less fifty hours in a week? As you can see, the working hours are no joke but you can take advantage of the LEAP or Law Enforcement Availability Pay and 25% premium based on your salary. You can get around $50,000 annually aside from your basic pay. You also have a chance to travel to different countries especially when the job calls for it.
See More :- http://www.myallagents.com/How-to-Become-a-Federal-Agent/details.html

Employment Insurance

About Employment Insurance

It has often been said that bad things can happen to you even without your cooperation. That can also be said about jobs and careers. Shortage of available work, mass lay-off and retrenchments, reorganizations and mergers, in today fast pace anything can happen. When it comes, the experience can be devastating for many, made worse when savings are not enough, debts are high and payments are in arrears.

Being prepared is always the best way to cushion the effects of loosing income. Having insurance employment makes you continue to enjoy the benefits of income. Employment insurance can aid you on receiving maternity, sickness compassionate care services, provide support for a member of the family who is ill, caring for an infant, even fishing benefits and many more.

More:- http://www.myallagents.com/Employment-Insurance/details.html

Finding a good Insurance Agent

Finding a good Insurance Agent

My wife had been looking for several weeks trying to find a new insurance agent
. She had asked a bunch of people she knew at work and even some of the neighbors. While everyone gave her a recommendation, there was no prevalent choice.

More :- http://www.myallagents.com/Finding-a-good-Insurance-Agent/details.html

Life Insurance: Financial Security For Your Family

Life Insurance: Financial Security For Your Family

Life insurance is one of the major needs for the people today. With the help of it, one can secure the future of his or her family financially.

In the recent times, insurance has become necessary for every person. Several insurances schemes are in the limelight such as car insurance, home insurance, etc. Life Insurance is one of the major insurance schemes. It has become a major requirement for the people nowadays.

Every person wants the bright future for his family. He tries his best in order to accomplish this purpose. But, a prominent tension remains in the minds of everyone, i.e., what will happen of his family after his death. Life insurance is the plan which helps the family a person if he faces a sudden death due to an accident or any type of serious illness.
More :- http://www.myallagents.com/Life-Insurance-Financial-Security-For-Your-Family/details.html

Insurance Leads - A Boon For Agents

Insurance Leads - A Boon For Agents

Are you an insurance agent who is clamouring to get good reliable insurance leads? Have you ever thought of buying them? If not then it is probably high time you did. Whether you are an agent who is new to the insurance industry or whether you are looking to just expand your customer base buying good insurance could be your ticket to better prospects and correspondingly better business. You might think why pay money and buy leads. It is the benefits you could reap that you should be thinking of. With winning leads you save time. You will of course know that time means money for insurance agents. So net-net by buying leads that work you can end up with enhanced profits.

There is a catch though. The insurance leads you pursue should be genuine and should have a good hit rate - that is you should be able to convert a substantial number of them into your customers. There are some tips you can follow to ensure that leads turn into a boon. Your foremost concern is to select a good lead generation company which solves half your problems. Ask questions to find out how a company generates insurance leads for you. This can give you a heads-up on the effectiveness of the leads. There are a number of methods like searching through their websites with organic searches or using affiliates; they could also be using paid searches - all of which have pros and cons. You should take care to see if the method being used generates relevant leads for your line of insurance and for your location/ area. Make sure you get enough leads to follow up periodically. Of course a few solid leads are way better than numerous leads that lead you nowhere.
More:- http://www.myallagents.com/Insurance-Leads-A-Boon-For-Agents/details.html

How to Find an Insurance Agent Online

In a commonwealth with a high-cost of living, grasp residents of the world can search for the best insurance
protection online as a means to reliability so as to exploit the optimal deals obtainable. It is essential to inquire the diametric options and take the varied kinds of coverage that covers all the costs.

An online insurance agency facilitates this inquiry by displaying useable options and providing quotes that would traverse hours to obtain rather than the superficial phone book or directory pages, and then occupation disparate companies individually to utter to representatives and solvent their questions before leaking out the wanted information. Consumers can also comprehend out which insurance agents are localized if their deprivation is to have a broker who is conveniently settled close to their homes or offices. It is also an upright melody to periodically contain funds with which consumers may not be altogether satisfied.
More :- http://www.myallagents.com/How-to-Find-an-Insurance-Agent-Online/details.html

The Top 3 Insurance Marketing Mistakes — and How Agents Can Avoid Them

The Top 3 Insurance Marketing Mistakes — and How Agents Can Avoid Them

Insurance agents have to wear many hats, especially if they’re building their own agency. With everything you have to do each day to keep your business running, marketing often falls through the cracks.

If you’re like most agents, your first priority is sales.

But you’re also the bookkeeper responsible for keeping your accounts in order. Plus you’re the office manager making sure everything runs properly. And you’re probably also the janitor responsible for keeping your office clean. Months fly by without any time for serious marketing
materializing.

If this sounds familiar, take a minute to check your marketing efforts and results against this list of common missteps… and solutions.

If you find that you’re guilty of any or all of them, don’t take it personally. Instead, congratulate yourself on discovering an opportunity to improve sales — or even head off at the pass a future slump in insurance leads. Like the saying goes, an ounce of prevention is worth a pound of cure.
More :- http://www.myallagents.com/The-Top-3-Insurance-Marketing-Mistakes-and-How-Agents-Can-Avoid-Them/details.html

Selling life insurance policies for profit.

Selling life insurance policies for profit.
Insurance policies with rising or re-appearing premiums can often cause their owners problems, especially when those owners’ financial needs or obligations change.
Is it a better investment to continue paying a policy that you have already paid into in hopes of a gain at maturation, or to recoup some of the investment by trading the policy for its cash surrender value? Corporate policyholders often face additional dilemmas when dealing with departing executives with key-man or split-dollar policies, or insurance purchased as part of a buy-sell agreement.
Another option is to sell the policy for cash. With a life settlement, the policyholder realizes an amount much greater than the cash surrender value in exchange for the ownership of the policy, thus increasing immediate revenue for companies holding unprofitable policies.
More :- http://www.myallagents.com/Selling-life-insurance-policies-for-profit/details.html

Some facts about insurance

Some facts about insurance

This article consists of useful tips everyone should take into account in order to choose wisely and better from the vast selection of insurance propositions. Useful facts on insurance no matter which insurance type you choose.

1.Insurance policies usually cover one of two situations.
Policies are divided into term ones and policies of complete insurance. The whole life policies have many variations covering different life situations and they can also be combined with term policies in some cases.

2.There’s more interest in selling life insurance than in buying it.
Agents in U.S. thy their best when selling life insurance policies as this sphere of business has extremely high commission paid to agents from each life policy sold.

3.Whole life policies cost too much.

More :- http://www.myallagents.com/Some-facts-about-insurance/details.html

Understanding The Impact Of Life Insurance

Understanding The Impact Of Life Insurance

The price of dying, especially funerals, is going up each day, and your loved ones need some sort of security within the event you decease. This is one in all the various reasons life insurance should be a necessity, instead of a luxury. If you don't have an arrangement for covering for your funeral costs the responsibility of the payments can be due to those you leave behind. There have been whole families financially lost by the sudden death of a loved family member.

Your family ought to have the peace of mind and protection of life insurance. A well-written insurance from a reliable company guarantees your family there can be no surprises thanks to anyone's death. Life insurance prices are calculated in the first place on your age and health. The younger and healthier you're the less costly the policy will be. If you are older and have health problems then you'll pay more for a policy. Primarily based on that, getting a policy in place as long as you're younger is the most effective idea.

More:- http://www.myallagents.com/Understanding-The-Impact-Of-Life-Insurance/details.html

Life Insurance Is Necessary for People of All Ages

Life Insurance Is Necessary for People of All Ages

Life insurance is something that most people would rather not think about, especially young people who are in the prime of their lives and are enjoying the experiences of raising family and working at exciting careers. If you are someone who has been putting off taking out a life insurance policy
, perhaps it is time to ensure that your family will be cared for in the tragic and unfortunate case that something may happen to you.

More :-

http://www.myallagents.com/Life-Insurance-Is-Necessary-for-People-of-All-Ages/details.html

Sunday, May 16, 2010

Growing Your Life Insurance Business

Growing Your Life Insurance Business 
In many ways, life insurance is like having a Will written. Most people put both on the back burners. While most people need life insurance, they feel no sense of urgency.

The best prospects are individuals who have just had a "life event". A life event would include - a couple getting married, a couple having a baby, an individual changing jobs or starting their own business. So, how do I find prospects having life events? One of the greatest sources is referrals. Every couple that you meet with let them know that you specifically work with married couples. Do they have any friends or relatives that are married? Make it your goal to leave a meeting with 3 or 4 referrals.

Another source of referrals is through a professional network. Its important to work with an estate attorney, a mortgage broker, a realtor and an insurance agent that only writes auto and homeowners insurance.
More :- http://www.myallagents.com/Growing-Your-Life-Insurance-Business/details.html

Facilities given to NRIs by LIC Housing Finance

Facilities given to NRIs by LIC Housing Finance:

LIC Housing Finance also serves the Non-resident Indians. NRIs ought to have valid passports to take up policies offered by LIC Housing Finance. The other formalities can be done on their India visits or sent by mail-order business. The various facilities offered by the company to the NRIs include policies to ensure children's education, pension to retired individuals, loans to buy houses, and schemes to ensure specific incomes to NRIs at intervals throughout their life. The forms are easily available on the Internet. Completed forms with medical reports and the sum of the first installment need to be sent to any of the offices of the company. The premia can be submitted in a number of ways - the guardian/husband/wife of the policy holder, living in India will be able to pay off the loan amount on behalf of the policyholder living abroad, or by paying off the premium amount through the Indian bank in which the policyholder has an account, and so on.
More :- http://www.myallagents.com/LIC-Housing-Finance/details.html

How to change LIC Insurance Agent?

How to change LIC Insurance Agent?

Why you need to change the LIC insurance agent?

When you go overseas or when you are very busy so that you cannot go to LIC office directly you think about a question “How to change LIC Insurance Agent?” This article deals in answering that question. It is a very simple process to change the LIC insurance agent when you follow these steps.

Are you in overseas? Do you wish to change your LIC insurance agent? Follow these steps to change the LIC insurance agent.

The following steps are the procedures for the person who is in overseas and cannot go to LIC in person:
See in the following link :- http://www.myallagents.com/How-to-change-LIC-Insurance-Agent/details.html

Insurance Agent Jobs in India

Insurance Agent Jobs in India

Insurance agents are the arms of insurance companies to contact people. Insurance agents do policy sales and public relation on behalf of the company. Among insurance company agents there are captive agents who work exclusively for one company and there are brokers who represent many companies. Insurance agents help individuals, families and businesses select insurance policies that provide the best protection for their lives, health, and property. The insurance agents are served with plenty of chances to be absorbed in regular employment schemes of the company. Depending on their educational qualifications and strengths, the agents get good chances to become employee of the company.
Being Insurance advisor can be an enriching and exciting career option, be in touch with the latest and finest insurance practices from around the globe, and grow both personally and professionally. The insurance companies are known for its informal and friendly work environment.

More :- http://www.myallagents.com/Insurance-Agent-Jobs-in-India/details.html

IRDA may change commission structure of insurance agents

Irda may change commission structure of insurance agents

New Delhi: India’s insurance regulator plans to alter the commission structure of agents to help life insurers cut costs, a top official said. The move could also benefit policyholders.

For both insurers and the insured, a large chunk of first-year premium goes towards writing off distribution costs such as agents’ commissions.

According to the guidelines of the Insurance Regulatory and Development Authority, or Irda, the commission depends on the type of insurance plan.

More:- http://www.myallagents.com/IRDA-may-change-commission-structure-of-insurance-agents/details.html

What Are Mutual Funds?

What Are Mutual Funds?

As a popular investment option, you have probably already heard plenty about mutual funds. Chances are you own mutual funds in your retirement plan or brokerage account. In fact, according to the Investment Company Institute, more than 92 million individuals in the U.S. (about 45% of U.S. households) owned mutual funds in 2008. But do you know what mutuals fund are and why so many people own them?

Mutual funds are an investment that allows a group of investors to pool their money and hire a portfolio manager. The manager invests this money (the fund’s assets) in stocks, bonds or other investment securities (or a combination of stocks, bonds and securities). The fund manager then continues to buy and sell stocks and securities according to the style dictated by the fund’s prospectus.

Fees of Mutual Funds

All mutual funds charge fees to operate and manage the fund. Management fees pay the fund companies (or managers) to manage the funds. Some funds also charge investors an upfront sales charge/load when he/she first purchases shares in the fund, while other funds charge a back-end load (contingent deferred sales charge) upon sale of fund shares. There are also funds that have no sales charge and these are known as “no-load funds.” 12b-1 fees are imposed by some funds to cover marketing and distribution costs. There are also various share classes of funds that differ in fee structure according to class (Class A, Class B, Class C, etc.)
Structure of Mutual Funds

Technically, mutual funds are “open-end” funds -- one of four basic types of an investment company. Closed-end funds, exchange-traded funds and unit investment trusts are three other types. As investment companies, mutual funds are regulated under the Investment Company Act of 1940.
More Details :- http://www.myallagents.com/What-Are-Mutual-Funds/details.html

L.I.C. Development Officers' Exam

L.I.C. Development Officers' Exam

A competitive examination for the recruitment of Assistant Development Officers' in the Life Insurance Corporation is held once a year, generally in the month of
September. The blank application forms and particulars are published in the Employment News, generally in the month of July and the last date for submission of applications is generally the first week of August.

Educational Qualifications: Candidates must hold a Bachelor's Degree in Arts, Science, Commerce, Agriculture or Law of an Indian or Foreign University or an equivalent qualification.

Age Limits: The applicants should have completed the age of 21 years on the 1 st July of the year of examination.
More Detail Pls check the link
L.I.C. Development Officers' Exam

Wednesday, May 12, 2010

Tips To Keep More Money in Your Pocket in a Easy Way

Tips To Keep More Money in Your Pocket

Skyrocketing gas prices have gotten a lot of media attention this year, but most consumers have surely noticed that the costs of many basic goods have also crept higher, taking a toll on their monthly budgets. The Virginia Society of CPAs offers these suggestions on the best ways to boost the cash in your pocket.

Links :- 1) Tips To Keep More Money in Your Pocket
                            2) How to Become LIC Agent
                            3) How to Become a Federal Agent

LIC Agent Exam - IRDA Agent Exam Question Paper

Insurance Institute of India conducts every year an all India based competitive exam for recruitment of Insurance agents and is known by the name of IRDA exam or Insurance Regulatory and Development Authority exam. The basic requirement to sit for the exam is that he or she must have cleared his class 12th from a recognized university or board.

IRDA exam can be given in two modes, online and offline. Candidates preferring to go for manual mode would have to submit duly filled-in exam entry form to the concerned authority. The form is also supposed to be countersigned by the sponsoring insurer. Now, if the applicant wishes for both the general as well as life branches, he or she would have to fill two separate forms.

As regards the pattern of question is concerned, theme always remains the same, as in all the questions would be related to the Insurance, loans, regulations and their general application. Moreover, you can also expect some numerical problems as well. However, they won’t be rocket science, so you do not have to worry. They would be like normal percentage, discount and loan calculation.
Sample Exam Paper
1) IRDA Agent Exam Question Paper - 1
2) IRDA Agent Exam Question Paper - 2
3) IRDA Agent Exam Question Paper - 3

Tuesday, May 11, 2010

Bonus Information - Life Insurance Corporation of India

Bonus Information - Life Insurance Corporation of India 2008-2009
All this “bonus rates” is always declares on the sum assured instead of the amount you deposit [premiums] to the LIC.

So if you have a policy of Rs2, 00, 000 with a premium of Rs10, 000 per annum and the bonus rate is 5.5% then your this year bonus amount will be Rs11, 000 [5.5% of 2, 00, 000] and not Rs1100/

Click on the following Link
http://www.myallagents.com/Bonus-Information-Life-Insurance-Corporation-of-India/details.html

Saturday, May 8, 2010

Winning With Mutual Funds

Winning With Mutual Funds

A mutual fund (called 'unit trust' in Asia) is an investment vehicle that pools money from many individual investors. A professional fund manager invests and manages these funds into stocks, bonds and other securities.

People usually invest in mutual funds because it is offers the advantage of broad diversification (it spreads your money over tens or hundreds of stocks to reduce risk) and professional management. However, do remember that as broad diversification reduces risks, it also reduces return.

First, here is the bad news. If you speak to most people who have invested in unit trusts in Asia (especially Singapore) or in mutual funds, most would report losing money or just earning measly returns of 2%-4%. In fact, in the year 2004, it was reported in the Straits Times that 559,000 Singaporeans lost $680 million by investing their CPF in these funds. By going to the largest unit trust distributor Asia, you can easily calculate that only 6% of unit trusts beat the S&P 500 over a ten-year period. What are the chances of you placing your bet on this 6%? Chances are you would have had lower returns that the index, while still having to pay those hefty sales charges and annual management fees.

How about the US mutual fund market? On average, less than 10% of mutual funds beat the S&P 500 index each year! What's worse is that it is a different 10% each year. Less than 3% of mutual funds are able to beat the S&P 500 Index over a five to ten year period. So again, what are the chances of you beating the market through betting on the right fund? Only 3%! You have better odds at the Black Jack table. The worse thing is that the fund manager gets paid an annual management fee whether or not the fund makes money.

Why is it so difficult for most people to make money in mutual funds? There are four main reasons.

1) High Sales Charges & Management Fees

Most people buy mutual funds through banks and financial institutions at retail prices where there is a sales charge (front load) and high annual management fees (expense ratios).

In Asia, most banks & financial institutions sell unit trusts with a sales charge of 5%-6% and with annual fees of 1.5%-2%. It means that before you even begin, you are down 6.5%-8% on your investment and will be down another 1.5% every year. Your fund must outperform the S&P 500 by 6.5%-8% just to make it worth your while! Again, less than 10% of funds worldwide can achieve this every year and less than 3% can achieve this over five years.

2) Buying the Hottest Performing Funds
Most people choose funds based on high short-term returns. These are the funds that are normally pushed and advertised by financial retailers. They feature impressive and enticing returns like 'This fund was up +65% in the last six months'.

The fact is that the best short-term performing funds tend to also be big losers in the subsequent years and long term. Why? Because these funds tend to be invested in hot stocks or hot sectors where the stocks have been rising rapidly and fund managers buy, riding on the momentum. That is why they post very spectacular returns. However, strong buying activity tend to push these stocks to be overvalued and sure enough, the stocks will come crashing down in the next few years. Mutual funds that consistently beat the S&P 500 tend to be invested in non-hot sectors and do not post spectacular short-term returns.

3) Limited Selection of Unit Trusts Locally

If you are in Asia, then you are normally exposed to only a limited number of unit trusts. A check with fundsupermart.com (the largest Asian unit trust distributor) shows that there are just about 300 funds available here compared to over 8,000 funds in the US market.

When I made a search on the Top Performing Fund sold locally (year 2005), I was presented with 'Fidelity America USD' with a 10-year annualized return of 11.27%. (Recall that the S&P 500 returned 12.08% a year). So, even the top-performing fund couldn't beat the S&P 500 after deducting expenses & fees!!

4) Lack of Research Knowledge, Data & Tools

The single most important reason why investors lose money in mutual funds
is because they don't have the knowledge or necessary information to search for the top 3% of consistent performing funds at the lowest costs. Investors tend to buy on the advice of their bank managers, facts from the fund fact sheet or prospectus which does not provide enough information to select the right fund.

Thursday, May 6, 2010

11 Essential Steps to Retirement Planning

11 Essential Steps to Retirement Planning


Life Insurance


It used to be that Americans retired at 65 with a gold watch and a nice, fat pension. But times have changed, and now we're finding we have to take a more active role in preparing for retirement.

This new world of 401(k) plans and Roth IRAs leave many people confused and uncertain. A 2009 Employee Benefit Research Institute survey, for instance, found that only 44 percent of Americans have ever tried to calculate how much they need for retirement.

"Planning for retirement can be a daunting task, especially given the recent economic climate," said Insured Retirement Institute (IRI) President and CEO Cathy Weatherford. "And while by most accounts the financial forecast appears to be improving, millions of Americans have yet to begin preparing for their retirement."

According to the IRI and the U.S. Department of Labor, there are 11 steps you can take to ensure that you do not outlive your savings.

1. Select a target retirement date

This important step determines how much money you need. If you want to retire early--say at the age of 55--you need to have a good post-retirement income and a lot of savings because your retirement could last 30-40 years. You should also buy health insurance until Medicare kicks in at age 65.

The Department of Labor says most people retire at the age of 65-66, although many are continuing to work later in life. Key benchmarks that may influence your decision on when you ultimately retire:

* Age 59 ½: You can withdraw from retirement accounts without paying a tax penalty
* Age 62: The minimum age to receive Social Security benefits
* Age 66: Eligible for Social Security benefits if born between 1943-1954
* Age 70 ½: Face tax penalties if you don't start taking minimum withdrawals from retirement accounts

2. Calculate the amount of money you should accumulate by your target retirement date

This is largely determined by what your lifestyle, living and medical expenses will be during retirement. You should also take into consideration the cost of inflation. The Labor Department recommends you plan for a 30-year retirement, regardless of what age you retire.

Key questions to ask yourself:

* Will I still have a mortgage payment or will my home be paid for?
* How much will I want to travel?
* How much of my current monthly expenses continue after I retire?
* How much should I keep in investments? (financial experts recommend that you continue making investments that earn enough to cover the cost of inflation)
* Will I want additional health insurance to pay for services not covered by Medicare?

3. Figure out how to maximize your Social Security benefits

More than half of retirees start collecting benefits at age 62, but advisors note that your monthly payments may be a third higher if you wait until age 66 to start collecting. Those who wait until age 70 receive 75 percent more.

"Millions of Americans may not be aware of the financial advantages most people gain by waiting even a few years to begin receiving their benefits," Weatherford said.

4. Take advantage of tax-advantaged plans, such as employer-sponsored retirement plans, individual retirement accounts and annuities

According to Kiplinger magazine, many retirees who either lost money or lost faith in the stock market are purchasing insurance annuities to provide guaranteed income during retirement. With an annuity you pay an insurance company a large sum of money in return for a monthly check for a certain time period or for the rest of your life. For instance, a 65-year-old man could make $725 a month by purchasing a $100,000 annuity.

The Labor Department notes that some annuities make adjustments for inflation. It recommends you carefully review the terms of the investment and answer the following questions:

* Does the amount paid vary based on investment returns or is it fixed?
* What will you pay in related fees?
* How are the payouts taxed?

5. As that your employer start a pension or retirement plan if one doesn't already exist

Starting a retirement savings plan is easier than many small business owners might think. Retirement plans help to attract and keep good employees, and the employer's contributions are tax deductible.

6. Only use your savings for retirement

Many experts agree on this step. The Labor Department notes that if you dip into your retirement savings, you lose principle and interest, and you may lose tax benefits. Roll your 401(k) into an IRA if you change jobs.

7. Diversify your assets and be sure to include guaranteed income for life

Experts recommend you keep money in a safe, interest-bearing account, as well as some money-earning stocks. This spreads the risk. The Labor Department recommends the following distribution:

* Some money in savings or checking accounts with no risk
* Some in bonds, with a little more risk
* Some in stocks with a higher risk, but a higher return

Another way to diversify is by investing in index mutual funds.

8. Ask questions and get help by seeking the advice of a professional financial advisor

An expert can help you sort through all the investment opportunities and help you decide what's right for you. But avoid strangers on the phone or the Internet--retirees are frequent targets for scammers.

9. Start now and set goals

The IRS recommends you set up a "painless" payroll deduction, regardless of your age or how long you have until retirement. Other strategies:

* Maximize your pre-tax deductions at work
* Make catch-up contributions after the age of 50
* Work a few years longer than you might otherwise have
* Don't take on large debt during your pre-retirement years
* Hold off withdrawing Social Security benefits

10. Start a retirement plan and monitor your progress

A retirement plan can help set out your goals for saving and your strategies for reducing debts. Write down those goals and strategies. According to the Labor Department, people frequently alter future spending patterns if they record their expenses and have a plan for reducing them.

11. Use whole life insurance to protect your family's finances

Purchasing a whole life insurance policy, which pays beneficiaries when the insured individual dies, is a way to ensure your family is financially protected should the breadwinner pass away and is no longer bringing home a paycheck. A whole life insurance policy can provide the funds necessary, so that your spouse doesn't have to go back to work during retirement, or that your children don't have to tap into their own savings to pay for a funeral. A properly sized policy can make sure your spouse has enough money to pay the outstanding principle on your home, finish paying for a child's college or cover other large expenses.

Tuesday, May 4, 2010

New Artical Publish

Sr.No. Name of Artical
1
Life Insurance - Plan for Life
2
Importance of Family Health Insurance Plan
3
Taxi Insurance is a Must
4
How to Get the Best Life Insurance Rate
5 Settlement Life Insurance - Think About It
6
SettlementLife Settlements-The Good,The Bad, And The Ugly
7
The importance having life insurance settlement
8
Understanding Long Term Care Insurance
9
A Good Life Insurance Policy
10
Long-Term Care Insurance
11
The Role of Insurance in Your Financial Plan
12
Buying Life Insurance
13
Health Care Options in Retirement
14
LIC to invest more in state-run enterprises
15
Business Insurance Agents
16
Life Insurance Coverage for the Homemaker in Your Family
17
How to Get a CLIA License
18
How to Become an Insurance Agent
19
Things to Consider While Buying Insurance
20
Personal Accident Insurance Online
21
UAE Exchange, LIC in tie-up
22
Children's Life Insurance Policies
23
Life Insurance Coverage for the Homemaker in Your Family
24
ULIPs, more investment than insurance
25
Insurance Update

Articals

Sr.No Header
1 Importance of Insurance
2 Solving Your Problems
3 Whole Life Insurance and the Waiver of Premium Rider
4 Middle Class – Is Savings Compulsory or Optional
5 Understanding Internet Insurance Leads
6 Insurance Leads Guide – Your Guide To Success
7 Life Insurance FAQs
8 ULIP Vs Fixed Deposits
9 ULIP Vs Mutual Fund
10 Life Insurance FAQ on Claims
11 What is Insurance?
12 Charges In ULIP
13 LIFE INSURANCE – A convenient tool to secure future & build wealth
14 What is ULIP?
15 Life Insurance FAQ on Premiums
16 Last Minute Tax Planning
17 Insurers See Less Policy Lapse in 2008-09, Despite Hard Times
18 Life Insurers' Losses Mount 43% in FY09
19 Health Insurance and Income Tax
20 Income Tax
21 TDS provisions on Pension Payments
22 Are You Paying Your Income Tax?
23 Reduce Your Tax Liability By 20%
24 New income tax slabs introduced:- Budget 2010-11
25 Income Tax Refund-Till 31st March 2010
26 Deadline Approaching for 2006 Refunds
27 Children Plan Comparison Chart
28 Income Tax Return (e-filing)
29 Important dates for income tax return
30 Maximum Deduction of Income Tax From Life Insurance Plan
31 5 Good Reasons to File an Income Tax Extension
32 Prepare for Income Tax Season
33 VAT Changes from 1st April 2010
34 Financial planning tips for IT
35 Why Do You need Life Insurance Policy?
36 Due Date Table for TDS and TCS
37 Insurance - A Tax Planning tool cum Investment Plan
38 Life Insurance Corporation Of India
39 Life Insurance Policy Needs for Parents
40 The History Of Life Insurance
41 How to Select a Life Insurance Product
42 Life Insurance Policies – Making the Best Choice
43 What Is Your Investment Style?
44 Life insurance for a small business
45 Are life insurance quotes useful?
46 Settlement Loans Vs. Traditional Loans
47 Long Term Investments for the Future
48 Why You Should Invest
49 ULIP Vs Fixed Deposits
50 Filing Your Income Taxes - How To Identify The Right Time

Sunday, May 2, 2010

Parts of an insurance contract

Parts of an insurance contract

* Declarations – identifies who is an insured, the insured’s address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy period and premium amount. These are usually provided on a form that is filled out by the insurer based on the insured’s application and attached on top of or inserted within the first few pages of the standard policy form.

* Definitions – define important terms used in the policy language.
Insuring agreement – describes the covered perils, or risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured. It summarizes the major promises of the insurance company, as well as stating what is covered.

* Exclusions – take coverage away from the Insuring Agreement by describing property, perils, hazards or losses arising from specific causes which are not covered by the policy.

* Conditions – provisions, rules of conduct, duties and obligations required for coverage. If policy conditions are not met, the insurer can deny the claim.

* Endorsements – additional forms attached to the policy form that modify it in some way, either unconditionally or upon the existence of some condition. Instead of allowing nonlawyer underwriters to directly customize core policy language with word processors, insurers usually direct underwriters to modify standard forms by attaching endorsements preapproved by counsel for various common modifications.

Insurance Policy.

Insurance Policy.

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.
Insurance Policy

Insurance Policy

The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract. One insurance textbook states that “courts consider all prior negotiations or agreements … every contractual term in the policy at the time of delivery, as well as those written afterwards as policy riders and endorsements … with both parties’ consent, are part of written policy”. The textbook also states that the policy must refer to all papers which are part of the policy. Oral agreements are subject to the parol evidence rule, and may not be considered part of the policy. Advertising materials and circulars are typically not part of a policy. Oral contracts pending the issuance of a written policy can occur.
General features

The insurance contract is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on the behalf of), if certain defined events occur. Subject to the “fortuity principle”, the event must be uncertain. The uncertainty can be either as to when the event will happen (i.e. in a life insurance policy, the time of the insured’s death is uncertain) or as to if it will happen at all (i.e. in a fire insurance policy, whether or not a fire will occur at all).

* Insurance contracts are generally considered contracts of adhesion because the insurer draws up the contract and the insured has little or no ability to make material changes to it. This is interpreted to mean that the insurer bears the burden if there is any ambiguity in any terms of the contract. Insurance policies are sold without the policyholder even seeing a copy of the contract.

* Insurance contracts are aleatory in that the amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events.

* Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.

* Insurance contracts are governed by the principle of utmost good faith (uberrima fides) which requires both parties of the insurance contact to deal in good faith and in particular it imparts on the insured a duty to disclose all material facts which relate to the risk to be covered. This contrasts with the legal doctrine that covers most other types of contracts, caveat emptor (let the buyer beware). In the United States, the insured can sue an insurer in tort for acting in bad faith.

Structure

Early insurance contracts tended to be written on the basis of every single type of risk (where risks were defined extremely narrowly), and a separate premium was calculated and charged for each. This structure proved unsustainable in the context of the Second Industrial Revolution, in that a typical large manufacturer might have dozens or hundreds of types of risks to insure against.

In the 1930s, the insurance industry shifted to the current system where covered risks are initially defined broadly in an insuring agreement on a general policy form, then narrowed down by subsequent exclusion clauses. If the insured desires coverage for a risk taken out by an exclusion on the standard form, the insured can pay an additional premium for an endorsement to the policy that overrides the exclusion.