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Insurance And Life: Types of life insurance

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To Insurance and Life. Types of life insurance. Types of life insurance. Life insurance may be divided into two basic classes – temporary and permanent or following subclasses - term, universal, whole life, variable, variable universal and endowment life insurance. The three key factors to be considered in term insurance are: face amount (protection or death benefit), premium to be paid (cost to the insured), and length of coverage (term). The three basic types of permanent insurance are whole life.

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Insurance And Life: History of Insurance

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To Insurance and Life. The first insurance company in the United States was formed in Charleston, South Carolina in 1732, but it provided only fire insurance. The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian. Synods in Philadelphia and New York created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian.

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Insurance And Life: Death proceeds

http://insuranlife.blogspot.com/2009/01/death-proceeds.html

To Insurance and Life. Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. The normal minimum proof required is a death certificate and the insurer's claim form completed, signed (and typically notarized). If the insured's death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim.

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Insurance And Life: Costs, insurability, and underwriting

http://insuranlife.blogspot.com/2009/01/costs-insurability-and-underwriting.html

To Insurance and Life. Costs, insurability, and underwriting. Costs, insurability, and underwriting. Given that adverse selection can have a negative impact on the insurer's financial situation, the insurer investigates each proposed insured individual unless the policy is below a company-established minimum amount, beginning with the application process. Group Insurance. Policies are an exception. This investigation and resulting evaluation of the risk is termed underwriting. Health. Life insurance comp...

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Insurance: Principles of insurance

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Commercially insurable risks typically share seven common characteristics. A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004. Limited risk of catastrophically large losses. The insurance industry and rent seeking. Is proudly powered by Blogger. Design of Design Disease. To blogger by Blog and Web.

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Insurance: Indemnification

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The technical definition of "indemnity" means to make whole again. There are two types of insurance contracts;. An "indemnity" policy and. A "pay on behalf" or "on behalf of". The difference is significant on paper, but rarely material in practice. Under the same situation, a "pay on behalf" policy, the insurance carrier would pay the claim and the insured (the homeowner) would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language.

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Insurance: Global insurance industry

http://insuranceandme.blogspot.com/2009/01/global-insurance-industry.html

The insurance industry and rent seeking. Is proudly powered by Blogger. Design of Design Disease. To blogger by Blog and Web.

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Insurance: The insurance industry and rent seeking

http://insuranceandme.blogspot.com/2009/01/criticism-of-insurance-companies.html

The insurance industry and rent seeking. The insurance industry and rent seeking. While the proceeds themselves are immune from the estate tax. Criticism of insurance companies. Insurance policies contain too many exclusion clauses. For example, some house insurance policies do not cover damage to garden walls. They also risk greater financial loss due to inadequate coverage protection. Those companies who invest in educated insurance agents. Provide a valued service to the community. Policyholders w...

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Insurance: Insurers' business model

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The business model can be reduced to a simple equation: Profit = earned premium investment income - incurred loss - underwriting expenses. Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing. The premiums they collect from insured parties. An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and los...