Health Insurance

We can resume health insurance terminology as the 'provider' as we can say it may be clinic, doctor, hospital, laboratory, pharmacy or health care practitioner.  The person with the health insurance coverage's, 'insured' is the owner of the health insurance policy.

Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses.  Besides that, depending on the type of health insurance coverage either the insured pays costs out-of-pocket and is then reimbursed or the insurer makes payments directly to the provider. Health insurance is commonly included in employer benefit packages and seen as an employment perk in USA.

In some countries, health care coverage is provided by the state and is seen as every citizen's right, such as Canada and United Kingdom. It is classed along with public education, firefighters, street lighting, public road networks, and police as a part of a public service for the nation.

In country like USA, we can see health insurance coverage is somewhat different from the others country.  Health insurance is done by everyone, with the exception of some groups, such as veterans, elderly and/or disabled people. It is the individual's responsibility to be insured. Most recently, Obama Administration has introduced laws making it mandatory for everybody to have health insurance, obviously there are penalties for those who fail to have a policy of some kind.

Everybody at some time in their life and often on many occasions surely will need some kind of medical attention and treatment. Whenever medical care is required, mostly the patient should be able to concentrate on getting better with their health, rather than wondering whether he/she has got the resources to pay for all the bills. Most recently, This view is becoming more commonly held in nearly all the developed nations.

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Best Insurance Company

Today, everyone wants theirs future to be secured. There are many financial companies which provide a variety of services to the customers. Nonetheless, some of the biggest financial services which individuals seek is insurance for their families, life and even for their property.

 Based on the market capitalization Zurich is a global Swiss insurance company which is located in headquartered Zurich, Switzerland. The company is Switzerland’s largest insurer with minimum three core business segments:

 General Insurance

, Global Life and

 Farmers Management Services.

 Through General Insurance the group is providing motor, home and commercial products and services for individuals. And, Global Life provides wide range of protection and savings propositions to individual and corporate customers.  Additionally, Farmers provide non-claims administrative and management services for the Farmers Exchanges. This company was ranked 84 in the Global 2000 list for 2015.

It is employing around 57000 people, in more than 170 countries and territories across the globe. It has global network of subsidiaries and offices in Europe, Asia, North America, Asian pacific and Latin America, and Middle East and other markets. Its strategy for 2014-16 is designed to deliver profitable, sustainable growth in a changing and more competitive business environment. Zurich Group is focusing more closely on the markets and consumer segments where the group has competitive edge.

 Till date Net Profit (FY): $4 Billion

 Till date Revenues (FY): $72 Billion

 Till date Market Cap : $45.4 Billion

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Types of Life Insurance Policies

Insurance companies have present different levels of policies to suit different needs of public. At the time of confirming to buy a policy, a person must know firstly the amount of premium he will have to pay, secondly time span of insurance, and thirdly.sum insured with or without bonus. The following are the types of life insurance policies:

1) Whole life policy

2) Endowment policy

3) Term policy

4) Other life policies

Types Of Life Insurance Policies

1) Whole Life policy

           In this type of policy the insured have to pay premium throughout his life or up to limited years. The amount is paid to the nominee of the insured on his death. This done for the protection of nominee's family. The rate of premium in the policy is low as compared to other policies of life insurance because amount is payable in the whole life. This type of policy has no financial gain to insured. It can be further classified into following types:

Ordinary whole life policy

 Limited Premium whole life policy

 Single Premium whole life policy

2) Endowment Policy

This type of policy is issued for a fixed specific period of time. Insured is payable to the policyholder on the maturity of the policy. Endowment policy is very popular because it makes provision for the security of the family. The following are the types of this policy:

•  Ordinary endowment policy
• Pure endowment policy
•  Double Endowment policy
•  Deferred endowment policy.

3) Term Policy

     It's a very old policy which is for 1, 2, 5 or 10 years. The money is paid back only after the death of the nominee. If the nominee survives more than the insured time than company will not pay back the amount. We have to make knowledge that it's neither saving nor investment. It has following types:

•  Straight Term policy
• Convertible Term Policy
• Decreasing Term Policy
• Renewal Term Policy

4) Other Life Policies

Some of the types of life insurance are as follows:

•  Single Premium Insurance
• Joint Life Policy
• Group Life Insurance
• Multipurpose Insurance Policy

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Concept of insurance

Human beings are exposed to different kinds of risks, Such as loss of property by fire, untimely death, and loss in accidents. They are uncertain. It is impossible to eliminate financial loss arising from an uncertain event with the help of insurance. Thus, insurance is a financial mechanism to reduce or eliminate the financial loss due to risk .However, it can neither eliminate nor reduce the risk, but only provides protection against them .Insurance is a way of sharing a risk among the peoples.

                     The nature of insurance can be expressed clearly by an example. Suppose there are 20,000 houses in a village each values Rs: 200000. On the basis of experience it is ascertained that four houses are destroyed by fire each year. Thus, it is clear that fire will catch in four houses next year. But, it cannot be ascertained as to which house will catch house. Nobody knows who those unfortunate individuals will be. One cannot foretell when and who would suffer loss. But everyone is afraid of the risk to which they are exposed. That is, everyone is likely to suffer from a loss of Rs: 200000 which is a big burden for an individual. They can find a method of providing protection against this risk by establishing a common fund to which each contributes Rs: 80 very years. The four unfortunate householders can be compensated by the created fund. It is in this cooperative measures that insurance originated. In fact, the most important from of risk transfer is insurance.

               Insurance protects a person and his dependents from loss arising from future uncertain events such as fire, flood, accidents, early death, etc. It should be remembered that the loss cannot be eliminated by insurance but it spreads over a large number of persons. The function of insurance is to distribute the loss of few persons into many persons. We have to make the idea that the insurance is a process of sharing risks.

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Fundamental insurance concept

The word peril, loss and hazard terms sound synonymously but the words used in the insurance are quite different and those words should be distinguished carefully. As the insurance is the unseen and unintended loss to the owner and for the organization. For instance, if the price of the gadgets decreases by the value of market or be by its ages. Although the decreases surely lost made the loss, but the loss in the term of insurance is not called as loss. Additionally for instance, if destruction of the same gadgets is done through the fire then it is unintended and unseen and so we can consider it as loss.

Insurance fundamental

Common loss exposure is listed below;

·         Personal

·          Liability and

·         Property

·         Personal Losses

The injury, illness, and premature death are the example of it.

·         liability losses

 The property which we cannot become legally responsible to pay back for injuries or other damages property. For instance, you have a pet and that pet harm others. For eg if you have a dog at home and that bites children, then probably you should be liable for the child heath. Additionally if you have a bike and you accidently have a accident and held you as a fault, then probably you may have to liable to pay for the damages you have caused. 

·         property losses

 The property loss by the unintended accidents like, fire, vehicle accident, storm damages that brought to the business are mentioned as property loss. It involves the destruction of commercial or let it be personal.

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Cost and benefits of insurance in society

 Insurance is as ancient as history. Insurance is important in the today's society and not a new idea too. It protects us from the unforeseen events that could happen in the near future and cause the financial hardship. The insurance protect us from the heavy losses and secure our uncertain property from loss. It helps us to protect and purchase the cars, home, and business and safeguard our families' finical future.

Insurance is always helpful and always protecting us from uncertain loss. Many benefits are offer by the insurance to our society. It has been providing the protection by reimbursing people when their property is damaged by the human or natural causes. The natural disaster like landslide, flood, earthquake and so many others are there. In case of inhuman acts like theft is also deal by the insurance. So, it helps individual and business owner resume their normal standard of living and operation, which directly or indirectly benefits for the society.

There are much benefits of insurance. The primary benefits of it include

  credit support

     payment of losses

§                economic growth

§               peace of mind and

§               Loss prevention.

 When the business gone through the losses or faces the disaster in financial hardship banks and credits institution rely on insurance to make sure that they can recover. Insurance allows borrower to guarantee creditors that their investment is protected against disaster and can fell the secure of their property.

Additionally, when the business got down or burns and there are no conditions of resuming the operation then not only the business owner but also the impact will be on the third parties like employer, the goods from whom the owner is buying and to who now must find another business to fill their needs.

Insurance benefits society by encouraging activities and devices that reduce the amount of losses and their economic impact.

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why insurance is essential for us?

Every day we face different problems like natural and uncontrolled human activities which could lost our ,millions of property. Therefore to overcome those property insurance is important. As insurance is the main way of business and individuals to reduce financial impact of a risk occurring in the near future. There are different types of insurance,as homeowner insurance,vehicle insurance,life insurance,animals and crops insurance.So, if we face the problem in the near future then we may overcome the value of it if we have done insurance of it.

Home insurance is important because if the natural disaster like,flood ,landslide,fire damages the property of the home then it could be overcome but some may be expectation.  This type of insurance is famous all over the world.

Identity theft insurance is also becoming popular in these days because if the you lost your identity card then other impersonal may use it and take advantages.Even the criminals are using this card to withdraw the bank balance and rent a house along with the information in it to get the job.It can be avoided by the following points:

• you must keep the amount of personal information in your purse or wallet to the bare minimum. Carrying of additional credits cards and your social security cards or passport unless it is very much essential.
• be careful do not give out the personal information,whether on the pone or on the social medium unless you have initiated the contact or sure you you know whom you are dealing with.
•  You probably should shred any documents containing personal information such as credits cards numbers bank statement,charge receipts or credit card application,before disposing them.

If you are victim of a crime ,report to the police station or credit card company as possible as you can to secure your credit card .

Animals insurance is also essential for us,more essential for farmers because if you love your pets or you are doing the farm of animals then you must probably benefited.If animals get sick then the insurance company  obviously help you.So, it is also important.

Vehicle insurance is the most popular insurance in the world.If you have done the insurance of the vehicles then you may be overcome it if your vehicle get accident or got theft.So motor vehicle is also essential.

Therefore, insurance is very much essential for us. Everything we lost would be overcome and it makes our life much easier and safer.

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