Reinsurance

Who benefits from reinsurance?Reinsurance is about the consumer and the insurance company both. Everyone benefits from reinsurance in a big way.

Reinsurance for the insurance company

Reinsurance is the only thing that allows insurance companies to take such big risks. It is this reinsurance that allows them to insure as much as they often do. Without the reinsurance they will not be able to.

You see an insurance company never knows when they will have to pay out and to how many people in any given year. They are actually insuring more than they would be able to afford to pay out all at once, that is where reinsurance comes into the picture. By reinsuring the amounts they will be able to pass some of the risk to other insurance companies thus giving the consumer a larger benefit package. For the consumer this means higher insurance policies and larger payouts.

The transferring of risk

By transferring the risk the insurance company will be less likely to go bankrupt and close. They will be bale to continue to do business and they will not have to worry about the losses that they incur each year because everything will flow smoothly with the help of this reinsurance. The company will not have to have so much capital at all times, giving them much more leeway in their business.

Most insurance companies are able to get this reinsurance at much lower rates that you or I could get insurance. The benefits of reinsurance do not just end with the company being able to write bigger policies for the insured but it also lowers their liability which is something that all insurance companies want.

How reinsurance is written

Reinsurance contracts can be write to cover single insurance policies or they can cover many more than just one. Most insurance companies have reinsurance policies that cover much of the business that they do. They will have to get these individual reinsurance policies in some cases when an insurance policy poses a more serious risk.

Reinsuring the reinsurer

Even reinsurance companies buy reinsurance. It is a continuous cycle of insuring the insured, it may sound confusing but it is all about protecting everyones interests. This is why you can get the insurance that you need to keep you and your family safe and secure.

read more...

Insurance Claims Training

When it comes to insurance claims training there are a few important things that you need to keep in mind. First of all you need to take some time to decide what kind of training you need exactly. Not everyone needs the same kinds of insurance claims training programs. If you have a history in the insurance industry you may only need to take some continuing education programs. If on the other hand you are entirely new to the industry and you need to start at the bottom then you need to take a beginner insurance claims training program first. This kind of program or class will help you to get your bearings and learn the basics of insurance and what it can do for people.

The next step to choosing the right kind of insurance claims training class or program is to decide what kind of insurance you want to get involved in. Do you want to work in the life insurance industry, the auto insurance industry or the home insurance industry? This may have a bearing on the kind of insurance claims training you need to get.

The best way to learn what kind of insurance claims training you need is to talk to some local experts in that field. Different states require different kind s of training and certifications. Find out what is necessary in your area and go from there.

Most of the insurance claims training programs are short and easy to find. You will be able to learn everything that you need to know from a good insurance claims training class in just a few months. This means that you can start making a great living in just a few months!

No matter which sector of the insurance industry you are interested in you will be able to find the perfect insurance claims training programs online. These programs do not need to be taken online but they certainly can be. You can find many correspondence insurance claims training courses on the internet and they are great. Just make sure that the insurance claims training course that you take will work for the state in which you live. You do not want to put out the money, the time and the energy only to find that you are not able to practice your new skills where you live.

You can also find many insurance claims training courses in your local area. Most colleges or universities in your area will probably have some course that you can take. If you want to find out more about where to go for insurance claims training then contact some local insurance companies in your area. They should be able to point you in the right direction. They will also know the requirements for the state, which can also help you to choose the right insurance claims training programs

read more...

Insurance Claims Training

read more...

What is a captive or contract insurance broker?

If you want to get insurance then you will probably choose to meet with an insurance broker. This broker or agent will help you to determine what kind of insurance is right for you and your family. There are a couple of different kinds of agents out there. You will find some insurance brokers that are independent ones and others that are known as captive brokers.

What a captive or contract insurance broker is all about

A captive insurance broker is much different than an independent broker. A captive broker will be working only for one particular insurance company. They will sell all of the products from their company, there are usually numerous products for you to choose from. It is not often that you, as a captive insurance broker will have trouble finding a good fit for your customers. The bigger insurance companies are chock full of great insurance products for you to sell them. And it is easy to make all of the products sound good because insurance on the whole is always worth the money spent.

Want to be a captive insurance broker

If you are considering becoming a captive insurance broker then you will need to know a little more about it first. People who become an independent broker have more to learn than their captive counterparts. As a captive broker you will only have to learn the products of the company you are working with, rather than all of the products at several of the different insurance companies. This will still be a lot of work but nowhere near as much.

As a captive or contract insurance broker you will not actually be an employee of the company whose products you are selling. You wills till be considered an independent contractor. You may be able to collect an allowance from this company for office supplies but that is about it. Most companies will simply supply you will all of the paper and pens and such that you will need to do your job day after day.

You may also be eligible for some benefits from the insurance company that you work with as a captive or contract insurance broker. Just what benefits you will get will depend upon the insurance company that you choose to work with.

You will be required to fill out a contract with the insurance company and they will do a background check on you. This check is usually done at the start of your training. If you have an arrest record then you may not be able to get hired as an insurance broker captive or otherwise

read more...

Types of Flood Insurance

Types of Flood Insurance Coverage available

Policies are available in three forms: General Property, Dwelling and Condominiums

All policies have deductibles for both building and contents coverage, incase you purchase contents coverage.

Exclusions

Walkways, driveways, patios, Contents in basements are not covered with a few exceptions such as dryer, freezer and washer.

First Steps after your property got flooded:

Call your insurance company's (24 hour) Emergency Helpline as soon as possible. They will be able to provide information on dealing with your claim, and assistance in getting things back to normal. Keep a record of the flood damage (especially photographs or video footage) and retain correspondence with insurers after the flood. Commission immediate emergency pumping/repair work if necessary to protect your property from further damage. This can be undertaken without insurer approval (remember to get receipts). Get advice where detailed, lengthy repairs are needed. Your insurer or loss adjuster can give advice on reputable contractors / tradesmen. Beware of bogus tradesmen and always check references. Check with your insurer if you have to move into alternative accommodation as the cost is normally covered under a household policy. Make sure your insurance company knows where to contact you if you have to move out of your home.

Tips to cleanup after flooding:

Find out where you can get help to clean up. Check with your local authority or health authority in the first instance or look under 'Flood Damage' in Yellow Pages for suppliers of cleaning materials or equipment to dry out your property. It takes a house brick about one month per inch to dry out. Open doors and windows to ventilate the house, but take care to ensure your house and valuables are secure.
Contact your gas, electricity and water company. Have your power supplies checked before you turn them back on to make sure they have dried out. Wash taps and run them for a few minutes before use. Don’t attempt to dry out photos or papers - place them in a plastic bag, and if possible store them in the fridge. Throw away food which may have been in contact with floodwater - it could be contaminated. Contact your local authority Environmental Health department for advice. The Citizens Advice Bureau and other organisations may be able to help if you feel under pressure, their numbers can be found in the phone book. Don’t think it can’t happen again. Restock your supplies.

read more...

Flood Insurance - Information and Resources

Flood insurance provides compensation for physical property damages due to flooding. To be a little precise it provides insurance for damage caused due to overflowing water bodies. in most countries there is the concept of flood hazard zones and in most developed countries there is a mandatory requirement to get Flood Insurance for property in the flood hazard zones. In USA the home owner insurance policies typically exclude flood coverage and require separate purchase of this policy. This is both good and bad as it reduces the cost for folks who are in zones which has a very low probability for flooding. One of the interesting myth floating around is rain coupled with high winds that seep into property or through open windows is considered for flood insurance program. It is not and irrespective of where you live it is just common sense to protect your property from rain water.

Helpful tips about flood preparation

Shut off electricity, unplug all electrical applicances and keep in a safe place high above.

Silicone Sealant or sand bagging really reduces or prevents water entering your home.

The idea is to reduce as much damage so keeping internal doors and furniture in safe place is one of the best things to do.

There are a few items in your home that carry high sentimental value which is very important to secure as they help you to rebuild after floods without much pain. Trust me on this.

Flood insurance is required on all properties located in Special Flood Hazard Zones. If you do not live in a Special Flood Hazard Area, you are not required to purchase flood insurance when you buy your home. Flood insurance compensates against loss by flood damage. Although flood insurance is inexpensive, most people neglect to purchase it. The insurance covers damage to a building; including the foundation, pilings or other support systems for elevated buildings. It is a necessity for those who live in flood prone areas, especially those who live in high hazard flood areas. The only guaranteed flood insurance coverage available for your home is Federal Flood Insurance purchased through your insurance agent or company. Flood insurance is not available to residents of communities that do not participate in the National Flood Insurance Program. The coverage is available separately from your homeowner’s policy through a program developed by private industry and the federal government. The federal government determines whether an area is prone to flooding and considered to be in a flood plain. Flood certifications will indicate whether the property lies within an area so designated.

Things to consider

Contact your insurance agent to purchase the flood insurance and to learn more about your eligibility.

There is a standard 30-day waiting period for new applications and endorsements for coverage.

You will not be insured if purchase a policy few days before the flood.

25% of all flood loss claims are filed in areas of low to moderate risk.

Buy a policy with guaranteed replacement-cost coverage, or get you home appraised every few years to make sure you have enough insurance.

When comparing insurers, one question to ask is how quickly are your claims resolved?

read more...