Around us, all companies providing life insurance also provide life assurance policies but most people do not understand the subtle difference between the two words. Whereas the insured does not get any benefit after the expiry of the life insurance policy if he survives, and it is only in the event of his death that his family gets the sum assured (like in car insurance), life assurance means that the policy owner will get money to reap the fruits if he survives the term of the policy. It is clear from this premise that for life insurance companies, insurance is riskier than assurance as nearly half of those who get their life insured survive the term of the policy. Read more…
Why It’s Necessary To Have A Life Insurance Plan
A surprising number of people do not have any life insurance. They may feel that they do not need to provide for anyone, or that their money could better be used for immediate needs. Many people feel they just cannot afford life insurance on top of their other bills. However, no matter who you are, there are good reasons to have a life insurance policy.
Life insurance will provide needed support for your family if you are unexpectedly taken. The last thing you want to do is leave your family with bills they cannot pay. You want to provide your family with the very best, and life insurance can offer you the assurance that they will be taken care of.
In order to determine how much and what type of life insurance you need, you must examine your financial status and your family situation.
FINEOS solution implemented by Lloyd’s market managing agent
Jemima Jones
FINEOS Corp, a provider of core software solutions for insurance, has reported that its new system, FINEOS Claims, has been implemented by a managing agent in the Lloyd’s market.
The new FINEOS Claims is a seamless web-based system that offers comprehensive claims management capabilities complementary to and consistent with the Lloyd’s Claims Management Principles and Minimum Standards and the Electronic Claims File (ECF).The new rules-based claims solution will help company to further strengthen its claims management capabilities and meet and exceed the highest service standards.the solution also ensures quick processing of volume claims without tying up highly skilled, specialised claims staff.FINEOS Corporation CEO Michael Kelly said the FINEOS Claims will support a wide range of lines of business and a variety of operating channels on a single, enterprise wide platform.The solution will also provide better management information, delivering a consistent process for claims handling irrespective of the business source and will also enable the Syndicate to adapt and fine tune its business processes without having to depend on FINEOS for every change.
India’s Life Insurance Market Slowing Down
India’s life insurance industry, once one the strongest performing sectors in the country, has seen its growth prospects curtailed in the past year due to regulatory restrictions, competition, and limited investor activity, according to a new report.
New data released this week by the Insurance Regulatory and Development Authority (IRDA) reveals that new business premium income for India’s 24 active life insurance companies fell by a considerable 17 percent to INR719.53 billion (US$14.49 billion) in the first nine months of the 2011-2012 fiscal year. Excluding sales of group policies, the drop would be even more severe at 33 percent to INR391.3 billion (US$7.8 billion), down from INR866.9 billion (US$17.46 billion) a year prior. The
Workout Your Choice Of Life Insurance Over 65 At The Earliest
Folks get insurance to ensure that their loved ones preserve exactly the same way of life all throughout. The rewards obtained from insurance can take care of vehicle, mortgage and also other day to day costs. Folks also get insurance for their hospital bills to become paid immediately after their death, and also for their funeral expenditures. This burden would otherwise fall on their household. Also, many people acquire insurance, to ensure that the benefits could be given to specific charity or church.
With life insurance over 65 you can help yourself in a lot of means.
Sometimes, acquiring any life insurance for elderly could be small tough and time consuming process too.
Report: Arbitration Resolved Record Number of Inter-Insurer Claims Disputes in 2011
Arbitration Forums, Inc. (AF), the nation’s largest provider of inter-insurance dispute resolution services, resolved nearly 520,000 claims disputes valued at more than $2.4 billion in 2011, a new record, said W. Russ Smith, president and chief executive officer of AF, which has some 4,400 carrier and self-insured members nationwide.
Smith noted that the not-for-profit’s arbitration services are saving the property/casualty insurance industry more than $700 million in litigation costs annually through programs that effectively resolve insurance claims disputes.
He said that nearly 98 percent of the arbitration filings in 2011 were made electronically — more than twice the percentage of just a few years earlier. On an