Main article: Indemnity
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"[3] policy.
The difference is significant on paper, but rarely material in practice.
An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000)[4].
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[5].
An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss covered in the policy.
When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims—in theory for a relatively few claimants—and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit.
Tuesday, February 3, 2009
Principles of insurance
Commercially insurable risks typically share seven common characteristics.[1]
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.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market
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.[2] The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called “law of large numbers,” which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no ‘homogeneous’ exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
Definite Loss. The event that gives rise to the loss that is subject to insurance should, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
Accidental Loss. The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be ‘pure,’ in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
Large Loss. The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
Affordable Premium. If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board standard number 113)
Calculable Loss. There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
Limited risk of catastrophically large losses. The essential risk is often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk. In commercial fire insurance it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market
Insurance
From Wikipedia, the free encyclopedia
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This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (May 2008)
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Contents[hide]
1 Principles of insurance
2 Indemnification
3 Insurers' business model
3.1 Underwriting and investing
3.2 Claims
4 History of insurance
5 Types of insurance
5.1 Auto insurance
5.2 Home insurance
5.3 Health
5.4 Disability
5.5 Casualty
5.6 Life
5.7 Property
5.8 Liability
5.9 Credit
5.10 Other types
5.11 Insurance financing vehicles
5.12 Closed community self-insurance
6 Insurance companies
7 Global insurance industry
8 Controversies
8.1 Insurance insulates too much
8.2 Complexity of insurance policy contracts
8.3 Redlining
8.4 Insurance patents
8.5 The insurance industry and rent seeking
8.6 Criticism of insurance companies
9 Glossary
10 See also
11 Notes
12 External links
Jump to: navigation, search
This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (May 2008)
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
Contents[hide]
1 Principles of insurance
2 Indemnification
3 Insurers' business model
3.1 Underwriting and investing
3.2 Claims
4 History of insurance
5 Types of insurance
5.1 Auto insurance
5.2 Home insurance
5.3 Health
5.4 Disability
5.5 Casualty
5.6 Life
5.7 Property
5.8 Liability
5.9 Credit
5.10 Other types
5.11 Insurance financing vehicles
5.12 Closed community self-insurance
6 Insurance companies
7 Global insurance industry
8 Controversies
8.1 Insurance insulates too much
8.2 Complexity of insurance policy contracts
8.3 Redlining
8.4 Insurance patents
8.5 The insurance industry and rent seeking
8.6 Criticism of insurance companies
9 Glossary
10 See also
11 Notes
12 External links
Sunday, February 1, 2009
Our mission is to continuously improve ourselves to become a leading, profitable Company, meeting the needs of our customers and enhancing the value of our shareholders’ investment. We will accomplish this by using the strengths of our people and the application of innovative science for the development of new insurance products and services that are high in quality and competitive in price
Family & Individual Health Insurance
Saturday, January 31, 2009
JEEAALA
INTRODUCTIONAt Beema-Pakistan the recruitment department is geared to offer people a serious career into the insurance industry. These prospectus provide an insight into the ‘career-course’ charted out for all those who are keen to enter this (nonbanking) financial world.PRE-QUALIFICATIONThe pre-qualification criteria for a JEEAALA is simple. One has to be: an adult, socially inclined, HSC pass (min), fluent in (at least) one local language plus basic writing / reading ability in English, sound health, free of criminal record, honest, diligent, determined, ambitious to make a name in the insurance industry, and must have filled our bio-sketchform satisfactorily.ENTRANCEYour entrance into a 'career-course' is charted out stepwise as follows:
See a film on your career highway first at our recruitment center.
You are required to apply in your own handwriting (Urdu/English) for a job as a Beema-Pakistan’s JEEAALA, clearly declaring (i) your willingness to abide by all company rules; and (ii) evidencing all pre-qualification requirements. Applications must accompany all available support documentation.
You are required to take an interview with the Administrator of Recruitment on any five days of the week between 9 am to 5 pm without prior appointment. Just walk-in! There are no gender bars.
Prior to the interview you are required to sit at the recruitment office and fill the biographical sketch form in your own hand.
Post interview you are required take 9 hours (minimum) of training presently held every Saturday from 1 pm through 6 pm.
Once you have cleared the above stages you are deemed to be ready to obtain an 'insurance agents' license. You obtain an 'insurance agents' license from, Beema-Pakistan at your cost.
Upon obtaining the insurance agents license you are deemed to have become part of the Beema-Pakistan fraternity. You are now required to obtain a ‘MUAVIN’ card, and more, secure your monthly income for life!
Beema-Pakistan inducts people in a career with their income secured for life, from day one. Onobtaining your "MUAVIN" card you
make your first insurance commission, and
secure your first monthly income for life (WAZIFA).
A WAZIFA passbook is obtained by you, at your cost, which will be your companion for life irrespectiveof your remaining an insurance person or not! Your entitlement to WAZIFA, documents all your sales,and, pays you for each one of them through your life, every month!
HGHWAY & DESTINATIONOnce you are an insurance agent, a recipient of WAZIFA and a MUAVIN card holder you would have only crossed the first milestone of your career highway. This will take you eventually, to become an independent business person - a franchisee under the Beema-Pakistan. ‘SITARA’ plan.As you progress with sales you are required to gather:
a client base, that you can return to with new products, and renewed business; and
a WAZIFA purse of Rs.500/- per month to qualify as a Field Manager. Field Managers (and up) are offered 'captive outlets' by Beema-Pakistan and are placed on the pay-roll of a franchisee. This employed status increases on the following table:
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Friday, January 30, 2009
Home Insurance Jobs Life Insurance Car Fire Insurance Claim your insurance Packages Why insure? About usWelcome to Pakistan Insurance Service.
The team at Pakistan Insurance understands how difficult purchasing the right insurance policy can be in Pakistan- that's why we have created this learning center to help Pakistanis learn about how insurance in Pakistan can help and how to get the best price for the right insurance policy in Pakistan. Insurance is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of a guaranteed small loss to prevent a large, possibly devastating large loss.Types of Insurance:Health LifeCredit Property Disability CasualtyInsurance Companies & Banks in Pakistan:You can find all about the all insurance companies and banks about their insurance services. There are many companies and banks in Pakistan that offer life insurance, General, or Property/Casualty insurance services all over Pakistan. However, when looking for insurance service in Pakistan, it is important to review all the available options. If you cannot find a suitable insurance provider any where in Pakistan, please double-check the options below to make sure you've reviewed all the possibilities
Thursday, January 29, 2009
Tuesday, January 27, 2009
Many of our clients have spare money, but no spare time and we help their money work for them by finding suitable property investments.
Our highly experienced team always strives to fully understand our clients’ requirements. In dealing with us you will find that we like to get to know our clients and build real relationships, so we’ll understand what you need and when you need it.
We are here to answer your questions. For more information call us on 020 8681 4994.
PK Property Investments Ltd is not regulated by any industry body. It provides general information as opposed to personal financial advice. PK Property Investments Ltd.
Registered in England No. 06236538. Registered Address: 253 Gray’s Inn Road, London, WC1X 8QT.
PK Financial
PK Financial is a leading independent financial adviser (IFA), providing professional advice and financial solutions from across the market to companies and individual clients. We are able to operate on either a fee-paying or a commission-paying basis, depending on the preference of the client.
Our highly experienced team always strives to fully understand our clients’ needs. When dealing with us, you will find that we like to get to know you and build a real relationship, so we’ll understand what you need and when you need it.
By treating every corporate or private client as a special case, we always individually tailor each financial solution.
We are here to answer your questions. For more information call us on 020 8681 4994.
PK Financial Ltd is authorised and regulated by the Financial Services Authority (FSA). The FSA does not regulate finance, taxation and trust advice and some aspects of buy-to-let mortgages. Your home may be repossessed if you do not keep up repayments on your mortgage. We are entered on the FSA Register No 487297 at www.fsa.gov.uk/register.
There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £500.The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Further consumer information is available from the Financial Services Authority at the following:http://www.moneymadeclear.fsa.gov.uk/home.html
Registered in England & Wales No. 6212184. Registered Address 253 Gray’s Inn Road, London, WC1X 8QT
Our highly experienced team always strives to fully understand our clients’ needs. When dealing with us, you will find that we like to get to know you and build a real relationship, so we’ll understand what you need and when you need it.
By treating every corporate or private client as a special case, we always individually tailor each financial solution.
We are here to answer your questions. For more information call us on 020 8681 4994.
PK Financial Ltd is authorised and regulated by the Financial Services Authority (FSA). The FSA does not regulate finance, taxation and trust advice and some aspects of buy-to-let mortgages. Your home may be repossessed if you do not keep up repayments on your mortgage. We are entered on the FSA Register No 487297 at www.fsa.gov.uk/register.
There may be a fee for mortgage advice, the precise amount of the fee will depend upon your circumstances but we estimate that it will be £500.The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Further consumer information is available from the Financial Services Authority at the following:http://www.moneymadeclear.fsa.gov.uk/home.html
Registered in England & Wales No. 6212184. Registered Address 253 Gray’s Inn Road, London, WC1X 8QT
PK Insurance
PK Insurance is a well established and leading independent insurance broker which provides professional insurance advice and risk solutions for both companies and individual clients. It also has a financial planning and a property sourcing arm.We like to get to know our clients and build real relationships, so we can understand what you need and when you need it on an ongoing basis.
By treating each and every corporate or private client as a special case, our objective is to get the best solution to suit your particular circumstances.
PK Insurance is a member of the Layton Blackham Business Solutions Network.
We are here to answer your questions. For more information call us on 020 8681 4994.
Saturday, January 24, 2009
Employment
The insurance industry had about 2.3 million wage and salary jobs in 2006. Insurance carriers accounted for 62 percent of jobs, while insurance agencies, brokerages, and providers of other insurance-related services accounted for 38 percent of jobs.
The majority of establishments in the insurance industry were small; however, a few large establishments accounted for many of the jobs in this industry. Insurance carriers tend to be large establishments, often employing 250 or more workers, whereas agencies and brokerages tend to be much smaller, frequently employing fewer than 20 workers (chart 1).
Many insurance carriers’ home and regional offices are situated near large urban centers. Insurance workers who deal directly with the public are located throughout the country. Almost all of those working in sales work out of local company offices or independent agencies. Many others in the industry work for independent firms in small cities and towns throughout the country.
Occupations in the Industry
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About 44 percent of insurance workers are in office and administrative support jobs such as those found in every industry (table 1). Many office and administrative support positions in the insurance industry, however, require skills and knowledge unique to the industry. About 29 percent of insurance workers are in management or business and financial operations occupations. About 16 percent of wage and salary employees in the industry are sales workers, selling policies to individuals and businesses. Several others are employed in computer and mathematical science occupations.
Office and administrative support occupations. Office and administrative support occupations in this industry include secretaries, typists, word processors, bookkeepers, and other clerical workers. Secretaries and administrative assistants perform routine clerical and administrative functions such as drafting correspondence, scheduling appointments, organizing and maintaining paper and electronic files, or providing information to callers. Bookkeeping, accounting, and auditing clerks handle all financial transactions and recordkeeping for an insurance company. They compute, classify, update, and record numerical data to keep financial records complete and accurate. Insurance claims and policy processing clerks process new policies, modifications to existing policies, and claims forms. They review applications for completeness, compile data on policy changes, and verify the accuracy of insurance company records. Customer service representatives have duties similar to insurance claims and policy processing clerks, except they work directly with customers by processing insurance policy applications, changes, and cancellations over the phone. They may also process claims and sell new policies to existing clients. These workers recently are taking on increased responsibilities in insurance offices, such as handling most of the continuing contact with clients. A growing number of customer service representatives work in call centers that are open 24 hours a day, 7 days a week, where they answer clients’ questions, update policy information, and provide potential clients with information regarding the types of policies the company issues.
Management, business, and financial operations occupations. Top executives direct the operations of an independent insurance agency, brokerage, or a large insurance carrier. Marketing managers direct carriers’ development of new types of policies that might appeal to the public and strategies for selling them to customers. Sales managers direct the activities of the sales workers in local sales offices of insurance carriers and independent agencies. They sell insurance products, work with clients, and supervise staff. Other managers who work in their companies' home offices are in charge of functions such as actuarial calculations, policy issuance, accounting, and investments.
Claims adjusters, appraisers, examiners, and investigators decide whether claims are covered by the customer’s policy, estimate and confirm payment, and, when necessary, investigate the circumstances surrounding a claim. Claims adjusters work for property and liability insurance carriers or for independent adjusting firms. They inspect property damage, estimate how much it will cost to repair, and determine the extent of the insurance company’s liability; in some cases, they may help the claimant receive assistance quickly in order to prevent further damage and begin repairs. Adjusters plan and schedule the work required to process claims, which may include interviewing the claimant and witnesses and consulting police and hospital records. In some property-casualty companies, claims adjusters are called claims examiners, but in other companies, a claims examiner’s primary job is to review claims to ensure that proper guidelines have been followed. Only occasionally—especially when disasters suddenly increase the volume of claims—do these examiners aid adjusters with complicated claims.
In the offices of life and health insurance carriers, claims examiners are the counterparts of the claims adjuster who works in a property and casualty insurance firm. Examiners in the health insurance carriers review health-related claims to see whether the costs are reasonable based on the diagnosis. Examiners check claim applications for completeness and accuracy, interview medical specialists, and consult policy files to verify information on a claim. Claims examiners in the life insurance carriers review causes of death and also may review new applications for life insurance to make sure that the applicants have no serious illnesses that would prevent them from qualifying for insurance.
Insurance investigators handle claims in which companies suspect fraudulent or criminal activity, such as suspicious fires, questionable workers’ disability claims, difficult-to-explain accidents, and dubious medical treatment. Investigators usually perform database searches on suspects to determine whether they have a history of attempted or successful insurance fraud. Then, the investigators may visit claimants and witnesses to obtain a recorded statement, take photographs, inspect facilities, and conduct surveillance on suspects. Investigators often consult with legal counsel and are sometimes called to testify as expert witnesses in court cases.
Auto damage appraisers usually are hired by insurance companies and independent adjusting firms to inspect the damage to a motor vehicle after an accident and to provide unbiased estimates of repair cost. Claims adjusters and auto damage appraisers can work for insurance companies, or they can be independent or public adjusters. Insurance companies hire independent adjusters to represent their interests while assisting the insured, whereas public adjusters are hired to represent the insured’s interests against insurance carriers.
Management analysts, often called loss control representatives in the insurance industry, assess various risks faced by insurance companies. These workers inspect the business operations of insurance applicants, analyze historical data regarding workplace injuries and automobile accidents, and assess the potential for natural hazards, dangerous business practices, and unsafe workplace conditions that may result in injuries or catastrophic physical and financial loss. They might then recommend, for example, that a factory add safety equipment, that a house be reinforced to withstand environmental catastrophes, or that incentives be implemented to encourage automobile owners to install air bags in their cars or take more effective measures to prevent theft. Because the changes they recommend can greatly reduce the probability of loss, loss control representatives are increasingly important to both insurance companies and the insured.
Underwriting is another important management and business and financial occupation in insurance. Underwriters evaluate insurance applications to determine the risk involved in issuing a policy. They decide whether to accept or reject an application, and they determine the appropriate premium for each policy.
Sales and related occupations. Insurance sales agents, also referred to as producers, may work as exclusive agents, or captive agents, selling for one company, or as independent agents selling for several companies. Through regular contact with clients, agents are able to update coverage, assist with claims, ensure customer satisfaction, and obtain referrals. Insurance sales agents may sell many types of insurance, including life, annuities, property-casualty, health, and disability insurance. Many insurance sales agents are involved in “cross-selling” or “total account development,” which means that, besides offering insurance, they have become licensed to sell mutual funds, annuities, and other securities. These agents usually find their own customers and ensure that the policies sold meet the specific needs of their policyholders.
Professional and related occupations. The insurance industry employs relatively few people in professional and
The majority of establishments in the insurance industry were small; however, a few large establishments accounted for many of the jobs in this industry. Insurance carriers tend to be large establishments, often employing 250 or more workers, whereas agencies and brokerages tend to be much smaller, frequently employing fewer than 20 workers (chart 1).
Many insurance carriers’ home and regional offices are situated near large urban centers. Insurance workers who deal directly with the public are located throughout the country. Almost all of those working in sales work out of local company offices or independent agencies. Many others in the industry work for independent firms in small cities and towns throughout the country.
Occupations in the Industry
[About this section]
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About 44 percent of insurance workers are in office and administrative support jobs such as those found in every industry (table 1). Many office and administrative support positions in the insurance industry, however, require skills and knowledge unique to the industry. About 29 percent of insurance workers are in management or business and financial operations occupations. About 16 percent of wage and salary employees in the industry are sales workers, selling policies to individuals and businesses. Several others are employed in computer and mathematical science occupations.
Office and administrative support occupations. Office and administrative support occupations in this industry include secretaries, typists, word processors, bookkeepers, and other clerical workers. Secretaries and administrative assistants perform routine clerical and administrative functions such as drafting correspondence, scheduling appointments, organizing and maintaining paper and electronic files, or providing information to callers. Bookkeeping, accounting, and auditing clerks handle all financial transactions and recordkeeping for an insurance company. They compute, classify, update, and record numerical data to keep financial records complete and accurate. Insurance claims and policy processing clerks process new policies, modifications to existing policies, and claims forms. They review applications for completeness, compile data on policy changes, and verify the accuracy of insurance company records. Customer service representatives have duties similar to insurance claims and policy processing clerks, except they work directly with customers by processing insurance policy applications, changes, and cancellations over the phone. They may also process claims and sell new policies to existing clients. These workers recently are taking on increased responsibilities in insurance offices, such as handling most of the continuing contact with clients. A growing number of customer service representatives work in call centers that are open 24 hours a day, 7 days a week, where they answer clients’ questions, update policy information, and provide potential clients with information regarding the types of policies the company issues.
Management, business, and financial operations occupations. Top executives direct the operations of an independent insurance agency, brokerage, or a large insurance carrier. Marketing managers direct carriers’ development of new types of policies that might appeal to the public and strategies for selling them to customers. Sales managers direct the activities of the sales workers in local sales offices of insurance carriers and independent agencies. They sell insurance products, work with clients, and supervise staff. Other managers who work in their companies' home offices are in charge of functions such as actuarial calculations, policy issuance, accounting, and investments.
Claims adjusters, appraisers, examiners, and investigators decide whether claims are covered by the customer’s policy, estimate and confirm payment, and, when necessary, investigate the circumstances surrounding a claim. Claims adjusters work for property and liability insurance carriers or for independent adjusting firms. They inspect property damage, estimate how much it will cost to repair, and determine the extent of the insurance company’s liability; in some cases, they may help the claimant receive assistance quickly in order to prevent further damage and begin repairs. Adjusters plan and schedule the work required to process claims, which may include interviewing the claimant and witnesses and consulting police and hospital records. In some property-casualty companies, claims adjusters are called claims examiners, but in other companies, a claims examiner’s primary job is to review claims to ensure that proper guidelines have been followed. Only occasionally—especially when disasters suddenly increase the volume of claims—do these examiners aid adjusters with complicated claims.
In the offices of life and health insurance carriers, claims examiners are the counterparts of the claims adjuster who works in a property and casualty insurance firm. Examiners in the health insurance carriers review health-related claims to see whether the costs are reasonable based on the diagnosis. Examiners check claim applications for completeness and accuracy, interview medical specialists, and consult policy files to verify information on a claim. Claims examiners in the life insurance carriers review causes of death and also may review new applications for life insurance to make sure that the applicants have no serious illnesses that would prevent them from qualifying for insurance.
Insurance investigators handle claims in which companies suspect fraudulent or criminal activity, such as suspicious fires, questionable workers’ disability claims, difficult-to-explain accidents, and dubious medical treatment. Investigators usually perform database searches on suspects to determine whether they have a history of attempted or successful insurance fraud. Then, the investigators may visit claimants and witnesses to obtain a recorded statement, take photographs, inspect facilities, and conduct surveillance on suspects. Investigators often consult with legal counsel and are sometimes called to testify as expert witnesses in court cases.
Auto damage appraisers usually are hired by insurance companies and independent adjusting firms to inspect the damage to a motor vehicle after an accident and to provide unbiased estimates of repair cost. Claims adjusters and auto damage appraisers can work for insurance companies, or they can be independent or public adjusters. Insurance companies hire independent adjusters to represent their interests while assisting the insured, whereas public adjusters are hired to represent the insured’s interests against insurance carriers.
Management analysts, often called loss control representatives in the insurance industry, assess various risks faced by insurance companies. These workers inspect the business operations of insurance applicants, analyze historical data regarding workplace injuries and automobile accidents, and assess the potential for natural hazards, dangerous business practices, and unsafe workplace conditions that may result in injuries or catastrophic physical and financial loss. They might then recommend, for example, that a factory add safety equipment, that a house be reinforced to withstand environmental catastrophes, or that incentives be implemented to encourage automobile owners to install air bags in their cars or take more effective measures to prevent theft. Because the changes they recommend can greatly reduce the probability of loss, loss control representatives are increasingly important to both insurance companies and the insured.
Underwriting is another important management and business and financial occupation in insurance. Underwriters evaluate insurance applications to determine the risk involved in issuing a policy. They decide whether to accept or reject an application, and they determine the appropriate premium for each policy.
Sales and related occupations. Insurance sales agents, also referred to as producers, may work as exclusive agents, or captive agents, selling for one company, or as independent agents selling for several companies. Through regular contact with clients, agents are able to update coverage, assist with claims, ensure customer satisfaction, and obtain referrals. Insurance sales agents may sell many types of insurance, including life, annuities, property-casualty, health, and disability insurance. Many insurance sales agents are involved in “cross-selling” or “total account development,” which means that, besides offering insurance, they have become licensed to sell mutual funds, annuities, and other securities. These agents usually find their own customers and ensure that the policies sold meet the specific needs of their policyholders.
Professional and related occupations. The insurance industry employs relatively few people in professional and
Working Conditions
Hours. Many workers in the insurance industry—especially those in administrative support positions—work a 5-day, 40-hour week. Those in executive and managerial occupations often put in more than 40 hours. There are several occupations in the insurance industry where workers may work irregular hours outside of office settings. Those working in sales jobs need to be available for their clients at all times. This accommodation may result in these individuals working 50 to 60 hours per week. Also, call centers operate 24 hours a day, 7 days a week, so some of their employees must work evening and weekend shifts. The irregular business hours in the insurance industry provide some workers with the opportunity for part-time work. Part-time employees make up 8 percent of the workforce.
Work environment. Insurance employees working in sales jobs often visit prospective and existing customers’ homes and places of business to market new products and provide services. Others working in the industry may need to frequently leave the office to inspect damaged property, and at times can be away from home for days, traveling to the scene of a disaster—such as a tornado, flood, or hurricane—to work with affected policyholders and government officials.
A small, but increasing, number of insurance employees spend most of their time on the telephone working in call centers, answering questions and providing information to prospective clients or current policyholders. These jobs may include selling insurance, taking claims information, or answering medical questions.
As would be expected in an industry dominated by office and sales employees, the incidence of occupational injuries and illnesses among insurance workers is low. In 2006, only 1.3 cases per 100 full-time workers were reported among insurance carriers, while just 0.7 cases per 100 full-time workers were reported among agents and brokers. These figures compare with an average of 4.4 for all private industry.
Work environment. Insurance employees working in sales jobs often visit prospective and existing customers’ homes and places of business to market new products and provide services. Others working in the industry may need to frequently leave the office to inspect damaged property, and at times can be away from home for days, traveling to the scene of a disaster—such as a tornado, flood, or hurricane—to work with affected policyholders and government officials.
A small, but increasing, number of insurance employees spend most of their time on the telephone working in call centers, answering questions and providing information to prospective clients or current policyholders. These jobs may include selling insurance, taking claims information, or answering medical questions.
As would be expected in an industry dominated by office and sales employees, the incidence of occupational injuries and illnesses among insurance workers is low. In 2006, only 1.3 cases per 100 full-time workers were reported among insurance carriers, while just 0.7 cases per 100 full-time workers were reported among agents and brokers. These figures compare with an average of 4.4 for all private industry.
Industry organization. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds.
These other insurance industry establishments also include a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.
Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: primary and reinsurance. Primary carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers.
Primary insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiaries—usually spouses and dependent children—upon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of one’s life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other people’s property. Most policies, such as automobile and homeowner’s insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance.
Other organizations in the industry are formed by groups of insurance companies, to perform functions that would result in a duplication of effort if each company carried them out individually. For example, service organizations are supported by insurance companies to provide loss statistics, which the companies use to set their rates.
Recent developments. Congressional legislation now allows insurance carriers and other financial institutions, such as banks and securities firms, to sell one another’s products. More insurance carriers now sell financial products such as securities, mutual funds, and various retirement plans. This approach is most common in life insurance companies that already sold annuities, but property and casualty companies also are increasingly selling a wider range of financial products. In order to expand into one another’s markets, insurance carriers, banks, and securities firms have engaged in numerous mergers, allowing the merging companies access to each other's client base and geographical markets.
Insurance carriers have discovered that the Internet can be a powerful tool for reaching potential and existing customers. Most carriers use the Internet simply to post company information, such as sales brochures and product information, financial statements, and a list of local agents. However, an increasing number of carriers are starting to expand their Web sites to enable customers to access online account and billing information, and some carriers even allow claims to be submitted online. Many carriers also provide insurance quotes online based on the information submitted by customers on their Internet sites. In fact, some carriers will allow customers to purchase policies through the Internet without ever speaking to a live agent.
In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate.
These other insurance industry establishments also include a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.
Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: primary and reinsurance. Primary carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers.
Primary insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiaries—usually spouses and dependent children—upon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of one’s life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other people’s property. Most policies, such as automobile and homeowner’s insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance.
Other organizations in the industry are formed by groups of insurance companies, to perform functions that would result in a duplication of effort if each company carried them out individually. For example, service organizations are supported by insurance companies to provide loss statistics, which the companies use to set their rates.
Recent developments. Congressional legislation now allows insurance carriers and other financial institutions, such as banks and securities firms, to sell one another’s products. More insurance carriers now sell financial products such as securities, mutual funds, and various retirement plans. This approach is most common in life insurance companies that already sold annuities, but property and casualty companies also are increasingly selling a wider range of financial products. In order to expand into one another’s markets, insurance carriers, banks, and securities firms have engaged in numerous mergers, allowing the merging companies access to each other's client base and geographical markets.
Insurance carriers have discovered that the Internet can be a powerful tool for reaching potential and existing customers. Most carriers use the Internet simply to post company information, such as sales brochures and product information, financial statements, and a list of local agents. However, an increasing number of carriers are starting to expand their Web sites to enable customers to access online account and billing information, and some carriers even allow claims to be submitted online. Many carriers also provide insurance quotes online based on the information submitted by customers on their Internet sites. In fact, some carriers will allow customers to purchase policies through the Internet without ever speaking to a live agent.
In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate.
Significant Points
Goods and services. The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death.
Thursday, January 22, 2009
This page was last modified on 27 September 2008, at 06:54.
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[edit] References
^ Canada Mortgage and Housing Corporation. "Who Needs Mortgage Loan Insurance?".
^ "Mortgage Calculator".
^ "Cost of Private Mortgage Insurance".
^ Max, Sarah (2003-12-23). "Buying a home with little down". CNNMoney.com.
^ a b c Lewis, Holden (2006-12-16). "In 2007, mortgage insurance will be tax-deductible". Seattle Post-Intelligencer.
Retrieved from "http://en.wikipedia.org/wiki/Lenders_mortgage_insurance"
Categories: Types of insurance Mortgage industry of the United States
^ "Mortgage Calculator".
^ "Cost of Private Mortgage Insurance".
^ Max, Sarah (2003-12-23). "Buying a home with little down". CNNMoney.com.
^ a b c Lewis, Holden (2006-12-16). "In 2007, mortgage insurance will be tax-deductible". Seattle Post-Intelligencer.
Retrieved from "http://en.wikipedia.org/wiki/Lenders_mortgage_insurance"
Categories: Types of insurance Mortgage industry of the United States
LMI/PMI tax deduction
Mortgage insurance became tax-deductible in 2007 in the USA.[5] For some homeowners, the new law made it cheaper to get mortgage insurance than to get a 'piggyback' loan. The MI tax deductibility provision passed in 2006 provides for an itemized deduction for the cost of private mortgage insurance for homeowners earning up to $109,000 annually.[5]
The original law was extended in 2007 to provide for a three-year deduction, effective for mortgage contracts issued after December 31, 2006 and before January 1, 2010. It does not apply to mortgage insurance contracts that were in existence prior to passage of the legislation
The original law was extended in 2007 to provide for a three-year deduction, effective for mortgage contracts issued after December 31, 2006 and before January 1, 2010. It does not apply to mortgage insurance contracts that were in existence prior to passage of the legislation
Mortgage insurance in the US
The annual cost of PMI varies and is expressed in terms of the total loan value in most cases, depending on the loan term, loan type, proportion of the total home value that is financed, the coverage amount, and the frequency of premium payments (monthly, annual, or single). The PMI may be payable up front, or it may be capitalized onto the loan in the case of single premium product. This type of insurance is usually only required if the downpayment is less than 20% of the sales price or appraised value (in other words, if the loan-to-value ratio (LTV) is 80% or more). Once the principal is reduced to 80% of value, the PMI is often no longer required. This can occur via the principal being paid down, via home value appreciation, or both. In the case of lender-paid MI, the term of the policy can vary based upon the type of coverage provide (either primary insurance, or some sort of pool insurance policy). Borrowers typically have no knowledge of any lender-paid MI, in fact most "No MI Required" loans actually have lender-paid MI, which is funded through a higher interest rate that the borrower pays.
Sometimes lenders will require that LMI be paid for a fixed period (for example, 2 or 3 years), even if the principal reaches 80% sooner than that. Legally, there is no obligation to allow the cancellation of MI until the loan has amortized to a 78% LTV ratio (based on the original purchase price). The cancellation request must come from the Servicer of the mortgage to the PMI company who issued the insurance. Often the Servicer will require a new appraisal to determine the LTV. The cost of mortgage insurance varies considerably based on several factors which include: loan amount, LTV, occupancy (primary, second home, investment property), documentation provided at loan origination, and most of all, credit score.
If a borrower has less than the 20% downpayment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference.[4] Two popular versions of this lending technique are the so-called 80/10/10 and 80/15/5 arrangements. Both involve obtaining a primary mortgage for 80% LTV. An 80/10/10 program uses a 10% LTV second mortgage with a 10% downpayment, and an 80/15/5 program uses a 15% LTV second mortgage with a 5% downpayment. Other combinations of second mortgage and downpayment amounts might also be available. One advantage of using these arrangements is that under United States tax law, mortgage interest payments may be deductible on the borrower's income taxes, whereas mortgage insurance premiums were not until 2007. In some situations, the all-in cost of borrowing may be cheaper using a piggy-back than by going with a single loan that includes borrower-paid or lender-paid MI
Sometimes lenders will require that LMI be paid for a fixed period (for example, 2 or 3 years), even if the principal reaches 80% sooner than that. Legally, there is no obligation to allow the cancellation of MI until the loan has amortized to a 78% LTV ratio (based on the original purchase price). The cancellation request must come from the Servicer of the mortgage to the PMI company who issued the insurance. Often the Servicer will require a new appraisal to determine the LTV. The cost of mortgage insurance varies considerably based on several factors which include: loan amount, LTV, occupancy (primary, second home, investment property), documentation provided at loan origination, and most of all, credit score.
If a borrower has less than the 20% downpayment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference.[4] Two popular versions of this lending technique are the so-called 80/10/10 and 80/15/5 arrangements. Both involve obtaining a primary mortgage for 80% LTV. An 80/10/10 program uses a 10% LTV second mortgage with a 10% downpayment, and an 80/15/5 program uses a 15% LTV second mortgage with a 5% downpayment. Other combinations of second mortgage and downpayment amounts might also be available. One advantage of using these arrangements is that under United States tax law, mortgage interest payments may be deductible on the borrower's income taxes, whereas mortgage insurance premiums were not until 2007. In some situations, the all-in cost of borrowing may be cheaper using a piggy-back than by going with a single loan that includes borrower-paid or lender-paid MI
Lenders mortgage insurance
From Wikipedia, the free encyclopedia
(Redirected from Private mortgage insurance)
Jump to: navigation, search
Lenders Mortgage Insurance (LMI), also known as Private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.[1] Typical rates are $55/mo. per $100,000 financed[2], or as high as $1,500/yr. for a typical $200,000 loan[3].
Contents[hide]
1 Mortgage insurance in the US
1.1 LMI/PMI tax deduction
2 See also
3 References
(Redirected from Private mortgage insurance)
Jump to: navigation, search
Lenders Mortgage Insurance (LMI), also known as Private mortgage insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.[1] Typical rates are $55/mo. per $100,000 financed[2], or as high as $1,500/yr. for a typical $200,000 loan[3].
Contents[hide]
1 Mortgage insurance in the US
1.1 LMI/PMI tax deduction
2 See also
3 References
Wednesday, January 21, 2009
The list and website addresses of Limited Companies of PakistanUDL Industries; Umer Fabrics Limited; Unilever Pakistan; Union Bank Ltd. United Bank Ltd; United Distributors; United Insurance Company of Pak Ltd ...www.findpk.com/yp/listedcompanies.htm - 103k -
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The United Insurance Company of Pakistan Ltd.
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Western Reliance Corp (Insurce Center, The) - Hazelwood, Missouri ...
Western Reliance Corp company profile in Hazelwood, MO. Our free company profile report for Insurce Center, The includes business information such as ...www.manta.com/coms2/dnbcompany_f6t9mq - 41k
Western Reliance Corp company profile in Hazelwood, MO. Our free company profile report for Insurce Center, The includes business information such as ...www.manta.com/coms2/dnbcompany_f6t9mq - 41k
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As America’s #1 Online Car Insurance Resource, Insurance.com lets you compare multiple online car insurance rates from over a dozen of the nation’s top ...www.insurance.com/ - 33k - Cached - Similar pages
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As America’s #1 Online Car Insurance Resource, Insurance.com lets you compare multiple online car insurance rates from over a dozen of the nation’s top ...www.insurance.com/ - 33k - Cached - Similar pages
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Tuesday, January 20, 2009
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Pakistan Insurance – The EFU Insurance Group
JS Group is the second-largest shareholder in the EFU Insurance Group, Pakistan’s largest insurance group.EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (ex-Japan) from 1961. In 1972, the life assurance business was nationalised but EFU continued as a general insurance company. Today, it is Pakistan’s second-largest general insurer.
In 1992, the private sector was again permitted to carry out life assurance and EFU Life Assurance was launched by EFU General in conjunction with the JS Group. Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.EFU General Insurance
EFU General is engaged in the general insurance business comprising of fire, marine, motor and engineering insurance.
The shares of the company are quoted on the Karachi and Lahore Stock Exchanges. The principal place of business is located at EFU House-Karachi with over 72 branches throughout the country.
EFU Insurance Group is one of the few Pakistani insurance organisations run entirely by professional management and with a highly-motivated field force. EFU General has obtained Insurer Financial Strength Rating of ‘AA Stable Outlook’ by the rating agency JCR-VIS.
A unique feature of EFU Insurance Group is its voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices.
Another pillar of EFU Insurance Group’s strength is its very close and long-term (over 50 years) relationship with its main reinsurer, ‘Munich Re’, one of the largest reinsurance companies in the world.
EFU Life
In 1992, the Government of Pakistan reopened life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and, by March 1994, the company began writing individual life business.
The company has a growing network of 72 branches throughout the country with employee strength of over 1,600 in its sales force and around 150 at its main offices in Karachi and Lahore. The company employs 5 full-time actuaries and also engages one of the leading actuarial firms in the country.
EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification. Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. EFU Life was the pioneer in introducing the following products and features in Pakistan:
Unit-linked productsCritical illness productsEducation planning productInflation protection benefitTax qualified pension plansExtended critical illness product (covering 379 medical conditions)
Allianz-EFU Health Insurance
In 2000, EFU Insurance Group formed a joint venture with Allianz AG to incorporate Allianz-EFU Health Insurance, Pakistan’s only specialised health insurer. Allianz EFU Health is a joint venture between the leading insurer in the world, Allianz Group, and the most experienced local insurer, EFU Insurance Group. It was the first company in Pakistan to offer health insurance to individuals and families, and companies with as few as five employees. To ensure quality, Allianz-EFU is implementing an Integrated HealthCare delivery system.
For more information on JS Financial’s Pakistan insurance businesses please visit the individual companies’ websites listed below or submit an enquiry through the Contact Us page:
EFU General
In 1992, the private sector was again permitted to carry out life assurance and EFU Life Assurance was launched by EFU General in conjunction with the JS Group. Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.EFU General Insurance
EFU General is engaged in the general insurance business comprising of fire, marine, motor and engineering insurance.
The shares of the company are quoted on the Karachi and Lahore Stock Exchanges. The principal place of business is located at EFU House-Karachi with over 72 branches throughout the country.
EFU Insurance Group is one of the few Pakistani insurance organisations run entirely by professional management and with a highly-motivated field force. EFU General has obtained Insurer Financial Strength Rating of ‘AA Stable Outlook’ by the rating agency JCR-VIS.
A unique feature of EFU Insurance Group is its voluntary review mechanism by professionals of international repute. The independent reviews by these professionals enable the company to keep abreast of international changes in the industry as well as ensure that management adopts the best international practices.
Another pillar of EFU Insurance Group’s strength is its very close and long-term (over 50 years) relationship with its main reinsurer, ‘Munich Re’, one of the largest reinsurance companies in the world.
EFU Life
In 1992, the Government of Pakistan reopened life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and, by March 1994, the company began writing individual life business.
The company has a growing network of 72 branches throughout the country with employee strength of over 1,600 in its sales force and around 150 at its main offices in Karachi and Lahore. The company employs 5 full-time actuaries and also engages one of the leading actuarial firms in the country.
EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification. Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. EFU Life was the pioneer in introducing the following products and features in Pakistan:
Unit-linked productsCritical illness productsEducation planning productInflation protection benefitTax qualified pension plansExtended critical illness product (covering 379 medical conditions)
Allianz-EFU Health Insurance
In 2000, EFU Insurance Group formed a joint venture with Allianz AG to incorporate Allianz-EFU Health Insurance, Pakistan’s only specialised health insurer. Allianz EFU Health is a joint venture between the leading insurer in the world, Allianz Group, and the most experienced local insurer, EFU Insurance Group. It was the first company in Pakistan to offer health insurance to individuals and families, and companies with as few as five employees. To ensure quality, Allianz-EFU is implementing an Integrated HealthCare delivery system.
For more information on JS Financial’s Pakistan insurance businesses please visit the individual companies’ websites listed below or submit an enquiry through the Contact Us page:
EFU General
Sunday, January 18, 2009
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