Professor Craig Brown's 5th student edition of Insurance Law in Canada has just been released by Thomson Carswell. He extends his appreciation to Tom Donnelly ('97) and Bruce Thomas of Cassels, Brock & Blackwell LLP, research assistants Roelf Swart ('05) and Jennifer Pyke (2L), and the Law Foundation of Ontario for their support.



As described in the preface to the third edition which appeared in 1997, this work is part of a larger project. Insurance Law in Canada is produced in two forms. In its larger form, it is a two-volume loose-leaf work. The first volume, written by Craig Brown, covers general principles. The second deals with specific types of insurance and is written by some of the insurance lawyers at Cassels, Brock & Blackwell LLP (hence the firm name on the cover) and Randy Bundus, Vice President and General Counsel, Insurance Bureau of Canada. These volumes are updated twice a year.

The shorter form of the work is the student edition. Every few years, the current version of the first volume is bound in soft cover. Accordingly, it contains the cumulative changes that have been inserted in the loose-leaf edition since the previous student edition, in this case 2002.

The relationship of this edition to the loose-leaf version explains some references which might otherwise puzzle readers. In this edition there are 15 chapters. The chapters in the second volume of the loose-leaf edition are numbered 16 through 20. Some footnotes in this edition refer to those chapters. The existence of the second volume also explains why some matters, dealing for example with auto insurance and liability insurance, have been treated in less detail in this edition than they might otherwise have been.

Since 2002 there have been numerous significant insurance law cases that have necessitated updates. Of particular note are Supreme Court of Canada decisions such as KP Pacific Holdings Ltd. v. Guardian Insurance Co., Martin v. International American Assurance Life Co., Marche v. Halifax Insurance Co., Family Insurance Corp. v. Lombard Canada, and Somersall v. Friedman as well as other appellate decisions including Polwein v. Dominion of Canada General Insurance Co.

The Insurance Charities
Help when you need it most





The Insurance Charities (registered charity number 206860 and company number 74461) was established in 1902. Based in the City of London, they benefit from a nationwide team of volunteer representatives who visit applicants and submit their claim for assistnace to the Funds welfare department for assessment.

The Insurance Charities give vital financial and practical support to current and ex employees of the insurance industry who have spent at least five years either working as insurance officials or within an insurance company or intermediary, regardless of their type of work. Support is also given to their dependent relatives, who are suffering financial hardship.

The support received from individuals and corporate bodies within the industry is vitally important to them to continue helping colleagues in need.

Surprisingly many people in the industry are not aware of the Insurance Charities. Please help them to continue the vital support.

The local insurance institutes carry out many fundraising activities to raise donations. But it is important that the wider insurance community as a whole also offers assistance with fundraising.

Insurance Jobs Board has chosen Insurance Charities as their Charity of the year and will be making donations and hopefully organising some fundraising events to support this worthy cause.

Health Savings Accounts

Most people with health insurance, especially employer paid health insurance, really don’t know what their health care costs are. Furthermore, in many cases, they are limited in which health providers (doctors, hospitals, pharmacies etc) they can use.

Most people are locked into a network of doctors. They know what the co-pay is, but have no idea what the doctor actually charges.

When insured consumers are hospitalized, they rarely see the bill. They don’t know if the insurance company was overcharged or not. There are firms that audit hospital bills for insurers and self insured companies. They get paid a percentage of what they save on the bill payer by finding overcharges, duplicate charges and the like. The last I heard these firms were still making lots of money.

Overcharging, whether deliberate or not, by doctors and hospitals drive up health care costs for all. (So do malpractice suits, but that’s another story.)

In order to give consumers more direct control not only over their health costs, but in the choice of which doctor they can see or which hospital they can enter, Congress enacted the Health Savings Account Availability Act. As of the beginning of 2004, individuals who are not otherwise insured can have Health Savings Accounts (HSA) , which carry with them some very attractive tax benefits.

An individual can set up a Health Savings Account for himself or his family. An employer can add an HSA option to the so-called cafeteria benefit plan it may already offer.

The money put into the plan is before taxes, including Social Security, if part of an employer plan. Otherwise it is an above-the-line deduction, meaning you don’t have to itemize your deductions to get the tax break and that the deduction is not subject to the phase-out rules that make many itemized deductions unavailable to high wage earners.

The plan is set up like an IRA. A trustee approved by the IRS must be used. Money put in the plan grows tax free and funds withdrawn for qualified medical expenses are also tax free. Unlike the older Flexible Savings Accounts offered in employer cafeteria plans, you don’t have to spend the money put into the account by year end or otherwise lose whatever’s left. Money can be rolled over from year to year. This can allow for a nice chunk of money to accumulate that can be withdraw tax free at age 65.

In order to qualify, the individual or family must purchase a high deducible health insurance policy. These are special policies that have a minimum deductible of $1000 to a maximum of $5000 for an individual and $2000 to $10,000 for a family. The higher the deductible, the lower the premium.

Individuals can deduct the lesser of $2250 or the deductible on the policy: for married couples or families it is double that. If over 55, the deduction is $600 higher for individual and $1200 higher for couples and will continue to rise at $100 a year until 2009, where it will be capped at $1000 for individuals and $2000 for families.

The money in the Health Savings Account cannot be used to pay the premiums for this policy except in certain circumstances (basically when you’re unemployed). It is meant to meet the deductible, co-pays, drug costs, eyeglasses or any other medical expense that could be itemized on an individual tax return as a medical expense.

Money withdrawn in excess of qualified medical expenses is taxed as income and subject to a 10% penalty, unless the owner is disabled or over 65. Any money in the account at death is added to the taxable estate.

There are no income limits on this plan. If started early, when you are still young and healthy a substantial amount of money could accumulate to either meet higher medical costs as you get older or to use to supplement your income.

It pays to compare the costs of this plan with whatever your insurance you have now. It might turn out that your employer’s plan is still cheaper and you might want to keep it. Or you might want to consider Health Savings Accounts for their portability (you carry it from job to job without cost or loss of any contributions) and the tax benefit of having another vehicle to shelter income and capital growth, while giving you more control over the cost and quality of your health care.

How To Buy Health Insurance

Health care in America is changing rapidly. Twenty-five years ago, most people in the United States had indemnity insurance coverage. A person with indemnity insurance could go to any doctor, hospital, or other provider (which would bill for each service given), and the insurance and the patient would each pay part of the bill.

But today, more than half of all Americans who have health insurance are enrolled in some kind of managed care plan, an organized way of both providing services and paying for them. Different types of managed care plans work differently and include preferred provider organizations (PPOs), health maintenance organizations (HMOs), and point-of-service (POS) plans.

You've probably heard these terms before. But what do they mean, and what are the differences between them? And what do these differences mean to you?

Even if you don't get to choose the health plan yourself (for example, your employer may select the plan for your company), you still need to understand what kind of protection your health plan provides and what you will need to do to get the health care that you and your family need. The more you learn, the more easily you'll be able to decide what fits your personal needs and budget.

Choosing a Plan

What are my health plan choices?

Choosing between health plans is not as easy as it once was. Although there is no one "best" plan, there are some plans that will be better than others for you and your family's health needs. Plans differ, both in how much you have to pay and how easy it is to get the services you need. Although no plan will pay for all the costs associated with your medical care, some plans will cover more than others.

Almost all plans today have ways to reduce unnecessary use of health care-and keep down the costs of health care, too. This may affect how easily you get the care you want, but should not affect how easily you get the care you need.

Plans change from year to year, so you should carefully consider each plan, using the questions outlined in this booklet. If you get health insurance where you work, you should start with your employee benefits office. Its staff should be able to tell you what is covered under the plans available. You can also call plans directly to ask questions.

Health insurance plans are usually described as either indemnity (fee-for-service) or managed care. These types of plans differ in important ways that are described below. With any health plan, however, there is a basic premium, which is how much you or your employer pay, usually monthly, to buy health insurance coverage. In addition, there are often other payments you must make, which will vary by plan. In considering any plan, you should try to figure out its total cost to you and your family, especially if someone in the family has a chronic or serious health condition.

Indemnity and managed care plans differ in their basic approach. Put broadly, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. Usually, indemnity plans offer more choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers than managed care plans. Indemnity plans pay their share of the costs of a service only after they receive a bill.

Managed care plans have agreements with certain doctors, hospitals, and health care providers to give a range of services to plan members at reduced cost. In general, you will have less paperwork and lower out-of-pocket costs if you select a managed care type plan and a broader choice of health care providers if you select an indemnity-type plan.

Over time, the distinctions between these kinds of plans have begun to blur as health plans compete for your business. Some indemnity plans offer managed care-type options, and some managed care plans offer members the opportunity to use providers who are "outside" the plan. This makes it even more important for you to understand how your health plan works.

Besides indemnity plans, there are basically three types of managed care plans: PPOs, HMOs, and POS plans.

Indemnity Plan

With an indemnity plan (sometimes called fee-for-service), you can use any medical provider (such as a doctor and hospital). You or they send the bill to the insurance company, which pays part of it. Usually, you have a deductible-such as $200-to pay each year before the insurer starts paying.

Once you meet the deductible, most indemnity plans pay a percentage of what they consider the "Usual and Customary" charge for covered services. The insurer generally pays 80 percent of the Usual and Customary costs and you pay the other 20 percent, which is known as coinsurance. If the provider charges more than the Usual and Customary rates, you will have to pay both the coinsurance and the difference.

The plan will pay for charges for medical tests and prescriptions as well as from doctors and hospitals. It may not pay for some preventive care, like checkups.

Managed Care

Preferred Provider Organization (PPO). A PPO is a form of managed care closest to an indemnity plan. A PPO has arrangements with doctors, hospitals, and other providers of care who have agreed to accept lower fees from the insurer for their services. As a result, your cost sharing should be lower than if you go outside the network. In addition to the PPO doctors making referrals, plan members can refer themselves to other doctors, including ones outside the plan.

If you go to a doctor within the PPO network, you will pay a copayment (a set amount you pay for certain services-say $10 for a doctor or $5 for a prescription). Your coinsurance will be based on lower charges for PPO members.

If you choose to go outside the network, you will have to meet the deductible and pay coinsurance based on higher charges. In addition, you may have to pay the difference between what the provider charges and what the plan will pay.

Health Maintenance Organization (HMO). HMOs are the oldest form of managed care plan. HMOs offer members a range of health benefits, including preventive care, for a set monthly fee. There are many kinds of HMOs. If doctors are employees of the health plan and you visit them at central medical offices or clinics, it is a staff or group model HMO. Other HMOs contract with physician groups or individual doctors who have private offices. These are called individual practice associations (IPAs) or networks.

HMOs will give you a list of doctors from which to choose a primary care doctor. This doctor coordinates your care, which means that generally you must contact him or her to be referred to a specialist.

With some HMOs, you will pay nothing when you visit doctors. With other HMOs there may be a copayment, like $5 or $10, for various services.

If you belong to an HMO, the plan only covers the cost of charges for doctors in that HMO. If you go outside the HMO, you will pay the bill. This is not the case with point-of-service plans.

Point-of-Service (POS) Plan. Many HMOs offer an indemnity-type option known as a POS plan. The primary care doctors in a POS plan usually make referrals to other providers in the plan. But in a POS plan, members can refer themselves outside the plan and still get some coverage.

If the doctor makes a referral out of the network, the plan pays all or most of the bill. If you refer yourself to a provider outside the network and the service is covered by the plan, you will have to pay coinsurance.

Primary Care Doctors

Your primary care doctor will serve as your regular doctor, managing your care and working with you to make most of the medical decisions about your care as a patient. In many plans, care by specialists is only paid for if your are referred by your primary care doctor.

An HMO or a POS plan will provide you with a list of doctors from which you will choose your primary care doctor (usually a family physician, internists, obstetrician-gynecologist, or pedicatrician). This could mean you might have to choose a new primary care doctor if your current one does not belong to the plan.

PPOs allow members to use primary care doctors outside the PPO network (at a higher cost). Indemnity plans allow any doctor to be used.

Where do I get these health plans?

Group Policies

You may be able to get group health coverage-either indemnity or managed care-through your job or the job of a family member.

Many employers allow you to join or change health plans once a year during open enrollment. But once you choose a plan, you must keep it for a year. Discuss choices and limits with your employee benefits office.

Individual Policies

If you are self-employed or if your company does not offer group policies, you may need to buy individual health insurance. Individual policies cost more than group policies.

Some organizations-such as unions, professional associations, or social or civic groups-offer health plans for members. You may want to talk to an insurance broker, who can tell you more about the indemnity and managed care plans that are available for individuals. Some states also provide insurance for very small groups or the self-employed.

Medicare

Americans age 65 or older and people with certain disabilities can be covered under Medicare, a federal health insurance program.

In many parts of the country, people covered under Medicare now have a choice between managed care and indemnity plans. They also can switch their plans for any reason. However, they must officially tell the plan or the local Social Security Office, and the change may not take effect for up to 30 days. Call your local Social Security office or the state office on aging to find out what is available in your area.

Medicaid

Medicaid covers some low-income people (especially children and pregnant women), and disabled people. Medicaid is a joint federal-state health insurance program that is run by the states.

In some cases, states require people covered under Medicaid to join managed care plans. Insurance plans and state regulations differ, so check with your state Medicaid office to learn more.

Pre-Existing Conditions

A pre-existing condition is a medical condition diagnosed or treated before joining a new plan. In the past, health care given for a pre-existing condition often has not been covered for someone who joins a new plan until after a waiting period. However, a new law-called the Health Insurance Portability and Accountability Act-changes the rules.

Under the law, most of which goes into effect on July 1, 1997, a pre-existing condition will be covered without a waiting period when you join a new group plan if you have been insured the previous 12 months. This means that if you remain insured for 12 months or more, you will be able to go from one job to another, and your pre-existing condition will be covered-without additional waiting periods-even if you have a chronic illness.

If you have a pre-existing condition and have not been insured the previous 12 months before joining a new plan, the longest you will have to wait before you are covered for that condition is 12 months.

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"How To Generate Automatic Referrals And Renewals By Providing Outstanding Customer Service!"

Do You Make These Fatal Mistakes When Servicing Your Clients?


This just may be one of the most important subjects I will ever write about, which will provide the key to generating a flood of leads for insurance agents and unlimited life insurance sales leads.

How, you ask?

Quite simply - if you don't take excellent care of your clients, they will find someone else (your competition) who will.

Before I go into a detailed discussion on how to generate a flood of leads for insurance agents and unlimited life insurance sales leads by providing outstanding customer service, let's explore some of the "fatal" mistakes that the majority of businesses make when dealing with their customers

Recently, I ordered sushi for delivery from one of my favorite sushi restaurants in Manhattan.

My order arrived, and my wife and I began feasting on our favorite delicacy - raw fish.

Much to my dismay, about halfway through our meal, I discovered a small dead bug nestled on the outside of one of my sushi rolls that I was about to eat.

When I discovered the bug, my wife and I became instantly nauseous, and I decided to call the restaurant to let them know what had happened.

Here's how the conversation went... Me:


"Hello, can I speak to the restaurant manager?"

Woman on the other
side of the phone:


"Can I ask what this is in reference to?"

Me:


"Yes, if you really must know, I found a bug in my sushi!"

Woman:


"Ok, sir, please hold on."

Manager:


"Hello, how can I help you?"

Me:


"I ordered sushi from you, and I just found a bug in my sushi roll."

Manager:


"Really? Which sushi roll was it in?"

Me:


"The California Roll?"

Manager:


"What does the bug look like?"

Me:


"It's black and disgusting."

Manager:


"I'd like to send someone by to pick it up. Then, I'd be happy to give you a new California roll, or credit you for the one with the bug in it."

Me:


"Are you out of your mind! I order in from your restaurant twice a week. I'm telling you my wife and I feel physically ill because you put a dead bug in our sushi, and you are interrogating me like a criminal. What kind of establishment do you run anyway?"

Manager:


"I'm sorry sir, but that's our policy."

Believe it or not, they actually DID send someone to pick up my sushi with the bug in it, and after giving the manager an earful about customer service, she finally gave us a full credit for the meal. But, only after she had interrogated us, made us feel like liars, and left us with a horrible impression about her restaurant.

By the way, this is a true story. The sad truth is, this type of behavior towards customers seems to be the norm rather than the exception.

Think about this for a moment:

1. When was the last time you made reservations at a popular restaurant only to wait 30 minutes to an hour after the time of your reservation to be seated?
2. When was the last time you went into a clothing store, and asked one of the store clerks for help only to receive a blank stare of ignorance, or rude and inappropriate behavior?
3. When was the last time you left a voicemail message for a person or company which wasn't returned for several days or even worse, not returned at all?

Why did you think corporate earnings have slowed for many businesses?

Because they fail to place a high enough value on client retention.

Most companies focus all of their time, energy, and money on one thing…
Getting New Customers In The Door!

But once they get a new client, they spend almost no time, energy or money on keeping that client happy.
This Is A Huge Mistake!

Did you know it's five times more expensive to market to a prospect (someone who doesn't know you) than a client (someone who knows and trusts you).

Where do you think long-term profits and earnings come from - constantly having to find new customers OR maintaining your existing client base and growing it through referrals and renewals?

I think the answer is pretty obvious yet most businesses I've observed do the exact opposite.

They spend the majority of their time trying to convince strangers to do business with them, and they completely ignore their most valuable asset…
Their Existing Clients!

Dan Sullivan, a top success coach, and founder of The Strategic Coach®, created a set of four habits salespeople and entrepreneurs need to practice in order to maintain their existing clients, and generate automatic, unsolicited referrals.

Here Are Dan Sullivan's Four Referrability Habits:
1. Show Up On Time

How often do service providers show up late, return calls late, or keep their clients waiting?

This creates a feeling of anger and resentment and make your clients feel like you don't respect or value their time.

Don't make this mistake - return calls when promised, and show up to all appointments and seminars on time.

Here Are Dan Sullivan's Four Referrability Habits:
1. Show Up On Time

How often do service providers show up late, return calls late, or keep their clients waiting?

This creates a feeling of anger and resentment and make your clients feel like you don't respect or value their time.

Don't make this mistake - return calls when promised, and show up to all appointments and seminars on time.
2. Do What You Say

How many salespeople and service providers promise you the world before they have your money, then fall far short of providing the service they originally promised after they have your money?

This may get a company the sale once, but no one will ever repeat purchase from them since they didn't do what they originally promised.
3. Finish What You Start

Builders and contractors are notorious for not finishing what they start. All of us have experienced entering into an agreement with a service provider who does half the work, and then stops for one reason or another and never completes the job.

Make sure you finish what you start with all of your clients - that means sticking with them all the way through negotiating for a better financial aid package, and making sure they get what they deserved at the different schools they applied to.

Don't make the mistake of only focusing on signing up new clients without also completing the service for your existing clients.

Remember, you want your existing clients to renew with you next year.
4. Say Please And Thank You

When was the last time a service provider said "please" and "thank you" and genuinely meant it?

You must show appreciation for your clients - they are the lifeblood of your business. Make sure you treat them like gold!

Sullivan's Four Referrability Habits sound deceptively simple, don't they?

The problem is not 1 in 100 businesses actually practice these four simple skills consistently.

I've added some additional habits that I feel are necessary for you to automatically generate referrals and renewals:
5. Underpromise And Overdeliver

Most salespeople do the exact opposite of this - they promise you the world, and automatically set you up for disappointment.

Always promise your clients less than what you think you can accomplish. This way, when your results are better than expected, they think you walk on water, and end up referring and renewing with you.

If, on the other hand, you promise you will get your clients a fully paid private university education, you are bound to disappoint them which means they won't be referring or renewing with you and they will tell, at least, 5 - 10 of their friends not to use your services.

Don't make this mistake - instead underpromise and overdeliver.
6. Bond With Your Clients

Most businesses don't have any idea how to "bond" with their clients. They feel business relationships should be treated differently than personal relationships.
They're Dead Wrong!

People are people, and they enjoy the emotions of love, respect, friendship, closeness, honesty, integrity, recognition, etc., regardless of whether the relationship is business or personal.

Don't try to fight this. Instead, look at all of your clients as friends, and treat them that way.

Send them written correspondence once a month to keep in touch with them (I love using a monthly newsletter for this!), send them unexpected gifts (like books, audiotapes, brownies) to let them know how much you appreciate them, admit when you're wrong instead of arguing and send apology letters or gifts, recognize them in your newsletter and let them know they're special, and make personal calls to your best clients to see how they're doing.

If you consistently practice the six habits over the next 90 days, you will start to see a drastic change in your business.

Business will start to flow to you almost automatically without you having to push so hard for it.

You will also begin to enjoy your business and your clients more, and it will start to feel more like fun instead of work.

Also, make sure you constantly listen to your clients - what they like, what they don't like, why they bought from you, why they renewed with you, what other products and services you can provide for them, etc.

E-Commerce & Internet business trends analyzed

E-Commerce & Internet business trends analyzed
The following trends are provided in our research products:

1. Introduction to the E-Commerce & Internet Industry> (View Sample Data)
2. Booking Travel Over the Internet Becomes the Norm
3. Apple’s iPod Revitalizes the Music Industry/Amazon and MySpace Follow Suit
4. Internet Film and TV Content Explodes
5. User Generated Content, Social Media, Video, Blogs and Wikis Abound
6. Car Purchasers Rely on the Internet
7. Health Information Research Remains a Leading Use of the Internet
8. Bricks, Clicks and Catalogs Create Synergies While Online Sales Growth Slows
9. Amazon Posts Growth While Other Retailers Suffer
10. Online Advertising Becomes Targeted, Nears 9% of Total U.S. Advertising Market
11. Banks See Growth in Online Services
12. Insurance Direct Selling and E-Commerce Grows
13. Wi-Fi Accelerates
14. WiMAX Extends Wireless Range Far Beyond Wi-Fi
15. Last Mile Challenges Tumble; Mass Broadband Markets Emerge
16. Fiber-to-the-Home Gains Traction
17. Services Available via Ultra-High-Speed Broadband are Imaginative, Futuristic
18. U.S. Broadband Connections Rank Behind Other Nations
19. VOIP Use Soars and Threatens to Revolutionize Telecom
20. Telecommunications Move Online Including Unified Communications, Telepresence
21. Security Needs Flourish/Firefox and Google Chrome Grow



E-Commerce & Internet business statistics analyzed
The following statistical tables are provided in our research products:

1. E-Commerce & Internet Overview > (View Sample Data)
2. Estimated Quarterly U.S. Retail Sales, Total & E-Commerce: 1st Quarter 2001-3rd Quarter 2008
3. E-Commerce Industry Quarterly Revenues: 2007-2008
4. Internet Publishing & Broadcasting, Internet Service Providers & Web Search Portals: Estimated Revenue & Expenses, U.S.: 2004-2007
5. World Internet Usage & Population Statistics: 2008
6. Internet Access Technologies Compared
7. Number of Business & Residential High Speed Internet Lines, U.S.: 2001-2007
8. Number of Residential High Speed Internet Lines, U.S.: 2001-2007
9. Percent of Home Broadband Adoption Across Population Subgroups, U.S.: 2005-2008
10. Demographics of Internet Users by Sex, Age, Race, Geography, Income & Education: December 2008
11. Most Common Internet Activities, U.S.
12. Most Common Daily Internet Activities, U.S.
13. U.S. Internet Statistics & Top Sites, Home: December 2008
14. U.S. Internet Statistics & Top Sites, Work: December 2008
15. Top 25 Companies & Top 10 Brands Online at Home & Work by Unique Audience & Time Spent: December 2008
16. Top 20 Websites, U.S.: December 2008
17. Top 20 E-Commerce Sites, U.S.: January 2009
18. Internet Advertising Figures: 2000-2008
19. Weekly Internet Advertising Statistics by Industry, Company & Genre
20. Leading Search Engines, U.S.: December 2007 vs. December 2008
21. eBay Quarterly Statistics: 2003-2008
Overview of Plunkett's E-Commerce & Internet Industry coverage

E-commerce is booming! Broadband Internet access has finally become mass market in scale. Access by broadband methods, including DSL, cable modem and satellite, has reached critical mass. Tens of millions of American homes now have broadband access. Meanwhile, broadband access to the Internet has become standard at most businesses and offices. Cable modem and DSL are battling fiercely for market share.

On the wireless side, Wi-Fi is enjoying steady growth, with tens of thousands of public Wi-Fi hotspots now in operation across the U.S. Bluetooth has gained wide acceptance for wireless connection of networks to appliances such as printers, PDAs and cell phones. Meanwhile, WiMax, with its low cost and range of up to 30 miles, threatens to revolutionize wireless access to the Internet. Sprint Nextel, Motorola and Intel have recently announced massive investments in WiMax.

The booking of travel online is perhaps the most successful niche of all of the world's e-commerce efforts. Consumers use the Internet to become better informed and to seek bargains. Online sites like Expedia, Priceline and Orbitz steer millions of consumers toward specific airlines and hotels in a manner that lowers prices and improves satisfaction among consumers.

Meanwhile, retailers of many types are enjoying soaring sales via the Internet, and most national retail chains have carefully developed bricks and clicks strategies that integrate their online efforts with their stores and catalogs. At the same time, many online-only retailers are finding that their revenues are growing rapidly as more and more consumers begin to rely on the convenience of shopping online.

This carefully-researched book (which includes a database of leading companies on CD-ROM) is a complete e-commerce and Internet market research and competitive intelligence tool-- everything you need to know about the business of online access, broadband, wireless and Wi-Fi, Internet retailing, online payment processing, technologies, web-based businesses and networks and more, including:

1. Market research, competitive intelligence and business analysis for all Internet and e-commerce business sectors

2. Analysis of major e-commerce, Internet and online access trends and developments

3. Wi-Fi, WiMax and other wireless access methods, including Bluetooth

4. Broadband Internet access analysis and trends, including access at home and at work via DSL and cable modem

5. Retailing on the Internet, bricks and clicks strategies, including major online retailers such as Amazon.com, Blue Nile and Bluefly

6. E-commerce trends in the travel business, including online booking, ticket sales and research—as well as profiles of leading online travel companies such as Expedia and Orbitz

7. Internet and e-commerce consultants

8. Networking equipment, IP software and hardware manufacturers, distributors and trends.

9. FTTP (Fiber to the premises) and FTTH (Fiber to the home) trends.

10. Web-based businesses, ASPs (Application Service Providers) and ISPs (Internet Service Providers)

11. Internet based telephone (VOIP), voice over the Internet

12. Convergence of voice, video, data, entertainment over the Internet


You'll find a complete overview, industry analysis and market research report in one superb, value-priced package. This book also includes statistical tables, an Internet industry glossary, industry contacts and thorough indexes. The corporate profiles section of the book includes our proprietary, in-depth profiles of the 450 leading companies in all facets of the Internet and e-commerce business. This book is available in printed, eBook and online versions. Purchasers may also receive a free copy of the company profiles database on CD-ROM.

Here’s how the experts have praised this book:
“…An outstanding, comprehensive analysis of e-commerce and Internet business, packed with charts, tables and … statistics… A welcome addition to the business literature as a source of essential, unique, well-respected, highly accessible reference material.”

CHOICE magazine





“The comparative nature of this resource is one of its strongest features, enabling users to make across-the-board and across-the-country comparisons of company expenditures, growth and other key statistical areas… Plunkett’s Almanac is a unique adjunct business reference source. Several times in the course of performing business reference service, this reviewer gave her copy to her patrons researching companies included in this book. All patrons were extremely pleased with (this) information…much of it being information which they had been unable to locate elsewhere… The reviewer recommends that the Almanac be placed on standing order, if possible, for all business reference collections that take pride in being patron-responsive. The… price is justified for the wealth of information provided in this first of its kind reference…”

Indiana University-Kelley School of Business, “BUSINESS HORIZONS”

Insurance Industry Overview

Global Insurance Industry




Amount


Units


Year


Source

Total Gross Insurance Premiums


4.061


Tril. US$


2007


SwissRe

Global Premiums as % of Global GDP


7.48


Percent


2007


IMF

Global Life Insurance Premiums


2.393


Tril. US$


2007


SwissRe

Global Non-Life Insurance Premiums


1.668


Tril. US$


2007


SwissRe

Total Direct Premium Growth, 2007-2007


3.3


Percent


2007


SwissRe

Growth in Life Insurance Premiums


5.4


Percent


2007


SwissRe

Growth in Non-Life Insurance Premiums


0.7


Percent


2007


SwissRe

US Insurance Industry

Net Premiums Written by Line of Life Insurance

Life


184.2


Bil. US$


2007


NAIC

Annuity


327.6


Bil. US$


2007


NAIC

Accident and Health


154.8


Bil. US$


2007


NAIC

Total Financial Assets of Life Insurance Companies


4,950.3


Bil. US$


2007


Fed

Net Premiums Written by Line of Property/Casualty Insurance

Private Passenger Auto


159.7


Bil. US$


2007


NAIC

Commercial Auto


25.7


Bil. US$


2007


NAIC

Homeowners Multiple Peril


57.1


Bil. US$


2007


NAIC

Commerical Multiple Peril


31.3


Bil. US$


2007


NAIC

Workers Compensation


40.9


Bil. US$


2007


NAIC

Reinsurance


11.6


Bil. US$


2007


NAIC

Total Property/Casualty Premiums Written (After Reinsurance Transactions, Excludes State Funds)


447.9


Bil. US$


2007


NAIC

Total Financial Assets of Property/Casualty Insurers


1,373.6


Bil. US$


2007


Fed

Specialty Insurance (Net Premiums Written)

Title Insurance


15.61


Bil. US$


2007


ATLA

Surety Bonds (Direct Premiums Written)


5.45


Bil. US$


2007


NAIC

Financial Guarantee Insurance (Direct Premiums Written)


3.56


Bil. US$


2007


NAIC

Mortgage Guaranty Insurance


4.18


Bil. US$


2007


MICA

Total Credit Insurance Premiums


1.77


Bil. US$


2007


NAIC

Health Insurance Coverage and the Uninsured

People with Health Insurance Coverage


259


Million


Oct. 2008


PRE

People without Health Insurance for the Entire Year


46,657


Million


2007


CMS

As Percent of Total Population


15.3


Percent


2007


CMS

Total Number of Medicare Enrollees


43.7


Million


2007


CMS

Total Number of Medicare Advantage Enrollees


9.8


Million


Sep. 2008


CMS

Employment in the Insurance Industry (As of September; Preliminary Estimates; Not Seasonally Adjusted)

Total


2,310.6


Thousand


2008


BLS

Direct Life & Health Insurance Carriers


802.2


Thousand


2008


BLS

Direct Health & Medical Insurance Carriers


440.8


Thousand


2008


BLS

Direct Property & Casualty Insurers


495.0


Thousand


2008


BLS

Reinsurance Carriers


31.8


Thousand


2008


BLS

Insurance Agencies & Brokerages


677.9


Thousand


2008


BLS

IMF = International Monetary Fund; NAIC = National Association of Insurance Commissioners; Fed = Board of Governors of the Federal Reserve System; ALTA = American Land Title Association; MICA = Mortgage Insurance Companies of America; PRE = Plunkett Research estimate; CMS = Centers for Medicare & Medicaid Services; BLS = U.S. Bureau of Labor Statistics.


Source: Plunkett Research, Ltd.

Plunkett's Insurance Industry Almanac 2009, Copyright ©, 2008, All Rights Reserved

Insurance business trends analyzed

Insurance business trends analyzed
The following trends are provided in our research products:

1. Introduction to the Insurance Industry
2. Aging Populations Create Challenges and Opportunities for the Insurance Industry
3. Selling Insurance to Consumers in Discount Stores May Grow
4. Sophisticated Risk Management and Prevention Programs Lead to Lower Losses
5. Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines
6. Insurance Direct Selling and E-Commerce Grow
7. Technology Drives Efficiencies in Back Office Tasks, Underwriting, Agency Networks and Customer Service
8. Homeowner’s Insurance Passes More Risk to the Policy Holders and Relies on Sophisticated Risk Analysis Tools to Set Rates
9. Insurance Industry Reform May Be on the Horizon
10. Insurance Industry Mergers and Acquisitions Continue
11. No End in Sight to the Growth of Specialized Insurance Lines
12. Variable Annuity Accounts Top $1.4 Trillion in the U.S., While Costs and Sales Practices are Scrutinized
13. Major U.S., Japanese and European Insurance Firms See Vast Promise in the Chinese Market
14. Insurers Target Developing Markets
15. Continued Rise in Health Care Costs
16. Employers Push Health Care Costs onto Employees
17. Health Savings Accounts and Health Reimbursement Accounts Put Responsibility on the Patient
18. Malpractice Suits Are Blamed for Rising Health Care Costs/Tort Reform Is Capping Awards for Damages
19. Medicare Changes Include Drug Benefits for Seniors/Medicare Advantage Offers Private Fee for Service Plans
20. Hedge Funds Enter the Reinsurance Field in a Big Way
21. Credit Default Swaps (CDS) Soar into the Trillions of Dollars


Insurance business statistics analyzed
The following statistical tables are provided in our research products:

1. Insurance Industry Overview > (View Sample Data)
2. Top Ten Insurance-Related Merger & Acquisition Deals, U.S.: 2007
3. Top 25 Global Insurance Companies by Revenues: 2007
4. Top 10 U.S.-Based Publicly-Traded Insurance Companies by Revenues: 2007
5. Top 20 Global Property & Casualty Insurance Companies by Revenues: 2007
6. Assets & Liabilities of U.S. Property-Casualty Insurance Companies: 2002-2nd Quarter 2008
7. Typical U.S. Automobile Insurance Costs per Year: 2008
8. Top 20 Global Life Insurance Companies by Revenues: 2007
9. Assets & Liabilities of U.S. Life Insurance Companies: 2002-2nd Quarter 2008
10. Top 20 Global Health Insurance Companies by Revenues: 2007
11. Employers' Costs for Health Insurance, Amount & Percent of Total Compensation, U.S.: Selected Years 2003-2007
12. The Nation's Health Dollar: 2008 Where It Came From (Estimated)
13. People without Health Insurance for the Entire Year, U.S.: 2006-2007
14. Percent of Persons under Age 65 Years without Health Insurance Coverage, by Age Group & Sex: U.S.: 2007
15. Percent of Persons under Age 65 with Public Health Plan Coverage & Private Health Insurance Coverage by Age Group, U.S.: 1997-2007
16. Medicare Deductible, Co-Payment & Premium Amounts: 2009
17. Employment in the Insurance Industry, U.S.: 2001-2007
18. Employment & Earnings in Insurance Industry Occupations, U.S.: May 2007





Table of contents for the book version
A Short Insurance Industry Glossary
Introduction
How to use this book
Chapter 1: Major Trends Affecting the Insurance Industry
> List Continues i
1
3
7


Individual data profiles of the Insurance Industry for 300 firms are provided in our research products
> View Sample Profile

AAA
ACE LIMITED (ACE GROUP)
AEGON NV
AEGON USA
AETNA INC


AFLAC INC
AIG AMERICAN GENERAL
AIG SUNAMERICA INC
AIOI INSURANCE CO LTD
> List Continues



Overview of Plunkett's Insurance Industry coverage

The insurance industry is rebounding from its poor financial results of a few years ago. Better risk management, higher premiums and increased use of underwriting information systems have led the way. Meanwhile, the insurance industry is increasingly globalized as cross-border investments and acquisitions continue at a rapid pace. Risk management consulting and analysis has become more sophisticated. In addition, a large number of related services and technologies have a major influence on the insurance and risk management business. These services include e-commerce, call centers and information technologies.

This carefully-researched book (which includes a database of leading companies on CD-ROM) is a complete insurance market research and business intelligence tool-- everything you need to know about the business of insurance and risk management, including:

1. Property & Casualty insurance
2. Life Insurance
3. Personal Lines
4. Specialty Lines
5. Annuities
6. Reinsurance
7. Health Insurance
8. Globalization of the insurance industry, including our profiles of the world’s leading international insurance firms
9. Insurance brokerage
10. Risk Management
11. Consulting
12. Significant trends in insurance information technologies
13. Risk analysis, call centers and other support services
14. Online insurance trends
15. Underwriting trends
16. Insurance industry software

You’ll find a complete overview, industry analysis and insurance market research report in one superb, value-priced package. It contains thousands of contacts for business and industry leaders, industry associations, Internet sites and other resources. This book also includes statistical tables, an industry glossary and thorough indexes. The corporate profiles section of the book includes our proprietary, in-depth profiles of the 300 leading companies in all facets of the insurance and risk management industry. Here you'll find complete profiles of the hot companies that are making news today, the largest, most successful corporations in the business. Purchasers of either the book or PDF version can receive a free copy of the company profiles database on CD-ROM, enabling key word search and export of key information, addresses, phone numbers and executive names with titles for every company profiled.

"This single volume provides more productive experiences in tracking financial companies and practices." (A review of the original volume.)
CHOICE magazine of the American Library Association


Key Insurance Topics

Personal Lines
Homeowners
Auto
Health Insurance
Property and Casualty (PC) Insurance
Specialty Lines
Workers Comp
Underwriting
Consulting


Brokerage
Online Insurance
Life Insurance
Supplemental Insurance
Marketing
Consolidation
Profiles of Leading Companies
Executive Mailing List on CD-ROM

Nepal Travel Insurance

You can have your fingers crossed but you can't afford to shut your eyes. It is very normal for things to go wrong on holidays. You could fall ill or have an accident. Somebody might steal your money or luggage, your visit might be cancelled or cut short through injury or illness, and your family may need to fly out to be with you if there is a serious incident. Taking out travel insurance can cover all these risks and more.

However, you should check the small prints of your travel insurance policy very carefully to see if any exclusion might apply. Firms often apply dirty tricks to doctor the wordings in the quote to maximize their profits. These exclusions might contain injury or death through acts of terrorism or nature; accidents caused through drinking alcohol or engaging in dangerous sports or problems arising from a previous illness that you have not declared to the insurer. If you are not sure whether you are covered for any of the above, you should check with your insurer. The 4 locations where injuries are most likely to occur in Nepal are as follows:

* Roads
* Hotels
* Remote locations
* Trekking tract

The following are just some of the benefits of the Travel Bond Policy.

Cancellations and Curtailments
If you have to cancel your holiday or cut it short due to the sickness or injury of a close member of the family, someone you are traveling with or staying with, travel insurance covers all expenses that you are not able to get back.

Medical Expenses
Insurance firm will pay medical expenses and hospital fees, including any costs of getting you to hospital (land, water, or air ambulance) if you were to fall sick or injure yourself. If medical staffs consider that you require medical emergency repatriation in that case the costs of getting you home, with a trained nurse or doctor are included in the cover.

Personal Belongings
The value of personal effects and luggage is covered for items accidentally lost, stolen, or damaged. Apart from that, travel documents such as tickets, visas and passports are also insured against loss or theft.

Baggage Delay
Insurance firm will reimburse you the cost of purchasing necessities in the event of your baggage being delayed or lost for more than 24 hours.

Personal Money
You are covered for the theft of cash and traveler's cheques from your person as well as safety deposit boxes.

Important
Please note this is just some of the benefits available to you and will be subject to terms and conditions. You should read the policy documents and schedule of cover to determine the suitability of cover.

History of life and general insurance in Nepal

History of life and general insurance in Nepal

History of general insurance in Nepal goes back to B.S.2005(1948 A.D.). Right from 1950 A.D.,a number of companies started their operation in General insurance. Presently 15 companies are transacting general insurance business. But start and growth of life insurance has been very slow.

Life Insurance Corporation of India started life insurance business in Nepal but its function was mostly confined to Kathmandu city.

LIC stopped its operation in 1972 A.D. Life insurance business was taken over by Rashtriya Beema Sansthan in B.S.2029 after its incorporation on B.S. 2024/09/01 (16-12-1967 A.D.) and by National life and General Insurance Company in B.S.2045(1989A.D.) after its incorporation on B.S.2043/02/19 (2-6-1986)A.D.

The insurance activities were regulated by Insurance Act 2026(1969). The Act and the regulations were modified and new Insurance Act and Regulations were enacted in 2049(1992). Beema Samiti observes and regulates the insurance activities in Nepal as per the provisions of Insurance Act 2049 and Insurance regulations 2049.

Even though the performance of RBS has been impressive, the reach and density of insurance has been very low even in comparison with the insurance density in developing nations.

Policy Related

What are the different types of life insurance available with the company?
What is eligible age to apply for life insurance?
What is the difference in purchasing policy from the company or from the agent?
Can one change purchased policy?
Can sum assured added or deducted in future?
Can insured term/period increased or decreased in tenure?
What is bonus? How is it paid?
Will the insured receive medical expenses incase of an accident?
What is the provision for lost policy?
What are the different types of life insurance available with the company?

Endowment, Anticipated, Mortgage, Whole life insurance, Mortgage Redemption etc
top What is eligible age to apply for life insurance?

Immediately after birth but risk cover will only start after eight years of age.
top What is the difference in purchasing policy from the company or from the agent?

It is advised to all concerned to buy insurance policy from agent one can also buy the policy from the company but the individual service provided by the agent will not be there.
top Can one change purchased policy?

Policy once purchased can not be changed. However some clauses like mode of premium payment, nominees are changeable.
top Can sum assured added or deducted in future?

No, sum assured of a policy could not be added or deducted.
top What is bonus? How is it paid?

Profit earned by insurer in the process of running insurance company is bonus. It is paid in the event of death of policy holder or maturity of policy, whichever occurs first.
top Will the insured receive medical expenses incase of an accident?

No life insurance policy covers only death risk no any medical benefit is given.
top What is the provision for lost policy?

Policy document/ policy paper are very important legal agreement associated with the insurance contract. Therefore, serious safety is required to preserve the policy. But, if lost due to some reason one must immediately apply for duplicate copy. However necessary official procedure has to be completed and some official charge has to be paid.
top

Premium Related

What if one is unable to pay premium to continue the policy?
In what interval can I pay premium?
What are the methods to deposit premium?
What if the agent doesn’t deposit premium in the company that one has paid him? Who will be the responsible in such case?
How policy premium could be paid if one migrates?
Shall insured bear the loss from sum assured, if company goes into loss?
Is there any provision to pay premium from abroad? Can one pay from credit card?
How can one get statement histories?
What if one is unable to pay premium to continue the policy?

Stop the contract or surrender the policy; provided two yearly premiums are paid.
top In what interval can I pay premium?

Premium can be paid in any mode, quarterly, half yearly, yearly and also monthly basis for salary saving scheme.
top What are the methods to deposit premium?

Premiums can be deposited either directly by cash or in various bank accounts provided by the company
top What if the agent doesn’t deposit premium in the company that one has paid him? Who will be the responsible in such case?

Agent will be personally responsible for money received; no one else will be responsible.
top How policy premium could be paid if one migrates?

The policy premium can be paid from any place of the world to continue the policy.
top Shall insured bear the loss from sum assured, if company goes into loss?

No, insured do not have to bear any responsibilities toward the loss of the company.
top Is there any provision to pay premium from abroad? Can one pay from credit card?

Yes, premium can be paid by credit card or by demand draft or any other convenient banking transaction.
top How can one get statement histories?

One can get statement of premium paid from the agent or branch offices of the company.
top

Maturity/Lapse/Revival Related

Can one take loan from the deposited premium?
What is the minimum maturity period in life insurance policy offered by the company?
What is the sum of amount one is paid on completion of the term?
What is the maximum time allowed for renewal of lapse policy?
Can insured term/period increased or decreased in tenure?
How lapsed policy could be revived if the insured is in foreign country?
Will the premium paid refunded if policy discontinued?
Can one take loan from the deposited premium?

Yes loan can be received to the extent of certain limit of premium paid but one must had paid at least two years annual premium.
top What is the minimum maturity period in life insurance policy offered by the company?

Usually five years. However, it may differ by policy purchased.
top What is the sum of amount one is paid on completion of the term?

On completion of term or maturity one is paid sum assured and bonus (if policy is with profit).
top What is the maximum time allowed for renewal of lapse policy?

Any lapse policy could be renewed within three years of lapse date. Nevertheless, various condition applies in renewing depending upon the term, age, sum assured etc.
top Can insured term/period increased or decreased in tenure?

Term/Period of a policy could not be chanted.
top How lapsed policy could be revived if the insured is in foreign country?

In case of lapsed policy of insured living in foreign country, an application with all necessary documents has to be sent to the company.
top Will the premium paid refunded if policy discontinued?

Premium will not be refunded. However if the policy had run for minimum of two years some surrender value could be received.

top

Nominee/Beneficiary Related

How survival benefit could be received by beneficiary if insurer is out of the country?
Whom can one select as nominee to be beneficiary on one policy?
What if nominee dies?
How survival benefit could be received by beneficiary if insurer is out of the country?

An application of insured along with original policy and identification card of the beneficiary is required.
top Whom can one select as nominee to be beneficiary on one policy?

Any close relative or any one insurer chooses.
top What if nominee dies?

Change the nominee before policy matures
top

insurance policy in Nepal

Insurance Policy

Travel Insurance can only be sold to those clients arranging their travel arrangements with Flights to Johannesburg. Travel Insurance MUST be purchased within 14 days of making your confirmed booking.

Worldwide Single Trip Policies Premiums quoted in £ ’s.

Adult Child (2-17 yrs)

Up to 5 days 24.68 12.34

Up to 10 days 37.60 18.80

Up to 17 days 43.48 21.74

Up to 24 days 49.35 24.68

Up to 31 days 59.93 29.97

Worldwide AnnualMulti Trip Policies
Single: £ 98.10 Family, based on 2adults & 2 children: £ 163.90.
Maximum stay onany one trip, 31 days. Excludes Cruise cover. Rates on request.

Age Limits:

Single Trip Policies;

* can be sold to those under 66 at the date of travel at standard premium
* can be sold to those aged 66 to 69 atthe date of travel x150% of the standard premium. Europe only.
* can be sold to those aged 70 to 75 atthe date of travel x200% of the standard premium. Europe only.

Annual Multi Trip Policies;

* can be sold to those under 66 at the date of policy commencement.
* no cover for persons aged 66 and over
* All above policies are only available to persons resident in the United Kingdom or Channel Islands at the time of purchase.

Pre-Existing Medical Conditions

This policy will not cover anything other than what is clarified and has the following exclusion for you to be aware of within the policy wording. If you are unsure then please request a copy of the policy wording.
Please note that this policy will not provide cover for the following conditions:-

Heart/circulatory related condition (e.g. hypertension, heart attack or stroke), arterial disease, kidney disease, respiratory condition (excluding well controlled mild asthma), cancer or cancerous condition.

The policy also excludes claims where the insured person or anybody upon whom their travel is dependant.

* has been hospitalized, received advice, medication or treatment in the twelve months prior to the booking of the policy,
* is on a waiting list awaiting further treatment or investigation, has been given a terminal prognosis
* is traveling specifically to seek medical advice or treatment or is traveling against medical advice.

Schedule of Charges

Description Cover (per insured) Excess

Cancellation & Curtailment Up to £ 2990 £ 40

Catastrophe Up to£ 490 £ 40

Medical Expenses (inc. Emergency Repatriation) Up to £ 5,000,000 £ 65

Hospital Benefit £ 10 per day up to £ 490 Nil

Mugging £ 40 per day up to £ 1,000 Nil

Personal Effects & Baggage Up to£ 1,490 £ 40

Single Item Limit £ 190

Valuables Total Limit £ 190

Travel Documents Up to £ 240

Delayed Baggage Up to £ 90

Personal Money Up to £ 490 £ 40

Cash Limit £ 190

Cash Limit (age under 18) £ 90

Travel Delay £ 10 for first 12hr. Nil

period, £ 10 each 12 hr.

period thereafter

up to£ 90

Holiday Abandonment Up to £ 2990 £ 40

Hijack £ 50 per day Nil

up to£ 1,000

Missed Departure Up to £ 240 £ 40

Personal Accident Max. Benefit £ 15,000 Nil

Perm. Total Disablement £ 15,000 Nil

Loss of Limb (s) or Sight £ 15,000 Nil

Death £ 5,000 Nil

Death (age under 18) £ 5,000 Nil

Personal Liability Up to £ 2,000,000 £ 240

Legal Expenses Up to £ 15,000 £ 240

Scheduled Airline Failure Up to £ 3,000 Nil

Winter Sports Cover
The following benefits are only available when additional winter sports premium is paid, or when Annual Multi-Trip cover is effected:

Description Cover (per insured) Excess

Ski Equipment (Owned) Up to £ 490

Single Item Limit £ 250 £ 40

Hired Items Limit Up to £ 150

Ski Hire £ 30 per day up to £ 290 £ 40

Ski Pack £ 50 per day up to £ 190 Nil

Piste Closure £ 30 per day up to £ 290 £ 40

Avalanche closure upto £ 190 £ 40

Global insurance industry

Global insurance industry
Life insurance premia written in 2005
Non-life insurance premia written in 2005

Global insurance premiums grew by 11% in 2007 (or 3.3% in real terms) to reach $4.1 trillion. The macro-economic environment was characterised by slower economic growth in 2007 and rising inflation. Profitability improved in life insurance and fell slighlty in the non-life sector during the year. Life insurance premiums grew by 12.6%, accelerating in the advanced economies with the exception of Japan and Continental Europe. Non-life insurance premiums grew by 7.6% during the year. Figures for premium income are not yet available for 2008, but the insurance industry is likely to see a slowdown in new business and falling investment revenue.

Advanced economies account for the bulk of global insurance. With premium income of $1,681bn, Europe was the most important region, followed by North America ($1,330bn) and Asia ($814bn). The top four countries accounted for nearly 60% of premiums in 2007. The US and UK alone accounted for 42% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums.

Insurance companies may be classified into two groups:

* Life insurance companies, which sell life insurance, annuities and pensions products.
* Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories.

* Standard Lines
* Excess Lines

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

In the United States, standard line insurance companies are "mainstream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.

Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.

Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations.

Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well.

Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.

The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance.

Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:

* heavy and increasing premium costs in almost every line of coverage;
* difficulties in insuring certain types of fortuitous risk;
* differential coverage standards in various parts of the world;
* rating structures which reflect market trends rather than individual loss experience;
* insufficient credit for deductibles and/or loss control efforts.

There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client.

Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.

The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies.

Health Insurance For Part-Time Employees?

Health Insurance For Part-Time Employees?
I understand your frustration with finding cost-effective insurance that will cover pre-existing conditions. You have several options. You can have your husband ask his employer to add your family on to the group plan. He will be paying for the plan completely out of his paycheck, with no help from the employer. However, if he is on GROUP health, there are generally less hang-ups about pre-existing conditions with the insurance company, and the rates can be cheaper. The other option is - don't disclose everything!! Please, please see my site, http://www.health-insurance-low-cost.net, to learn how to navigate these treacherous waters, especially the page on "Medical History". Basically, you need to make decisions on how you will USE your insurance from now on, and decisions about disclosure, BEFORE you ever talk to an insurance company. When an insurance company asks you about pre-existing conditions, they are not so much wanting to know about your past, but trying to figure out what expenses they will be paying for in the future. You need to make decisions on how you will be using the insurance, then reflect that back to the insurance company. I know your frustration, I've lived it, and that's the whole reason I created my site. You CAN find a good policy if you do your homework (and yes, Blue Cross is too expensive, I've used them and dropped them). Best wishes!

Health insurance and Dental insurance

Types of insurance

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as "perils". An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are (non-exhaustive) lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, auto insurance would typically cover both property risk (covering the risk of theft or damage to the car) and liability risk (covering legal claims from causing an accident). A homeowner's insurance policy in the U.S. typically includes property insurance covering damage to the home and the owner's belongings, liability insurance covering certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.

Business insurance can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owner's policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.[9]

[edit] Auto insurance
Main article: Vehicle insurance
A wrecked vehicle

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:

1. Property coverage pays for damage to or theft of your car.
2. Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
3. Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

An auto insurance policy comprises six kinds of coverage. Most countries require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements. Most auto policies are for six months to a year.

In the United States, your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium. [10]

[edit] Home insurance
Main article: Home insurance

Home insurance provides compensation for damage or destruction of a home from disasters. In some geographical areas, the standard insurances excludes certain types of disasters, such as flood and earthquakes, that require additional coverage. Maintenance-related problems are the homeowners' responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.[11]


Health insurance and Dental insurance

Health insurance policies by the National Health Service in the United Kingdom (NHS) or other publicly-funded health programs will cover the cost of medical treatments. Dental insurance, like medical insurance, is coverage for individuals to protect them against dental costs. In the U.S., dental insurance is often part of an employer's benefits package, along with health insurance.

[edit] Disability

* Disability insurance policies provide financial support in the event the policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.
* Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.
* Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
* Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

[edit] Casualty

Casualty insurance insures against accidents, not necessarily tied to any specific property.
Main article: Casualty insurance

* Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
* Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

[edit] Life
Main article: Life insurance

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

In U.S., the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation. A combination of low-cost term life insurance and a higher-return tax-efficient retirement account may achieve better investment return.

Insurers' business model

Insurers' business model

The business model can be reduced to a simple equation: Profit = earned premium + investment income - incurred loss - underwriting expenses.

Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insured parties.

The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are "winners" (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are "losers" (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income); insurance companies essentially use actuarial science to attempt to underwrite enough "winning" policies to pay out on the "losers" while still maintaining profitability.

An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company's combined ratio. The combined ratio is a reflection of the company's overall underwriting profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.

Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.

In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" or insurance cycle. [7]

Property and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the United States, due to unpredictable natural catastrophes, have exacerbated this trend.

[edit] Claims

Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for, though one hopes it will never need to be used. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form such as those produced by ACORD.

Insurance company claim departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim, usually in close cooperation with the insured, determines its reasonable monetary value, and authorizes payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved (the plaintiff who is suing the insured) who is under no contractual obligation to cooperate with the insurer and in fact may regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge.

In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation; see insurance bad faith.