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INSURANCE SERVICES - Types of insurance
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INSURANCE SERVICES Insurance means guarantee of compensation for any possible future losses. One can avail a financial protection to the extent of agreed terms by paying a premium to the insurance company. Insurance works on the basic principle of risk sharing. Types of insurance • Life Insurance • Health Insurance • Automobile Insurance • Property Insurance • Credit insurance • Unemployment Insurance • Disability Insurance FILING CLAIM FOR UNEMPLOYMENT INSURANCE BENEFITS • Contact your state unemployment office as soon as you become unemployed so that you may get the benefits as early as possible. Nowadays you can even file the claim through telephonically or through internet. • The State Unemployment Office authorities will inquire about dates regarding your previous employment, and many other questions related to your former job to ensure your eligibility. • You should file your claim with the state where you work. But if you work in different state other than that in which you are residing now then take information from the office to file the claim. LIFE INSURANCE Life insurance is a sort of insurance coverage which provides security in an individual's life time and brings some security to the dependents of the person even after the timely or untimely demise of the individual. So that even after your death or any other critical illness, your beneficiaries can use this money to replace some of the income you would have earned or to help pay off debts or other expenses. Life Insurance or assurance is the bond between the policy owner and the insurer. Here the insurer is supposed to pay certain amount of funds if the insured person meets any accident, illness, any miss-happening or death. There are two main types of Life Insurance: Permanent Life Insurance Permanent Life Insurance policies does not lapse or expire as long as you continue paying the premiums. It provides life time protection and has monetary value. There are four major types of Permanent Insurance • Whole life Insurance • Universal Life insurance • Limited-Pay Life Insurance • Endowments Policy Term Life Insurance Term life Insurance Policies provide the most coverage for your premium for a set period of time. After the expiry of that period this type of insurance is no longer valid. Term Life Insurance Policy does not cost much and is recommended to salaried and middle class HEALTH INSURANCE Health Insurance provides coverage for medication, visits of doctor or emergency room, hospital staying charges and other medical expenses. It may be provided through a government sponsored social insurance program, or by private insurance companies. TYPES OF HEALTH INSURANCE POLICES • Preferred Provider Organization (PPO) Plan is a form of managed care. PPO plans offer more flexibility by allowing visits to the “out of network” professionals to the policy holder. Even if you choose to get the services of any specialist or any out of network physician , PPO plans still provides some coverage (approximately 80%). • Health Maintenance Organization (HMO) Plans are also classified under managed care. They are the least expensive and least flexible. Generally HMOs are the first choice of employer who provides health insurance to their employees as a benefit. To get coverage from your HMO policy, you have to choose a “Primary Care Physician” and must get care from approved “in-network” providers. • Point Of Service (POS) Plans combine managed care with traditional health coverage .Exactly like HMO, you select a Primary Care Physician to see for routine check ups. But when you require seeing a specialist— or getting a second opinion you're free to see any doctor of your choice. • Fee for Service (FFS) Plans or traditional indemnity coverage plans are now not as popular as they were around thirty years ago. Indemnity programs are a bit like auto coverage insurance in which you pay for your care up front, and later on the expenses are reimbursed by your insurance company when you file a claim. |
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