Best Insurance Tips: June 2007

Tips for Directors

Know the bylaws and constitution.
Inform yourself about the activities and operations of the organization. “The less you know the greater the risk you put yourself in”.
Insist on receiving relevant information related to board decisions in advance and be prepared to participate in decision making.
Review the minutes and ensure corrections are made. Insist the minutes record disclosure, dissent or refraining from voting.
Be prepared to make decisions. Avoid being a rubber stamp.
Ensure appropriate information reporting and other management systems are in place i.e. annual audit.
Respect confidentiality.
Avoid conflict of interest. If in doubt declare a conflict and don’t vote.
Insist that the organization protect directors by indemnification and insurance.
Monitor the financial health of the organization i.e. tax receipts to ensure value not inflated, against disbursements if there is a question of insolvency.
Ensure committees report to Board and obtain approval for their actions.
Keep personal notes at meetings.
Keep a binder or file with all minutes and other documents together.
Insist on written legal and other professional opinions where necessary.
Ensure that the organization assesses the risk to the activities and minimizes, eliminates, reduces or avoids them.
Resign if you feel affairs are not conducted in proper, responsible and legal manner in accordance with wishes of general membership.

Ten Tips for Homebuyers

Before you start looking for a home, get pre-qualified for a loan. Banks, credit unions and mortgage bankers make home loans; mortgage brokers process them. The lenders will take an application, process the loan documents, and see the loan through to the funding stage.
If you have marginal or bad credit, consult your lender. You may be able to qualify for a loan depending on how long ago and what reason(s) caused the bad credit. A lender should be able to advise you on whether your credit history will prevent you from qualifying for a home loan.
You will need a down payment. Down payment requirements vary depending on the type of loan. Many down payment assistance programs exist. These programs may loan or grant you the funds necessary for the down payment. Consult with a lender about programs available in your area.
You will need funds for closing costs Closing costs are charges for services related to the closing of your real estate transaction. They include, but are not limited to:
* Escrow fees charged by the company handling the transaction
* Title policy issuance fees charged by the title insurance company
* Mortgage insurance fees
* Fire and homeowners insurance
* County Recorder fees for recording your deed
* Loan origination fees
Some loans have "points" and some do not. A point is a loan origination fee equivalent to 1% of the loan amount. Together with the interest rate they constitute the yield on your loan for the lender. Some lenders charge a higher interest rate to compensate for charging no points. It is important to comparison shop lenders to make sure your loan is at a competitive yield.
Should you select a mortgage with a fixed rate or an adjustable rate? The answer to this question depends on whether mortgage rates are at a high or a low point when you purchase, and on how long you plan to live in the home. If rates are high, an adjustable rate might be attractive since subsequent rate drops could reduce your monthly payments.
Be aware of the two main types of loan categories.
1. Conventional Loans. Conventional mortgage loans are available with fixed or adjustable interest rates. Some loans may require mortgage insurance.
2. Government Loans. These include Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans, and Veterans Administration (VA) fixed rate mortgage loan.
If you are a low or moderate income homebuyer, there are special programs designed to help you. These loans are available through private lenders, as well as local and state housing agencies, like the California Housing Finance Agency (CalHFA). Most lenders specializing in real estate mortgage loans are aware of these types of loan programs.
Why might I have to pay mortgage insurance? Mortgage insurance protects the lender from potential loss if you should default on your mortgage loan payment. Generally, conventional loans that require larger down payments do not require mortgage insurance. Mortgage insurance is always required on FHA mortgage loans.
Many organizations offer home loan counseling to prospective homebuyers. These organizations provide classes for homebuyers to cover the steps to homeownership. They will cover home selection, realtor services, lenders, loan programs, homeownership responsibilities, saving for a down payment, and other important pieces of information. Many first-time homebuyer programs require homebuyers to attend this type of class to be eligible for selected programs.

More information !!
Contact one of CalHFA's approved lenders.

Ten Tips for Online Investors

When You Invest Online, Be Sure To:

Receive full disclosure, prior to opening your account, about the alternatives for buying and selling securities and how to obtain account information if you cannot access the firm's Web site.
Understand that most likely you are not linked directly to the market, and that the click of your mouse does not instantly execute the trade.
Receive information from the firm to substantiate any advertised claims concerning the ease and speed of online trading.
Receive information on the firm's Web site about significant outages, delays and other interruptions to securities trading and account access, and how to proceed under these circumstances.
Obtain information before trading about entering and canceling orders (market, limit and stop loss), and the details and risks of margin accounts (borrowing to buy stocks).
Determine whether you are receiving delayed or real-time stock quotes and when your account information was last updated.
Review the firm's privacy and Web site security policies and whether your name may be used for mailing lists or other promotional activities by the firm or any other party.
Receive clear information about commissions and fees and conditions that apply to any advertised commission.
Know how to, and if necessary, contact a customer service representative with your concerns and request prompt attention and fair consideration.
Contact your state securities agency to :

verify the registration/licensing status and disciplinary history of the online brokerage firm;
find out if the investment is permitted to be sold; and
file a complaint, if necessary.

To more information, contact !!
Iowa Securities Bureau
340 Maple Street
Des Moines, IA 50319-0066
515-281-4441 or 800-351-4665
iowasec@iid.state.ia.us

Insurance Tips for Event Organisers

as an event organisers you need to plan for the unexpected, so it’s important to be properly insured. here are the top ten insurance tips for event organizers :

Insure early – as soon as you are committed to the venue. This is to ensure maximum cover and best rates. Insurers can’t cover incidents that have already happened.
There is an opportunity to lower your premium by carrying out a full risk management exercise.
Identify the susceptibility of your attendees to be affected by disrupted transport. If this is likely, insurance may be needed to protect against any enforced reduced attendance at your event. For example, if most of your guests are fl ying in from overseas your event could be severely affected by an airport strike.
Ensure the site of the event is secure and all attendees, visitors, and sub-contractors are readily identifi able. Don’t rely on the venue to know who is walking into your event.
Check the venues for slipping and tripping hazards as a signifi cant proportion of accident claims involve attendees, visitors, sub-contractors etc falling over.
It is paramount that you negotiate and check your venue contract closely. Make sure you understand it as the terms can be beyond your normal legal obligations. Your venue will rarely provide you with the insurance cover you need.
Make sure you have adequate public liability insurance. Usually venues expect a public liability limit of indemnity of a minimum of £2million any one occurrence. Some venues require as much as £25million. Sub-contractors must have a similar limit.
Ensure your exhibitors, delegates and subcontractors receive your terms and conditions so they are aware of their responsibilities. Failure to do so could mean, for example, an exhibitor who suffers damage to his exhibits will try to claim against you.
Consult your legal department or lawyers when you issue your contract and terms and conditions, and when you sign your venue contract. Make sure you take out adequate insurance with a proven and acceptable event insurer.
Obtain the best cover you can afford, and plan to improve the insurance budget for the next event. By planning ahead you can make sure you have enough money in the budget to get the best cover available to you.

You can read complete at www.insurex-exposure.com visit now !

Categories of Private Health Insurance

Primary principal:
Covers the medical care of persons who do not have legal access to the public system.

Primary substitute:
Covers the medical care of persons who have the choice of substituting private insurance for public coverage.

Duplicate:
Covers the medical care of persons who continue to have access to the public system (and who are obliged to contribute to it through taxes) but who wish to be treated in a parallel private sector.

Complementary:
Covers the portion under the responsibility of the insured person (copayments or coinsurance) in the public health insurance system.

Supplementary:
Covers extras or services not insured by the public system.

Homeowners Insurance Consumer Tip

Be smart! For most people, your home is your most valuable asset! Protect it!

Make sure you have enough insurance to rebuild your home.

Call your insurance agent to determine the insurance company’s calculation of the cost to rebuild your home. If you are not insured to that level, get a quote and consider increasing your coverage. Ask what the repercussions are if you have a major claim.

Take photographs of your home and possessions.

Store a copy of these pictures in a safe place away from your home.

Comparison Shop.

Compare prices. Ask questions. Remember to compare apples to apples. When shopping, make sure that you are comparing comparable limits and benefits.

To helpful anymore call the fair housing center at (419) 243-6163 call now !!

Buildings Insurance

What is buildings insurance

Buildings insurance covers the cost of damage to the structure of your property. This includes the roof, walls, ceilings, floors, doors and windows. Outdoor structures such as garages and fences are also included.

Buildings insurance covers permanent fixtures and fittings, interior decoration and underground tanks, pipes, cables, and drains for which you are responsible from your home to the mains supply.

Choosing buildings insurance

The price of an insurance policy is called a 'premium'. Before you take out your buildings insurance policy, ask for quotes from several insurers to help you to get the best deal for your circumstances. You will need to compare:

what each policy covers, and any exclusions (risks which are specifically excluded, for example, damage caused by frost or sonic booms)

the amount of any excess. This is the first amount of any claim, for example the first £50, that you will have to pay yourself. Some policies allow you to pay a higher excess in return for a cheaper premium

any discounts offered

the no claims bonus which increases for every year that no claims are made on your policy, up to a maximum amount. Most insurers will let you transfer the discount, if you want to change your insurer. You will also need to compare the amount by which your no claims bonus would be reduced if you made a claim.

Things to remember

when you buy insurance, you must give your insurer, or the person who sells you the insurance, as much information as you possibly can about anything which might affect their decision to insure you and how much to charge.

It is your responsibility to inform your insurer of any change in your circumstances, for example, if you carry out any home improvements to your property. You should do this as soon as possible, and not wait until it is time to renew your insurance policy.

And you can read complete at www.adviceguide.org.uk visit now !!

Tips for Identifying Auto Insurance Scams

Be informed. If you require the services of a tow truck driver, paralegal or health care provider, know your rights. Here are some tips:

Tow Trucks

Make sure the tow truck has a municipal licence number on its side before you use its services.

Look to see if the tow truck is affiliated with a reputable company such as an automotive roadside assistance group or automobile association.

Ask if the tow truck has a police contract.

Listen for obvious clues. Does the driver recommend a particular repair facility without being asked? If he/she does, this might be an indication that a referral fee arrangement exists. In Toronto, making such a recommendation may be illegal under the Municipal Code, Chapter 545.

Carefully read everything the tow truck driver asks you to sign.

Ask that your vehicle be taken to a secure location where an adjuster or appraiser from your insurance company can have access to it. Some municipalities require that your vehicle be taken to a Collision Reporting Centre or police station before it goes anywhere else.

Contact your insurance company, if possible, for information on towing and where to take your vehicle to be repaired.

Consider having your vehicle towed to a preferred vehicle repair shop. Some insurance companies use preferred repair shops where they have an agreement that guarantees your vehicle will be repaired to the highest possible standards. For more information, contact your insurance company.

Paralegals

The law requires that anyone who acts as an adviser, consultant or representative for no-fault auto accident benefits must meet certain requirements. The requirements include passing a criminal record check, possessing errors and omissions insurance and adhering to a code of conduct. The law applies to paralegals who advise another person about his or her rights to obtain accident benefits; assist in completing claim forms; discuss or negotiate with an insurer or adjuster; attend dispute resolution meetings at FSCO, Small Claims Court or private arbitration; or negotiate the settlement of no-fault accident benefits.

Watch for red flags like special fees. Paralegals are not permitted to charge you a contingency fee (a percentage of any award that you may obtain).

Observe the business relationship between the paralegal and health care provider. Paralegals must inform you of any potential conflicts of interest, including if they have an interest in the health care facility to which you have been referred.

Ask your paralegal to show you proof he or she has errors and omissions insurance coverage. All paralegals are required to carry this coverage.

Carefully read anything that the paralegal asks you to sign.

Expect to be treated in a fair and courteous manner.

Check to see whether a paralegal is authorized with FSCO to act as a paralegal in the auto insurance industry. You may do so through an easy-to-use online service that is available at: www.fsco.gov.on.ca.

Health Care Providers

Carefully review the itemized treatment plan before you sign it.

Ensure you are receiving the treatments for which your insurance company is being billed.

Check the rates. Your health care provider must bill your insurance company at the same rate for treatment they would reasonably charge you if you were paying for the treatment.

You can read complete at www.autoinsurance.gov.on.ca visit now !!

Life Insurance

What is life insurance?

Life insurance is a policy that pays a specified amount of money after your death to a beneficiary, a person you choose. The amount of money the person receives depends on the type of life insurance you purchase. The amount you pay to the insurance company, the premium, depends on the policy you select.

Today more than 200 insurance companies write life insurance policies in the United States. Not all insure cancer survivors. Those that do offer life insurance policies for cancer survivors usually require survivors to pay a higher premium. You may not want life insurance now. You may not be able to afford life insurance. However, if you think life insurance would help you or your family, options exist for cancer survivors. Survivors who want life insurance should understand the different types of life insurance and how having had cancer affects the type of life insurance they can get.

What are the different types of life insurance?

Term Life
Term life is a contract to insure your life for a specified period of time, usually 10, 15, 20, 25 or 30 years. It is the most affordable form of life insurance. You pay a premium monthly, quarterly or annually. If you die during the specified period of time, the beneficiary (the person you leave the policy to) receives a certain amount of money. The shorter the term, the lower the cost. At the end of the term, you may be able to renew the policy for an additional term by paying more money. Sometimes, however, to renew the policy, you will have to get a physical examination or provide the life insurance company with updated health information. If a survivor has a recurrence or experiences another medical condition, the life insurance company may not be willing to renew the policy.

Universal
Universal life is a fairly new kind of life insurance. It is called permanent insurance because the price stays the same throughout your life and the policy cannot be cancelled as long as you make the minimum payments. It has flexibility. You can pay less than the full amount and keep your insurance at a lower coverage level. Sometimes you can increase the amount of insurance by paying more.

Whole Life
Unlike universal life insurance, once the premiums for whole life insurance are set, they can’t be changed. Whole life also has cash value, which allows you to borrow from the policy. The money is not just for your beneficiary when you die. You can use it while you are living. While borrowing can lower the amount your beneficiary receives when you die, it provides an extra source of money if you need it.

Guaranteed Issue Whole Life
This life insurance is for people with severe health problems. It is not available in all states. Most insurers require that you be at least 40 years old to get guaranteed issue whole life insurance. Most policies only offer up to a $25,000 death benefit. It is priced based on age and gender and is available to cancer survivors. It is expensive. Most policies do not pay a full death benefit if you die in the first 3 to 5 years after purchasing the policy.

You can read complete at www.LiveStrong.org visit now !!

Choosing Travel Insurance

Travel insurance can provide you with cover for:

cancelling or cutting short your trip for specific reasons outside your control, for example, the unexpected illness of you, a close family member or a member of your travelling party

missed transport or delayed departure for reasons outside your control

medical and other emergency expenses

personal injury and death

lost, stolen or damaged personal property, including baggage

accidental damage or injury you cause to someone else.

You can buy travel insurance to cover a single trip, or an annual policy covering several trips. As most travel policies cover you for cancellation, you should take out insurance when you book your trip. Some package holidays offer to include travel insurance but you do not have to accept this. You are free to make your own arrangements. A travel agent must not charge you more for a package holiday because you do not buy their insurance.

Ask for quotes from several insurers to help you get the best deal for your circumstances. You will need to compare what each policy covers and:

any exclusions. Some policies exclude dangerous activities or high risk sports such as skiing or scuba diving. If you are going on a holiday involving one of these activities, you may have to pay more for your insurance

compulsory excesses. This is the amount you have to pay towards the cost of a claim. The amount may vary, depending on the claim

additional conditions, for example, how long your journey has to be delayed before your insurer will pay you compensation.

And don’t forget to check whether any age limit applies.
You can read complete at www.adviceguide.org.uk visit now !!

Individual Health Insurance

Tips when shopping for individual insurance:

• Shop carefully. Policies differ widely in coverage and cost. Contact different insurance companies, or ask your producer (agent) to show you policies from several insurers so you can compare them.
• Make sure the policy protects you from large medical costs.
• Read and understand the policy. Make sure it provides the kind of coverage that’s right for you. You don’t want unpleasant surprises when you’re sick or in the hospital.
• Check to see that the policy states the date that the policy will begin paying and what it covers or excludes from coverage.
• Make sure there is a “free look” clause. Most companies give you at least 10 days to look over your policy after you receive it. If you decide it is not for you, you can return it and have your premium refunded.
• Beware of single disease insurance policies. There are some policies that offer protection for only one disease, such as cancer. If you have health insurance, your regular plan probably already provides all the coverage you need. Check to see what protection you have before buying any more insurance.

And you can read complete at www.ldi.la.gov visit now !!

Best Insurance Tips