Do you work in the insurance markets? If so, here are 7 reasons why you should be reading an insurance news magazine.
1. Your industry is one of the most competitive in the business world, and it's a good bet that your rivals will be reading a relevant trade publication. By not doing the same, you risk being left behind.
2. The sector is subject to a number of changes throughout the year, with ground-breaking developments frequently impacting on the sector. By reading insurance news, you can react quickly and appropriately.
3. Success in the insurance markets is as much about planning as it is about your current performance. By reading a publication that brings you details of the latest trends, you can prepare for what's ahead.
4. If you're based in London, you may benefit from knowing what's happening elsewhere in the world - especially as those markets can have a big impact on the sector.
5. If a big story breaks, many good insurance market news magazines will cover it in more detail. That may include analysis, comment from experts, statistics and much more. That means you know how it's going to impact on your business.
6. If you work in one specific area of the industry and feel your knowledge of other parts of it are not up to scratch, such as underwriting news, reading the relevant trade press can help bring you up to speed.
7. Whether you're a rival company or someone looking to progress in their career, it can be useful knowing what mergers and acquisitions are taking place in the sector. Having a good overview of the industry's landscape could prove extremely helpful.
Wednesday, November 17, 2010
A Few Things to Remember to Get Good Insurance Deals
Do you find it hard to get a good insurance deal in Las Vegas? If so, the first thing that you need to do is learn where to look for reliable insurance agencies who can give you a personalized quote at a very affordable rate. Expensive insurance deals and high interests are often caused by abrupt decisions and lack of preparations. If you don't want to end up paying much on your insurance then you should make preparations which include looking for alternative agents rather than focusing on a single provider.
Remember not to ever grab the first insurance plan that might come your way, always consider other options because they might be much better deals and less costly ones. By doing such, the chance of ending up with the best insurance deal is just next to you. By looking at the offers of the different agents, you will be able to evaluate and study thoroughly which among them can provide the coverage that you need with a much lower insurance premiums and interest rates.
One easy way that you can try is by searching the Internet, where you can find almost all resources that you need to know the different Las Vegas insurance policies. By going online, you can immediately get insurance quotes and avail of the discounts which you might qualify for. One advantage of getting quotes earlier than when you exactly need it, is that, you will have enough time to prepare for the expense and settle your credit history.
Many factors influence insurance quotes. The level of benefits that you are getting from your auto insurance, small business insurance or homeowners insurance in Las Vegas influences the amount you are paying. Hence, you should be keen enough to evaluate the coverage of the insurance policy that you got to make sure that you can get your claims when the unexpected occurs.
Getting a very good insurance policy is as easy as one-two-three when you know what to do and where to look for good insurance deals in Las Vegas. It will not just guarantee you with quality insurance products but also get rid of the pain of paying very high insurance premiums.
Remember not to ever grab the first insurance plan that might come your way, always consider other options because they might be much better deals and less costly ones. By doing such, the chance of ending up with the best insurance deal is just next to you. By looking at the offers of the different agents, you will be able to evaluate and study thoroughly which among them can provide the coverage that you need with a much lower insurance premiums and interest rates.
One easy way that you can try is by searching the Internet, where you can find almost all resources that you need to know the different Las Vegas insurance policies. By going online, you can immediately get insurance quotes and avail of the discounts which you might qualify for. One advantage of getting quotes earlier than when you exactly need it, is that, you will have enough time to prepare for the expense and settle your credit history.
Many factors influence insurance quotes. The level of benefits that you are getting from your auto insurance, small business insurance or homeowners insurance in Las Vegas influences the amount you are paying. Hence, you should be keen enough to evaluate the coverage of the insurance policy that you got to make sure that you can get your claims when the unexpected occurs.
Getting a very good insurance policy is as easy as one-two-three when you know what to do and where to look for good insurance deals in Las Vegas. It will not just guarantee you with quality insurance products but also get rid of the pain of paying very high insurance premiums.
Risk Insurance - Tax Implications
Taxes on your life insurance
Life insurance and income protection policies are very popular. The implications of a claim in relation to tax and other government benefits are sometimes overlooked however.
Tax refund
The premium you pay on "income protection insurance" is tax deductible. So at the end of the year you can claim 100% of this as an expense, even if you are on wages. If you were to make claim on "income protection insurance" you will generally get 75% of your pre disability income paid to you on a monthly basis, before tax. However note that if you receive the sickness benefit or ACC, the amount of your claim will most likely be reduced. This may not be the case with mortgage repayment insurance.
Lower your ACC levy
ACC covers you for the loss of income and medical expenses for an accident. Many people decide that they want cover for illnesses as well, so take income protection insurance. This means that in many cases the cover for an accident is duplicated. If you are self employed however, you could reduce your ACC levies by using ACC "cover plus extra". This enables you to set a lower amount of cover from ACC for a lower levy which is handy if you know you will be covered from your own income protection insurance anyway.
Do I pay tax on my life insurance?
Taking a life cover under your company name may seem great for tax deductibility of the premiums but this will most likely mean that the company will pay tax on any claims arising as well. This can end up being a lot of money and may mean that you need a lot more cover to do the same job. To avoid this it could be cheaper to take non tax deductible cover for a lower amount under your personal name. When taking income protection for a business it is also important to be aware of the kind of proof of income might be required when and if you may need to make a claim. Indemnity type policies require proof of income at claim time which can be a challenge for many self employed people. You could look at an agreed type cover or business overheads insurance to avoid this challenge.
Fringe benefit tax
If you own a business and run your personal insurances through the business as expenses, you will probably be liable for fringe benefit tax. It is important to check how much this might be with your accountant.
In summary the key points to remember are:
- Income protection insurance is tax deductible even if you are on salary
- ACC cover plus extra can be a good way to avoid duplicating cover for accidents
- Any claim on an insurance owned by a business may also be liable for tax
Ask your accountant about the implications of your insurance structure or find a good insurance broker who can liaise directly with your accountant
Life insurance and income protection policies are very popular. The implications of a claim in relation to tax and other government benefits are sometimes overlooked however.
Tax refund
The premium you pay on "income protection insurance" is tax deductible. So at the end of the year you can claim 100% of this as an expense, even if you are on wages. If you were to make claim on "income protection insurance" you will generally get 75% of your pre disability income paid to you on a monthly basis, before tax. However note that if you receive the sickness benefit or ACC, the amount of your claim will most likely be reduced. This may not be the case with mortgage repayment insurance.
Lower your ACC levy
ACC covers you for the loss of income and medical expenses for an accident. Many people decide that they want cover for illnesses as well, so take income protection insurance. This means that in many cases the cover for an accident is duplicated. If you are self employed however, you could reduce your ACC levies by using ACC "cover plus extra". This enables you to set a lower amount of cover from ACC for a lower levy which is handy if you know you will be covered from your own income protection insurance anyway.
Do I pay tax on my life insurance?
Taking a life cover under your company name may seem great for tax deductibility of the premiums but this will most likely mean that the company will pay tax on any claims arising as well. This can end up being a lot of money and may mean that you need a lot more cover to do the same job. To avoid this it could be cheaper to take non tax deductible cover for a lower amount under your personal name. When taking income protection for a business it is also important to be aware of the kind of proof of income might be required when and if you may need to make a claim. Indemnity type policies require proof of income at claim time which can be a challenge for many self employed people. You could look at an agreed type cover or business overheads insurance to avoid this challenge.
Fringe benefit tax
If you own a business and run your personal insurances through the business as expenses, you will probably be liable for fringe benefit tax. It is important to check how much this might be with your accountant.
In summary the key points to remember are:
- Income protection insurance is tax deductible even if you are on salary
- ACC cover plus extra can be a good way to avoid duplicating cover for accidents
- Any claim on an insurance owned by a business may also be liable for tax
Ask your accountant about the implications of your insurance structure or find a good insurance broker who can liaise directly with your accountant
Knowing Contents Insurance
A number of insurance options are available to consumers these days. One of those is contents insurance.
Contents insurance is a type of insurance which offers complete protection against all types of movable contents of business or home. It may include several things like electronics, clothing, furniture and several others. This kind of insurance in fact comes with property insurance and this product is mainly for the homeowners. It is one of the common insurance types and these days most homeowners and business owners are opting for it. It can prove to be very beneficial because replacing the contents of home is really expensive these days. It is advantageous in case of burglary, fire, flood and other damages.
The price and premium of contents insurance varies accordingly. Mainly it depends upon the structure's contents and area. However, interestingly the price is not very high and it can come along with other types of insurance as well. There are several contents available in the houses which are at a bigger risk of getting damaged or stolen. To be very frank, this kind of insurance is not responsible for the items or contents of other people. One should be clear that not everything is covered in this type of insurance. The items like jewelery, bike or car is not covered under contents insurance, there is a need to purchase other insurance for it. The contents which are used outside the home are not covered under this insurance. So, it is recommended that one should choose an insurance agent wisely who has good experience and reputation in the same.
Contents insurance is a type of insurance which offers complete protection against all types of movable contents of business or home. It may include several things like electronics, clothing, furniture and several others. This kind of insurance in fact comes with property insurance and this product is mainly for the homeowners. It is one of the common insurance types and these days most homeowners and business owners are opting for it. It can prove to be very beneficial because replacing the contents of home is really expensive these days. It is advantageous in case of burglary, fire, flood and other damages.
The price and premium of contents insurance varies accordingly. Mainly it depends upon the structure's contents and area. However, interestingly the price is not very high and it can come along with other types of insurance as well. There are several contents available in the houses which are at a bigger risk of getting damaged or stolen. To be very frank, this kind of insurance is not responsible for the items or contents of other people. One should be clear that not everything is covered in this type of insurance. The items like jewelery, bike or car is not covered under contents insurance, there is a need to purchase other insurance for it. The contents which are used outside the home are not covered under this insurance. So, it is recommended that one should choose an insurance agent wisely who has good experience and reputation in the same.
Looking for Taxi Insurance: All You Need to Know
If you are a private hire driver you will need to obtain a private hire insurance policy in order to use your vehicle for business purposes. There are often lots of different options available to choose from when it comes to taxi car insurance.
If you are a minicab driver who has a fleet of minicab cars then a taxi fleet insurance policy may work out as a cheaper and easier option. By having a fleet insurance policy you will also be saving yourself the stress of handling many individual policies. Often insurers offer packages like this for companies with two or more vehicles.
If you are looking for taxi car insurance then it is wise to look around even if you are only looking for an individual policy, lots of online insurers will offer discounts and quotes via their websites. There are many different levels of cover available some taxi cars can be insure under fully comprehensive cover whereas other taxi cabs can be covered under a third party policy. Also the vehicles can be a mixture of public and private hire cabs.
Another plus point to private hire taxi fleet insurance is that policies often cover a variety of different vehicles meaning you can insure your minibus taxi as well as your saloon taxi under one policy. It is usually very easy to add new vehicles to the policy too.
One way to help reduce the cost of your policy is to carry out a risk assessment on your fleet. Make sure you name your drivers in the policy and that you have copies of their license documents to hand. Keeping an ongoing record of mileage and accidents and bumps can also work in your favour with insurers.
Some insurers offer policies via an 'any driver' basis but these are usually more expensive than policies where drivers are named.
If you are a minicab driver who has a fleet of minicab cars then a taxi fleet insurance policy may work out as a cheaper and easier option. By having a fleet insurance policy you will also be saving yourself the stress of handling many individual policies. Often insurers offer packages like this for companies with two or more vehicles.
If you are looking for taxi car insurance then it is wise to look around even if you are only looking for an individual policy, lots of online insurers will offer discounts and quotes via their websites. There are many different levels of cover available some taxi cars can be insure under fully comprehensive cover whereas other taxi cabs can be covered under a third party policy. Also the vehicles can be a mixture of public and private hire cabs.
Another plus point to private hire taxi fleet insurance is that policies often cover a variety of different vehicles meaning you can insure your minibus taxi as well as your saloon taxi under one policy. It is usually very easy to add new vehicles to the policy too.
One way to help reduce the cost of your policy is to carry out a risk assessment on your fleet. Make sure you name your drivers in the policy and that you have copies of their license documents to hand. Keeping an ongoing record of mileage and accidents and bumps can also work in your favour with insurers.
Some insurers offer policies via an 'any driver' basis but these are usually more expensive than policies where drivers are named.
Determining Insurance Settlement Taxes Items
Many people are unaware of whether they should list insurance settlement taxes as part of their yearly taxes. The upside is that this form of tax is quite simplified as insurance benefits are usually not taxable. Legal fees, court fees and other expenses are not taxable.
In the case of a person receiving any money for damages paid to him or her, this amount will be taxable and has to be listed as part of the taxes for that particular year.
When one pays premiums, one can make use of those deductions to determine the exact amount of insurance settlement taxes that have to be recorded. Insurance companies are more than willing to provide statements to their customers on the exact amounts that were paid. It is also very important to obtain this information in written format so that it can be submitted as supportive documentation.
In the event of personal injuries, the money that a person received is not taxable as this money is used for medical care, rehabilitation and the loss of income. More exceptions are those for suffering of pain and for psychological injuries.
Earned interest on any settlements may be taxable and this is where most people are clueless whether to list these as taxable income or not. This interest on the settlement may be from non taxable items, but the interest itself will be taxable.
The best advice is to make use of a professional tax consultant to complete the tax return. These professionals are fully aware of which items are taxable and which are not.
Seeing as each person will have a different list of insurance settlement taxes, the professional consultant will make use of individual avenues and calculations to determine whether the items are taxable or not. No one person has the same tax return in this case and that is why it is most beneficial to turn to the professionals.
In the case of a person receiving any money for damages paid to him or her, this amount will be taxable and has to be listed as part of the taxes for that particular year.
When one pays premiums, one can make use of those deductions to determine the exact amount of insurance settlement taxes that have to be recorded. Insurance companies are more than willing to provide statements to their customers on the exact amounts that were paid. It is also very important to obtain this information in written format so that it can be submitted as supportive documentation.
In the event of personal injuries, the money that a person received is not taxable as this money is used for medical care, rehabilitation and the loss of income. More exceptions are those for suffering of pain and for psychological injuries.
Earned interest on any settlements may be taxable and this is where most people are clueless whether to list these as taxable income or not. This interest on the settlement may be from non taxable items, but the interest itself will be taxable.
The best advice is to make use of a professional tax consultant to complete the tax return. These professionals are fully aware of which items are taxable and which are not.
Seeing as each person will have a different list of insurance settlement taxes, the professional consultant will make use of individual avenues and calculations to determine whether the items are taxable or not. No one person has the same tax return in this case and that is why it is most beneficial to turn to the professionals.
The Insurance Premium - The Good, The Bad and The Why
Whatever type of insurance you obtain, it does not come free. Insurance coverage is provided by a company that takes on the risk of the value of what you are insuring. When you buy insurance, you become an insured with the company providing the risk (the insurer) and the contract that is created between you and the company is the insurance policy, thus, making you the policyholder.
When you "buy" insurance, the company charges you a premium that is based on many variables. If you are buying health insurance, the premium is based on your age, your health, the pool of people you are in with, etc., etc. Health insurance is such a different animal that we are not going to discuss it here - too many variables. It tends to make my eyes glaze over! Life insurance is also a different animal and one we'll discuss at a later time.
For my discussion here it's more appropriate to discuss premiums for auto and home, etc. The premium, the amount you pay for the insurance, is based on a set of statistics known as actuarial tables. These "tables" are math formulas that consider the item being insured, it's use, the longevity or how long you'll probably own it or how old it is, the original value, and on and on. The company writing the policy is spreading the risk of damage or loss of the insured item amongst others of like kind, referred to as a "pool".
In the case of an auto policy, some of your premium will be based on your being a good driver (no tickets, no accidents). It may also be based on your occupation. Age may come into play, as well. All elements considered relate to the risk of loss that the company has by insuring you and/or your property.
Remember that the premium charged is a fraction of the value of the risk. If you are one of those people who think an insurance company "gets rich and fat off premiums", you might think again.
Let's say your auto premium for a year is $2,000 for full coverage. One day you have an accident - your fault. Your vehicle damage is appraised at $3,500 and the damage to the other guy's vehicle is $4,000. You sprained your wrist during the accident and go to the doctor for a total cost of $200. The driver and passenger in the car that you hit are claiming injuries and end up having claims worth over $3,000 each. Quick total? $13,700+. Oh, and if a lawsuit is filed? The company hires you a lawyer and pays for your defense! Your two thousand in premiums is only a fraction of what the company has had to pay out. Hopefully, your insurance company has taken some of your premium dollars and invested them wisely and successfully. The earnings from these investments are also used to pay claims and losses.
All States require that insurance companies doing business in their State maintain a very specific level of solvency. That means they require them to show a profit, make money and be financially sound in order to be allowed (licensed) to do business. The states watch them like hawks and those that fail are shut down and the policy holders loose big time. It's ok to shop for low premium rates but you might want to inquire as to the financial health of the company you go with. There are ways to check on the financial health of your insurance company through A. M. Best or Standard and Poors, two financial services companies that rate the financial strength of other companies. I'll discuss that another time.
Finley Keller has spent nearly 30 years in the insurance industry, beginning as a licensed agent with a CLU then moving into claims. Auto, homeowner, worker's comp and other liability-only type policy claims. Casualty and material damage.
Her last ten years were spent in SIU (Special Investigative Unit), working with fraud detection. The last four years she was manager of SIU, responsible for working fraud cases and the training of employees in compliance with state regulations as related to fraud. She is a retired member of NCFIA, Northern California Fraud Investigators Association.
She has a Senior Claims Law Associate (SCLA) designation through the American Educational Institute, Inc.
When you "buy" insurance, the company charges you a premium that is based on many variables. If you are buying health insurance, the premium is based on your age, your health, the pool of people you are in with, etc., etc. Health insurance is such a different animal that we are not going to discuss it here - too many variables. It tends to make my eyes glaze over! Life insurance is also a different animal and one we'll discuss at a later time.
For my discussion here it's more appropriate to discuss premiums for auto and home, etc. The premium, the amount you pay for the insurance, is based on a set of statistics known as actuarial tables. These "tables" are math formulas that consider the item being insured, it's use, the longevity or how long you'll probably own it or how old it is, the original value, and on and on. The company writing the policy is spreading the risk of damage or loss of the insured item amongst others of like kind, referred to as a "pool".
In the case of an auto policy, some of your premium will be based on your being a good driver (no tickets, no accidents). It may also be based on your occupation. Age may come into play, as well. All elements considered relate to the risk of loss that the company has by insuring you and/or your property.
Remember that the premium charged is a fraction of the value of the risk. If you are one of those people who think an insurance company "gets rich and fat off premiums", you might think again.
Let's say your auto premium for a year is $2,000 for full coverage. One day you have an accident - your fault. Your vehicle damage is appraised at $3,500 and the damage to the other guy's vehicle is $4,000. You sprained your wrist during the accident and go to the doctor for a total cost of $200. The driver and passenger in the car that you hit are claiming injuries and end up having claims worth over $3,000 each. Quick total? $13,700+. Oh, and if a lawsuit is filed? The company hires you a lawyer and pays for your defense! Your two thousand in premiums is only a fraction of what the company has had to pay out. Hopefully, your insurance company has taken some of your premium dollars and invested them wisely and successfully. The earnings from these investments are also used to pay claims and losses.
All States require that insurance companies doing business in their State maintain a very specific level of solvency. That means they require them to show a profit, make money and be financially sound in order to be allowed (licensed) to do business. The states watch them like hawks and those that fail are shut down and the policy holders loose big time. It's ok to shop for low premium rates but you might want to inquire as to the financial health of the company you go with. There are ways to check on the financial health of your insurance company through A. M. Best or Standard and Poors, two financial services companies that rate the financial strength of other companies. I'll discuss that another time.
Finley Keller has spent nearly 30 years in the insurance industry, beginning as a licensed agent with a CLU then moving into claims. Auto, homeowner, worker's comp and other liability-only type policy claims. Casualty and material damage.
Her last ten years were spent in SIU (Special Investigative Unit), working with fraud detection. The last four years she was manager of SIU, responsible for working fraud cases and the training of employees in compliance with state regulations as related to fraud. She is a retired member of NCFIA, Northern California Fraud Investigators Association.
She has a Senior Claims Law Associate (SCLA) designation through the American Educational Institute, Inc.
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