An insurance policy is based on the law of contracts. To be legally enforceable an insurance contract must meet four basic requirements; offer and acceptance, consideration, competent parties and legal purpose. Offer and Acceptance; The first requirement of a binding insurance contract is that there must be an offer and acceptance of its terms. In …
A large number of private insurers are currently doing business in the United States. in 2010, 1061 life and health insurers were doing business in the United States. These insurers sell a variety of life and health insurance products, annuities, mutual funds, pension plans and related financial products. In 2010, 2689 property and casualty insurance …
The financial services industry consists of thousands of financial products and services to the public. Financial institutions include commercial banks, savings and loan institutions, credit unions, life and health insurers, property and casualty insurers, mutual funds, securities brokers and dealers, private and state pension funds, various government related financial institutions, finance companies, and other financial …
Buying homeowners insurance is just like buying peace of mind for what is probably your biggest investment. While it is optional if you are paying cash for your new home, its required if you are obtaining financing. In fact, your mortgage company won’t allow you to close on your new home until you have an …
Hi everyone, Welcome to Insurance Pedia. Today our experts are going to teach you about short term disability Insurance Policy. So let’s get started without any unnecessary speeches. To know about short term disability Insurance you have to first gain knowledge that what Disability Insurance is. Okay our experts will teach you what disability insurance …
Hi everyone, welcome to Insurance Pedia. Today we are going to discuss about disability insurance, which is known as one of the greatest policies of insurance in the whole world. Disability insurance often called DI or disability income insurance or income protection is a form of insurance that insures the beneficiary’s earned barrier for a …
The new law provides premium credits to eligible individual’s that will make the coverage more affordable. Eligibility for the subsides is limited to U.S citizens and legal immigrants who meet the income limits. Employees who have access to health insurance through an employer’s plan are not eligible for the subsides unless the employer’s plan does …
The new law contains numerous provisions that prohibit insurers from engaging in certain harmful practices detrimental to insurance consumers discussed earlier. Important provisions that apply to health insurers include the following; Retention of coverage until age 26. Insurers must allow young adults to remain on their parents policies until age 26. This provision is now …
Proposals to reform health care and enact a system of national health insurance in the United States are not new. In 1921, Theodore Roosevelt included national health insurance in his presidential campaign. Since that time, numerous proposals by the Democrats in Congress to enact national health insurance have failed. In 2009, President Barack Obama introduced …
The United States overall provides high quality health care, to the population. However, despite major breakthroughs in medicine, experts believe the present health care delivery system is broken and must be reformed. Major problems that lead to enactment of the Patient Protection and Affordable Care Act in March 2010 include the following: Rising health care …
