Group life insurance is often included as an employee benefit, but it may not cover all of your needs.
Benjamin Franklin once said, “In this world nothing is certain but death and taxes.” A wise insurance man I once knew added, “The rest of life is about personal risk management.“ Insurance is a tool we have to help manage our personal risk and an important part of living a life...
War risk insurance is insurance that provides compensation for economic losses caused by war and other forms of political or large-scale violence. In addition to insuring against damages caused by acts of war states, this type of insurance also encompasses internal conflicts, such as insurgencies an...
The amount of premiums is determined based on factors such as the type of insurance, the level of coverage, the insured’s risk profile, and the history of claims. 3. Deductibles: A deductible is the amount that a policyholder must pay out of pocket before the insurance coverage kicks in....
the principle of solidarity betweensimilar groupsexposed to the same risk scenario thefiduciary relationshipbetween the insured and the insurer, based on transparency the reversal of the economic transaction– the service is paid for in advance (the insurance premium) and then, if the accident in qu...
Risk Pooling and Insurance Premiums The larger the risk pool, the more consistent and stable the premiums should be. However, this doesn’t always translate to the lowest premiums. For example, a large health insurance risk pool should carry stable premiums (that is, the premiums shouldn’t ...
Commercial all-risk insurance is a type of property insurance policy form that will provide for loss or damage arising out of all perils except those which are specifically excluded. Named Peril Form Basic property insurance policy forms specify coverage only for losses caused by named perils. Any...
However, this is a more expensive option. Term life policies can be bought either individually or through a group life insurance plan available through an employer, civic, or religious organization. There are also joint life policies that would cover two people. One example of this type of ...
All risk is a type of insurance product that requires a risk to be explicitly stated for it to not be covered. For example, if the contract does not state "tree damage" as an omitting risk, then if a tree were to fall on the insured property under an all risk policy, since the tre...
A group health insurance plan offers coverage at a lower premium than an individual plan and is available to employees of a company or organization.