my insurance directory

The Dream

You know how it is, you’re sitting in a traffic jam at some unearthly hour of a particularly wet and miserable morning, on the way to the same office you have sat in for too long to remember, and you’re thinking - there must be a better way – life shouldn’t have to be like this. Your mind starts to wander and you find yourself thinking back to that stock you bought only a week ago, and how it skyrocketed giving you enough profit to takes the kids to Disneyland in the summer, and you begin to consider if you couldn’t make a fulltime living at this trading game. The advantages are certainly tempting; no more pointless meetings with the manager, hours to suit, holidays whenever you feel like it, and with your home-office - no more traffic jams. Heck, come to that you could even make home anywhere you want it to be! By the time the traffic starts moving again. you’re busily calculating how much cash you could make if all your trades went like that last one - you’re almost ready to write your notice letter there and then!

The Bad News

Time for a reality check. Certainly all of the above benefits are there to be enjoyed, but it’s a huge step from full time employee to full time trader. Are you really ready to give up that monthly pay-check just yet? Can you really cope not knowing how much money you’re going to make month to month? Are you prepared for the months when you actually lose money instead of make it? There are many things to consider before taking the leap of faith.

Considerations

Before you even think about trading for a living you have to know how much money you need to live on, that is, how much cash do you need to generate every month in order to survive. As a financially minded person you already have good home accounts, or are at the very least vaguely aware of where the money goes. So take the annual figure (monthly is no good, you need to account for annual recurring items like insurance premiums, car servicing, and vacations), add 50% and divide by 12. Why add 50%? Because there will always be unexpected expenses, and as traders we are always prepared to expect the unexpected. Now you know how much money you need each month, you can look at your savings and work out how much buffer money you have, that is, how long you could survive without earning anything at all. You can’t expect to be an instantly profitable trader, and even the best and most experienced have periods of drawdown, so you need to be ready for the worst. If you can’t live for at least six months from your savings then you are probably under capitalised and are not ready to give up that pay-check just yet. An important but often overlooked aspect of under capitalisation is the effect it will have on your trading; if you are trading because you need the money, then you are trading scared and you’re almost certainly going to lose. You cannot distance yourself from the money-aspect of the trade if you are relying on the money.

Living expenses are only one part of the financial equation. Next you must consider how much trading capital you need. This is the money actually facilitate trading, in other words your account balance for trading margin, and the money you will be spending on data feeds, software, and internet access. You must account for this separately, you cannot start eating into your daily living expenses money just because you took a bad trade and need some more margin.

The amount of trading capital you require will depend very much on your trading style. To day trade the US Stock Markets for example, you must have at least $25,000 in your account, so budget for $30,000 to allow for positions moving against you (if you fall below the $25k minimum even briefly, your account can be frozen for up to three months). If you are holding positions overnight you may manage with a lower balance but bear in mind your buying power and consequently returns will be reduced.

If all this is starting to sound expensive, well it is. There’s no two ways about it, you simply cannot survive long term as a trader if you are under funded.

This article is concluded in part two.]]>

As you begin your search for reliable health insurance on the Internet and World Wide Web, your first stopping point should be one or another of the independent insurance reference and information websites that are maintained on the Net. There are a variety of different websites that have been established by different associations and organizations that provide independent evaluations of different types of insurance products, including health insurance policies.

In addition to spending time evaluating the information provided at websites operated by independent organizations and associations on the Net, you will also want to pay a visit to the Internet venue maintained by the Commissioner of Insurance in your home state. Each and every Insurance Commissioner in the United States operates a consumer assistance division within his or her office. These divisions are established to assist consumer in better understanding the different types of insurance products that are available in any given state. (The availability of insurance policies and products differs from state to state.) Through these Internet websites, a consumer such as yourself can order useful handbooks and other materials that can assist you in locating valuable health insurance and in selecting the health insurance coverage that best meets your needs.

After you have spent some time online amassing some independently prepared information about various insurance products and health insurance, you will be in a position to turn your attention to examining what is available from specific insurance companies. Every major insurance company in the United States — and in many other locations around the globe — maintain Internet websites that provide detailed information about their products and services.

Naturally, you do need to keep in mind that the whole purpose behind an insurance company website is to induce you to purchase that company’s products and services. (That is the reason why it is important to arm yourself with independently prepared information and unbiased health insurance in advance of visiting these insurance industry created websites.)

By accessing individual insurance company websites, you can identify specific health insurance on an insurer by insurer basis. By taking the specific information that you will be able to glean from websites hosted by insurance companies, together with the independent evaluations and information that you have obtained from independent associations and organizations and from the Insurance Commissioner’s staff, you will be able to make very intelligent insurance purchasing decisions.
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The introduction of no-win, no-fee contracts for lawyers, an increase in the amount of individual awards, and tougher liability and employment laws are helping to fuel the boom. Commentators say the sharp rise in tribunal hearings is evidence of a growing compensation culture in the UK. A recent study found more than one in seven people in the UK who suffer an injury requiring medical treatment take legal advice on whether to pursue a personal injury claim. When questioned recently 78% of Britons said taking an employer to court to claim compensation when they have had an accident at work was socially and morally acceptable. This attitude creates suspicion and mistrust within the workplace and other institutions.

It is not just the successful claims that are damaging business, but claims that have little chance of success also cost companies a fortune in legal fees. Non-financial costs of compensation culture to business include an increase in time adopting defensive procedures and assessing risks. Their fear of being sued becomes a disincentive to admitting liability or pointing out unsafe practices.

Health is one of the main areas affected by compensation culture. Doctors no longer give the sort of advice you would like because it might backfire on them. Instead they give patients a list of options. British travel agents initiated a fighting fund to deal with cases filed by holidaymakers, such as having to defend a personal injury claim when a coconut dropped on to a tourist’s chest whilst reclining under a palm tree in the Dominican Republic.

Some people believe that an individual’s right to compensation forces big business and public authorities to behave moreresponsibly. In fact, because of the costs, both financial and in terms of restricting activities, they are forced reassess their working methods. Britain’s greatness was built on risk-taking during the Industrial Revolution. Today, because of the compensation culture, there is a reduction in personal responsibility and a collective aversion to risk.

Tougher liability and employment laws and the introduction of no-win, no-fee contracts for lawyers have caused an increase in the number of people attempting to claim compensation from their employers.

The media do not help stop this culture spiralling. They delight in telling stories where people sue the Church for acts of God or people not realising that hot drinks do scold you when poured down your leg. But they don’t report that in the United Kingdom such cases almost always fail.

There will always be scroungers and conmen who try to play the system, and of course private companies and public services have to respond to the frivolous suits they bring. These all costs money so companies close down and services suffer. The sad consequence of all this is more people will simply quit activities for which they might be sued for negligence.

Doctors will deny services, playgrounds will close, educational trips will be cancelled and companies will go out of business. Some of us will see this coming, and support attempts to strike a balance where individuals have a means of redress and risk-takers have a safety net, in effect tilting the legal scales towards the level. Others will continue trying their get-rich-quick techniques at the expense of everybody else.

Suggestions have been offered time and time again on how to reduce the number of claims made, but it is far easier blame the public and tell them it is their own fault for claiming – not the fault of poor legislation. This is where the public has been misled. Certainly, the number of claims being made has more than doubled in the past four or five years, but it is the rising cost of each individual claim that is causing the majority of the problem. The amounts awarded in compensation have not changed much over the past years but the amounts solicitors can charge for their services has.

A proposal is to remove legal aid as an option in clinical negligence claims. This would result in reliance on the “no win, no fee” option. Under this system, the claimant’s lawyers will be responsible for the bills of both sides if he loses. They will then only take a case to court unless they are confident they will succeed.]]>

Declaration Page - A declaration page includes the name and address of who is insured, the issuing carrier, what risks or property are covered, the policy limits, the coverage effective dates and policy numbers. Depending on the policy type, the premium, deductible and a list of applicable endorsements may also appear.

You want to look this over carefully to make sure it lists what you want it to list. Are all of the coverage’s you discussed with your insurance agent included? Are the limits of liability or deductibles correct? If not, make sure you meet with your agent and make the corrections immediately. You don’t want to wait until you file a claim to find out you are not covered.

Definitions - Many of the key terms will be defined in this section. You won’t be able to understand the coverage without a basic understanding of the defined policy terms. The definitions section normally appears in the general conditions section, and is usually printed in bold type. It is a good idea to either pull it out of the policy or make a copy of it, so you can keep referring to it as you read the rest of the policy. Many people make the mistake of assuming that the words in the policy have a meaning broader than what is defined in the policy. The insurance company includes these definitions in the contract for a very good reason as it protects against claims and court cases. Companies go to great lengths to define their terms as clearly as possible.

Coverages - Your insurance policy will discuss each coverage separately. For each type of coverage, the policy will usually define the meaning of the limits listed on your declaration page. Read these very carefully, because sometimes there are lower limits for certain defined types of loss. In addition to the definition of the limits, each coverage type will have an insuring agreement and a list of exclusions.

Insuring Agreement - This is the meat of the policy. In this section the policy will define all of the coverage you have just purchased. Make sure you have your definitions handy when you are reading this section; it will be full of defined terms. Sometimes the coverage section will contain its own definitions or re-definitions of some of the terms. This portion of the agreement generally uses broad language to describe the coverage offered. Read this part very carefully and make sure you understand it before moving on to the exclusions section.

Exclusions - This section literally takes away much of what was described in the insuring agreement. This part informs you how the coverage is limited. Usually, the exclusions are much longer and more specific than the insuring agreement. It is important to understand what is excluded. If you are not comfortable with what you have read, then by all means, contact your agent to discuss any concerns or confusion you have.

General Conditions - This section is perhaps the most straightforward and easy to understand section of your policy. Here, you will find what you are required to do in the event of a loss. Also, other general policy terms will be listed in this section. This section may appear less critical, but failure to comply with the general conditions could jeopardize your coverage. Make sure you understand what is expected of you.

Reading an insurance policy can be overwhelming. It is a good idea to set it aside for a day after you have read it, then pick it back up and read it again. Whatever you do, don’t just file it away if you aren’t comfortable with it. An insurance policy of any kind is not going to be easy, enjoyable reading, but the better understanding you have of the general structure, the more assured you can be of having the correct amount or type of coverage for your needs. A great website to start researching policies and finding answers to your questions is http://www.mostchoice.com. Remember, if you have any questions, or you feel uncomfortable about what you read in your policy, contact your insurance professional.

Types of Insurance and Terminology

Having a health insurance policy is one of the most important policies you will own. Without a health insurance policy, you can suffer devastating consequences. It is better to be covered, than not. When searching for a health insurance plan, or if you already have signed up for one through work, the plan terms, descriptions of provisions and coverages, can be hard to understand. Listed below are some common coverage terms to help you understand more about what your health plan has to offer.

Your deductible refers to the amount of money you need to pay, before any benefits from the policy can be paid on your claim. Co-insurance / co-payments, are the amount that would need to be paid by you before the insurance pays, and is in addition to the deductible. The lifetime maximum is the most amount of money the health insurance policy will pay for the entire life of the policy.

Exclusions are the things that the insurance policy will not cover. As you are reviewing your exclusion’s section, take a look at the size of the list. If it is a large list, then the insurance company has tried to record all of the exclusions listed throughout your policy; if it is a short exclusions list, this usually means that they are listed throughout your policy. Be careful when you read this list; make sure you understand it and you don’t miss anything. And a final note, there are pre-existing conditions. This refers to a medical condition you or someone in your family had before you obtained the policy. Some plans will cover pre-existing conditions, while others will exclude them.

Another important policy to consider is a homeowner’s insurance policy. If you have a lien against your home, then you are required to have it insured. It only makes sense to have your home insured, because your home and belongings are the most important and valuable assets you own. A homeowner’s policy is designed to protect homeowners, but of course there is usually a deductible to meet before you file a claim. The larger the deductible, the less expensive your homeowners policy may be.

A typical homeowner’s insurance policy is divided into two parts: Property Protection and Liability Protection. Property is usually listed on the declarations page. Property Protection is normally broken down into four additional sections: dwelling, other structures, personal property and loss of use.

The Dwelling section covers your house, attached structures, plumbing, heating, and electrical. Other structures covers detached structures, such as garages, storage sheds, fences, driveways, sidewalks and patios. Personal Property covers personal property, including the contents of your home and other personal items. Loss of Use covers living expenses, if you can not live in your home while it is being repaired.

Then there is the Liability Coverage’s section. This section is broken down into two parts, personal liability and medical payments. The Personal Liability section provides personal liability coverage against a claim or lawsuit resulting from bodily injury, or property damages to others that was caused by an accident on your property. The medical payments section includes coverage to pay medical expenses for people accidentally injured on your property.

As you are becoming more familiar with the structure of an insurance policy, we can not forget about the exclusions section. Most policies do not cover injuries to animals, damage to motor vehicles or aircraft. Nor do they normally cover losses due to floods, mudslides, water damage from sewer backups, war or nuclear hazard, neglect, earthquakes, or power failures. To cover these exclusions, it will cost you extra.

Congratulations, in taking the first important step towards protecting yourself or your property by purchasing an insurance policy. It makes sense to learn how to read and understand it. By doing so, you have gained the knowledge you need to ask the right questions when seeking advice from your insurance agent and potentially saving yourself a great deal of stress or heartache in the event you need to make a claim.]]>