Health Insurance

We can resume health insurance terminology as the 'provider' as we can say it may be clinic, doctor, hospital, laboratory, pharmacy or health care practitioner.  The person with the health insurance coverage's, 'insured' is the owner of the health insurance policy.

Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses.  Besides that, depending on the type of health insurance coverage either the insured pays costs out-of-pocket and is then reimbursed or the insurer makes payments directly to the provider. Health insurance is commonly included in employer benefit packages and seen as an employment perk in USA.

In some countries, health care coverage is provided by the state and is seen as every citizen's right, such as Canada and United Kingdom. It is classed along with public education, firefighters, street lighting, public road networks, and police as a part of a public service for the nation.

In country like USA, we can see health insurance coverage is somewhat different from the others country.  Health insurance is done by everyone, with the exception of some groups, such as veterans, elderly and/or disabled people. It is the individual's responsibility to be insured. Most recently, Obama Administration has introduced laws making it mandatory for everybody to have health insurance, obviously there are penalties for those who fail to have a policy of some kind.

Everybody at some time in their life and often on many occasions surely will need some kind of medical attention and treatment. Whenever medical care is required, mostly the patient should be able to concentrate on getting better with their health, rather than wondering whether he/she has got the resources to pay for all the bills. Most recently, This view is becoming more commonly held in nearly all the developed nations.

Best Insurance Company

Today, everyone wants theirs future to be secured. There are many financial companies which provide a variety of services to the customers. Nonetheless, some of the biggest financial services which individuals seek is insurance for their families, life and even for their property.

 Based on the market capitalization Zurich is a global Swiss insurance company which is located in headquartered Zurich, Switzerland. The company is Switzerland’s largest insurer with minimum three core business segments:

 General Insurance

, Global Life and

 Farmers Management Services.

 Through General Insurance the group is providing motor, home and commercial products and services for individuals. And, Global Life provides wide range of protection and savings propositions to individual and corporate customers.  Additionally, Farmers provide non-claims administrative and management services for the Farmers Exchanges. This company was ranked 84 in the Global 2000 list for 2015.

It is employing around 57000 people, in more than 170 countries and territories across the globe. It has global network of subsidiaries and offices in Europe, Asia, North America, Asian pacific and Latin America, and Middle East and other markets. Its strategy for 2014-16 is designed to deliver profitable, sustainable growth in a changing and more competitive business environment. Zurich Group is focusing more closely on the markets and consumer segments where the group has competitive edge.

 Till date Net Profit (FY): $4 Billion

 Till date Revenues (FY): $72 Billion

 Till date Market Cap : $45.4 Billion

Types of Life Insurance Policies

Insurance companies have present different levels of policies to suit different needs of public. At the time of confirming to buy a policy, a person must know firstly the amount of premium he will have to pay, secondly time span of insurance, and thirdly.sum insured with or without bonus. The following are the types of life insurance policies:

1) Whole life policy

2) Endowment policy

3) Term policy

4) Other life policies

Types Of Life Insurance Policies

1) Whole Life policy

           In this type of policy the insured have to pay premium throughout his life or up to limited years. The amount is paid to the nominee of the insured on his death. This done for the protection of nominee's family. The rate of premium in the policy is low as compared to other policies of life insurance because amount is payable in the whole life. This type of policy has no financial gain to insured. It can be further classified into following types:

Ordinary whole life policy

 Limited Premium whole life policy

 Single Premium whole life policy

2) Endowment Policy

This type of policy is issued for a fixed specific period of time. Insured is payable to the policyholder on the maturity of the policy. Endowment policy is very popular because it makes provision for the security of the family. The following are the types of this policy:

•  Ordinary endowment policy
• Pure endowment policy
•  Double Endowment policy
•  Deferred endowment policy.

3) Term Policy

     It's a very old policy which is for 1, 2, 5 or 10 years. The money is paid back only after the death of the nominee. If the nominee survives more than the insured time than company will not pay back the amount. We have to make knowledge that it's neither saving nor investment. It has following types:

•  Straight Term policy
• Convertible Term Policy
• Decreasing Term Policy
• Renewal Term Policy

4) Other Life Policies

Some of the types of life insurance are as follows:

•  Single Premium Insurance
• Joint Life Policy
• Group Life Insurance
• Multipurpose Insurance Policy

Concept of insurance

Human beings are exposed to different kinds of risks, Such as loss of property by fire, untimely death, and loss in accidents. They are uncertain. It is impossible to eliminate financial loss arising from an uncertain event with the help of insurance. Thus, insurance is a financial mechanism to reduce or eliminate the financial loss due to risk .However, it can neither eliminate nor reduce the risk, but only provides protection against them .Insurance is a way of sharing a risk among the peoples.

                     The nature of insurance can be expressed clearly by an example. Suppose there are 20,000 houses in a village each values Rs: 200000. On the basis of experience it is ascertained that four houses are destroyed by fire each year. Thus, it is clear that fire will catch in four houses next year. But, it cannot be ascertained as to which house will catch house. Nobody knows who those unfortunate individuals will be. One cannot foretell when and who would suffer loss. But everyone is afraid of the risk to which they are exposed. That is, everyone is likely to suffer from a loss of Rs: 200000 which is a big burden for an individual. They can find a method of providing protection against this risk by establishing a common fund to which each contributes Rs: 80 very years. The four unfortunate householders can be compensated by the created fund. It is in this cooperative measures that insurance originated. In fact, the most important from of risk transfer is insurance.

               Insurance protects a person and his dependents from loss arising from future uncertain events such as fire, flood, accidents, early death, etc. It should be remembered that the loss cannot be eliminated by insurance but it spreads over a large number of persons. The function of insurance is to distribute the loss of few persons into many persons. We have to make the idea that the insurance is a process of sharing risks.