Whole Life Insurance, or Whole of Life Assurance (in the Commonwealth), is a life insurance policy that remains in force

for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy. All life insurance was originally temporary (term) insurance. However, because term life insurance only pays a claim upon early premature death within the stated term, a number of term insurance policy holders became upset over the idea that they would most likely be paying premiums for 20 or 30 years and then wind up with nothing to show for it. Temporary insurance only pays out 23% of the time. This has become known as the "Lost Opportunity Cost" called term insurance.

Types
There are several types of whole life insurance policies. New York State defines six traditional forms: non-participating (aka "non par"), participating, indeterminate premium, economic, limited pay, and single premium. [1] A newer type is known generally as interest sensitive whole life. Other jurisdictions may classify them differently, and not all companies offer all types. There are as many types of insurance policies as can be written in their contracts while staying within the law's guidelines edit]Non-Participating All values related to the policy (death benefits, cash surrender values, premiums) are usually determined at policy issue, for the life of the contract, and usually cannot be altered after issue. This means that the insurance company assumes all risk of future performance versus the actuaries' estimates. If future claims are underestimated, the insurance company makes up the difference. On the other hand, if the actuaries' estimates on future death claims are high, the insurance company will retain the difference. [edit]Participating In a participating policy (also par in the USA, and known as a with-profits policy in the Commonwealth), the insurance company shares the excess profits (variously called dividends or refunds in the USA, bonus in the Commonwealth) with the policyholder. Typically these refunds are not taxable because they are considered an overcharge of premium. The greater the overcharge by the company, the greater the refund/dividend. For a mutual life [2] insurance company, participation also implies a degree of ownership of the mutuality.

MONEY BACK POLICY

'MONEY BACK POLICY' plan is an excellent plan with good return on reinvestment, best suited for businessmen and professionals. Money is available at regular intervals in future to meet the specific expenses such as children's education or marriage. At the same time, the policy provides insurance protection for the family as well as old age provision. Salient Features y y A policy where lump sum amounts are paid to the life assured at periodic intervals on survival. In case of death of the life assured within the term, the total sum insured is

y y y y

paid to the nominee, irrespective of earlier survival benefits. Bonus is payable under this scheme. Premiums are to be paid regularly to get survival benefits. Premiums cease at death or on expiry of term whichever is earlier. This plan can be availed of for terms 20 or 25 years .

Benefits y On Death: o Full sum assured is payable at death of the life assured within the term, without any deduction of earlier survival benefits. (e.g. for example, suppose a person takes a Rs.1,00,000/- policy for 20 years. At the end of the 5th and 10th year he receives Rs.20,000/- each as survival benefit. If he happens to die in the 12h year, the nominee of the life assured will receive full Rs.1,00,000/-, irrespective of the earlier benefits of Rs.40,000/-) On Survival: Term 20 years At the end of 5th year 10th year 15th year 20th year 5th year 10th year 15th year 20th year 25th year Amount of money back 20% 20% 20% 40% 15% 15% 15% 15% 40% of of of of of of of of of sum sum sum sum sum sum sum sum sum assured assured assured assured assured assured assured assured assured For Example, on a Rs. 1,00,000 policy Rs.20,000/Rs.20,000/Rs.20,000/Rs.40,000/Rs.15,000/Rs.15,000/Rs.15,000/Rs.15,000/Rs.40,000/-

25 years

Restrictions y y y y Minimum sum assured : Rs.40,000/Minimum premium must be Rs.800/- p.a. Minimum age at entry : 13 years Maximum age at entry : o 20 years of policy : 50 years o 25 years of policy : 45 years Maximum maturity age : 70 years Bonus additions to the policy are calculated for full sum assured. They are payable only along with final maturity benefit on date of maturity or on death, whichever is earlier. No loan will be granted under these policies.

y y

What is Reinsurance?
Posted By - IndianMoney.com Research Team- On-02/04/09

When an insurance company defends itself with other insurance companies against

the risk of losses is calledReinsurance. Individuals and corporations take insurance policies to provide safeguard for various risks likehurricanes, earthquakes, lawsuits, collisions, sickness and death, etc.. Reinsurers, in turn, provide insurance toinsurance companies. Reinsurance is an expansion of the concept of insurance, in that it passes on part of the risk for which the original insurer is liable. Reinsurance is just that the insured is another insurer, known as the reinsured. By distributing risk, reinsurance allows the insurance industry to function more effectively. Reinsurance allowsinsurance companies to write larger amounts of insurance, protects against large losses, helps insurers to protect their internal business against swings in business cycles and stabilizes their year to year operations, and helps provide underwriting expertise for new lines of insurance or new markets. Before reinsuring companies has to consider whether they require reinsurance or not, If they required, what type ofreinsurance is most accurate ,What level of reinsurance is required to ensure an appropriate mix of surplus protection versus the potential for retaining profit within the captive, How to purchase reinsurance and from whom to purchase the reinsurance. Reinsurance companies are usually very large, well funded and have a wide spread of operations.Insurance Regulatory and Development Authority Act, 1999 will apply to reinsurance. 1. 2. 3. 4. Objectives To bring into focus different mechanisms and methodologies of reinsurance To acquaint the participants with principles and practices of reinsurance accounting To introduce the participants to security analysis To introduce the participants with the methodology of reinsurance ratings

Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.[1] A health insurance policy is: 1) a contract between an insurance provider (e.g. an insurance company or a government) and an individual or his sponsor (e.g. an employer or a community organization). The contract can be renewable (e.g. annually, monthly) or lifelong in the case of private insurance, or be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance. 2) Insurance coverage is provided by an employer-sponsored self-funded ERISA plan. The company generally advertises that they have one of the big insurance companies. However, in an ERISA case, that insurance company "doesn't engage in the act of insurance", they just administer it. Therefore ERISA plans are not subject to state laws. ERISA plans are governed by federal law under the

jurisdiction of the US Department of Labor (USDOL). The specific benefits or coverage details are found in the Summary Plan Description (SPD). An appeal must go through the insurance company, then to the Employer's Plan Fiduciary. If still required, the Fiduciarys decision can be brought to the USDOL to review for ERISA compliance, and then file a lawsuit in federal court. The individual insured person's obligations may take several forms:  
[2]

Premium: The amount the policy-holder or his sponsor (e.g. an employer) pays to the health plan to purchase health coverage. Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share. For example, policy-holders might have to pay a $500 deductible per year, before any of their health care is covered by the health insurer. It may take several doctor's visits or prescription refills before the insured person reaches the deductible and the insurance company starts to pay for care. Co-payment: The amount that the insured person must pay out of pocket before the health insurer pays for a particular visit or service. For example, an insured person might pay a $45 copayment for a doctor's visit, or to obtain a prescription. A co-payment must be paid each time a particular service is obtained. Coinsurance: Instead of, or in addition to, paying a fixed amount up front (a co-payment), the coinsurance is a percentage of the total cost that insured person may also pay. For example, the member might have to pay 20% of the cost of a surgery over and above a co-payment, while the insurance company pays the other 80%. If there is an upper limit on coinsurance, the policyholder could end up owing very little, or a great deal, depending on the actual costs of the services they obtain. Exclusions: Not all services are covered. The insured are generally expected to pay the full cost of non-covered services out of their own pockets. Coverage limits: Some health insurance policies only pay for health care up to a certain dollar amount. The insured person may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum, and the policy-holder must pay all remaining costs. Out-of-pocket maximums: Similar to coverage limits, except that in this case, the insured person's payment obligation ends when they reach the out-of-pocket maximum, and health insurance pays all further covered costs. Out-of-pocket maximums can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year. Capitation: An amount paid by an insurer to a health care provider, for which the provider agrees to treat all members of the insurer. In-Network Provider: (U.S. term) A health care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or co-payments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers. Prior Authorization: A certification or authorization that an insurer provides prior to medical service occurring. Obtaining an authorization means that the insurer is obligated to pay for the service, assuming it matches what was authorized. Many smaller, routine services do not require [3] authorization.

 

 

Explanation of Benefits: A document that may be sent by an insurer to a patient explaining what was covered for a medical service, and how payment amount and patient responsibility amount were determined.[3]

An insurance product that provides supplementary income in the event of an illness or accident resulting in a disability that prevents maintain their standard of living and continue to pay their regular expenses.

Investopedia explains 'Disability-Income (DI) Insurance'

aGiven the statistical likelihood of becoming injured or sick and being unable to work in one's regular occupation, DI insurance pro

Child Welfare Policy Manual

As a result of the enactment of "Fostering Connections to Success and Increasing Adoptions Act of 2008" (Public Law 110-351), the relevant CWPM Q/As are in the process of being revised to reflect the many changes made by the law. Until such time as the edits to the sections of the CWPM related to the changes made to the Act by P.L. 110-351 are complete, please refer to the statute and official guidance from the Children's Bureau (such as Program Instructions and Information Memoranda) for definitive guidance on the requirements. You also may contact your Regional Office representative for further clarification. * * * * *

This manual replaces the Children's Bureau's former policy issuance system. This Child Welfare Policy Manual updates and reformats all of the existing relevant policy issuances (Policy Announcements and Policy Interpretation Questions) into an easy to use question and answer format. This manual is broken down into nine main policy areas (with detailed subsections): AFCARS, CAPTA, Independent Living, MEPA/IEAP, Monitoring, SACWIS, Title IV-B, Title IV-E, Tribes/Indian Tribal Organizations. Future policy guidance will be disseminated in this format and announced as "Updates!" to the manual. This web-based manual ensures that the most current policy information is available to the States in the quickest and most accurate way. All questions/comments should be directed to theChildren's Bureau Regional Program Managers.

Motor Insurance You work hard to buy an automobile to enjoy your trips or may be to support your business needs. Any uncertainty can lead to damage resulting in huge losses. And you are aware the costs to get you vehicle repaired in the event of a damage or even

efinition of 'Disability-Income (DI) Insurance'

replacing just in case it is stolen, can be huge. Hence it makes sense to buy a comprehensive cover to give you the all round protection. Tata AIG understands these needs and offers motor insurance products that provide the added protection for your vehicle that you so love. Types of Motor Insurance Solutions: Private Car Insurance Insurance Two Wheeler Insurance Commercial Vehicle

Burglary Insurance Policy

Scope of cover The Insurance Policy broadly covers loss and/or damage by Burglary, Housebreaking (Theft following upon actual, forcible and violent entry of and/or exit from the premises) including hold-up risk and damage caused to premises. For further details please refer to the Policy. Sum Insured Sum Insured stands reduced by amount of claim paid. However, Sum Insured can be reinstated on payment of additional premium. Premium The rate of premium depends on situation of risk, nature of stocks, security measures and past claims experience. Significant Exclusions The Insurance Policy does not cover loss and/or damage arising out of War, Riot, Strike, Civil Commotion, Terrorism and by use of keys to safe. Special Features Stocks frequently fluctuating in value can be insured on declaration basis. Stocks can be insured on First Loss basis.

Main Extension Theft

Riots, Strikes and Terrorist Damage

Baggage and Baggage Delay

Your baggage and personal possessions can be lost, stolen or damaged anytime, anywhere in the world. 24-hour baggage insurance is important as airlines only provide limited protection for your checked baggage and do not cover your carry-on items. Cruise lines and hotels offer little or no coverage. Homeowners or renters insurance may provide limited benefits or have a high deductible. Baggage insurance is offered in the following plan:

Travel Insurance Select Also Includes:

y y y y y
Emergency Medical Expense Emergency Medical Evacuation Repatriation of Remains Accidental Death & Dismemberment 24-Hour Worldwide Assistance

Travel Insurance Select

Flexible Trip Cancellation & Medical InsuranceSelect Your Coverage
y y Featuring: Cover your Travel Investment, Medical/Evacuation Expense and Baggage. Excellent limits. Popular Cancel For Any Reason coverage. Trip Length: Single trips up to 1 year.

BANKERS INDEMNITY POLICY Salient Feature Scope of Cover Premium Rate Branch Discount

Salient Feature

This Policy is specially designed for banks to indemnify direct loss suffered by them (excluding Non Banking Financial Institutions) in various contingencies in the form of a package cover.

Top Scope of Cover

Insurance Covers are listed in eight Sections viz. A to H. Banks are expected to get themselves adequately covered for all their branches. Brief details of the Cover are as follows:

Section A - On Premises - Money and/or Securities inside Bank premises against the perils of Fire, Riot and Strike and allied perils, Burglary or Housebreaking, Theft, Robbery or Hold-up.

Section B - In Transit - Money and /or Securities being lost stolen mislaid misappropriated or made away with whether due to negligence or fraud of the employee(s) of the insured or otherwise whilst in transit in the hands of such employee(s).

Section C - Forgery or Alteration - Payment made by insured bank in respect of bogus or fictitious or forged or raised cheques and/or drafts and/or genuine cheques and/or drafts and/or travellers cheques and/or gift cheques and /fixed deposit receipts (excluding Bills of Discount and other credit facilities) issued by the insured.

Section D - Dishonesty or criminal act of insureds employees with respect to loss of money and/or securities.

Section E - Hypothecated Goods - Fraud and/or dishonesty by the insureds employees in respect of any goods and/or commodities pledged or hypothecated to the insured under the insureds control.

Section F - Registered Postal Sendings - Loss or robbery theft or by other causes whilst in direct transit or intended to be dispatched by Registered Insured Post.

Liability of Insurer for any one consignment and/or loss shall be limited to 10% of Basic Sum Insured or Rs.1,00,000/- whichever is less.

Section G - Appraisers - Loss due to infidelity or criminal act on the part of insureds approved appraisers.

Liability of Insurer will be limited to 5% of Basic. Sum Insured or Rs.50,000/- whichever is less.

Section H - Janata Agents/Pygmy Collectors - Loss due to infidelity or criminal act on the part of these agents/collectors.

Liability of Insurer will be limited to 5% of Basic. Sum Insured or Rs.20,000/- whichever is less.

Liability of Insurer for Sections A to E will be limited to the sum insured chosen by the Banks.

Top Premium Rate

6% and 3% on Basic Sum Insured for Sections A to E for Scheduled Commercial Banks and Gramin//Cooperative Banks respectively.

1% and 0.75% on Additional Sum Insured for Sections A and B for Scheduled Commercial Banks and Gramin/Co-operative Banks respectively.

Extra Premium depending on the strength of staff in all offices taken together.

Top Branch Discount

Number of Branches

Discount

1 to 50 51 to 100 101 to 250 251 to 500 More than 500

20% 15% 10% 5% Nil

Public Liability Insurance

Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial. y

The main objective of the Public Liability Insurance Act 1991is to provide for damages to victims of an accident which occurs as a result of handling any hazardous substance. The Act applies to all owners associated with the production or handling of any hazardous chemicals.

Acts

No.6 of 1991, [22/1/1991] - The Public Liability Insurance Act, 1991, amended 1992

Rules
y

S.O.330(E), [15/5/l991] - The Public Liability Insurance Rules, 1991, amended 1993

Notifications
y y y y y

S.O.282, [19/3/1993] - List of Officers delegated powers of section 13 & 18 of PLI Act S.O.227(E), [24/3/1992] - Hazardous substances and quantities to which PLI is applicable S.O.779(E), [15/11/1991] - Delegation of powers to the State Governments S.O.780(E), [15/11/1991] - Delegation of powers to the State Governments G.S.R.253, [27/3/1991] - Date on which the Public Liability Insurance Act, 1991 came into force

Fidelity Guarantee Insurance Policy

Highlights

Scope

Conditions

Exceptions

Highlights The policy covers the employer in respect of any direct financial loss which he may suffer as a result of employees dishonesty. Top^

Scope

The Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed i. ii. iii. On or after the date of commencement of this policy During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.

Top^

Conditions The liability of the Company shall not exceed i. ii. (a) in respect of any employee the sum insured stated against his name or as declared herein. (b) in respect of all claims under this policy, the total sum insured. If this policy shall be continued in force for more than one period of indemnity or if any liability shall exist on the part of the Company under this Policy and also under any other Policy in respect of fraud or dishonesty of the employee, the liability of the Company hereunder shall not be accumulated or increased thereby but the aggregate liability of the Company during any number of periods of indemnity and for any number of acts of fraud or dishonesty committed by the employee shall not exceed the sum insured hereunder or the sum insured under any other such policy as aforesaid whichever is greater. The Company shall not be liable to pay more than one claim in respect of the action of any one employee.

iii.

Top^

Exceptions The Company shall not be liable in respect of losses arising elsewhere than in India.

Aviation Insurance
New India participated in the Aviation Insurance of Air India way back in 1946. New India Assurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines. The aviation portfolio encompasses following type of covers.

Hull All Risk Insurance Policy: This policy is suitable for small aircraft operators belonging to
flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for

VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.

Spares All Risk Insurance Policy: Covers loss or damage to spares, tools, equipments and
supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.

Hull/Spares War Risk Insurance: Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage. Hull Deductible Insurance: Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance. Aviation Personal Accident (crew member) Insurance: This cover is designed to cover
insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.

Loss of License Insurance: Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.

Besides the aforesaid general aviation policies New India Assurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

Claims: In case of claims following are illustrative documents that are generally called for from the
insured.

y y y y y y y

Documents in connection with aircraft details Documents in connection with flight details Documents in connection with the accident Certificate of airworthiness/registration Crew details Maintenance & engineering information Operational manual passenger documentation in case of claims

Social insurance is any government-sponsored program with the following four characteristics:     the benefits, eligibility requirements and other aspects of the program are defined by statute; explicit provision is made to account for the income and expenses (often through a trust fund); it is funded by taxes or premiums paid by (or on behalf of) participants (although additional sources of funding may be provided as well); and the program serves a defined population, and participation is either compulsory or the program is [1] heavily enough subsidized that most eligible individuals choose to participate.

Social insurance has also been defined as a program where risks are transferred to and pooled by an [2] organization, often governmental, that is legally required to provide certain benefits.

In the U.S., programs that meet these definitions include Social Security, Medicare, the PBGC program, the railroad retirement program and state-sponsored unemployment insurance programs. [1] TheCanada Pension Plan (CPP) is also a social insurance program.

Project insurance
Now-a-days the Business is becoming competitive day by day due to Governments policy of liberalisation and globalisation. The business and industry is passing through the phase of bearing risk after risk. It is well said that Business is always associated with the risk factor. More the risk at an appropriate and opportunistic time, more is the probability to earn profit. And as such the risks involved in business is to be well covernd or rather to be got insured by way of adopting professionalism in line with the demand of the day in an organisation. Outwardly, the various risks involved in business are to be insured by taking the well knitted insurance policy from an insurance company. To achieve the economy of scale, these days bigger and bigger Projects are being constructed wherein plant and machinery worth thousands of crores of Rupees are procured and enormous construction activity of plant erectin involving labour in thousands are utiised. Thus to cover the risk of materials, plant and machinery and at the same time manpower, insurance becomes the integral part of good Project Management. 2.0 2.1 INSURANCE Based on POLICIES Nature TO of COVER Jobs RISKS :

The types of risks involved depend upon the nature of Construction/production activity in Plant building organisation. More hazardous plant erection and commissioning activity involves risk of accident and breakdown and as such manpower, plant and machineries are to be very well insured. Skilled manpower and technicians involved in plant construction and commissioning job must be well taken care by adopting suitable personnel risk policy in terms of heavy compensation to be paid in case of eventuality that may occur during the plant construction/erection stage. Internally an organisation has to adopt well laid safety and security measures as per the statutory requirements in order to avoid such eventuality and utilise the skilled manpower for more fruitful production and productivity for the organisation. At some stage of the plant construction/erection, it becomes extremely difficult to replace the particular skilled manpower specialised in critical jobs under-taken at Project site. The training of such key personnel takes lot of industrial experience to be inherited by a particular job worker/technician. Thus manpower must be taken care w611 to avoid accidents and at the same time they must be insured for paying the compensation in case of eventuality may happen. 2.2 Project Risks

Project of b1g magnitude or to say mega scale are being established these days to achieve the economy of scale production to have the most competitive priced goods produced for forward marketing. Building such big projects certainly involve several thousand crores of Rupees investment. At the same time the project completion takes 36 to 48 months time duration. In order to secure the risk of such a huge investment in plant and machineries thet go into the building up of project, insurance becomes the pertinent part of its execution. Insurance policy to the extent of hundred and ten percent of the estimated cost plus freight of the goods is generally taken. In a project generally sixty percent of the total finance goes in procurement of plant and machinery items. Normally Open Marine Insurance policy cover the risk of short supply, damage during transit, theft, stolen, pilferage damage or loss due to fire. Marine-cum-Erection Policy:

This insurance cover policy is normally utilised by the companies in the process of establishing plant/project for the manufacturing or production activity of the organisation. Here the risk is insured against loss, damage, liability or expense for cargo movement from suppliers country to the port of arrival in India. Also the goods required to be procured for the project or plant are insured against risks of physical loss or damage that may be incurred during inland transit by Rail or Road. Under the perview of this policy the risk of goods comprising plant & Machinery items are insured for safe carriage by sea,Rail, Lorry, Air, Courier, Post from suppliers warehouse to Owners warehouse at project site, its storage and further handling upto erection at site. Marine Insurance Policy can be taken for hundred and fifteen percent of the value of goods being imported. Even after taking an appropriate insurance policy, its implementation during the pendency of project job is very much essential. The personnel responsible

for its implementation during the time of actual requirement must be fully conversant and trained enough to take right action at the right time. Normally insurance jobs are also handled by a group of personnel involved in transportation of material from various sources to project site, custom clearance of imported consignments, movement of over dia and heavy consignments. The most important aspect of taking up the job of insurance claim from the insurance company is that of timely informing and lodging the complaint with complete back up documents to the company, continuous chasing up of the claim and getting the same settled from the company. Once there are accummulation of many claims, it is all the more necessary to have the regular monthly meeting involving the affected parties and the insurance company to review about the claim settlement. Timely settlement of the claim will certinly add to supplement finance requirement and replacement of damaged/lost goods can be done on ongoing basis till the project completion stage is achieved. At times it has been seen that claim has been lodged wrongly and in a inappropriate manner leading to disputed claim and the construction job is held up due to want of plant and machinery item. It is therefore, of utmost importance that claims are lodged in a proper manner alongwith full authentic documentation. Survey reports, if required by aproved surveyors as per the requirements of the insurance company the same are followed up on day to day basis so that the settlements are made within reasonable time limit. The aim is that big amount claim must got be settled in minimum possible time to save on financial costing. Under such a situation, it is very much necessary that the personnel involved in such type of jobs must have interaction with insurance personnel by way of having regular meeting and holding up the seminar about insurance requirement right in the beginning of project job with the insurance company to get acquaintance and training for taking up such jobs in a more professional manner in the overall interest of Project building.

Unemployment insurance

n its present format, this policy doesnt inspire much. Create a contingency fund instead An insurance cover for job loss does grab attention in current times. Layoffs have become part of companies' cost cutting exercise in the economic slowdown. And such a policy will make one feel more comfortable, especially if one is saddled with loans.

To tackle this uncertainty, ICICI Lombard has recently come with a policy in which payment of equated monthly instalments in the event of a layoff is present as a compulsory rider. Called Secure Mind, this is a benefit policy, which means that the entire insured amount is paid, if the insurer accepts the claim.
The policy is primarily meant for covering critical illnesses such as cancer, end stage renal failure, multiple sclerosis, stroke, paralysis and so on. But a closer look at the brochure reveals that within these diseases too there are stringent guidelines. For instance, the company will settle a paralysis claim only if there is a "complete and permanent loss of function of two or more limbs". Job loss is an additional feature loaded to this policy that covers three equated monthly instalments for any one loan. But it is not as simple as it sounds. Here too there are pre-conditions that need to be dealt with. The job loss has to occur due to retrenchment, layoffs or for health reasons. For instance, job loss arising due to a company closing a division due on account of poor financial health or an action of public authority leads to a firm's closure. However, this policy does not cover job loss if the employer asks the employee to resign or ask to leave on account of poor performance. This is because the insurer considers such events as controllable and insurance is supposed to cover only unforeseeable risk. The policy covers persons between the age of 20 and 45 only. The premium and sum insured depends on number of parameters. These include the loan amount, loan duration, policy tenure and age of the insured. The premium increases with the increase in any of the parameter.

The sum insured is determined on the basis of the outstanding loan. Say, a 35-year old has an outstanding loan of Rs 30 lakh, the sum insured will be Rs 30 lakh. The premium for a 5-year policy will be Rs 68,500. "We cover the person for the entire loan tenure but the maximum policy given out is five years. The insured will need to renew it thereafter," said Sanjay Dutta, head of health insurance at ICICI Lombard. The company has sold 1.3 lakh policies in the past financial year and 25,000 alone in the last quarter (January-March). Most of the policy was sold by lenders along with their loans. Individual policies purchased were around 50,000. Though ICICI Lombard does not have any competition in this segment, but Bajaj Allianz had experimented with a similar cover last year. However, it discontinued the policy as the business was not attractive, said an insurance broker. The main problem for buyers of this policy will be establishing the fact that they have been retrenched and, not because of lack of performance. With companies beginning make the entire evaluation process much more stringent, quite a few employees have found themselves unemployed. In such cases, Secure Mind does not give you any cover. In the West, where this product originally comes from, insurers provide this cover as part of employer liability. This is mainly to insure the employees against job loss due to merger and acquisition. "Even in India, this product makes more sense when a lender sells it with a loan," said the broker. Market experts are of the opinion that this saving the premium in an emergency fund will be much better. "It makes more sense to invest the premium in a contingency fund," said Rahul Aggarwal, CEO Optima Insurance Brokers. In other words, if you are looking for a critical illness policy, this products works just fine as it would pay the entire amount if you fall ill. But if projected as a policy that protects you during a job loss, it does not make sense.

What Is Workers' Compensation Insurance?

Workers' compensation insurance, sometimes called workmans compensation insurance, workers liability insurance or workers comp insurance, covers your employees medical expenses and at least some portion of their lost wages if they are injured on the job.

How does workers compensation insurance protect your business?

Most states require companies to purchase workers' compensation insurance for their employees. A few states have pools of insurance that is available for you to purchase, but in most states, companies must find private workers compensation policies. Because workers comp insurance is mandated by law, small-business owners often think that it is just one more overhead expense that provides little benefit. But good workers' compensation insurance is actually an affordable benefit that protects both you and your employees. Following are the optional parts of workers comp insurance policies that have an impact on the cost and value of the coverage for you and your employees:

In the employers' liability section, or "part two" coverage, your legal expenses would be covered if an employee makes an inappropriate claim of work-related illnesses or injuries. While this section is almost always included in workmans compensation insurance, you can choose the amount of liability coverage in this section.

Coverage for employees who are injured in states outside those where your business normally operates. Coverage for various types of injuries and illnesses. The mandated part of this section depends on the state where your business is located, but you should be aware of what is and is not covered.

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Coverage for funeral expenses and financial support to dependents. Reimbursement percentages for lost wages. The cost of workers comp insurance can vary widely depending on these options, so if you are comparing premium costs, you need to be aware of these variables.

Workers' compensation rules

Scroll to your state below to access information on your states insurance website regarding worker's compensation insurance rules and requirements.