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With the Increase in the demand for various insurance policies of various types and with the increase in the market of the Insurance, the number of players in the Insurance market has drastically increased and in the subsequent articles of this Blog, the information about some of the more famous and reputed Insurance companies will be provided.

The reputation of the Insurance company is of utmost importance to the person deciding to buy an insurance policy because the policy holder will not want to be waiting long for the claim amount which is to be received by him. In case of the reputed and Famous insurance companies the claim amount will be quickly given to the policy holder and some times the time for which the policy holder will have to wait for the claim amount to be reduced is as low as 48 hrs.

With the increased reputation of an insurance company in the market, its responsibility towards its policy holders will increase and the quality of service it provides will be way better than its competitors and other Insurance companies. This is the reason why a person who wants to buy an Insurance policy will always buy a policy from an insurance company which is reputed and is known for providing high quality service to its policy holders.

Due to the improved service provided by the reputed insurance companies it is important for the potential Insurance policy holders to Find these reputed companies and this is what this blog is going to help them in. This blog will enable the Potential policy holders to find out about the reputed insurance companies and to know about the policies provided by them.

The next fifty odd articles will be about the various reputed insurance companies and then the articles will be about the various policies provided by these insurance companies. So stay tuned to know all about the reputed Insurance companies and later on about the various policies which are gonna be very beneficial to the potential policy holder. 

Factors in deciding which Insurance company to select in USA

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Auto Loans are different when compared to conventional Loans as the loan is provided on the basis of the vehicle purchased. Incase of non payment, the vehicle will be possessed by the Bank or the Finance Provider and sold to recover the loan outstanding.

To give an overview as to how Auto Loan works, a customer who intends to buy a new or a used card visits any of the car dealers and selects a vehicle. He then requests the Bank or the Finance provider to provide him a loan to buy the vehicle and he will pay the loan amount along with interest as per agreed terms as an EMI which can last as long as 60 months.

Some people think or rather assume when a Bank says that the first installment will begin after 45 days that their would be no interest charged for that 45 days. Instead, the interest for the initial 45 days which was not charged by the Bank will be added to the customer last installment their by increasing the amount of the last installment. Customers are confused and frustrated sometimes that the Bank representative did not tell them about this and they assumed that their would be no interest charged before the start of the first EMI.

Repayments of Auto Loan can be made via post dated cheques provided to the Bank or an account can be opened with the Bank and instructions to debit that account every month can be provided to the Bank by the customer to avoid the hassle of making sure that the amount of cheque is available in the account from where the cheque is issued.

Rate of interest charged on an Auto Loan differs from Bank and Bank and it is advisable for customers to visit a couple of Banks before finalizing on the Bank from which they want their vehicle to be financed. Also if a cheque is returned due to insufficient funds charges are levied by the cheque issuing Bank as well as the Bank providing auto loan. Details of charges are mentioned by Banks on their website and also available at their branches when the loan documentation is being completed.

Word of caution: Do not sign a blank loan application and always request the agent to fill in the financial details before you sign the documents to avoid any issues in future.

Auto Loan

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Auto Loan

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A shipping guarantee as the name suggests and like other guarantees provided by Banks is a guarantee issued by the Bank to guarantee payment to the shipping company incase the customer fails to pay.

Banks usually do not deal in the physical goods but deal in the documents as Banks do not have control or the resources to physically check the description and the actual goods. In this kind of guarantee, customers can take possession of goods before the original bill of lading reaches the shipping company. Bank agrees to pay the shipping company incase of loss i.e if the customer fails to make payment for the shipment, Bank agrees to pay the shipping charges to the shipping company.

These are generally issued against cash margin and rarely are unsecured unless the customer has a really good relation with the Bank with a clean Credit History. The amount of guarantee to be issued is deposited by the customer in his account along with required charges and the guarantee is issued in favor of the shipping company.

Details of charges levied by Banks will be made available by majority of Banks on their website and is also available in their branches wherein the customer would be required to visit in order to complete the documentary requirements. Once the issuance of guarantee is approved by the Bank (all requests submitted to the Bank are subject to Banks approval), the charges are debited to customers account along with the guarantee amount which will be placed separately in a margin account and guarantee in original will be issued to customer.

Guarantee can be issued as an ongoing guarantee which can be used for future shipments or can be issued with an expiry date wherein the guarantee and the confirmation provided by Banks to pay the required amount stands null and void once the guarantee expires.

Shipping Guarantee

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Shipping Guarantee

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Liability Insurance is a component of the General Insurance System to protect the Insured against the risk of liabilities imposed by lawsuits and Similar claims imposed by the third parties. The person who bought the Liability Insurance policy will be protected whenever any suit is filed against the insured by a third party for the amount which is within the Coverage of  the policy.

The liability Insurance is the Third Party Insurance contract and the payment is not made to the Insured but instead to the third party which filed a suit against the insured. The Insurance Company defends the client in case a suit is filed against the Insured. Unless the policy expressly provides that legal cost of defence will affect the policy limit the policy limits wont be affected.

The Liability Insurance Providers has three basic Duties which are as follows :

• Duty to Defend
• Duty to Indemnify
• Duty to settle a pretty clear claim

Originally the Liability Insurance policy used to mature on Occurrence basis which means that the Insurance Company agreed to defend, the person who bought the policy, against any loss which occur ed allegedly by any act or omission of the policy holder.

Because of the large number of the toxic Scandals which led to the numerous judgements of the courts which resulted in the Increased Potential Liability chasing Occurrence policies and due to this the first thing the Insurance Companies did was to drastically Increase the premiums on these Liability Insurance Policies. The 2nd measure taken by the Insurance Providers was to issue only claims made policies which insures only those claims which are made against the Insurance Policy holder during the time of the Policy. 

Liabitity Insurance

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Banks generally offer various Accounts that suit the customer's requirement. A few of them are listed below for ease of reference and to find out the different types of accounts.

1. Current Account or Checking Account
2. Savings Account
3. Call Deposit Account
4. Fixed Deposit Account
5. Recurring Deposit Account

All these types of account are opened as per the requirement of the customer and the features of the account vary from account to account.

For instance, a current account or a checking account will provide a cheque book along with the various additional services offered by the Bank towards its customers. Some Banks offer free debit card, Internet Banking, Mobile Banking, SMS alerts as well as periodic statements as additional benefits provided if an account is opened with them.

Every account will be described in detail in the coming blogs and this is just an introduction to the various account products offered by the Bank. Opening an account is the primary function of a Bank and it offers various other financial services apart from opening a Bank account such as providing loans and overdrafts to its customers, providing financial information as well as recommending investment options to interested customers.

To conclude, Banks are a part of the overall Financial system and in today's world very limited financial transactions can take place without the involvement of Banks and few systems through which money is transferred illegally between places is termed as illegal in many parts of the world.

Types of Bank Accounts

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Types of Bank Accounts

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Loans can be dated back to the age after the barter system when goods and services were offered in exchange of some other goods or services.

In modern times, various types of Loans are offered by many Banks and Financial Institutions. Loans that are offered by these financial institutions are majorly provided for the below mentioned categories.

1. Personal Loan
2. Commercial Loan
3. Gold Loan
4. Agricultural Loan
5. Student Loan
6. Educational Loan
7. Mortgage Loan

Any individual or an organisation interested in availing any of the above mentioned Loans have to necessarily fit in the predefined criteria or eligibility criteria set by these Banks and Financial Institutions.

Different Banks have different amount of limit set for every loan or Credit Card or any other form of Credit that can be offered by them and they also have to consider the Debt Burden Ratio (DBR) prescribed by the Central Bank of that region.

Introduction to Loans

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Insurance was started by the Chinese traders as early as the 3rd millennia BC. Insurance is the part transfer of risk of Loss from one entity to another. Insurance is a kind of risk management techniques basically used as a hedge against the risk of an uncertain loss. An insurer is the company selling the insurance policy and willing to take the risk of the other party who buys the policy and the party taking or buying the policy is called as the Insured. The amount of money which is paid by the insured for specific insurance coverage is called as Premium. The amount of Premium to be paid is dependent on the Value of the insurance Policy.

THE BEGINNING OF THE INSURANCE

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THE BEGINNING OF THE INSURANCE

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