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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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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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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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Aetna Inc is one of the very popular American managed health care company which sells consumer directed health care plans insurance  along with the Traditional health care insurance  plans. Aetna is the member of the elite club of fortune 100 companies. Aetna Inc is the descendant of Aetna Fire Insurance company of Connecticut.

Aetna Inc provides  health care, dental, disability and several long term insurance and employee benefits basically through employer paid insurance programs(either partly or fully paid by the employer) and also through medicare.

Aetna Inc has spent over two million dollars in the year 2009 on lobbying. The company spent more than eight hundred thousand dollars between Jan and march 2009 which is around 41 percent of the amount which was spent in the same period in the year 2008. Aetna Became the Senate Finance committee's seventh highest contributor during the year 2005-2009.

Aetna Received two out of four stars, in meeting the National Standard of Care, in California Health Care Quality Report card of 2011 edition. In the 2010 edition of the report card Aetna had  received three out of four stars in the same category.

Aetna is one of the leading insurance provider and in the year 2005 it made a revenue of over a billion dollars. By the year 2007 the revenue of Aetna Inc increased by more 25 billion dollars. By the year 2012 Aetna Inc's revenue had increased to over 35 billion USD. 

Aetna Inc

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Acuity Insurance company is a very popular American Insurance company with its head quarters in Sheboygan, Wisconsin. This company was formed in the year 1925.  Its claimed by the companies website that Acuity Insurance company is world's 80th largest Insurance company in the United States of America. The Acuity Insurance company operates in over 22 states of the United States Of America with plans for expansion in the near future.

It currently generates over a billion dollars in revenue through over a thousand agencies. Acuity manages around 3 billion dollars in Assets and is currently employing over a thousand employees. The Acuity Insurance company received A+ rating from the S&P.

In the beginning this company was just a Mutual Auto Insurance company Of the Town of Herman The Acuity Insurance is the only company of the United States of America to be named for ten consecutive years in the Geat place to work Institute's top five Mid sized companies. The American Insurance Association has also given Acuity an Award for providing quality service to its policy holders. The National Association of Professional Insurance Agents  awarded Acuity .the National Company Award in the year 2001.

Acuity Insurance company has come a long way since its inception in the year 1925 and is now a leading name in the American Insurance industry. Acuity is now Nationally recognized company which specializes in Casualty and the Property insurance(Both of these have been discussed in the earlier articles). Acuity received great appreciation for its financial Strength, Technology, Work place environment and Community philanthropy.

Its commitment of serving the society as well as its insured is widely acclaimed. Strong Charitable nature is exhibited by the Acuity Insurance through various contributions, Employee volunteer efforts and various other forms of Social Stewardship. Over the last 12 years the company has contributed over 12 million dollars for worthy causes. The Acuity makes contribution towards  many worthy causes some of them are as follows :

• American Cancer Society
• Aurora Health Care Foundations
• Salvation Army
• Wisconsin Eye Public Affairs Network
• Mead Library Foundation

Acuity Insurance Company

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It is little known fact that college sports which is a Multi Billion dollar industry, does not pay its students. The programs themselves make insane amount of money however the people who are directly responsible for generating that money do not get compensated for their services.

The only thing a student athlete is guaranteed is if they are exceptional they will get Graduate Assistant ships and very meager stipends. Compared to what the university is making from sponsors and ticket sales these are literally peanuts.

The only hope for these athlete's is once they finish college or are eligible to go pro(enter professional sports arena) they will earn a good living.

However Imagine this, a student athlete who is in the final year of school and will be eligible to go pro in couple of months is having the season of his career. He is shattering school records and performing like no one else on the field. He is dreaming about joining a professional team and making millions in the next couple of months.

What if while playing he gets hit really hard and blows out his knee. So in an instant all his dreams are shattered. All his aspirations are replaced with countless hours of rehab.

This is where Athlete Insurance Program comes in.
The above mentioned situation would be covered and the athlete will be compensated based on the policy value he took.

The next blog will go in detail about the various policies and options a student athlete has.

Keep reading.

Student Athlete Insurance Program

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The 21st Century Insurance was founded in the year 1958 with the intention of providing the customers with better Service and Great coverage, helping them to save some money on Auto Insurance while providing the quality services. The 21st century insurance is an important part of the farmers Insurance Group of companies which is a leading provider of Automobile Insurance and various other Insurance policies which have earlier been Discussed in this Blog. The Farmers Group of Companies also provides various Financial Services to its esteemed customers and thus maintains a strong relationship with its customers.

The Farmers Insurance company roughly serves more than a million households and has sold more than 2 million individual policies all over the 50 states of USA with the help of more than fifty thousand Insurance agents who have all been working very hard to take the company into a position of Strength in the Insurance market. This company even employees more than twenty thousand employees, thus gaining the approval of the society as well.

The 21st century Insurance companies claims are served by the HelpPoint claim services of the Farmers group of companies. And as this Company is a part of the Farmers group of company the HelpPoint's highly experienced claims professional provide services to its customers 7 days a week and 24 hours a day. There by making the Claim settlement process a very pleasant experience. In the case of mass destruction the Catastrophe teams of this company are ready to provide the quality on scene service. This company is ready for all the auto claims needs of its policy holders so that the policy holders can get the assistance which is needed by them.

Farmers circle of Dependability programme is implemented to help its customer's get their cars back on the road. This program goes a long way in establishing better relations between the company and its policy holders. 

21st Century Insurance

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The Divorce Insurance is a type of Contractual liability Insurance that pays the policy holder an amount of money in case his marriage ends in a divorce. The main objective of the Divorce insurance is to reduce the risk of huge financial losses as a result of the divorce proceedings. Due to the increase in the number of divorces around the world, the Divorce has become a major reason for Bankruptcy and poverty around the world which is the reason why this policy gained significance.

John H logan is the first person to have got the Idea of the Divorce insurance. It is said that he got that idea due to the bankruptcy of one of his very close friend which happened due to his friends Divorce. The Divorce Insurance reimburses the policy holder the amount he had to pay as a result of the end of his marriage due to divorce.

At present the Yangguang Life Insurance company is the only insurance company which provides the Divorce Insurance policies. In the beginning this policy was only given by the SafeGuard Guarantee Corporation which was started by John. A Logon ( the person who first got the idea of Divorce Insurance).

This Divorce Insurance policies are sold in units of the amount which will be paid on the first day when the benefit is available. There is a fixed price for each unit and the number of units purchased by the person decides the amount of money he might receive when the policy holder's marriage ends due to divorce. This ensures that policy holders buy more and more units and the Insurance company gets more revenue.

The value of benefit which will be derived from each unit of the Insurance will be increasing with each passing year. This ensures that more time the policy holder is engaged in the program the higher the benefit he will derive when the marriage finally ends on account of Divorce. To ensure against adverse selection these Units have a minimum lock in period and a standard lock in period is 48 months from the date of purchase of the units of the Divorce Insurance Policy. 

Divorce Insurance

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Travel Insurance is generally taken by those people who travel alot around the world. Travel Insurance policies generally cover losses suffered and the expenses incurred due to health Issues, lost luggage, Flight cancellation while travelling either Internationally or domestically within one's own country. Travel Insurance policies can be taken at the start of the trip and this Insurance remains valid till the end of the Trip.

Some of the Travel Insurance policies also provide protection for a particular period of time irrespective of the number of trips on which the policy holder went however at a slightly higher rate of premium. These type of policies are called as the Multi Trip  policies. The premium depends on the country to which the policy holder is going if the policy holder is going to the country with High Medical costs then the premium charged is going to be really high. Some of the common risks which are covered by the Travel Insurance policies are as follows :

• Medical Emergency like Sickness or Accident. 
• Repatriation of the remains
• Return of the Minor who accompanied the policy holder on the trip
• Trip cancellation
• Interruption of the Trip 
• Health coverage of the policy holder's Visitor
• Funeral expenditure incurred on overseas locations
• Lost luggage or Valuables
• Hijacking
• Delayed arrival of the Luggage

It is to be noted that medical expenses will be covered only upto a certain limit and the limit will be based on the policy a person is buying. Before buying the policy it is better to inquire about the limit on the Medial Expenses Reimbursement. Some of the Insurance providers will also Provide coverage for the additional expenditure Incurred by the policy holder. The following items are generally not covered by the Travel insurance :

• Preexisting Condition Eg : Asthama
• Trip to a high risk country : Eg trip to Pakistan or Iraq
• Illness or Injury caused due to consumption of alcohol. 
• Some of the Insurance provide also provide 24/7 assistance in the case of various situations which are mentioned in the offer documents of the Insurance policy. 

Travel Insurance

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Pet Insurance is the insurance which pays either partly or in total for the policy holder's ill or injured pet. This insurance gained prominence due to the fact that the medical expenses of the pets have been increasing and the pets are getting more and more expensive by each passing day. Some of the Pet Insurance policies may also pay the claim amount in case the Pet is dead or lost or Stolen. The market of this Insurance has increased due to the fact that the modern day pet owners are a lot more concerned about the health and wellness of their pet.

It is being believed by many people that Pet Insurance is similar to the Health Insurance which is taken on the health of the humans. However in reality Pet Insurance is actually similar to Property Insurance as the pet Insurance reimburses the money when the policy holder or the owner of the pet has received care and applied to the Insurance company for the claim.

Most of the policies in United Kingdom may provide for 100% reimbursement of the fees paid to Vet, However this is not a common practice and depends on the terms and Conditions mentioned in the policy. The Policies in the United States Of America usually doesn't reimburse the entire amount of Vet fees, they reimburse upto 90% of the Vet fees and other expenses depending on the policy taken by the Pet owner.

 In the olden days the Pet policy never used to cover the Vaccination expenses of the pets however this practice has been abandoned by the Insurance companies and they are now covering the Vaccination expenses as well as other treatment which is done to the pet, however at a slightly higher rate of Premium. Some Insurance companies offer policies not directly related to the health of the Pet, and includes the boarding cost incurred to take the pet to the Hospital. 

Pet Insurance

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The Marine Insurance covers the loss the policy holder might incur due to the damage of Cargo, ships, terminals by which the property  acquired and transferred and some times held between the points of origin and destination. The Cargo Insurance is a sub branch of Marine Insurance, and some times both are used interchangeably, irrespective of the fact that even the Marine Insurance includes Onshore and Offshore exposed property, Marine Liability and some times Marine Casualty as well. However when goods are Transported by mail or courier Shipping Insurance is used instead of Marine Insurance.

The Marine Insurance is one of the most ancient and earliest developed Insurance policies. In the olden days rich merchants used to provide the guarantees of the safety of the goods transported by the poor merchants by asking them to pay a small sum of money in return for the Guarantee given.After that marine Insurance typically covered only 3/4th of the liability of the policy holder towards the third party. The liabilities might arise due to collusion between two ships and sometimes even because of the wreck removal.

With the beginning of the 19th century the ship owners started a club named Mutual Under writing claims in order to protect themselves from the 1/4th portion of the risk which wasn't covered. These clubs were also called as the protection Indemnity clubs. The amazing thing about these clubs is that these are still in existence and these clubs have acted as a model for some specialised and other non commercial marine Insurance policies.

These clubs agree to accept a ship owner as a member of the club and levy an initial call on him. This call is similar to the premium which is charged by the Insurance companies. With the accumulated fund reinsurance will be purchased. In case the loss experience is unfavourable to the interests of the club and its members subsequent calls will be made. This is just like any additional premium charged by the Insurance companies, However this practise of charging extra premium by the Insurance companies is not adopted anymore by them

Marine Insurance

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The Landlord Insurance is a type of Insurance which protects the policy holder i.e the property owner aka Landlord from the financial losses connected with the properties given on rent. This policy covers the building of the owner. This is similar to the Property Insurance, the only change is that the property Insurance doesn't cover the properties which are given on the rent but this Land lord Insurance does cover the rented property as well.

At a slightly higher premium the lardlord can also Insure the articles inside the house that belong to the Land lord. Some times this Insurance is also called as the But-to-let Insurance plan. It is important to know that Buy-to-let insurance is one of the types of Land lord Insurance. This is generally of two types :

• Buy to Let Insurance
• Multi-property Insurance

The Buy to let Insurance policy covers only one property which is purchased to be given on rent however the Multi property Insurance covers two or more properties which are owned by the person taking the Insurance policy. It is to be noted that Land lord's insurance policy is different from the Land lord's Emergency cover, which gets active when the emergency circumstances arise.

The policy generally covers the Normal perils related to property like losses due to fire,lightning, explosion, earthquake, floods,storm, theft, damage with a bad faith. However it is to be noted that each and every policy of this type of Insurance may be different and it may or may not cover the above mentioned perils. The Land lord will be advised to read the offer documents of the Insurance policy carefully before signing up for any of the policy or take the advice of his Insurance agent.

Land Lord Insurance

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Re-insurance is that insurance which is purchased by an Insurance Company from another insurance company. The company which sells the Insurance is called as the ceding company or the risk transferor company. By buying the re-insurance the company is willing to share the risk of another company who actually received the premium by selling the Insurance policy. This is generally done in the case of the policy holders who have been Insured for a very large amount of money.

The Re-insurance can either be done directly or through a broker. The ceding company and the company willing to share the risk of the policy enter into an agreement. This agreement contains all the details of the reinsurance and this can be referred and Interpreted by the Court of Law in case of disputed between the two companies. This agreement includes the terms of Premium sharing, Risk sharing etc.

The re-insurance company can either be an Insurance company or any other company who undertakes the re-insurance business. An healthy re-insurance market ensures that the Insurance companies can remain solvent and will be able to serve the customers and the society for a longer period of Time. This practice of re-insurance is very effective during the times of huge disasters such as a Major Hurricane like Katrina. There are two basic methods of Re-insurance which are as follows :

1. Facultative Re-insurance 
2. Treaty Reinsurance 

The Facultative re-insurance plan is the one in which each and every Insurance policy will be separately negotiated by the Insurance companies and the other Insurance company may or may not agree to share the risk by taking the Re-insurance. In the case of Treaty Re-insurance both the Insurance companies enter into an agreement as per which the Ceding company need not discuss each and every policy with the Reinsurance company and upto a certain limit the acceptance of the Reinsurance company is assumed and taken for granted. 

Re-Insurance

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The Legal Expenses Insurance is sometimes also called as the Legal Protection Insurance and is Informally called as the Legal Insurance. This type of Insurance protects the policy Holder from the potential expenses the policy holder may incur to initiate the proceeding against the policy holder as well as the legal action Initiated by the policy holder. This type of Insurance policies came into the market for the first time in the year 1911. There are two main forms of Legal Expense Insurance, they are as follows :

• Before the event
• After the event

The event is the event that triggers action on its occurrance. Most of the Legal Expense Insurance policies are before the event Insurance plans and only in United Kingdom after the event policies are popularly sold by the Insurance companies. Europe is the major hub of the Legal expenses insurance business and majority of the polices are sold in Germany and France. In the United States Of America this type of Insurance polices are called as the prepaid Legal Services.

The main purpose of this Insurance plan is to provide affordable coverage for the legal fees charged and to ensure that the legal action can be taken even by those who are not financially very strong and capable. The policies usually covers the Employment disputes, Litigation with the trade Unions, Human Rights Disputes and some times even the Criminal Actions are covered as well.

The policy coverage is usually not discretionary and if the event included in the policy takes place the claim can be recovered and the policy responds. In addition to the Liability Insurance(earlier discussed in the previous article) the Legal expenses Insurance can offer additional coverage for events which can be predicted like drafting of the power of attorney or the will. 

Legal Expenses Insurance

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The Kidnap and ransom insurance was first introduced to protect the interests of the Individuals and the companies or the organisations which are operating in the high risk areas of the world. The Kidnap and Ransom Insurance policies usually include the names of the following locations :

• Mexico
• Nigeria
• Venezuela
• Haiti 

And some other parts of Latin america as well as the Russia  and the Eastern Europe. The Central Asian countries like Afghanistan and Iraq and some other countries who are slowly finding their name in the Kidnap and ransom Insurance.  These policies usually cover the wrongful detention, extortion, kidnap and sometimes hijacking.

The Kidnap and ransom Insurance polices are basically the Indemnity policies i.e they reimburse the losses and the expenses which is incurred by the insured, however the policies do not pay the ransom demanded by the Kidnappers on behalf of the Insured or the policy Holder.  The policy holder must typically first pay the ransom and then seek the reimbursement from the Insurance Provider.

Some times these policies also pay the fees and the expense incurred for the services of the Crisis management Consultants. The target groups of these policies are usually the members of the high profile Families and the top Staff of the Multi national Companies. Some policies even cover the Kidnap Prevention Training.  The Major factors which are usually considered by the Kidnap and ransom Insurance Policy providers are as follows :

• The Country of residence of the Insured : In case the Insured is living in the high risk country the Premium for the policy is gonna be very high when compared to the Insured living in the low risk area. 
• The Type of Industry the Insured is engaged in.
• Wealth of the Insured
• In case the policy is taken on the employees the travel pattern of the employees is considered. 

The Kidnap and Ransom Insurance

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The Expatriate Insurance policies are framed to cover the losses basically financial which are incurred by the Expatriates while living and working in a country other than the country of their forefathers. This insurance policy must be taken up before migrating and settling in the new country or destination. These Insurance policies usually cover the duration of the stay of the expatriate but can be taken for the period of 6 months or sometimes even for a period of 12 months. While buying the policy make sure that the insurance provider is a reputed company.

Some of the most common forms of the expatriate Insurance policies which are usually purchased by the expatriates include the following :

• Personal Property Insurance
• Automobile Insurance
• Personal Liability Insurance
• Medical Insurance
• Dental Insurance
• Short Term Travel Insurance

The Expatriate Personal property Insurance protects the personal property(Valuables) and belongings of the insured. This type of Insurance Coverage is most commonly attached to the house property insurance which covers the furniture and fittings of the house and various other valuable items in the house of the insured.

The Auto mobile Insurance is usually purchased by the People in order to the get their Vehicles registered and in order to get their Vehicles Registered the Expatriates are basically forced to buy this To be able to drive the vehicle. While buying the Insurance make sure that you are well informed about the premium rates as they may vary drastically from one country to another.  Shop after you compare the rates offered by the various Insurance providers. 

The expatriate Insurance

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This Insurance is generally taken by the farmers and other agricultural produce who wants to protect them against the risk of loss which may arise in the event of destruction of the crops due to natural disasters such as droughts, floods, hail etc. This policy is a significant boon to the farmer community. This policy protects the interests of the farmers even in the event of reduction in the prices of their agricultural produce. The crop Insurance is basically divided into two broad categories. They are as follows :

• Crop yield Insurance
• Crop Revenue Insurance

The crop yield insurance is further classified into two types they are

The Crop Insurance

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The errors and Omission Insurance is also called as Professional Liability Insurance but it is also sometimes referred to as Professional Indemnity Insurance. The errors and omission Insurance is a form of Liability Insurance which protects the advice giving and service providing Individuals from the situation of bearing on their own the cost of defending against the claim of negligence usually made by their clients.  The errors and Omission Insurance coverage also sometimes covers the defence cost which includes a situation when the legal action turns out to be groundless.

Errors and Omission Insurance

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The Collateral Protection Insurance is an Insurance which Insures the property which is held as a collateral against the loans given by the lending Institutions. The Collateral Protection Insurance is also called as the force Placed Insurance. This insurance is classified into two types which is as follows :

• Single Interest Insurance
• Dual Interest Insurance

The Singe Interest Insurance protects the interest of One party i.e the lender. Whereas the Dual Interest Insurance protects the Interest of both the lender as well as the borrower.  After signing the loan agreement typically the borrower purchases this policy and lists the lending Institution as the party holding the lien on the asset. If the borrower doesn't purchase the insurance the lender will be prone to huge losses in case the assets are destroyed and the lender himself Turns to Collateral Protection Insurance to protect his interest against the loss.

The Collateral Protection Insurance is purchased by  the lending financial Institutions and the banks in order to protect themselves from the loss by transferring the risk an insurance company. Depending upon the Structure of the policy which is chosen by the lender the borrower who is uninsured may also be protected in several ways. For example a policy may provide that if the collateral security is damaged it can be repaired and retained by the person who has borrowed the money. If the collateral is damaged beyond repair the Collateral Protection Insurance can pay off the loan. 

Collateral Protection Insurance

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The Business Interruption Insurance is also called as Business Income Protection Insurance. Its a type of Insurance which covers the loss of Income which the Business Suffers due to a disaster. The loss of Income Covered may be due to the disaster related closing of the business or due to the time taken in rebuilding the Business after a disaster.

The Business Interruption Insurance Differs from the property Insurance which covers only the physical damage to the property of the business. The additional Coverage of the Business Interruption Policy also covers the ncome which would've been earned had there been no such disaster. This coverage is available for all the types of businesses as this aims at putting the business in the same Financial Position it would've been had there been no disaster or calamity.

This policy usually is not sold as a stand alone policy and it is sold along with the Property Insurance of the Business or sometimes along with the Business owner's policy. The Insurance company will compensate the policy holder on account of the lost income if and only if the cause of loss is mentioned in the policy.

A Businees Interruption Insurance Policy typically covers the following :

• Profits 
• Fixed costs
• Temporary Location
• Additional Expenses incurred while the property is being repaired

Business Interruption Insurance

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