Archive for December 2010

Critical Illness Insurance In The USA

Critical illness insurance did not exist in the USA long ago. There was a type of insurance known as the cancer insurance. It covered some types of cancers, alike critical illness which covers certain critical illnesses. Cancer insurance had been in the USA for many years. It was during the year 1989 that a critical illness product was firstly launched in the USA by Jackson National Life. The critical illness policy lacked benefits, as it was the case when firstly introduced in the UK. It covered only around 5 critical illness conditions with about 25 percent acceleration of the life benefit. The product sold well during the first two to three months but then came to a slowdown.

The slowdown could have arisen as Jackson National Life sold the critical illness policy in the broker market. The broker market at that time had the tendency to be guided by whatever was new. Therefore, when a new product came into the market, critical illness policy was left behind. The policy may still exist and could be sold in the USA but under a different form. (Source: Health Care Conference, 2000)

Moreover, then came the American Physicians Life�s policy (APL). This type of critical illness policy may still be sold in the USA. But sales may have been considerably low. There may be three reasons that could explain the poor sales of this critical illness policy. Firstly, APL was only licensed in 8 states and could be seen as a niche provider. Secondly, the policy was based upon the critical illness policy in the UK and thus turned out to be ineffective for the US market at that time. Finally, the APL had been sold to a finance group which owned the American Founders Life (AFL). AFL also had a critical illness contract but sales had as well been meager.

The attempts to sell an effective critical illness policy over the US market did not stop here. Bankers Life & Casualty came with the only standalone critical illness policy. The US market did not respond positively to change. Again, sales had been relatively low. However certain problems may explain the lack of growth of critical illness cover in the USA. There are many states in the USA. Thus, each state has its own law which also regulates insurance separately. Therefore, if critical illness policy issued by a company is recognized in only a few states, many people may be left unaware as it may not reach them easily. The success of critical illness insurance in the UK may explain everything as laws and regulations may have been set only by one authority as compared to the USA.

Furthermore, critical illness insurance may have been considered as another form of cancer insurance in the USA. Cancer insurance had not been successful in the USA as it did not offer cover for all types of cancers. As a matter of fact, its benefits may also have been slight.

Looking at critical illness insurance in the USA, we can see that this product had not been as successful in the UK. The direct sales forces in the UK may have led critical illness insurance to the status it now holds in the market.

via Critical Illness Insurance In The USA.

Choosing Critical Illness Insurance

Surveys tell that most people are more likely to become critically ill than to die before they reach the age of 65. Critical illness affects a lot of people in UK as well as all over the world. Consequently, life insurance companies found a solution. They came across the idea of bringing out a new policy called critical illness cover. To date, this type of policy has kept its name. As time passed by, critical illness gained popularity as it was sought by many people. How do we choose critical illness insurance? Let us find out the answer.

First of all if you are worried about the safety of the family or want to set everything right for the future, you are probably wondering about taking a critical illness insurance. Fine idea as it is, to get the best critical illness insurance you must start looking around. In an initial step you have to make a list of what life insurance companies you have to visit or phone. Now, not all life insurance companies offer the critical illness cover. To get round this, you will probably have to make some phone calls. Once done, you now have a list of all life insurance companies which offer the critical illness insurance.

Therefore, start by calling the most prominent critical illness insurance companies. You will have to compare different quotes and check out prices to find on the critical illness policy that suits you. Tiresome and tricky as it is you may find yourself in a dilemma. You could end up having so much paperwork in your hands that it becomes difficult to make a choice. Remember that you have to take all the factors included within the policy into consideration. Do not always opt for cheap critical illness insurance policies. Most of them might not be as effective.

Probably the best way to search for a critical illness insurance or any other life insurance is to surf the internet. You could just sit down on your comfortable chair at home and avoid visiting the insurance companies one by one. You open Google for example and write critical illness insurance. The results would show you a list of all insurance companies that offer critical illness insurance. You have immediately thousands of insurance companies to visit and request a quote online.

To get a quote online is in most cases easy. You can specify which type of critical illness cover you want. You can also mention for how much time you need the cover for and are sometimes asked how much cover you need. Thus, the bigger the cover you want, the higher the premium will be.You are also asked if you want a joint or single critical illness insurance account. Besides, you will be able to compare the quotes from various companies at a time. Hence you have a broad vision of the types of critical illness insurance company that exist and the advantages they are giving. As said before, do not get attracted by cheap prices. Anyway if you still want the support of an agent, you could easily get a contact. Most of the time you would be explained things clearly.

As a matter of fact, contacting online brokers for critical illness insurance is very often an easier task compared to visiting one company after the other. So take advantage of the internet and unlock the appropriate critical illness insurance you have always dreamt of.

via Choosing Critical Illness Insurance.

Critical Illness Insurance To Help During Hard Times

ust like a normal insurance package, critical illness insurance is also designed to facilitate the lives of those who are insured. It is different from the standard insurance covers and best suited to someone who might have been diagnosed with a critical illness.

Critical Illness Cover

When someone in the family or the main earning member gets diagnosed with a life threatening condition, the future suddenly looks bleak. Usually, there are no future plans that take into account the condition that will most likely take away a precious life. In such a situation having critical illness insurance plan works towards providing some advantages, the first being giving some peace of mind to the one who is battling the condition. The first thought he might have is what will happen to his family, their future and their growth when he is not there to protect them. He will see to it that they are safe and no harm comes to them. That is what this sort of insurance cover normally aids the insured person.

When you decide to take such a policy you are not only safeguarding your family, you might also be making sure that their future is taken care of.

The Benefits

Getting the right plan for you might be a tricky proposition since there are a number of policies out there. These policies are provided by various companies covering a range of different illnesses. You need to choose the one which is most likely to suit you and also take into account other important factors.

If you are not sure how to approach this subject you can take the help of a number of online options that present you with varied choices. They will ask you some basic questions and depending on your answers will provide you with a number of policies that are best suited. You will be required to give out your medical histories and whether there was any serious illness in the past.

They will then show the various policies that might be designed to suit your case. You can also ask for a tailor made policy once you decide that you want a more comprehensive cover with specific conditions.

It is important that you look at the features and check out the kind of medical conditions that are covered in the critical illness insurance. Some might not cover the most critical conditions while others might cover a range of problems that might not even be a possibility where you live. Though you might feel that it is best to be prepared in advance, accepting all these might simply increase your premiums.

If you are a businessman and want to take out a group cover for your employees there are various policies that can cover that as well. You might get advantages from this cover and also see to it that all your employees are benefitted from this type of critical illness insurance.

When you recover this money in a lump sum amount like any critical illness insurance, you might like to spend it on paying off a huge debt that you would have taken care of in the normal circumstances, pay for your child’s care for the future and make sure that their needs are taken care of even if you are not physically present.

via Critical Illness Insurance To Help During Hard Times.

Business overhead expense disability insurance – Wikipedia, the free encyclopedia

Business overhead expense (BOE) disability insurance pays the insured’s business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or one person) to produce revenue.

[edit] Coverage

The following business overhead expenses are typically covered by a BOE disability policy:[1]

* Rent

* Interest payments on some business debts

* Utilities

* Employees’ salaries and payroll taxes

* Postage and stationery

* Equipment maintenance

* Rental, lease, or depreciation of office equipment

* Taxes on the business property location

* Insurance premiums for Workers’ Compensation, employee medical, and liability

* Accounting fees

* Professional memberships and subscriptions

Policies do not cover the salary of a temporary employee hired to do the duties of the disabled. Income taxes, the cost of inventory, and the cost of furniture are some expenses that are not covered. .

[edit] Characteristics

* Benefit Periods: BOE insurance policies have short benefit periods that do not usually exceed two years.

* Elimination Periods: BOE policies typically have short elimination periods; either 30, 60 or 90 days.

* Maximum Benefits: BOE insurance policies offer a maximum monthly benefit, but only pay actual overhead expenses if they are less than that maximum benefit. With some insurers, any unused benefit can be applied to increase future monthly maximums or to extend the benefit period.

* Taxation: BOE insurance benefits are subject to income tax, but the premiums are tax deductible as a business expense.

* Rates: BOE insurance rates are based on the insured’s age (at time of purchase), occupation, and health status. Once a BOE policy is owned, coverage can be increased without providing evidence of medical insurability.

via Business overhead expense disability insurance – Wikipedia, the free encyclopedia.

Business Overhead Expense Insurance

How long would your business survive if you were temporarily disabled? How would you pay the salaries of your employees and meet your monthly expense obligations? Some statistics would have you believe at least 50% of persons aged 35 will suffer a disability lasting at least 90 days before they attain the age of 65.

When a disability occurs, generally three things are sure to happen to a business owner:

* their regular living expenses will continue to occur;

* business expenses will continue to occur; and,

* at this most inopportune time, the income earned from the business will be severely interrupted.

Business overhead expense (BOE) insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. This is not the same as personal disability insurance which usually pays benefits to age 65. A business overhead expense policy pays a shorter benefit of one to two years after a waiting (elimination) period. It is generally considered that no business can stay open more than two years if the owner is disabled and the business will either be shut-down or sold.

These policies also work where there is more than one owner. If there is a business partner each partner can take out a policy to accommodate their share of the expenses.

The premiums paid for the business overhead expense insurance is a legitimate, tax-deductible business expense; however, the benefits are treated as taxable income when paid.

Generally, there are two conditions which must be met to trigger the payment of benefits:

* total disability due to injury or sickness must be present and

* the expenses covered by the policy must be incurred during the disability.

Typically, eligible business overhead expenses are:

* employee salaries

* employment taxes

* employee benefit costs

* rental payments for property and equipment

* principal and interest on mortgaged business property

* utilities

* accounting and legal fees

* business insurance expenses

* interest on business debts

* property taxes

* general office supplies

Any agreements and insurance polices within a business must be integrated with the overall plan and objectives of the business. Careful consideration must be given to the selection of the plan which is right for your business and to the method of funding your plan.

* * *

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contract your insurance agent. Our articles are intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

via Business Overhead Expense Insurance.

Section 902 Definition of the Term Disability

Notice Concerning The Americans With Disabilities Act Amendments Act Of 2008

This document was adopted by the Commission in 1995 to explain its interpretation of the term “disability as used in the ADA. In 1999, the Commission published an Addendum to this document explaining that the discussion of mitigating measures in Section 902.5 was no longer correct due to the Supreme Court’s decision in Sutton v. United Airlines, Inc. The Americans with Disabilities Act Amendments Act of 2008 (ADAAA) was signed into law on September 25, 2008 and became effective January 1, 2009. Because this law makes several significant changes to the definition of the term “disability,” the EEOC will eventually make extensive changes to this document, but not before publication of a final regulation implementing the ADAAA.

Since the ADAAA applies only to acts of alleged discrimination that occur on or after January 1, 2009, the guidance offered on the meaning of “disability” in this document (with the exception of Section 902.5) will still apply to alleged discrimination that occurred prior to January 1, 2009.

The EEOC published a Notice of Proposed Rulemaking on September 23, 2009. For information on the proposed ADAAA regulation and to learn about the major changes made to the definition of “disability”, see

via Section 902 Definition of the Term Disability.

Disability Planner: What We Mean By Disability

The definition of disability under Social Security is different than other programs. Social Security pays only for total disability. No benefits are payable for partial disability or for short-term disability.

“Disability” under Social Security is based on your inability to work. We consider you disabled under Social Security rules if:

* You cannot do work that you did before;

* We decide that you cannot adjust to other work because of your medical condition(s); and

* Your disability has lasted or is expected to last for at least one year or to result in death.

This is a strict definition of disability. Social Security program rules assume that working families have access to other resources to provide support during periods of short-term disabilities, including workers’ compensation, insurance, savings and investments.

via Disability Planner: What We Mean By Disability.

Disability – Wikipedia, the free encyclopedia

A disability (or lack of a given ability, as the “dis” qualifier denotes) in humans may be physical, cognitive/mental, sensory, emotional, developmental or some combination of these.

An impairment is a problem in body function or structure; an activity limitation is a difficulty encountered by an individual in executing a task or action; while a participation restriction is a problem experienced by an individual in involvement in life situations. Thus disability is a complex phenomenon, reflecting an interaction between features of a person’s body and features of the society in which he or she lives.”[1]

An individual may also qualify as disabled if he/she has had an impairment in the past or is seen as disabled based on a personal or group standard or norm. Such impairments may include physical, sensory, and cognitive or developmental disabilities. Mental disorders (also known as psychiatric or psychosocial disability) and various types of chronic disease may also qualify as disabilities.

Some advocates object to describing certain conditions (notably deafness and autism) as “disabilities”, arguing that it is more appropriate to consider them developmental differences that have been unfairly stigmatized by society.[citation needed]

A disability may occur during a person’s lifetime or may be present from birth.

via Disability – Wikipedia, the free encyclopedia.

Third-party claim | Define Third-party claim at

Legal Dictionary

Main Entry: third–party claim

Function: noun

1 : a claim made against a third party in a third-party complaint —compare COUNTERCLAIM, CROSS-ACTION, CROSS-CLAIM

2 : a claim made by an injured third party (as a third-party beneficiary of workers’ compensation insurance) against an insurer or insured for indemnification

via Third-party claim | Define Third-party claim at

third-party claim – Wiktionary

third-party claim (plural third-party claims)

1. A derivative lawsuit brought by a defendant in an original lawsuit, claiming that another new party being brought in is responsible for or should share in the plaintiff’s damages against the defendant.

* Practise note: the third party being sued by the defendant is cited as “First Third Party”, “Second Third Party” etc.

via third-party claim – Wiktionary.

Baldwin Benaware
KC Benefit Services Discount Card
What’s going on?
December 2010
« Nov   Jan »