...“In 2013 over 15% of Americans were without insurance.” The Affordable Care Act (ACA), also known as Obamacare will change our health care system. There are many benefits to Obamacare. In this discussion I will cover 3 benefits of the many benefits to the ACA: Essential health benefits, health insurance for young adults, and the effect of the ACA on our economy. “Many Americans don’t realize that they have been enjoying many of ObamaCare’s benefits, rights and protections since the Affordable Care Act was signed into law in 2010. Know that even if your rates went up, the quality of your health insurance has too.” So what are these benefits of Obamacare? One of the benefits of Obamacare is Essential health benefits. Essential health benefits...
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...Management Risk and Insurance Management Assignment Submitted to: Parul Bhargava Associate professor Submitted by: Dipak kumar sah BBA, 4th sem Assignment Risk and insurance management 1. “Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.” Discuss & also describe the significance of insurance in Indian society. As per the statement “Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.” Insurance acts as a safety for the possible losses to be faced in near future. Insurance means safeguarding against a specific risk which is exposed to. Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as premium. Insurance is a special type of contract between a insurance company and its clients in which the insurance company agrees that on the happening of certain events the insurance company will either make a certain payment to its client or meet the certain costs. As supporting the above statement, following are the significance of insurance in Indian society: 1. 2. 3. 4. 5. 6. 7. 8. Insurance provides safety and security Insurance reduces business...
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...As an extremely motivated young professional, I have a strong interest in the financial industry, especially insurance. I developed a successful career at RBC Insurance by achieving top 20% national ranking in just more than 1 year. I also have a solid academic background with Honours Bachelor degree at the University of Toronto. However, my outgoing and open-minded personalities keep driving me to improve myself. I set my 5-year career goal to become an insurance branch manager, and my 10-year goal to be an entrepreneur starting up my own insurance brokerage, focusing on eCommerce. To achieve my goals, I pursue an MBA degree because I can acquire essential knowledge through education and expand my network through meeting new students and professors with different backgrounds. I have always eagerly desired to join DeGroote School of Business because I found a perfect fit between myself and DeGroot in three main aspects....
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...AUSTRALIA social insurance has confronted various issues. There is absence of single national wellbeing arrangement in the AUSTRALIA. Diverse social insurance associations are confronting issues poor human services administration conveyance. By considering these provisos of social insurance framework, key arrangement will be made. Robert Wood Johnson Foundation has been decided for the vital arrangement advancement. Vision: To accomplish stewardship through simple general wellbeing access will be the vision proclamation for the vital arrangement of RWJF. Mission: To give simple access to general creating so as to wellbeing environment of administration quality fabulousness and esteemed patient through expecting their aggregate consideration and responsibility by staff individuals is the statement of purpose for this vital arrangement. Values: To keep up humanistic qualities in medication is the center estimation of RWJF. Alongside this, the medicinal services association is additionally dedicated to keep up its honesty in the practices when contrasted with other human services firms that are just occupied in cash making business exercises. To end up changes specialists successfully is another estimation of RWJF in the field of social insurance....
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...family member or friend is far most one of the most tragic experiences anyone has to deal with. During this process, it is important that families deal with it accordingly. Grief is a process that individual’s go through when healing and recovering from a death. Although it is a normal process, it takes time and it cannot be rushed. While ignoring the pain of a sudden death, only makes the process worst in the future. In order to receive effective healing, it is essential to actively deal with the issue and face grief (Zafar & Mubashir, 2012). Although death is a natural process in life, it affects individuals differently. The way individuals tend to deal with certain issues revolve around different characteristics that are a part of them,...
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...Everything we do in life is either a debit or credit which leaves you with either a loss or a gain. Health care has become so much of a debt on people’s lives when it should be a credit. We as people should be able to have access to healthcare at an affordable price with quality service which are three aspects that are the most important in healthcare access, quality, and cost. Healthcare access is simply being able to have it when you need it although many don’t have it due to cost or because they don’t have the knowledge to access it. Access to healthcare effects the consumer’s quality of life which can lead to fatally. Cost which is being able to afford the healthcare is one of the biggest issues according to www.cdc.gov.com the percent...
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...International Journal of Marketing, Financial Services & Management Research Vol.1 Issue 11, November 2012, ISSN 2277 3622 Online available at www.indianresearchjournals.com MARKETING STRATEGIES IN LIFE INSURANCE SERVICES BEENISH SHAMEEM *; DR SAMEER GUPTA ** * RESEARCH SCHOLAR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ** ASSOCIATE PROFESSOR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ABSTRACT The study is designed to evaluate the marketing strategies in life insurance service sector & how these strategies boost sales & marketability of a product which ultimately lead to customer satisfaction. The insurance scenario faces multiple challenges such as increased costs of operation, regulatory pressures, and inflexible technology infrastructure. These pressures are compounded by low to moderate premium growth & the increasing burdens of regulatory compliance. Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the firm. Marketing strategy is the basic approach that the business units will use to achieve its objectives, and it consists of broad decisions on target markets, market positioning and mix, and marketing expenditure levels. As the financial services sector has become more competitive, financial institutions need to...
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...“A Study on Purchase Decision Making Of Life Insurance Products” [Submitted on: 22.12.2014] Submitted to: Prof. Anamika Prepared by: Jayajeet Das Group-2 Roll No.-14DM012 Sec-A PGDM (2014-16) Institute of Management and Information Science, Bhubaneswar Acknowledgements “First and foremost, I avail this opportunity to express my profound sense of sincere and deep gratitude to Prof. Anamika for her valuable and meticulous supervision during the preparation of this Project Report. Last but not the least I extend my support to all my group members and respondents whose kind cooperation & support helped me to bring out the study report in a successful manner. Abstract Insurance occupies an important place in the complex modern world since risk, which can be insured, has increased enormously in every walk of life. This has led to growth in the insurance business and evolution of various types of insurance covers. This research aims at determining consumers’ attitudes towards buying life insurance products and to understand their purchase and repurchase intention. This research was conducted in Bhubaneswar of Odisha taking a sample of 75 LIC and other private insurance customers. Respondents for this survey were selected using random sampling. The survey was done by all our group members. The analysed data has been presented in the form of table, bar graphs and pie-charts. This study also analyzed the repurchasing intention of policy holders. The survey...
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...The Need For Insurance Is Important Several individuals ignore the importance of insurance calling it a waste of money. High cost on insurance is a reason why individuals do not avail of insurance policies. Purchasing an insurance policy is the best way to secure your future. No individual can predict what the future has in store. However, what every individual can do is safeguard their future. Unforeseen events occur without warning. In times like these if an individual does not have an insurance policy, the expenses that arise can affect you badly. Individuals without an insurance policy have to bear the entire loss on their own. Bearing the entire expense on loss occurring due to an unforeseen event can ruin individuals of their hard earned savings. An individual does not have to go through this nightmarish reality if equipped with insurance. When you avail of insurance, you make sure that risk is transferred. The insurance company from which you purchase insurance coverage is liable to pay for the losses that occur due to unforeseen events. It is essential for individuals to plan insurance needs to ensure a better future for themselves and their family. An individual should consult experts to get a clear perspective on their insurance needs. Individuals can approach insurance companies and discuss their requirements with agents. Do not avoid insurance because of cost on premium. Individuals have to realize that insurance costs vary in accordance with benefits. For instance...
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...Role and Impact of Health Insurance in the Health Delivery System Health insurance is one of the types of insurance coverage that covers the cost of an insured individual's medical and surgical expenses or bills. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider. In health insurance terminology, the "provider" is a clinic, hospital, doctor, laboratory, health care practitioner, nurse (midwife) or pharmacy. The "insured" is the owner of the health insurance policy; the person with the health insurance coverage. In countries without universal health care coverage, such as the USA, health insurance is commonly included in employer benefit packages and seen as an employment perk (Nordqvist, 2012). In the midst of increased cost of health care both at the macro and micro levels, health insurance becomes a viable alternative for financing health care in Ghana. It is also a way of mobilizing private funds for improving health care delivery at the macro level. A number of countries are currently experimenting with different approaches. Ghana's National Health Insurance Scheme (NHIS) was passed into law in 2003 but fully implemented from late 2005. It has already reached impressive coverage levels (Witter & Garshong, 2009). The health system in Ghana before the introduction of NHIS was being financed by what was known at the time as the “cash and carry system”...
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...Comparitive Study on Ulips A PROJECT REPORT ON “COMPARATIVE STUDY ON ULIPS IN THE INDIAN INSURANCE MARKET” FOR TATA AIG LIFE INSURANCE COMPANY LTD BY MISS DELNAAZ. PARVEZ. DOCTOR MBA SEMESTER III Project Guide “Prof Vaishampayam” In Partial Fulfillment of the Requirement of the Two Year Full Time PGDM Programme Of the SMVIM, PUNE. AY 2007-08 PREFACE As an essential and obligatory part of my course, I have undergone two months summer training at Tata AIG Life Insurance Company Ltd, Pune. This training has helped me in getting the practical knowledge into the business environment. I got the knowledge about the Insurance industry. In this report I have said about the current position of the insurance sector in India. This report includes a deep study made on the ULIPs in the insurance market and its impact on the person’s income. 1 TABLE OF CONTENTS S.NO. 1. 2. CONTENTS Acknowledgement Certificate from the company Certificate from the college Introduction Company Profile Research Methodology Introduction to Insurance About ULIPs Distinction between ULIPs & Mutual Funds Comment on the Distinction Comparative Analysis of ULIPs( Tata AIG with others) Growth & Returns Fund Performance Overall Data Analysis and Findings Understanding the working of ULIPs of TATA AIG Market Survey on ULIPs of TATA AIG Integrated Financial Planning for Life Insurance Conclusion Recommendations Bibliography Questionnaire PAGE NO. 3 4 5 6 7-9 10 11-17 19-26 27-30 ...
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...Personal Insurance Keywords: characteristics of life insurance, health insurance Insurance is essential for personal and national development. On personal basis insurance is important for the following reasons: It gives people a sense of security. People who have insurance look forward to be assisted in case of a problem. For example if one’s property, which are insured are destroyed by fire, the insurance firm replaces them. So there is protection on uncertainties. Linked to this is that there is a cover up in case of certain problems that may require money. Insurance may also be a good source of credit. Some insurance companies may give credits to their clients, since there is collateral already. Some insurance ensures that the families remain viable even after some problems may have occurred. An example is when a bread winner has died. If the bread winner had life insurance the family may still have something to live on. People may only face the grief of the loving one dying without being worried of financial incapacitation. Insurance may be a very good solution in case of some social problems. An example could be a breadwinner has been injured. If the insurance covers for injuries that person can still survive Insurance reduce the fear which people may have. People are afraid of the future. They may foresee bleak futures. Insurance assists in reducing such fear. There is also transfer of the personal risk to the insurer. Characteristics of life insurance It is permanent...
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...Health Insurance Guide Health Insurance Guide * What is health insurance? * How does health insurance work? * What are the different kinds of health insurance? * Individual mediclaim policy * Floater Policy * Critical illness policy * Overseas mediclaim policy * Student medical insurance * Tax saver * So, what kind of coverage can I get? * Accidental death benefit * Permanent and total disability cover * E opinion rider * Children's education allowance * How much does health insurance cost? * The no of people to be covered * Amount of coverage needed * Age of the oldest family member who is proposed to be covered * Can I get tax benefits with health insurance? * Are there any alternatives to health insurance? * Critical illness benefit * Hospital cash benefit * Things to watch out for What is Health Insurance ? Health Insurance also known as Mediclaim in India provides you the cover against the medical care costs arising from disease or accidental injuries. Health insurance is a crucial financial product that every individual must have irrespective of their age. It allows you to focus on getting the best treatment without bothering about the financial costs of the same. Depending on the terms of the health insurance policy it covers all or part of the medical costs of treating the disease or injury including doctor's...
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...How the new Affordable Care Act is affecting United States Nation? New Health Insurance Marketplace Coverage or ObamaCare depends on a number of factors including income and whether or not the effective person currently has a health insurance. The new Affordable Care Act was signed into law by President Obama on March 23rd, 2010 and upheld in the Supreme Court on June 28, 2012. Since then United States Nation has face some difficulties and negative effects and some positive influence and effects on society. Eric Golub talks about some of the negative effects and his disagreement of the new Affordable Care Act in the Washington Times Communities: “Obamacare is a bad law. It was described deceitfully, enacted into law dishonestly, implemented inefficiently, and affecting far too many people adversely. The bad outweighs the good, which is why a majority of people detest it.” Eric Golub also talks about promises that Obama made were proven false and how they affect average economy when he said” If you like your doctor or your plan, you can keep it.” Eric Golub points out “People are currently receiving cancellation letters. Obama promised reduced costs, but it is impossible to give more of something to more people and have it cost less.” [1] Grace-Marie Turner, James C. Capretta, Thomas P. Miller, Robert E. Moffit are the authors of the book Why ObamaCare is Wrong for America. In this book they talk about how the new health care law drives up costs, puts government in charge...
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...Insurance is the only sector which garners long term savings Insurers are increasingly introducing innovative products to meet the specific needs of the prospective policyholders. An evolving insurance sector is of vital importance for economic growth. While encouraging savings habit it also provides a safety net to both enterprises and Individuals. Insurance Companies receive, without much default, a steady cash stream of premium or contributions to pension plans. Various actuary studies and models enable them to predict, relatively accurately, their expected cash outflows. Liabilities of Insurance companies being long-term or contingent in nature, liquidity is excellent and their investments are also long-term in nature. Since they offer more than the return on savings in the shape of life-cover to the investors, the rate of return guaranteed in their insurance policies is relatively low. Consequently, the need to seek high rates of returns on their investments is also low. The risk-return trade off is heavily tilted in favour of risk. As a combined result of all this, investments of insurance companies have been largely in bonds floated by GOI, PSUs, state governments, local bodies, corporate bodies and mortgages of long term nature. Generates Long term funds for infrastructure and strong positive correlation between development of capital markets and insurance/pension sector For GDP to grow at 8 to 10%, qualitative improvement in infrastructure is essential...
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