What is reinsurance?

It is the transfer of risk making the insurer (assignor) to another entity called re-insurer, according to the requirements given in a Special Convention called Reinsurance Agreement.

If the coinsurance is the horizontal distribution of risk, reinsurance is the vertical distribution of risk. Coinsurance participation can also be reinsured. The portion assumed by the insurer or co-insurer is called retention. The re-insurer assumes the surplus together with the corresponding to this excess premium. Reinsurance is an institution eminently international, subject to technical standards, legal business, and own doctrinaire. It is valid to indicate that reinsurance is insurance for insurance and is the most obvious proof of insurance international solidarity.

What are the kinds of insurance?

A classification to the the classical insurance:

• Insurance Property
• Personal Insurance.

Insurance damage to property or

Refer to covering things or goods such as fire, theft; helmets, maritime transport. This group is characterized by having a sum insured limit to its real value. These damage insurance are strict compensation, being necessary for validity at the time of recruitment there is an insurable interest.

What is the compensation?

It is the monetary outlay making the insurer to a loss covered by the policy occur. When the fixed sum insured in the policy is less than the actual value of the property affected in time of the incident, it is a typical case of underinsurance. In this case, the compensation will be reduced by the same proportion of underinsurance, to be determined by application of relevant calculation.

The insured must know how to file a claim for compensation, it has to review what provides the policy regarding the procedure to be followed in such cases or request information from the Insurance Company, if the policy no person was contained such information.

What they are called reserves?

They are concepts used to signal Insurance rights of third parties that is sometimes enforceable obligations and concrete and other abstract of the insurer.

To set more clearly, let’s get at the end of a fiscal year (December 31) and see that at the time that coincides with the balance sheet of insurance companies, these concepts are:

• Reserve for outstanding claims and / or payment

Are estimates that the insurer must indicate in their accounts for losses incurred but not yet paid amounts?

• Reserve for unexpired risks

Since have issued policies throughout the year and collected annual premiums, to December 31 there will be a number of premiums actually earned, by the ratio of run to then risk and other amount belongs to cover risks, henceforth, i.e. from 1 January next year. The second part takes the name of reserve for unexpired risks or unearned premiums, the calculation is done by different methods.

• Mathematical reserve

Is the proportion of premiums paid by policyholders of life insurance in excess of what the insurance needs every year. These amounts held by the insurer generate interest in favor of the insured and serve to continue coverage risk. The accumulation of reserves cannot be freely available to the insurer, but be invested according to legal regulations on the matter. The calculation procedures of this technical reserve are subject to actuarial mathematics.

Personal insurance

comprises the different types of life insurance and others linked to human health , such as illness, medical care, personal accident, disability, among others person. They are characterized by contracted for variables and virtually unlimited sums insured

What it is a fire insurance?

Covers damages resulting fire or flame. It extends to cover, under the same policy, a range of additional coverage called Allied lines, from explosion, earthquake, water damage, smoke damage, flood, to strikes and civil commotion, malicious damage and vandalism vehicle impact, terrorism, among others.

What is homeowners insurance?

It is certainly fully protects your home. Coverage includes protection helmet and finishes as well as its content. This insurance allows you to recover your home in case of being affected by a disaster, freeing the insured expenses that could be very costly arising from damages suffered water facilities, sewage, electricity and gas. This insurance therefore offers broad protection not only housing, but also to goods and belongings that the insured has in it.

Add an additional car to a policy of insurance in the Insurance Agency of Government Employees (GEICO, for short) it is something simple that can be completed via telephone or Internet. Before doing so, you determine how much coverage you need, if you can afford the monthly payments increase in your new deductible and what your costs will be. Although adding another car to your insurance GEICO is simple, it may not be best for your situation. If you know that the person driving the car is unreliable or driving dangerously, you should not add it to your insurance.

Instructions

By phone

1. Call the sales department, services and claims the insurance company GEICO at 800-861-8380. Follow all telephone to speak with a customer service representative indications. If you have a local insurance representative GEICO, you can contact that person. Once you get to talk with the representative, you will need to provide your insurance policy number.
2. Ask about adding another car to your insurance policy. You need to know the identification number of the other car, the make and model, license plate number, how the car will be used, who will lead, by whom has been funded through the registration number.
3. Agree with the amount of coverage you want in the car. There are several types of coverage you can add to your policy. GEICO representative will explain the minimum amount of insurance required in your state for each vehicle.
4. Confirms the change in your policy. Added the car will be covered within 24 hours.

By Internet

1. Log in to your Internet account GEICO. If you have forgotten your username or password, you can retrieve them at the official site of GEICO’s home page.
2. Click on the tab “Manage your policy” and then “Vehicles”.
3. Click on ‘Add another vehicle. “Fill each space with the required information. You need to know the vehicle identification number, the make and model, type of insurance applied, by whom has been funded and the vehicle registration number.
4. Click “Submit” to add the vehicle to your GEICO insurance policy.

The most repeated mantra insurance customers is: “never forgets to charge me but when something happens at the end, half of the time the insurance does not cover.” The insurance industry argues that policies clearly stipulate what claims are covered and which ones are not. The opposite also occurs frequently: there are mishaps that the insurer could take, but the client does not know you have that coverage.

Mischief child

If you go to an optical and your child breaks an expensive glasses … do not worry. Your home insurance liable for damages. This is the case with most policies. This type of coverage is known as a family responsibility and assumes that the insurer is responsible for damage caused to third parties by any member of the family, even though they have not produced within the housing. By the way, the family also includes domestic service, and pets!

Leisure and alcohol

Saturday June evening barbecue at the house of friends. Two beers, wine, a mojito … and it’s time to go home. What to do? The insurer Direct Line has since 2007 a ​​specific coverage for such situations. A driver who has consumed alcohol or feels unfit can call the company: a crane will pick up your car and take you to their home, and he and his companions will be transferred by taxi at no extra cost. Only three limitations only applies to children under 26 years between midnight and seven o’clock, and less than 24 kilometers.

Assembling IKEA

Many people have a hard drink when unpacked a table LIATORP IKEA. The mere thought of facing dozens of pieces and screws makes them have cold sweats. So Ampere included in your home insurance additional coverage to assist the insured with these and other DIY tasks, such as placing bathroom fixtures to the replacement of the tank. It also includes the launch of electronic equipment. Coverage includes technical and displacement of up to three hours of labor in the insured home.

IPhone and pool

With good weather, come the meetings at water’s edge. Whether on the beach, river or pool, more than one will last you finished soaking has not realizing I had the phone in his pocket. In this case, the first thing to check is if we had some kind of specific insurance for your phone. Operators sometimes include packs with coverage for these accidents. We must also analyze how the incident was. If you have been a third party who has caused the fall, it could claim compensation from your home insurance.

Child molestation

With the widespread use of social networks is becoming more common that children suffering from harassment through mobile or computer. Service digital protection against violence to minors insured allows, to alert the insured, a report certified accuracy that can serve as a test document in filing a complaint is issued.

Travel abroad

A little known coverage of home insurance is that, in many cases, include travel assistance insurance. Thus, if the child has suffered a mishap on a trip with friends when he was in London, his father may claim the insurance travel costs and the costs of support in the hospital. This type of coverage also work when, in a trip, a close relative dies: the insurer will pay the travel costs.

Golf

Suffer an accident or injury is when a casual sport may be covered by home insurance is practiced. When it comes to practice and an amateur athlete is federated, most sports associations have some sort of specific coverage for its members. So, if it causes injury to a third party for the impact of a golf ball, it is very likely to be an insurer to take charge of compensation.

Flat tire wheel

Auto insurance coverage usually include roadside assistance, among other things, allows the insured to call a technician for replacement of a wheel when punctured. Also typically it includes repairs on site, where they can be performed in less than an hour. These policies is very common that incorporate legal aid, allowing the insured to appeal a traffic ticket. It has also begun to join the coverage ITV: a technician picks up the car to pass the Vehicle Inspection.

Suffer a holdup

Being a victim of a robbery on the street is a traumatic experience. At least, the sufferer may receive compensation for stolen items and money. Some companies have begun to include in their home insurance compensation for theft suffered in public, even shoplifting. Insurance credit card will pay compensation in the case of theft suffer a cashier.

Protect our home with home insurance is important to avoid taking the cost of a loss, but there are situations that insurance will take care never. In Kleist we tell you what to do not take surprises.

In US there are 16.9 million insured households, of which 23.8% reported a loss for 2013, ie more than four million households had some type of accident or mishap.

Although having a home insurance guarantees not have to bear the cost of most of the accidents that occur in our house, all insurance have exclusions. Even though we hire a policy of high – end protection of our house will not be complete as there are situations that are not covered by home insurance , either because it is general exclusions that companies apply to all their policies, or because the company is not willing to take that risk.

Here we tell you what the main situations not covered by home insurance are

Damage facilities in disrepair. As policy makers a household have a number of obligations. The main thing is to keep in perfect condition the insured risk, so that the damage caused by lack of maintenance will not be covered by insurance. For example, if our house is flooded and it is found that the pipe that caused the problem was in disrepair, the company will not be repaired, limiting its intervention to the location of the fault, forcing us to bear the cost of the repair. 

Electrical damage suffered by bulbs, lamps, halogen, fluorescent or the like.

Accidents smoker, i.e., damage caused by poorly extinguished cigarettes and damage suffered by objects fall individually into the fire, as well as those that occurred by direct or indirect contact with a heat source.

Theft outside the insured home is a very common exclusion: if we steal the portfolio or other assets while we’re on the street, or even in a public place, the company will not indemnify us for any damage.

Breakage. Only accidental glass breakage, sanitary ware and marble covers. If accidental breakage of any property occurs, will not be covered unless you have contracted coverage Accidental Risk Everything.

Damage caused by snow, water, sand, dust if they penetrate the doors or windows that have been left open or have a defective closure.

Jewelry. If we declare a capital of jewelry and indicate that they are in a safe, the company will not be responsible if at the time of the theft were outside the box.

 Expenses unblocking pipes. Most companies do not take care of unblocking pipes. In case there is damage, they may be repaired, but never unblocking expenses.

Property situated outdoors, gardens or open units. Damages that occur in garden furniture, either by theft or by atmospheric phenomena will not be covered.

Damage caused by wind or rain of moderate intensity. For home insurance attend the rain or wind damage must overcome an intensity and minimum speed, which must be corroborated with a weather report.

Tips to be better protected

So you do not find you by surprise with a lack of protection in your home, it is recommended that, before hiring your insurance, follow these steps:

Analyze your needs and select the policy that will provide more adequate coverage.

Check the features and situations covered by your policy and compensation limits and checks its exceptions and exclusions.

Check if the policy includes any kind of franchise and revises the limits of compensation per claim fixed and the value of replacements. For example, most policies indicate that compensation for a damaged well is done again value rather than actual value.

The most comprehensive home insurance

Within the home insurance there is a wide range of options. Depending on the extent of their coverage can be classified as basic, medium and high type.

Insurance basic home: are simply marketing products containing the most important basic coverage. They are suitable for customers looking for a product at a competitive price without leaving your home unprotected, for example, those seeking to transfer her rent. In this category are:

Catalan Plata or General Practice: despite being within the category of basic insurance, all have insurance coverage midrange, but with lower limits of compensation. They include mugging outside housing, and electrical damage to 100% while its competitors exclude or limit. The liability amounts to $150,000.

Basic Zurich: in the case of electrical damage, indemnifies $1,200. It covers 100% of the repair costs and broken marbles, tiles and glass – ceramics. Compensated with $300 in the event of fraudulent use of credit cards. 

Insurance average household: provide wide coverage and compensation limits. Flexible products to suit customer needs to ensure all types of housing. In this range stand out:

General comfortable: is one of the companies with the best coverage in the case of refrigerated goods. It covers damage frost and heat, and accidental breakage of health of any materials, glass and even flower pots. The liability amounts to $300,000.

Allianz: is one of the companies includes, without extra premium, repairing appliances, DIY service year in our house and all the essential coverage of home insurance. They undertake to return the money of the policy if a professional does not contact the customer in less than an hour since the party announced.

Standard axe: stands for $1,500 to cover up the theft of cash in a safe and stealing $300 cash out of it.

Insurance high home: they stand out as having the most complete coverage of the market. They are suitable for customers who want maximum protection. In this category are:

Axe top: covers up to $1,500 in cash theft in safe and 100% of breaking glass, marble, tiles and glass – ceramics.

General exclusive: notable for including coverage Accidental All Risk, locating and repairing leaks without existing damage and aesthetic damage content.

Ampere total:  the key advantage is that it includes all Accidental Risk. It includes service appliance repair and DIY. It covers 100% of the costs of replacement keys or locks.

As seen, there are a variety of products on the market. Now we just analyze our situation and, with the help of tools to get the price of our home insurance, choose the insurance that best suits our needs and expectations.

The provisions of traffic regulations Maryland not only generate better road habits, but also a potential savings in the costs involved motorists have an accident.

Data National Institute of Statistics and Geography (INEGI) indicate that 20% of car accidents that occurred in the capital during 2016 the driver fled the scene, a situation that could be reversed with the new vehicle system.

If those drivers had had insurance liability would have been possibly answer for the damage caused, because this coverage usually has no deductible, “says the officials in Maryland.

The cost of a policy of this type ranges between $800 to $1,000 a year, an investment that should take care from the moment being acquired insurance.

Therefore, the executive shares the most costly mistakes that could incur a motorist when purchasing a liability policy:

Not knowing the extent of the contracted coverage

It seems a platitude, but your policy may give you headaches when having to make it effective, because of the restrictions that have some insurance to cover an accident, such as limiting the number of covered events or impose an amount to the contractor: the so-called “deductible”.

Underestimating the amount of the sum insured

Comply with the regulation does not exempt the insured bid for the maximum benefit when the insurance. It is desirable that the insured amount of liability is at least $3 million, since it is the minimum amount that will offer coverage at both state and federal level.

Disregard “locks” that invalidate your insurance

Although it is rare, do not forget to check whether your liability insurance provides for penalties if the driver is not the same as the contracting of the policy. This simple detail could give you more problems than solutions.

Not knowing the limits of your policy

Disregarding exclusions is to ignore the situations in which your policy could leave you homeless. Reading them in detail know for sure under what terms and to what extent you are insured.

Sign a contract “tainted”

The difference between 2006 and 2016 model goes beyond a number. No matter how trite it sounds, check both your data as your vehicle are correct in the face of the policy.

If you have an error of this type, you must apply to the insurance rectify within 30 days.

You do not know what kind of car insurance choose? Find good coverage of each to choose the method that suits you.

The purchase of a vehicle not only requires initial investment it represents, but it is necessary to address other maintenance costs derivatives such as fuel, oil, maintenance, tires, etc. Also, whether we buy a used car or a new car is mandatory out insurance to cover damage, thus a new major fixed expense that we must consider is generated.

The different forms of contracting insurance for our car will allow us to adapt to certain prices, assuming higher or lower risk depending on mode. Depending on the age of the vehicle and the type of driver we are you can assess what insurance is more appropriate for us and consider the price that we pay.

Four mode for car insurance are given below:

Third party insurance

Includes a mandatory liability insurance for accident in which damage have been for us to be offenders, is insurance that bear the repair costs of the damaged vehicle. Furthermore, this insurance covers damage to the driver of the vehicle and its occupants. Keep in mind that there are limits established by law and that before an accident caused by the contractor suffered no damage your car will be covered. Security often employed by those who are not prone to accidents, but considering that if the vehicle is new this insurance does not cover damage to it, so if this is the case it would be more advisable other modalities of hiring safe.

Insurance to expanded or combined third

According to the insurer the name may vary. It includes standard insurance coverages to third parties and is complemented by the ability to cover damage in the moons, as well as vehicle theft or fire.

Comprehensive insurance

Composed of all insurance benefits to third parties and also combined with personal accident coverage of the occupants of the insured vehicle and damage in that car. Type of insurance preferred by those who have just buy a new car or Km 0.

Comprehensive insurance risk franchisee

It differs in that accident the insured pay established fixed part and the rest will pay the insurance company. It is a modality that is spreading and is becoming increasingly popular for having the advantages of a comprehensive insurance at a reduced when considering appropriate risk sharing (franchise) with the insurance price.