What different types of insurance can do to help protect your wealth and income

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Some people worry about their wealth not lasting their lifetime; others fret about overspending on insurance policies to protect themselves and their family. Still others wonder whether they need yet another professional to help them manage and achieve their overall goals.

These people all have something in common: they are identifying risks in their lives.

Every well-considered wealth-management plan includes an assessment of personal, property, and financial risk. Investments have risks that can’t readily be insured, so other risks must be managed in order to minimize threats to overall wealth goals. Fortunately, many of the personal risks that can threaten one’s wealth can be managed with proper insurance.

Read Article:  https://www.marketwatch.com/story/these-5-defensive-moves-can-protect-your-money-and-wealth-2018-03-05

 

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To Understand Your Health Insurance Policy, You Must First Learn These 4 Terms

Like every social, political and economic policy in our country; health insurance is complicated. We started with an already complex system. Then Affordable Care Act (ACA) was passed, setting up insurance “exchanges” that offer consumers and small businesses a choice of health plans. While hugely beneficial to many, definitely muddied already murky waters. Then just when I started to understand ACA, Trump starts to dismantle it. But politics are only part of the blame in the healthcare jumble. God forbid you are navigating through the Consolidated Omnibus Budget Reconciliation Act (COBRA), Medicare or Medicaid.

With all of this chaos, is it any wonder that most Americans don’t understand their own health insurance policy?  A 2016 survey identified four key health insurance terms necessary for a basic knowledge of healthcare: deductible, co-insurance, co-pay, and out-of-pocket maximum . It found that just 4% of Americans are able to correctly define all four terms. My theory? We all put our hands over our ears and yell “LALALALA” anytime we hear anything related to healthcare. It’s all too much, we’re never going to get it, so why bother? We’ll just sit in the mandatory new employee orientation, nod our heads at the appropriate times, and Snapchat under the table.

But it doesn’t have to be like this. So let’s all take a cleansing breath, and start basic. If you can grasp the above four terms, you can comprehend the basics of your policy. And you’ll be ahead of 96% of Americans.

Read Article:  https://www.forbes.com/sites/lizfrazierpeck/2018/01/31/to-understand-your-health-insurance-policy-you-must-first-learn-these-four-terms/#f3bb4757c1c6

The Ultimate Guide to Understanding Insurance

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Understanding insurance can be tricky, so it’s crucial to have a working understanding of your coverage and what you need. This can make a major difference in the price you will pay, as allow you to understand how your choice of insurance will protect your lifestyle, assets, and personal property.

Insurance Is About Financial Security and Protecting Your Independence

It may seem like you need to study volumes of books and information to understand insurance, but at its core, the principle of insurance is very basic:

When you have something to lose, and you know that you could not afford to pay for a loss yourself, insurance provides a way for you to protect your investment, lifestyle, and assets by paying a small amount of money every month in exchange for the assurance that if something goes wrong, the insurance company will have your back in the form of financial compensation.

Read Article:  https://www.thebalance.com/personal-insurance-4073983

Some interesting predictions of cyber insurance trends for 2018.

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What will cyber insurance buyers face in the coming year? Here’s a snapshot of the top five trends buyers can expect, based on findings from our 2018 Marketplace Realities Report: Cyber risk.

1. Total annual cyber premiums will continue to climb as more companies seek coverageGlobal premiums, which are around $2.5 billion now, will continue to rise and are expected to reach $10 billion by 2020. As newer, more powerful attacks and threats emerge, organizations that haven’t already purchased cyber insurance will likely consider doing so. For example, the WannaCry and NotPetya attacks cut across industries and regions that previously weren’t considered as having significant cyber exposure. Given the size, scale and financial and reputational impact of recent cyber incidents, expect those sitting on the sidelines to give serious consideration to purchasing cyber insurance.

Read Entire Article:  https://blog.willis.com/2017/12/5-cyber-insurance-trends-to-watch-for-in-2018/

A holiday tip: Take 15 minutes this vacation to make a video of your possessions

SAN FRANCISCO — Step away from the Hallmark Christmas movie marathon over the holiday vacation and do yourself a huge favor. Grab your phone, put it on video mode and walk around your house for 15 minutes getting footage of every room, every wall and, if you can manage it, the inside of every drawer.

That’s the advice of insurance experts, who say if there’s one easy thing you can do to aid the insurance recovery process from any natural disaster, it’s having photos of your belongings.

Once you’ve got the video, upload it to the cloud (it’s free on Amazon, Dropbox and multiple other sites). You can then go back to your cookie making or football viewing secure in the knowledge you’ll at least have a chance of accurately creating an  inventory should disaster strike.

“Don’t worry about your house being messy. It’s more important to do the video than waiting until it’s clean!” said Janet Ruiz, a California representative with the Insurance Information Institute.

Read Article:  https://www.usatoday.com/story/tech/personal/2017/12/27/holiday-tip-take-15-minutes-vacation-make-video-your-possessions/963427001/

A Complete Beginner’s Guide To Blockchain

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You may have heard the term ‘blockchain’ and dismissed it as a fad, a buzzword, or even technical jargon. But I believe blockchain is a technological advance that will have wide-reaching implications that will not just transform the financial services but many other businesses and industries.

A blockchain is a distributed database, meaning that the storage devices for the database are not all connected to a common processor.  It maintains a growing list of ordered records, called blocks. Each block has a timestamp and a link to a previous block.

Cryptography ensures that users can only edit the parts of the blockchain that they “own” by possessing the private keys necessary to write to the file. It also ensures that everyone’s copy of the distributed blockchain is kept in synch.

Read Article:  https://www.forbes.com/sites/bernardmarr/2017/01/24/a-complete-beginners-guide-to-blockchain/#471ca66e6077

The historical beginnings of the insurance industry in the modern era.

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Great Fire of London – Wharf Fire – 1666

Setting the Stage

In the aftermath of the Great Fire, a number of laws and ordinances were passed directly related to the fire that attempted to eliminate such devastation from future fires. One law, for example, required that each quarter of the city be provided with 800 leather buckets and 50 ladders, as well as other firefighting equipment. Each house had to have buckets, and the occupants were required to participate in hand-to-hand bucket brigades.

Another law allowed for the incorporation of an organization to indemnify for losses due to fire. This one set the stage for the first insurance company.

Read Entire Article:  https://www.irmi.com/articles/expert-commentary/the-worlds-first-insurance-company/

 

Information everyone should know and understand about insurance.

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What is insurance? Insurance is a contract between an individual (the policyholder) and an insurance company. This contract provides that the insurance company will cover some portion of a policyholder’s loss as long as the policyholder meets certain conditions stipulated in the insurance contract. The policyholder pays a premium to obtain insurance coverage. If the policyholder experiences a loss covered by insurance, such as a car accident or a house fire, the policyholder files a claim for reimbursement with the insurance company. The policyholder will pay a deductible to cover part of the loss, and the insurance company will pay the rest.
Read more: Intro To Insurance: What Is Insurance? https://www.investopedia.com/university/insurance/insurance1.asp#ixzz4xv6QvQfl