Life insurance reserves calculations change approved by regulators

insurance news

State authorities have moved forward a new and controversial standard for insurers in the sector. Life insurance news has been made by state regulators that have now given their approval for a new standard for the way that insurers in the sector will perform their reserves calculations, despite the heavy controversy and claims that it will not work. Critics say that the economy will face too much of a risk in larger states, and the implementation will be too expensive. The approval was made by the National Association of Insurance…

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Life insurance in India becoming less profitable

south asian Insurance industry India

The premiums collected from this coverage sector have dropped by 2.33 percent compared to 2011. The latest life insurance news from India is that premiums collected during the third quarter, which ended on September 30, have experienced a year over year decrease by 2.33 percent, said the most recent report of the Insurance Regulatory and Development Authority (IRDA). This drop has been blamed on the overall slowing in economic growth. This, according to Namo Narain Meena, the Minister of State for Finance. The minster explained that as a whole, there…

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Life insurance policies are being cashed in at an increasing rate

Life Insurance Payment

The trend is for individuals and families to cash them in to try to help to make ends meet. Statistics have revealed that life insurance policies in Cyprus are a direct reflection of the continuing economic crisis, as 40 percent more policyholders have cashed in their policies during the first half of 2012 in comparison with the same time in 2011. These grim statistics were released by the Insurance Association of Cyprus. From January through June of this year, policyholders cashed in €111 million worth of life insurance, when compared…

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Life insurance savings can be achieved through weight loss

Health Insurance Report on obesity

Premiums drop among policyholders with a healthy, maintained BMI. As weight plays an important role in an individual’s health, it is taken into consideration by the majority of life insurance companies and therefore becomes a factor that policyholders can often control to help to keep their premiums to a minimum. Many insurers consider weight to be an important factor to be calculated into their rates. If an individual is overweight or obese, life insurance carriers will frequently charge what is known as a “loading”, which is an amount above and…

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Life insurance is being rediscovered as important to financial planning

New York Homeowners Insurance Rules

This shaky economy is encouraging consumers to take a second look at the coverage. For the last several years, the popularity of life insurance has been shrinking, reaching the lowest points that it has seen in decades, but with the state of the current economy, financial planners are beginning to turn their gaze back toward this coverage product and the security that it can offer. Though the policies should not be considered an investment, they do offer planning flexibility. To start, it should be understood that in the majority of…

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Report shows consumers think life insurance is almost three times more costly than it is

Life insurance

A study performed by LIMRA and the LIFE Foundation has revealed many consumer misunderstandings of life insurance coverage. LIFE Foundation and LIMRA released a report based on the findings of a joint study that has shown that consumers have many misunderstandings about life insurance – such as its cost – and that this might be deterring them from seeking to obtain coverage that could be very beneficial to them. The participants in the survey were requested to provide their best guess as to how much a 20-year level-term life policy…

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What options are available for life insurance after being diagnosed with breast cancer?

Awareness, early detection, and ever-improving medical treatments are allowing a growing number of women who have received a breast cancer diagnosis to survive the disease and live long and full lives. However, due to this complication to their medical histories, it can make these breast cancer survivors assume that there won’t be any life insurance options available to them that will help to protect their families. For some, a diagnosis of breast cancer has meant a significant increase in life insurance premiums, even after treatments have been successfully completed for…

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Life Insurance Awareness Month: LIFE Foundation may have trouble convincing consumers life insurance is worthwhile

September is Life Insurance Awareness month and many insurers have been launching campaigns to attract new clients. Many people often put life insurance in the back of their mind because the issue of death is both sensitive and uncomfortable. Because of the unsettling nature of the subject, a great number of people go without life insurance, justifying their decision with the intention of getting coverage in their latter years. Accidents, however, are unpredictable and life itself is notoriously fickle. Given that life can come to a sudden, unavoidable halt at…

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Insurers remind consumers of Life Insurance Awareness Month in September

September is Life Insurance Awareness Month, and insurers such as Northwestern Mutual, which has been named the Fortune magazine “World’s Most Admired” life insurance company for 2011, is witnessing a growth in the interest consumers have for their long term protection, as the insurer reminds people across the United States about the importance of life insurance to planning financial security. According to the vice president of life products at Northwestern Mutual, Dave Simbro, “Life Insurance Awareness Month is a great reminder for everyone to consider their life insurance needs”. He…

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Nationwide answers probing questions in Florida

Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…

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