Insurance Info

When we talk of insurance, we are referring to risks in all forms. Hence, having for an insurance policy is just a way of sharing our risks with other people with similar risks. However, while some risks can be insured (i.e. insurable risks), some cannot be insured according to their nature (i.e. non-insurable risks). Insurable Risks Insurable risks are the type of risks in which the insurer makes provision for or insures against because it is possible to collect, calculate and estimate the likely future losses. Insurable risks have previous statistics which are used as a basis for estimating the premium. It holds out the prospect of loss but not gain. The risks can be forecast and measured e.g. motor insurance, marine insurance, life insurance etc. This type of risk is the one in which the chance of occurrence can be deduced, from the available information on the frequency of […]

Explanation of Certain items of Profit and Loss Account 1. Salaries Salaries are paid for the services of employees and are debited to profit and loss ac- count being indirect expense. If any salary has been paid to proprietor or partners, it should be shown separately because it requires special treatment at the time of income tax assessment. 2. Salaries and Wages When wages account is included with salaries it treated is as indirect expense and is taken into profit and loss account. 3. Rent Rent of the office shop showroom or godown is an indirect expense and so is debited to profit & loss account. However, rent of factory is debited to trading account. When a part of the building has been sublet the rent received should be shown on the credit side of profit and loss account as a separate item. 4. Rates and Taxes These are levied […]

Ever year, there are hundreds of thousands of people joining insurance business. At the same time, there are also hundreds of thousands of insurance agents leaving the business. Only a small percentage of insurance agents can stay long in the business. Those who stay obviously do well and in fact many of them are top insurance agents. What separates the top insurance agents from the mediocre ones? To excel in insurance business, an agent requires more than just skills and knowledge, it is also about having the right attitude and habits. With billion of dollar spent on products and sales training every year, it is difficult for us to qualify the statement that lack of skills or knowledge is the primary reason leading to poor sales performance. There has to be a more logical reason to explain the root cause of the problem and the likely culprit is attitude and […]

So many questions need not faze you because we are here to guide you on how to choose the best medical insurance plan based on your needs. What points should you consider while buying a medical insurance plan so that your plan comes in handy when it is most required? Let us take a look at the 7 short-listed key points which we think is the secret in choosing the best medical insurance plan for you. # 1 – Decide on the type of plan When buying a medical insurance plan, decide what type of coverage is required – individual or family floater. While individual insurance plan covers only you, a family floater policy is an umbrella policy that covers your family members in the same plan. An individual policy is ideal for you if you are a young adult and do not have dependent parents. At a lower premium, […]

You have a beautiful home full of personal associated with sentimental value. Insuring your home and all your personal items is an important part of home ownership. Homeowners insurance is simply part of the home buying process. In addition to being a good idea to provide peace of mind regarding your home, homeowners insurance is mandatory for those buying a home with a mortgage. Lenders require a borrower to carry homeowners insurance on their home. If disaster hits, whether it be fire, flood or vandalism, homeowners insurance protects you from paying the monetary price of replacement. Having insurance is the responsible and sensible choice. Like any insurance policy, understanding the terms and limitation are vital. Not all natural disasters are automatically covered in a standard homeowner's policy. Typically disasters such as earthquakes and floods are not covered in a standard policy and require additional policy riders covering that specific event […]

According to Bloomberg, 8 out of 10 businesses fail within the first 18 months of operation. That’s a terrifying statistic if you’re a business owner. That simply implies that 80% of those who started blogging or any other online business will fail in it too. Why do businesses fail? What can make your business fail? How can you avoid them? 1. Lack of Planning: For many individuals, they desire to be engaged in a business just to make money or to be able to brag about it. They have no clear-cut idea where they want the business to go. They only plan to start a business but they do not do real planning on how to achieve it. Your plan is like your aim. Planning involves everything you need to do and put in place to get to your aim. If there is a plan without proper planning, it is […]

7 Quick Facts About Flood Damage and How to Better Protect Your Home and Business. The massive flood damage around the Birmingham metro area on April 7th, 2014 caught many residence by surprise. Based on the national Weather Service, more than 7 inches of rain was measured in Vestavia Hills, while other locations in the area reported 5 – 6 inches of rain. The National Flood Insurance Plane (NFIP) was created by the U.S Government to help with the high cost of flood related losses of both buildings and property. Seven Important Facts About Flood Insurance: 1. No one is safe. – People outside of high-risk areas file nearly 25% of National Flood Insurance claims. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage. Poor drainage systems, rapid accumulation of rainfall, and broken water mains can all result in flood. Properties […]

Public liability insurance is an important insurance policy that protects your business during the time of adversities. Especially, if your business handles risky activities like construction, plumbing, etc., or if the public enters into your business premises like in retailing, then this insurance plan is a must have. Owing to the uncertainty of accidents and the huge costs of legal claims, your business may run into crisis if you are not properly guarded by the right insurance plan, i.e. public liability insurance. This article gives you a little insight into the consequences your business might face, if you do not have public liability insurance coverage. Financial burden: Depending on the damage or loss caused to the third-party, the amount claimed may vary. But the third parties generally sue the company for heavy amounts as small amounts do not matter for both company and the sufferers. These claims will add up […]

A summation of proper care for your teeth is not always brushing your teeth day and night, it is also about taking the time out for a proper dental care of both your teeth and gums. Bacteria reside even in the smallest corners of our teeth and escapes completely from the brush. A proper dental check will ensure that you have your gums and teeth in check and the bacterias always dead. Getting a dental insurance will improve the condition of dental care completely. While via normal procedure you have to go through different appointments with different dentist for every portions of your checkup, insurance will let you choose the dentist of your approval which will lead to a cordial relationship between the dentist and you. From a financial point of view, provides more opportunity savings for you as health insurances usually sum up in a big expenditure involving both […]

We have a gift of time. My husband and I are both jobless for the first time since the 1980’s (you can do the math). The obvious and logical choice for most people would be to hit the pavement and search for new gainful employment. We are in the fortunate position that we do not need to worry about young dependents, read “children.” We are also lucky to have very healthy parents. So why not? What are we waiting for? Why are we working? What better way to celebrate by taking some well deserved time off than to travel? These were all used in my heavy negotiating phase. I am lucky enough to have a husband who is willing to try new things and frankly “go along for the ride.” So the planning began back in June and the list was very long. The most important thing was the visa […]