BeNew Insurance

Medical Malpractice Insurance Medical malpractice insurance is a type of professional liability insurance that covers healthcare professionals against claims of injury and medical negligence. This type of insurance can help protect you from claims against you should any arise. This policies are often carried by physicians, nurses, physical therapists, and other medical professionals as a way to be protected from certain liability claims and damages. Medical malpractice is any act or omission by a physician during treatment of a patient that deviates from accepted norms of practice in the medical community and causes an injury to the patient. Medical malpractice is a specific subset of tort law that deals with professional negligence. This insurance cover protect a licensed health care provider or health care facility against legal liability resulting from the death or injury of any person due to misconduct, negligence, or incompetence, in rendering or failure to render professional...

Public Adjuster Professional claims handler/claims adjuster who advocates for the insured/policyholder in assisting and negotiating that insured's insurance claim. Depending on the legal jurisdiction, licensed public adjusters are required to prove competency in a variety of ways; written examination, experience time frames, and background checks. Note that while a public adjuster can assist with the claims process, he or she cannot get you more money than you are entitled to under your insurance policy. Your insurance company provides an adjuster at no charge to you, while a public adjuster has no relationship with your insurance company, and charges a fee for a percentage payment of the insurance settlement for his or her services. If you find yourself in the process of making a claim with your insurance company, you might find it worthwhile to hire a public adjuster. This might be especially true if you feel like the insurance adjuster does not include all the necessary c...

Short-term Disability Short-term disability is an income replacement benefit that provides a percentage of pre-disability earnings on a weekly/monthly basis when employees are out of work on a disability claim. It typically covers off-the-job accidents and illnesses that workers’ compensation would not cover. It is a period of time employees are eligible for short-term disability insurance coverage, typically it will depend on regulations of that jurisdiction. Short-term disability is designed to protect both the employee and the employer if the worker can no longer do their job as a result of illness or injury. When a qualifying event happens, an employee can file a claim with their insurance company to receive the amount of income specified in the policy benefits. Common examples of short term disability events include; suffering broken bones or other injuries that result in being unable to perform day-to-day tasks, illnesses that requires a stay in hospital or at home, (durin...

Extra Expense Insurance Extra expense insurance is a form of commercial insurance that pays for a policyholder's additional costs while recovering from a major disruption. A type of property insurance for extraordinary expenses related to business interruption such as a back-up generator in case of power failure. It provides cash to help you stay in business while your property is repaired or replaced. Businesses that provide continuous services that customers depend on seven days a week, such as data centers, and those that perform essential duties, like hospitals, are good candidates for extra expense insurance. Extra expense insurance kicks in after a business suffers property damage from a peril (or incident) its commercial property insurance covers. In that instance, extra expense coverage would pay for costs such as: -Moving your business to a temporary site while your main location is restored -Buying or leasing equipment for your temporary site -Paying employees over...

Short-Term Medical A short-term health insurance plan can help you with basic medical coverage during a gap in insurance coverage. Premiums for these plans are quite affordable, though they provide fewer “essential health benefits” than comprehensive health plans. Policies that provide major medical coverage for a short period of time, typically 30 to 180 days and can extend to 12 months. These policies may be renewable for multiple periods. You may cancel at any time without penalties. Short-term health insurance can be an affordable solution for those looking for health coverage during transitional periods in their lives. Short-term health insurance coverage will vary based on the plan you choses. Most short-term plans will cover emergency hospital visits, certain prescription medications, and some doctors appointments not related to pre-existing conditions. Most temporary health insurance plans do not cover treatment for pre-existing conditions, maternity care, and mental healt...

Underinsured Motorist Coverage It is an insurance policy option for bodily injury or property losses caused by a motorist with coverage insufficient to cover total amount of losses. Compensation for the injured party is equal to the difference between the losses incurred and the liability covered by the motorist at fault. For instance the policy will provides protection in case of an accident in which the at-fault driver does not have enough insurance to cover all damages. This kind of coverage is a relatively inexpensive add-on/extension to a regular auto insurance policy and can prove to be beneficial in the case of an accident. Underinsured motorist coverage is optional insurance coverage that can be added to an auto insurance policy in some jurisdictions. Such coverage is not mandatory and may be declined, but purchasing it is usually a good idea. Without uninsured motorist coverage, if you are injured or your vehicle is damaged in an accident with an uninsured or underinsu...

Policy Holder In the insurance world, a policyholder which you may also see written as “policy holder” (with a space) is the person who owns the insurance policy. As a policyholder, you are the one who purchased the policy, can make adjustments to it and you are protected by all of the details inside. Policyholders are also responsible for making sure their premiums get paid. For a life insurance policy to remain in force, the policyholder must pay a single premium up front or pay regular premiums over time. The policyholder is the only one who can request changes or cancel an insurance policy, but others may receive coverage under the policy. The difference between policyholder and insured is that the policyholder is the owner of the policy, also called the named insured. They get all the benefits the policy offers. In the case of home insurance, it means they own the home that’s being insured (or their name is on the rental agreement, in the case of tenant insurance) an insur...

Survivorship life Insurance Also known as "second to die" or joint life insurance. Based on two people with an insurable interest (married couple or business partners) and does not pay until both people die. Typically used by high net worth individuals to lessen the estate tax burden on inheritances. Survivorship life insurance insures two people and only pays out the death benefit after both have passed away. It's often purchased by a couple as a means of leaving money to their children, estate planning, leaving a sizeable legacy, or funding a support system for a dependent who may require lifetime care. Survivorship life insurance differs in that it is a policy that is written on two lives. However, both insureds must die before a death benefit is paid in other words, only after the death of the second insured. For this reason, survivorship life insurance is often referred to as second-to-die life insurance. One importance Survivorship life insurance policies is tha...

Loss Run Report A loss run is a document that records the history of claims made against a commercial insurance policy. It includes the types of claims filed in the past, the frequency of past claims filed and the related costs. This data is used by insurers to help figure out how risky a business is to insure. It is analogous to a credit report. Loss run reports are, essentially, the insurance world’s equivalent to credit scores. Just as a bank would want to see your business’s credit score before offering you a loan, insurers want to see a loss history before providing coverage. This report will reflect on how well the business is operating and managed. Insurance companies provide loss runs for most forms of business insurance, including: -General liability insurance -Business owner’s policy -Commercial property insurance -Commercial auto insurance -Workers’ compensation insurance A loss run report will include information including the date of the claim, the amount paid, an...

Rebate (An Unfair & Deceptive Insurance Practice!) In the insurance business, rebating is a the practice of offering payment or other things of value to a consumer to induce the sale of insurance products. An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale. Rebating practice of splitting insurance commissions with the consumer to induce a sale is classified as both an unfair method of competition and an unfair or deceptive act or practice in the business of insurance. Some insurance regulatory bodies are against the practice of rebate, this is due to the fact that it does not seek a level playing field for insurance producers. Rebate gives an unfair advantage to some agents/brokers if they are in a position to offer a portion of their commissions to their prospective clients. Most insurance regulators have the authority to investigate and penalize insurance companies that allow agents or ...

Provisions Policy provisions are clauses or contingencies in an insurance contract are clauses that lay out the exact conditions for which coverage is provided and for what amounts, along with exclusions and other restrictions. Provisions is a broad term used to refer to the sections or clauses of an insurance policy that communicate the policy's benefits, conditions, etc. The essential parts of the policy are declarations, insuring clause, conditions and exclusions. As it determines whether coverage applies and for what amount, it is important for policyholders to carefully read the details and provisions of their policy and understand them. Policyholders can reach out to their insurance advisors for help on how to interpret certain policy provisions found in their policy. Your insurance advisor should have a good idea of how each policy provision works and what to look out for as a consumer. For example in disability insurance the policy provision you will commonly find are...

Pet Insurance Policy Pet Insurance is a health care policy for your pet that will provide reimbursement for specific health expenses that are covered by the policy. Pet insurance is a form of insurance that is often overlooked by pet owners. But, it can help save you from unexpected costs when your cat or dog has an emergency. Pets are like family. When a member of the family becomes sick or injured, you do whatever it takes to fix it. But those veterinary costs can may be at time very high to cover from out of pocket. Veterinary care plan insurance policy providing care for a pet animal (e.g., dog or cat) of the insured owner in the event of its illness or accident. While pet insurance plans have a common foundation of basic coverage, such as injuries and hereditary conditions, there are differences in benefits, prices and extensions. Pet insurance is designed to help cover unexpected veterinary expenses when your cat or dog is sick or injured. Plans may cover up to 80% of the...

Stop Loss/Excess Loss Stop-loss insurance (also known as excess insurance) is a product that provides protection against catastrophic or unpredictable losses. It is purchased by employers who have decided to self-fund their employee benefit plans, but do not want to assume 100% of the liability for losses arising from the plans. Stop Loss/Excess Loss can be applied by the employer either in form of: Specific Stop-Loss: This form of stop-loss coverage protects a self-insured employer against large claims incurred by a single individual. Under a specific stop-loss policy, the employer will be reimbursed when claims for an individual exceed a specified deductible. Aggregate Stop-Loss: This form of stop-loss provides a ceiling to the amount that an employer would pay in expenses on the entire plan, on an aggregate basis, during a contract period. Under this policy, the insurance carrier reimburses the employer after the end of the contract period for aggregate claims. Self-insurance...

Managing General Agent (MGA) A managing general agent (MGA) or a managing general underwriter (MGU) is a specialised type of insurance agent or broker that has been granted underwriting authority by an insurer, according to the International Risk Management Institute (IRMI), and can administer programs and negotiate contracts for an insurer. An MGA’s functions can include binding coverage, underwriting and pricing, settling claims, and appointing retail agents in a certain region, all of which are typically carried out by insurers. At its core, the MGA manages all or part of the insurance business of an insurer and acts as an insurance agent or broker for the insurer, while working as the intermediary between insurers and agents, and/or insureds. MGA are not employed by the insurer, but rather work independently. An MGA typically acts as a middleman between the insurer and the insured. For example, if you have a car accident, your MGA would contact the insurer on your behalf to ...

Substandard Risk - (impaired risk) Substandard risk refers underwriting classification for individuals that have significant health concerns. who is considered riskier to insure than the average individual on account of their age, habits, family history of disease, health condition, occupation, hobbies, morals, and residential location or surroundings. It is also known as impaired risk. The factors that can trigger a substandard risk are for example; -high age, -health issues, -family history of health issues, -drinking alcohol above average, -smoking cigarettes, -using drugs, -a poor driving record, -dangerous occupation, -dangerous habits, -residence in unhealthy surroundings. As seen from the triggers insurers look at family and medical history, as well as driving and employment records to assess risk. Hazardous jobs and dangerous hobbies can also trigger a substandard insurance rating. Higher risk insureds include those that have poor physical health or poor driving records, a...

Long-Term Care (LTC) It is an insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision. A policies that provide coverage for not less than one year for diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting other than an acute care unit of a hospital, including policies that provide benefits for cognitive impairment or loss of functional capacity. The best age to get long-term care is between ages 50 and 65 which is the most cost-effective time to buy. The younger you are, the lower the cost but if you purchase too early, you will be paying premiums for a longer period of time. Long-term care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods. ...

Death Benefit A death benefit is a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured or annuitant dies. It is the primary reason someone purchases a life insurance policy; it's the amount of money your insurer will pay out to your beneficiaries if you die during the policy's term For life insurance policies, death benefits are not subject to income tax and named beneficiaries ordinarily receive the death benefit as a lump-sum payment. Beneficiary needs to be specifically designated in the life insurance policy. There can be more than one beneficiary and in practice, there often is a beneficiary does not have to be a person it can also be an entity such as a charity, family trust, or even a business Beneficiaries must submit to the insurer proof of death and proof of the deceased's coverage. If an estate exists, the executor named in the will or the administrator named by the Court to administer the estate applies for the deat...

Universal Life Insurance In is a type of permanent life insurance. With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill any other requirements of their policy to maintain coverage. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest. Universal life insurance offers lifelong coverage, provides flexibility when it comes to paying premiums and choices for how the policy's cash value is invested. A standard universal life insurance policy's cash value grows according to the performance of the insurer's portfolio. Yes an insured can cash in a universal life insurance policy but it is determine by many factors, Withdraws from a policy's cash value reduces its death benefit, and have varying tax implications. With universal life insurance, you can receive life...