BeNew Insurance

Medical Examination A medical examination and report are often part of the application process for disability insurance policies. The information becomes part of the contract and is attached to the policy. A life insurance health exam is a simple physical. It is part of the underwriting process, or the process your insurer ask you to go through in order to determine your specific characteristics and risks. Using this information helps them determine how much they will charge you for your insurance policy. A health check usually lasts around 20-30 minutes and is usually carried out by a nurse, but it could be another healthcare professional. You do not need to prepare anything in advance, but it’s always worth asking the health centre you are booked in with. During the check-up, you may be asked: -If close relatives have had the illnesses you’re being assessed for -If you smoke and how much -If you drink alcohol and how much -What your typical diet is like -How much exercise yo...

Individual Health Individual health insurance is a type of health insurance that is purchased by an individual, as opposed to through an employer or government program. It can provide coverage for a variety of medical expenses, including doctor visits, hospital stays, prescription drugs, and other healthcare services. Individual health insurance is for anyone who doesn’t have access to employer-sponsored or government-run health coverage. This includes people who are employed by a small business that doesn’t provide health benefits, people who are self-employed, and people who retire before they’re eligible for national health program and have to get their own personal health coverage until they reach the age of retirement. The cost of individual health insurance varies depending on a number of factors, including your age, health status, and the type of plan you choose. You can use a health insurance marketplace like HealthCare.gov to compare plans and find one that fits your ne...

Mortgage Insurance Mortgage insurance is form of life insurance coverage payable to a third party lender/mortgagee that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance helps people to become homeowners who might not otherwise qualify because they don't have the xx% to put down on a home hire purchase payment. It should be noted that mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in your total monthly payment that you make to your lender, your costs at closing, or both. There are two main types of mortgage insurance: -Private mortgage insurance (PMI) is typically required for conventional loans with a down payment of less than XX%...

Reinsurance Reinsurance is a type of insurance that insurance companies buy to protect themselves from large losses. When an insurance company sells a policy, it is essentially agreeing to pay out a certain amount of money if the insured event occurs. However, if the insured event is very large, such as a natural disaster, the insurance company could be wiped out financially. Reinsurance helps to protect insurance companies from these large losses by spreading the risk among multiple reinsurers. A transaction between a primary insurer and another licensed (re) insurer where the reinsurer agrees to cover all or part of the losses and/or loss adjustment expenses of the primary insurer. The assumption is in exchange for a premium. Indemnification is on a proportional or non-proportional basis. With non-proportional reinsurance, the reinsurer agrees to pay a certain amount for each claim that exceeds a certain threshold. For example, a ceding company might buy a non-proportional rei...

Occurrence An accident , including injurious exposure to conditions, which results, during the policy period in bodily injury or property damage neither expected or intended from the standpoint of the insured. The difference between accident and occurrence is that, an accident is a sudden and unexpected event that results in bodily injury or property damage. However, the definition of an occurrence also includes continuous or repeated exposure to substantially the same general harmful conditions. N/B: This should not be confused with occurrence in property insurance which is: an accident, including continuous or repeated exposure to substantially the same general harmful conditions. Example break-ins, fires, burst pipes, or even a dog bite that leads to a liability claim. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

Loss of Use Insurance Loss of use insurance, also known as additional living expenses (ALE) insurance, is a type of homeowners insurance coverage that pays for the additional costs you incur if your home is temporarily uninhabitable due to a covered loss. This could include things like hotel stays, restaurant meals, and storage fees. Additional Living Expenses is the most common loss of use coverage when it comes to home insurance. Policy providing protection against loss of use due to damage or destruction of property. It covers you against those extra expenses you incur because you can't make use of your property. What qualifies for a loss of use for example a replacement vehicle or reimburses you for your transportation costs, while your vehicle is being repaired or replaced after being damaged by an insured peril. You can prove Loss by: 1) The rental value or the amount which could have been realized by renting out the article during the period; 2) The cost of hiring a su...

Residual Market Plan A method devised for coverage of greater than average risk individuals who cannot obtain insurance through normal market channels. I'm simpler terms a residual market plan is a type of insurance plan that provides coverage to individuals or businesses that have been unable to obtain coverage through the voluntary market. The voluntary market is the regular market for insurance, where insurers can choose to underwrite or not underwrite a particular risk. The residual market is a last resort for people who have been rejected by the voluntary market. The residual market exists to ensure coverage is available when insurance companies in the regular market reject an applicant as too risky. Residual Market Plans are used when you are unable to obtain conventional insurance coverage through standard markets. Residual market plans are considered “Markets of last resort”. Therefore residual market plan works with many different programs in place across the countr...