tag:blogger.com,1999:blog-68110915225575760342024-03-08T09:02:49.184-08:00Workers Compensationwahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-6811091522557576034.post-43599472071663228852013-02-08T19:01:00.003-08:002013-02-08T19:01:33.829-08:00Nurses Affected by Back Pain in Disproportionate Amounts<div style="text-align: justify;">
Back pain is one of the most common ailments that people suffer from, landing people in the doctor's waiting room for this reason over any other with the exception of colds and upper respiratory illnesses. In fact, statistics indicate that more than six million people see physicians each year due to back pain. Frequently, these trips to the doctor are a result of improper lifting. It's a primary injury not just to the population in general, but in particular affecting industrial workers and caregivers. According to studies, nurses are second only to employees in the heavy industry field for back pain ailments, which can trigger expensive nursing home workers compensation claims.<br /><br />When people are assailed by back pain, it's not only a painful process but also an expensive one. Medical fees, the amount of lost wages, and the cost to rehabilitate injured workers adds up to untold amounts, but insurers indicate that the costs exceed more than a staggering $11 billion annually in terms of reimbursed medical claims and payment for lost wages for back pain alone. This amount is further amplified when one considers the time lost in production, administrative fees, and the amount of time necessary to find and train replacements for the employees who are out with a back injury.</div>
<a name='more'></a><br /><br />Follow the five rules of lifting<br /><br />Bending, lifting, and carrying tasks are a part of most nurses' daily routine. Nurses can help prevent back pain caused by remembering these five techniques:<br /><br />Begin with a wide support base-that is, spreading the feet about hip width (rather than keeping the feet close together) to form a more stable base and increase stability.<br /><br />Keep the object to be lifted close to the body-whether it's a case of supplies or a patient, make sure the center of gravity of the object being lifted is within one's own base of support. This will help balance the object much easier and more safely, helping to prevent tipping over or dropping the lifted object.<br /><br />Lift with proper form. Keep the back straight, bend the knees and hips, and lift from the lower body, not the back.<br /><br />Leave the twist on the dance floor. In order to make a change in direction, turn safely by shifting the feet in small, incremental steps.<br /><br />Overhead lifting is best left to others. Reaching overhead can cause instability because it raises one's center of gravity. Reduce the amount of reach by using a sturdy chair or stool that won't roll or shift.<br /><br />Nurses have one of the most demanding jobs on the planet, and the tasks they perform every day leave them vulnerable to injury. Help reduce the number of nursing home workers compensation claims by educating the caregiving staff to watch their backs-literally.<br /><br />Richard L. Hunt is an Insurance Agent for Caitlin Morgan Insurance Services in which they are located in Indiana. Caitlin Morgan specializes in Captive Solutions, Nursing Home and Assisted Living Insurance and Worker's Compensation.<br /><br /><br />wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-9617222498702876852013-01-29T19:03:00.000-08:002013-02-08T19:04:00.393-08:009 Tips For Flying Through A Workman's Compensation Insurance Audit<div style="text-align: justify;">
Depending on your policy anniversary date, it may be time to prepare for your annual workman comp audit. Please find below 9 helpful tips for preparing for your workman's compensation insurance audit. The number one goal is to be prepared and save yourself time and anguish! The audits certainly go by faster when you have all of the information prepared ahead of time.<br /><br />1. Verification - the auditor will need to verify your business name, address, tax id, and all business address locations.<br /><br />2. The auditor will need a brief description of your operations.<br /><br />3. How is the company formed? Is your company a sole proprietorship, partnership, LLC, or incorporated. The auditor will need to know each owner's name, title, duties, and wages.<br /><br />4. Group your employees into classes. For example, if you own a restaurant the majority of the staff will fall into the restaurant category, but you would want to classify the bookkeeper as clerical. You will want to group their gross payroll into these classes. Then, you will also need to know the dollar amount of overtime that was worked by class as well as the dollar amount of vacation/holiday pay.</div>
<a name='more'></a><br /><br />5. Did you company issue any 1099s? If no, then you are good to go. If yes, be ready to provide a copy of the 1099 to the auditor as well as a description of the work they performed for you. Also, the auditor will ask if this person has their own workman comp insurance. If they do, you will need to provide the auditor with a copy of their workman comp insurance. If they do not, they will probably be included in your payroll for the audit depending on what function they performed for you company.<br /><br />6. Does your company own an airplane for company business? If yes, the auditor will determine what additional information they will need.<br /><br />7. Be prepared to provide the number of full time and part time employees as of the end of the policy period.<br /><br />8. The auditor will also need to know how many work shifts you have in a given day. In addition, what is the maximum number of employees that would work in a given shift?<br /><br />9. The auditor would need to know if you have any alcohol sales. This is usually used with restaurants in determining if they should be classified as a restaurant or a bar.<br /><br />Being prepared is the key ingredient to having a successful and smooth workman's compensation audit.It is a necessary part of running a business to go through these types of audits; however, the more prepared you are then the smoother the audit will go for you.<br />wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-17005100323086801622013-01-07T19:10:00.000-08:002013-02-08T19:10:54.243-08:00How To Buy Workers Compensation Insurance In Maryland<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
By the early 1990's, all states had at least some sort of
protection for people hurt while on the job. This protection, however,
was very limited in that the process of filing a lawsuit against an
employer was difficult and very time consuming. Negligence by the
employer was almost impossible to prove and the legal aspect was
complicated and expensive; these auxiliary overheads coming at a time
during which no benefits were awarded to the injured workers out of
their jobs. Because of this, workers' compensation (also workman's
compensation or workman's comp) laws were passed, providing a legal
solution to the problem. Workers' compensation was a new kind of
insurance which all employers were required to obtain to protect their
employees.</div>
<div style="text-align: justify;">
In
determining whether or not an injury falls under the coverage blanket
of workers' compensation, there first has to be an established and
genuine employee-employer relationship. The laws only protect employees.
For example, neither a person working as an independent contractor with
a business, nor the individuals in a partnership would be protected by
the law. People in these categories (and others not mentioned) can elect
to follow the statutory procedure necessary should they wish to obtain
the insurance.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
The next requirement for filing a workers'
compensation claim is whether or not the injury was an accident (a
sudden unusual or extraordinary event the causes an unexpected result in
the form of bodily injury). In order for injuries to be compensable
under the Maryland Workers' Compensation Act, they must be classified as
an accident. An exception to the rule is an occupational disease. If a
worker contracts an illness attributed to the nature of the
circumstances surrounding his or her job, they may be protected even
though there was no specific accident.</div>
<div style="text-align: justify;">
The third requirement for
compensation under the Maryland Workers' Compensation Act is that the
accident must arise "out of employment" and "in the course of
employment." The focus of the first aspect is on the exposure of the
employee to a risk or danger because of their job requirements. For
example, a roofer who was injured when he fell off a house while
replacing its shingles would meet the conditions for an injury that rose
out of employment. The focus of the second aspect is time, place, and
circumstances of the injury. If the injury occurs during the time in
which the employee was at work, in the employer's place of business, and
while the employee was performing their job, the injury is said to have
arisen in the course of employment.</div>
<div style="text-align: justify;">
If all three of the
requirements are satisfied, a worker's injury will generally be covered
by workers' compensation insurance. Often times, an investigation of the
claim is necessary. If an individual believes they have a compensable
injury, they must file a claim with the Workers Compensation Commission
and it will be reviewed to determine the type and any amount of benefits
to which the worker may be entitled to.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-3520973634508796252012-12-07T19:04:00.000-08:002013-02-08T19:05:08.718-08:00Use Ergonomics to Drive Down Workers Comp Costs<div style="text-align: justify;">
Working at a busy tire dealership is a demanding job. Employees are typically surrounded by moving cars and trucks, heavy parts, sharp objects, dangerous machinery, and slippery surfaces due to all manner of fluids and oils that leak from vehicles. The simple act of bending and straightening to install tires day in and day out can be very taxing on the body, let alone the stress involved in hoisting heavy tires on and off a vehicle.<br /><br />Ergonomics is the study of workplace equipment in order to reduce injury or discomfort and thus improve productivity. It's important to apply ergonomics when possible in the workplace to help reduce the instances of cumulative trauma disorder, which is a type of injury that occurs due to the stress of repetitive motions. Training employees to perform their tasks with an ergonomic focus can help limit the number of injuries sustained on the job, which can in turn help tire dealerships lower their workers compensation premiums. Here are some of the common workplace risk factors that can cause damage or injury to the musculoskeletal system; many if not all of them are typically present at a tire dealership:</div>
<a name='more'></a><br /><br /> Performing forceful exertions and movements.<br /> Holding the body in extreme postures and performing extreme or repetitive motions.<br /> The exposure of the body to exertions, movements, etc.<br /> Exposure to vibration and cold temperatures.<br /> Rest periods and labor interruptions that are too brief.<br /> Certain types of work that is stressful (such as assembly-line work or other work that is paced by machinery; quota fulfillment or close monitoring of an employee's performance).<br /> Hazardous environmental factors (such as noise, slippery surfaces, coming into contact with extremely hot objects, and so on).<br /><br />Improve working conditions (and productivity)<br /><br />By establishing workstations with a focus on ergonomics, that tactic alone can help reduce on the job injuries, as working at a station that is too low or too high can trigger those extreme postures and motions that have been defined as risks. The height of a work surface should be based on the height of task that is being performed and the height of the object that the employee is working on. Four inches above elbow height is often appropriate for fine work such as mechanical assembly.<br /><br />Simply enabling workers to perform more comfortably-without stooping or stretching for long periods of time-is a great start to making the workplace safer; at the same time, employers shouldn't be surprised if workers become more productive when their bodies no longer are subjected to excessive strain.<br /><br />Employers should consult a professional insurance agent to learn more about how to protect employees in the workplace. An agent can provide information that will help improve overall safety as well as offer access to tire dealerships workers compensation programs.<br />wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-76885528147936744112012-12-06T19:08:00.000-08:002013-02-08T19:08:34.445-08:00Types of Extended Leave to Take From the Job<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
When you are injured on the job, or suddenly become ill, you may
become worried about missing work. If you only work part-time or have to
take off for an extended time, it is understandable to have such
concerns. You may think that if you do not work, you will not get paid,
or that if you are out for too long you may lose your job. However, you
may qualify for either workers' compensation or various forms of
disability. There are a number of factors that allow you to do so, and
some of those factors are covered below.</div>
<div style="text-align: justify;">
Workers' Compensation</div>
<div style="text-align: justify;">
If
sidelined by an injury or an illness that happened on the job, you may
qualify for workers' compensation. This is payment for any time missed
at work due to being hurt or sick. To receive payment, you must be an
employee, and your injury or sickness must be work-related. In addition,
some states may require the company to have insurance for workers
compensation. However, the laws vary from state to state.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
Disability</div>
<div style="text-align: justify;">
An
employee may also qualify for disability, either short- or long-term.
The primary difference between this and workers' compensation is that
the former covers injuries that happen outside of work or are not
related to the job. Short-term typically covers up to two weeks, while
long-term could stretch over a number of months.</div>
<div style="text-align: justify;">
With disability,
an employee is often required to work with a company for a specific
amount of time, as a fulltime worker. In addition, the payout is often a
percentage of what he or she normally makes, typically a minimum of
50%. After the short-term period ends, if you are still considered
unable to work, you may qualify for long-term disability, which is up to
a city or state employment board.</div>
<div style="text-align: justify;">
Sick Leave</div>
<div style="text-align: justify;">
If your injury
or illness is more temporary, there is always the option of taking sick
leave. These are days allocated to usually fulltime employees who
suddenly become ill or involved in an accident. For new employees, it
could be anywhere from 3-5 days, with more accruing as they progress
within the company.</div>
<div style="text-align: justify;">
Part-timers normally have to take off at their
own risk, since they do not normally get paid leave. Therefore, when
they call out sick, they do so with the consequence of receiving a
lesser paycheck.</div>
<div style="text-align: justify;">
The rules and regulations may vary, so when
taking a new job or if you face an upcoming medical procedure, you may
want to consult with your human resources director.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-46132524284765447402012-11-14T19:09:00.000-08:002013-02-08T19:10:00.664-08:00How Can a Purchasing Group Work for You?<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
Back in the 1960's and later in the 1980's, the products
liability and medical malpractice crisis caused the federal government
to diverge from its historical practice of leaving the regulation of
insurance to the states. Based on a medical liability market where
doctors and other health care providers could not obtain insurance
covering their negligent acts, the Liability Risk Retention Act of 1986
was passed. 15 USCA 3901 (1986).</div>
<div style="text-align: justify;">
Tucked
away in the law is the enabling legislation for an insurance mechanism
known as a Purchasing Group ('PG"). The PG law authorizes otherwise
unaffiliated commercial enterprises to assemble into a common enterprise
or group when buying liability insurance. The law includes prohibitions
against the states discriminating against these groups by any state
regulation that attempts to prevent their existence or interferes with
the federal law's intent in allowing insurance buying groups certain
product advantages for their members.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
The specific advantages
mentioned by the law include policy forms, premium rates and other
coverage advantages provided to only members of the group. The idea
being that a group may increase its buying leverage when working in the
insurance market and the federal government saw this market dynamic as a
viable and cost effective response to the insurance crisis resonating
throughout the country.</div>
<div style="text-align: justify;">
One physician may not receive much a
response from a billion dollar insurance company, but a group of several
hundred may successfully get their premium rated on the group's
experience and not industry wide experience. The PG law was part of the
Risk Retention Group law which also creates federally authorized
insurance entities known as Risk Retention Groups, but that is fodder
for another story.</div>
<div style="text-align: justify;">
Form & Rate</div>
<div style="text-align: justify;">
PG's offer an insurance
professional many advantages when confronting a marketplace that too
often moves slow and provides little opportunity for product improvement
through unique policy forms and rates. As an example, PG's provide an
efficient strategy for confronting the many varied form and rate filing
requirements demanded by the states. As a PG, the states are preempted
from raising objections to a policy form that offers the group unique or
different coverage simply because it is policy coverage for the group
alone. The same benefit in responding to a state's regulation of premium
rates is available. The states are blocked by the federal law from
rejecting a rate filing made on behalf of a PG because the filing allows
for a group discount or otherwise interferes with the groups buying
leverage with the insurance industry.</div>
<div style="text-align: justify;">
Other Advantages</div>
<div style="text-align: justify;">
Advantages
in policy coverage's, premium pricing, policy limits and distribution
restrictions also support the development and use of a purchasing group
for your insurance program. The federal law also enables a sponsoring
broker or association to charge a fee to offset the expenses of
developing and managing the purchasing group. Brand awareness, buying
power and data development all are outcomes that are related to the
proper operation of purchasing group.</div>
<div style="text-align: justify;">
How?</div>
<div style="text-align: justify;">
The
organizational process is much like any new insurance organization.
There is the entity organizational process and the insurance regulatory
application process. The States require specific registration
information and forms for each new purchasing group either formed or
intending to do business in their state. Professionals such as attorneys
and insurance managers can guide you through this process that
typically requires sixty days. Once the entity is organized and the
regulatory application process is complete, the purchasing group can
begin conducting business and purchase insurance for its members.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-53716503825388279712012-11-04T19:11:00.000-08:002013-02-08T19:11:36.277-08:00Save Money on Workers' Compensation Insurance by Implementing Return to Work Program<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
Workers' Compensation can be expensive, but it is mandated by the
government that businesses carry it. The cost of Workers' Compensation
is determined by a company's Experience Modification. The Ex Mod takes
into account previous loss history, so the more losses and the bigger
the losses the more you pay. Obviously the way to keep the lowest
premium is to have zero losses, but if a loss does occur there are
certain things that a business owner can do to limit the loss and in
turn save money down the road. One program that a business can
implement, to keep their Ex Mod lower, is a Return to Work program.</div>
<div style="text-align: justify;">
Return
to Work (RTW) is also referred to as Modified Duty or Transitional
Work. Return to Work is a process that an employer can set up to bring
injured employees back to work quickly and safely. When an employee is
injured badly enough that they cannot perform their regular duties an
employer can bring them back to work doing a different task that is not
as physical, as long as the physician Okays it. For example, if a roofer
hurts his knee and cannot resume his normal job activities he may be
able to help file in the office or just be an assistant to the manager.
The positions that are created do not have to be full-time; they just
need to be enough to keep the employee busy and still earning some
money. </div>
<a name='more'></a>By the employee working and earning money again it limits the
amount that the insurance company pays the employee for lost time, and
when the insurance company pays less it will not increase the Ex Mod as
much. Another benefit of RTW is that it gets the employee back into
their regular routine faster. When a person gets used to laying on the
couch everyday it can sometimes be difficult to get motivated to go back
to work. By getting the employee off of the couch it also stops them
from seeing the many commercials for Workers' Comp attorneys that play
during day time TV. In addition, since the employee is still coming to
work everyday it is easier for the employer can make sure that the
employee is attending physical therapy sessions and other medical
treatments as they should.<br />
<div style="text-align: justify;">
Some Workers' Comp insurance companies
will help you set up your own Return to Work program. If your insurance
company will not help you create your own Return to Work program talk to
your insurance agent and they should be able to help you.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-23891539936021715012012-10-17T19:12:00.000-07:002013-02-08T19:13:02.701-08:00How Does The Ownership Of Your Business Affect Your Workers' Compensation Insurance Premium?<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
When you decided to go into business and considered all of the
options and benefits associated with the different types of ownership,
it probably never crossed your mind that your choice may in fact affect
the amount in premium that you pay for Workers' Compensation Insurance
coverage. Not only does your type of operation and number of employees
affect your premium, business ownership also has a financial impact.</div>
<div style="text-align: justify;">
Whether
or not you as the business owner will be included, excluded, or not
eligible for coverage will depend primarily on the type of legal
structure that you are currently operating under. Here is a quick
overview of whether your earnings as an owner may be included for
premium purposes based on some common entity types:</div>
<div style="text-align: justify;">
<strong>Individual</strong>:
Individually owned 100% by proprietor. Not eligible/excluded from
coverage under the Ca Workers' Compensation Insurance system, therefore
earnings will not be included for premium purposes. May elect however to
be included for coverage.</div>
<div style="text-align: justify;">
<strong>Partnership</strong>: Each general partner is assumed to own equal shares. <em><strong>General Partners</strong></em>
can choose to be excluded from coverage under the CA Workers'
Compensation Insurance System. The earnings of all General Partners who
choose to be included for coverage will be picked up at the Partner
minimum, not to exceed the Partner maximum, as set annually by the
Workers Compensation Insurance Rating Bureau (WCIRB). The
minimum/maximums for 2012 are $ 40,300.00 and $ 104,000.00 respectfully.
Partners that are non-working and not paid are not eligible for
coverage.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
<strong>Limited Liability Company</strong>: Each member is assumed to own equal shares. <strong><em>Managing members</em></strong>
may choose to be included for coverage under the CA Workers'
Compensation Insurance System. The earnings of all managing-members who
choose to be included for coverage will be picked up at the Officer
minimum/maximum. All working and paid members will be picked up at their
actual compensation rates. Managing members that are non working and
not paid are not eligible for coverage.</div>
<div style="text-align: justify;">
<strong>Corporation</strong>:
Voting shares determine percentage of ownership. All officers and Board
of Director Members while providing services for pay for a quasi-public
or private corporation shall be included for coverage and such earnings
will be limited to the Officer Minimum/Maximum, however when the
officers and directors hold all shares in a private corporation, they
may elect to be excluded from coverage. All working and paid corporate
officers that do not hold stock will be picked up at the officer
minimum/maximum. Any officers that are non working and not paid are not
eligible for coverage.</div>
<div style="text-align: justify;">
The rules concerning ownership are very
complex and can have a very large financial impact on your business.
Knowing which questions to ask you Insurance Broker may save you
thousands of dollars in additional premium resulting from changes in
ownership not disclosed to your Carrier due to outdated information
contained in your Brokers files or because you failed to notify your
broker or Carrier of any subsequent changes in ownership.</div>
<div style="text-align: justify;">
Arm
yourself with useful information and save yourself thousands of dollars
in premium! Additional information can be found in the Experience Rating
Plan, which is part of the California Code of Regulations or contact
your Insurance Broker. Also, consider a separate disability insurance
policy for income protection for business owners; it may save you
hundreds or thousands of dollars in Workers' Compensation premium
annually.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-51986467635448522662012-10-05T19:09:00.000-07:002013-02-08T19:09:23.611-08:00Why You Should Get Insurance For Your Business<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
Insurance has bagged a lot of misconceptions from people all over
the globe. They just think of insurance in a negative light even if
they have no idea what is general liability insurance or so.</div>
<div style="text-align: justify;">
A
lot dislike insurance because it is expensive. They find it a total
rip-off because they are not able to get something out of it right away.
It is natural for people to want things that are actually felt and
seen, over those that are not. Insurance is not one of those that can be
seen and touched because it is intangible and it's not even something
for the present.</div>
<div style="text-align: justify;">
Rarely do businessmen appreciate asking for a
workers compensation insurance quote from their insurance agent. They
believe that this would be a burden to them. But they can actually
benefit a lot from it. Here are some of them:</div>
<div style="text-align: justify;">
1. Preparing for the
future-like personal insurances, business insurances also help you
prepare for your future. You can never tell what will happen in the
future. No one knows exactly when or how, but it is likely that some
incidents would occur in the future. To protect your business, you
really have to prepare for it.</div>
<div style="text-align: justify;">
2. Taking care of assets and
employees-Insurance covers a variety of aspects in your business even
your human resources. These are the things that compose the core of the
business. These are the priced jewels of all businessmen. If one is
paralyzed the business will go down the drain. Insurance can aid you in
case something happens to your most valued assets.</div>
<div style="text-align: justify;">
3. Earning
savings-you might feel bad about paying for insurance upfront. But
looking at it in a long term view you can actually earn savings from it.
Think of the cost in case your client files a suit against you. If you
have insurance it will be able to take care of this matter.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
4.
Giving you peace of mind-You will really be secure if you know that
there's insurance to back you up. There's nothing more important in
business than to take care of those that give you your profits. It's
even more important than money itself.</div>
<div style="text-align: justify;">
These are just some of the
perks for insuring your business. Knowing this, you might actually want
to get a general liability insurance quote now. But before you do that,
keep in mind that you have to be careful in choosing the insurance
company that you deal with. If not, then the money you worked hard for
will be wasted. Take care of your business and your business will take
care of you.</div>
</div>
wahyudihttp://www.blogger.com/profile/07866602412602509177noreply@blogger.comtag:blogger.com,1999:blog-6811091522557576034.post-40536160855072235682012-09-05T19:11:00.000-07:002013-02-08T19:12:15.211-08:00Understanding the Need for Income Protection Insurance<div id="article-content" style="text-align: justify;">
<div style="text-align: justify;">
All men and women are very much aware they they've to work pretty
much till their last day of retirement (and perhaps even beyond that)
in order to earn their bread and butter. Most of the people consider the
capacity to pool the financial resources as the greatest monetary
asset.</div>
<div style="text-align: justify;">
Income
Protection Insurance is considered as insurance policy that ensures
compensation throughout the lifetime in the unfortunate event that the
policy holder gets incapacitated for life-time, and becomes unable to
work because of accident or illness thereafter. IPI policies were
formerly known as Permanent Health Insurance.</div>
<div style="text-align: justify;">
By registering with
the income protection insurance, the person can secure almost 75 percent
of his monthly wages, when he is not physically healthy to work for
certain time period.</div>
<div style="text-align: justify;">
Men and women who are not certain about the
terms and conditions of the insurance policy can take the financial
advisory assistance. This is because those professionals are very much
willing to help you in managing the monetary resources in right manner.</div>
<a name='more'></a><br />
<div style="text-align: justify;">
<b>Benefits of Income Protection Insurance</b></div>
<div style="text-align: justify;">
Income
protection insurance offers you several benefits when compared with the
other insurance policies like accident, unemployment insurance,
sickness and personal accidents.</div>
<div style="text-align: justify;">
Benefits related to income
protection insurance are payable when the policy holder becomes
incapacitated. The policy depends upon the terms of contract. Benefits
should be paid on regular basis and are exempt from tax.</div>
<div style="text-align: justify;">
Insurance
companies cannot refuse or cancel the policy provided to the policy
holder, if he/she has paid the premium on-time throughout the tenure of
the policy.</div>
<div style="text-align: justify;">
<b>Benefit Limits </b> - Usually, benefits are limited
to certain extent or to some percentage of the normal earnings of the
policy holder. The limit will be around seventy percent of gross
earnings. It could be less than 70 % for high earners.</div>
<div style="text-align: justify;">
<b>Pricing</b>
- IPI policies are expensive due to the guarantees that are offered by
the policy. Premium decreases as deferred period increases. Options like
'any occupation' and 'suited occupation' or 'own occupation' will
reduce the policy cost.</div>
<div style="text-align: justify;">
<b>Taxation</b></div>
<div style="text-align: justify;">
Premiums that are
paid by employers for providing the coverage for their employees are
tax-deductible. Benefit payments that are paid from policy, following
the illness or accident of the policyholder are free of National
Insurance contributions and income tax.</div>
<div style="text-align: justify;">
<b>Regulation</b></div>
<div style="text-align: justify;">
IPI
policies are also called long-term insurance and they are regulated by
FSA- Financial Services Authority under the rules of Insurance Conduct
of Business Sourcebook.</div>
<div style="text-align: justify;">
This regulation requires insurance company to keep the contract records for 6 months.</div>
</div>
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