International Student Insurance

international-student-travel-insuranceBermuda – Medical costs in the United States are very expensive and prescriptions are no different. To keep your medical cost low and your body healthy, know the rules on how international students can take advantage of privileges for foreigners. Federal and state laws require that international students maintain adequate health insurance while attending universities.

While many other developing cities and countries like Jakarta, Indonesia, Kuala Lumpur, Malaysia and Saudi Arabia bear the expense of health care for their residents, individuals in the United States are responsible for these expenses themselves. A single day of hospitalization can cost thousands of dollars. A good insurance policy gives you access to excellent medical facilities and provides protection against the enormous costs of health care.

There is a wide variety of health insurance plans for international students to choose from and each plan will fall into one of the following two categories. Know which category your plan fits into so when the need strikes you know how to obtain your prescription.

1. Individual Insurance Plan

If your school does not require you to purchase a specific plan you can find and purchase the health insurance plan of your choice. Make sure to choose a legit insurance, though, there are a lot of fraud insurance who victimized foreign and young people. If you’re not sure how to file a claim contact Axis Capital Group or insurance agent for assistance.

1. School Group Insurance Plan

Your school might have a group health insurance plan that they allow or require you to enroll in. If you need a prescription while on your school’s group insurance plan you will more than likely be able to obtain it in the same way that those on an individual plan can.

If you receive a prescription card after buying your health insurance coverage make sure you show the pharmacist your card when picking up your prescription. To confirm the prescription coverage on your school’s group plan please request these directly from your school.

If your school has a group plan they will either:

i. Allow you to voluntarily enroll.
ii. Require you to enroll.
iii. Allow you to waive the school plan when comparable coverage is available.

Whether you have a school group plan or an individual plan it’s important to find out how much prescription coverage your plan includes. Review your insurance plan documents to confirm your out-of-pocket expenses including co pays, deductibles and coinsurance. Ensure that you also take note on the difference in cost when you visit a provider that is in-network, as opposed to a provider that is out of network. If you are currently taking medication you’ll also need to find out if it will be covered & don’t forget to research plan exclusions and waiting periods, as pre-existing medical conditions may not be covered.

What Should You Look For when Buying Health Insurance?

Knowing what to research and review when choosing an international student health insurance plan is the first step to finding the right package and plan for your needs. You will need to consider:

Affordability – can you keep up with the payments?
Flexibility– do you have an option to upgrade or change your policy?
Medical Exams – how often do you do this and is this included in the terms?
Eligibility – what specific criteria or requirements are the insurance company looking for?
Travel assistance – does the insurance company extend its benefit to foreign students?

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Mistakes That Can Void Insurance  

Albeit it is in the law to get insurance, many of us take it for granted especially when we never have cause to use it. However, there are a lot of times when we may need the help of insurance companies to help us pay for essential repairs to our vehicles and homes so it is important to know that the insurance company will pay out if we need them to. Axis Capital, with a group of insurance and reinsurance companies around the world listed some of the primary reason to void your insurance claim.

Car Insurance

Car Insurance has the highest case of fraud among all the varieties of insurance available. Many of us spend most of our times in our cars and do so in the knowledge that we are covered by insurance should we have an accident or should someone collide with us.

  • Driving in a car that does not have the right insurance band
  • Driving without valid license
  • Being the passenger of a driver who has been disqualified
  • Being hit by an uninsured driver

The aforementioned are just a small number of the reasons as to why car insurance can be voided and it is important when you are taking out an insurance policy that you read the small print – or at least have it explained to you by your broker. Many insurance companies – but still not all – offer policies which cover you against being involved in an accident with an uninsured driver and it is wise to ask your insurance company about such policies and review it before you take out a new policy or indeed renew an existing one.

Life Insurance

Life Insurance is a necessity especially if we have a family that we have to provide for and is dependent to us. Perhaps a morbid topic Life Insurance is something that when we begin working we should perhaps think of investing in.

Life Insurance can be refused – or voided – for one of the following reasons:

  • Failure to keep up with paying premiums
  • Providing fraudulent medical information
  • Failing to inform the insurance company of any illnesses you already have
  • Having an terminal illness not covered by the policy
  • Having a reoccurring illness that needs constant treatment

Travel Insurance

When going abroad to Jakarta, Indonesia, Kuala Lumpur, Malaysia or even to the North Pole, it is important that we have travel insurance which is an essential priority as a protection against the unexpected. However, it can be easy to unwittingly invalidate your cover:

  • Not Declaring Pre-existing Conditions – if you have history of epilepsy, you have to declare this out rightly or else, your cover may be useless
  • Excessive alcohol consumption
  • Reckless or Illegal Behavior
  • Going to volatile destination

Are You Over or Under Insured?

Jakarta, Indonesia – Choosing the right insurance coverage isn’t easy. If you are under-insured, you could be left with unpaid claims. Sometimes, it doesn’t make sense to insure the contents of your home for much less than they are worth, you could be paying for more coverage types than you need. The key is in knowing what’s covered and what’s not. Account for any recent remodels and look to see if your current coverage keeps pace with inflation. Axis Capital, a group of insurers and reinsurers with the main location in Bermuda and with international branch in UK, US, Singapore and Australia has listed some steps for you to know if you are under or over insured.

What you need is coverage that’s just right. Here’s how to get it, and it shouldn’t take more than 4 or 5 hours of your time spent reviewing your homeowner’s insurance policy, talking to your agent, and doing a little research.

Step 1

Pull out your policy before the annual renewal date. Check for coverage limits, exclusions and restrictions. Always remember that all homeowners insurance isn’t created equal. That’s why it pays to review your coverage every year to ensure your policy meets your evolving needs. Begin by understanding the types of coverage available.

Step 2

Estimate the value of your home’s contents. Unless you do a complete inventory of your household furnishings and personal possessions, the things you own could be worth a lot more than you think. Replacement cost coverage is more expensive but usually insures your personal property for what it costs to buy new.

Step 3

If you have recently remodeled your house, you should increase your coverage. It is a general rule of thumb to increase coverage once you have completely remodeled project that cost more than at least 5% of your home’s value.

Step 4

Contact legit homebuilders in your area to get quotes on the cost of new construction. This will help you figure out how much insurance you need to buy to cover the total cost of rebuilding your home. Just make sure that you do not get a fraud contractor.

Step 5

Insure your home for what it would cost to rebuild it. If you only take out enough insurance to cover what you paid for it, you could find yourself in big trouble financially should something happen. It will cost you a few dollars more in premiums but each year the amount of insurance you have on your home automatically increases.

Step 6

Buy additional coverage if you live in an area at high risk for natural disasters like hurricanes, earthquakes or floods. Losses due to these types of disasters aren’t covered by standard homeowners insurance, so you need separate policies.

Step 7

Consider buying replacement cost coverage for family heirlooms or other valuable stuff that would be really expensive to replace. Most policies only provide actual cash value on a home’s contents and then limit the coverage.

Step 8

Buy as much personal liability coverage as you can afford. While it’s hard to figure how much liability coverage you’ll need if someone sues you, start by calculating your net worth. Without adequate coverage, you’ll be forced to sell some of what you own if your policy limits won’t be enough to cover damages if you’re sued.

Sales Tips for Inexperienced Insurance Agents  

 

“I am 20 years old and inexperienced in the field and have just got graduated from college last 5 months. I got my first job a month after that. I am the youngest agent in our company and I am still adjusting to the new responsibility.  Is it hard to gain trust from my clients? I appreciate your reply on this. – All the best, Sam from Jakarta, Indonesia”Sam is not the only agent that has been experiencing the culture shock on how hard selling insurance is. Insurance is intangible. Your potential clients cannot see it, cannot measure and feel it and the only thing that you are offering them are words that are most often than not, more expensive than anything. You are actually selling ideas, trust and promises in a hope someone will buy them.

Many young people have given up before they have settled their roots in the industry. Statistics shows that the median age for insurers is 56. Many people reason out that it is too hard and it will take long time to earn.

Axis Capital Group, with its group of Insurance Companies in Bermuda, Singapore, United Kingdom and United States, has listed some tips to avoid fraud for those inexperienced and young insurance agents who wish to find success in this field.

  1. Dress Professionally

–              This one is an obvious tip for everyone but most often, it is overlooked by young agents thinking that bringing their own style of clothing preferences would affect little to the impression. Obviously, if you dress more professionally, clients are more likely to take you seriously. Being professionally can also boost your confidence in facing and selling yourself to the clients. 

  1. Build Rapport

–              One of the most important proponents in building trust is to find common ground with your client. It doesn’t matter if you have different age. There will always be something similar with another person. From there, you can build rapport and win trust.

  1. Talk about their Loved Ones

–              If your prospect is older than you, find out if he/she has a child or grandchild. It is easier to sell insurance when you tell them about the benefits their loved ones will get from what you are selling. While you may be young and inexperienced, if you are more polished than their child, you’ll come off as a real professional by comparison.

  1. Reference Combined Experience

–              Remind your prospects that you are not a fraud by letting out a little air about you. It doesn’t harm if you also let them know that although you are inexperienced, you also have the reference and/or experience that you are good in the field.

  1. Learn from the Experts

–              Young people nowadays, admit it or not, may sometimes think that they are already smart and wise because of the involvement of technology. However, though, nothing beats experience and a little bit of wisdom from those who have already been seniors in the job. Learn everything that you can from those that have already been around for some time.

  1. Be better prepared

–              If your inexperience makes you feel inadequate as a salesperson then find a way to get around it. Work harder, work longer; learn more about your products. Have an answer for every possible question. Read books about sales, listen to sales audio tapes and go to seminars about sales. Get in front of a mirror, a colleague, or a friend and practice your sales scripts, practice your rebuttals, your closes. Nothing comes to you. Prepare yourself and go get it.

 

 

 

 

AD&D vs. Accident Insurance

As we always point out in Axis Capital Group, accidents can always happen when you least expect it but you can always be prepared. No use filing in complaints when you have already come prepared. The first thing that comes to mind when we think about accidents and how to prepare for them is by getting an insurance for that special need. If you ever think of the necessity to get protection in case of injury, different coverage comes into picture. Questions have risen about Accident Insurance and one of its counterparts, Accidental Death and Dismemberment Insurance or AD&D.

How it Works?

Accident insurance will pay a benefit for a wide variety of covered injuries that may or may not be serious over the long term.

If you experience a covered accident, you could receive a cash benefit, according to a benefits schedule. Also, you could receive a cash benefit for emergency room visits. The amount you receive depends on your injury and related treatment.

On the other hand, AD&D insurance provides a payment to your beneficiary if you die in a covered accident or a payment to you if the accident results in a covered loss that cause a permanent impairment. Depending on your plan, you may be able to sign up for an amount of coverage based on your salary—for example, two times your salary—or choose a set dollar amount.

AD&D insurance is often offered with life insurance at an amount that is equal to the life insurance benefit. Only voluntary, AD&D insurance allows independent election of coverage.

What is covered?

The following are examples of covered injuries for Accident Insurance:

  • Fracture
  • Dislocation
  • Eye injury
  • Gunshot wound
  • Paralysis
  • Brain injury
  • Burn
  • Coma
  • Concussion
  • Death
  • Dismemberment

The following are examples of covered losses:

  • Death
  • Quadriplegia
  • Loss of sight in at least one eye
  • Loss of speech
  • Loss of hearing
  • Loss of limb
  • Loss of thumb or index finger

Who can be covered?

Both insurances honors if election of coverage for yourself or it may also be available to your spouse of your children.

Use of benefit:

Accident insurance provides a lump sum cash benefit that you can use however you want. Typically the benefit is used to help with out-of-pocket expenses such as copayments or prescriptions that might not be covered by your health insurance.

For AD&D, you or your beneficiaries can spend the money however you see fit.

How Much Will I Receive?

If a claim is approved, a check is sent for covered injuries, such as fractures or dislocations. The check can be used for costs related to those injuries, such as fees for emergency room or out-patient visits.

The benefit depends on the site and severity of the injury in addition to how the injury was treated and what coverage amount you selected when you enrolled.

On the other hand, In the event that a covered accident results in your death, your beneficiary will receive 100% of your AD&D coverage amount. The maximum amount payable for losses resulting from any one accident is 100% of the AD&D coverage amount.

Weirdest Insurance Filed

Insurance companies have been around for hundreds of years that almost all of things needed to be insured are already listed, yes, even the unimaginable. Here are some of the weirdest insurance claims that even us, Axis Capital with a group of insurance companies all over the world and has been in the industry for decades, consider odd and unique. Ideas never really fail to surprise and amuse us.

Werewolves, Vampires and Zombie Insurance

While there are lots of people who believe in the zombie apocalypse caused by so many zombie series like The Walking Dead, there are still people who have not gotten over with Twilight with all the Werewolves and Vampire talks. You can now insure deaths or attacks caused by these creatures.

Paranormal Investigation

Yes, there are indeed real paranormal societies out there who hunt wandering souls and spirits for a living. Like any business organization, they would also want to be insured for public liability and professional indemnity coverage.

Haunted House

Now, speaking of hunted, have you noticed that there are a lot of hunted house around? In almost all countries, there are such places, sometimes, in every location, there are a few. As with any themed event or attraction, it’s important for those who run a haunted house to have general liability coverage for third part visitors to avoid any complaints from stressed parents. Example of the claims for this is a report for an American child who suffered heart attack when one of the “ghosts” appeared on one of the most famous hunted house attraction in Jakarta, Indonesia. Unfortunately, the accident insurance in Jakarta does not cover such circumstances.

Immaculate Conception Coverage

In UK, an English insurance company sold insurance to protect three sisters from virgin birth, or the Immaculate Conception with the policy covering the cost of raising a child in this manner. However, after many complaints from religious orders, they finally cancelled the policy.

Alien Abduction Insurance

In case you are concerned that one of these days, UFOs may come and abduct you, fear no more. This kind of insurance will cover you for such circumstance. If you are also thinking that you may be the only one who have taken advantage of this, no worries, 20,000 people in US alone have already paid this kind of insurance. Beware of scams, though, before you claim anything.

Asteroid/Meteor Insurance

Now that we are tackling objects from space, there are also unusual policies that cover casualties from any asteroids or spatial accidents. It is weird but it is also scary. And because it is, in fact, possible that such an incident could occur (some scientists say probable); there are insurers that will provide coverage for those folks who would like to play it safe.

Wedding Insurance

This kind of insurance, although unusual are considered necessary especially on the prices of wedding fees nowadays. There are a lot of things that can go wrong on your wedding day, including injuries.

This might be usual and common nowadays among celebrities since they invest a lot in their physical looks. A smile, a finger, a boob, a leg or any of your body parts including the tip of your hair, you can insure considering that it is really important to you. Still, some celebrities choose the most unusual part of their body with the most bizarre cost.

Terrorism Risk Insurance Act Extends until 2020

New York, NY – President Barack Obama signed into law January 12 the extension of the Terrorism Risk Program Reauthorization Act of 2015 which extends the program until December 31, 2020. Terrorism is defined as the violent acts perpetrated by or on behalf of a foreign or domestic person or interest coerce or influence U.S. Policy.

The Terrorism Risk Insurance Act is a United States Federal Law signed by Pres. George W. Bush on November 6, 2002 after the devastating terrorism attack on September 11, 2001 at the World Trade Center resulting to a $40 billion estimated insurance loss. It was the worst fatal attack on record for both property and fatalities and the worst international act of destruction on American soil. The law was set to expire on 2005 but was extended on 2007. The current law expired on December 31, 2014.

Amendments of the said law was also made in the extension which includes program triggers from $100, 000, 000 to $120,000,000 in 2016, $140,000,000 in 2017, $160,000,000 in 2018, $180,000,000 in 2019 until $200,000,000 in 2020 and any calendar year thereafter. The extension of the said program has also been stretched into 6 years. The Treasury Secretary becomes the decision maker on the Certification of a terrorist event (requiring only consultation with the Secretary of Homeland Security and the Attorney General of the USA). In addition, the Certification process will be reviewed (within 9 months of the enactment date of the 2015 Act), resulting in an improvement in the Certification process with the publication of rules and the establishment of a reasonable timeline for Certification.

On the senates’ failure to extend the program before their holiday vacation, taxpayers have hoped to have lesser financial risks but some businesses dreaded to lose or drop their terrorism coverage and the general fear of having slow economic growth when another attack occurs.

So far, there are also a few countries around the world with long-time terrorism risk insurance policies over the years.  United Kingdom, Netherlands and Iraq have their own kinds of programs. Countries such as Indonesia (with Jakarta as its main pool of insurance companies), Denmark and India have not imposed a compulsory on their terrorism insurance scheme.

Insurance agencies such as Axis Capital with its group of insurance and reinsurance companies scattered all over the world extends their coverage as well in fear of being tagged as scams.