Personal Finance and Investing Blog

Suppose you’re a generally healthy person with a weekend habit of jumping out of helicopters to ski down mountains in the middle of the French Alps? What if you like to ascend ice formations in a sport called ice climbing, or barrel down a twisting paved road while lying on wheeled board? How about if you work a dangerous job? If you find that your adrenaline rush or risky occupation is getting in the way of obtaining life insurance coverage, here’s two ways to prevent being denied coverage or finding reasonable rates: don’t lie, and get trained.

Although hazardous avocations typically come with increased premiums, high-risk insurance specialists can advise you on how to keep your personal premiums from soaring.

Dangerous avocations, as defined by the United States Occupational Safety and Health Administration’s (OSHA), are categorized as “impaired risk,” meaning most underwriters will rule out the most favorable rates, but according to Carol Casey-Odekirk, spokesperson for State. Farm Insurance, people who work dangerous jobs are generally compensated for job risk by their companies, which can offset any increase in premiums.

“Insurers are obviously involved in aggressive underwriting for people with impaired risk, but to do the best job we need to know all the facts pertaining to the risk,” says Gary Dworkin, Immediate Past Chair for the National Association of Independent Life Brokerage Agencies.

While premiums vary based on specific circumstances, taking safety courses and showing expertise in your hobby or occupation can help reduce your rates. The life insurance market is very competitive and rates are often reasonable, so chances are fairly good a risk specialist can find you the best coverage for the right price. Lying or omitting information, however, will not help you.

“Insurers are pretty good about their research, so it’s not a matter of if you lie-it’s a matter of when they catch you. Within the first two years the life insurance policy is issued, insurers have the right to reject claims, refund premiums or nullify the contract if it’s found that they misrepresented information. There’s also a chance of having a claim rejected for fraud,” said Dworkin.

If you are caught lying before a life insurance policy is issued, it goes on your record, which can keep you from finding reasonable rates or being insured altogether, so simply don’t do it.

When it comes to living dangerously, some people don’t just do it for kicks-it’s their day job. Preliminary data from the United States Department of Labor’s 2008 “Census of Fatal Occupational Injuries” listed the following five jobs as the most hazardous, by fatality rate (otherwise known as the chances of surviving, if you are injured on the job). We included an additional five jobs with surprising mortality rates.

1. Fishermen- Sure, they get plenty of fresh air and exercise, but they also have the highest relative risk of death by drowning. Although the DOL listed 38 fatalities in 2008, fishermen have the highest fatality rates of any profession- 111.8 (per 100,000).

2. Lumberjack- With a mortality rate of 86.4/100,000 and 76 fatalities with the reason listed as “contact with objects and equipment,” sometimes being a lumberjack is not OK.

3. Airplane pilots- People who work in the airline industry, particularly pilots, hold the dubious honor of third-most dangerous job in America. With 87 deaths in 2008, they face a grim 70.7/100,000 chance of death every day they go to work. The majority of their deaths are crash-related. Just remember to thank your pilot on your next flight (instead of complaining about the delay).

4. Structural metal workers- Someone has to make sure the buildings go up. Unfortunately, structural metal workers face a huge risk of falling down on the job from an average height of 500 feet or more. Unlike the top 3, metal workers had 40 fatalities listed for 2007, and a mortality rate of 45.5.

5. Farmers and ranchers- Sure, a job in the open country, working with the land may sound ideal, but it loses appeal when you consider how sharp farm implements are, and how a herd of stampeding animals won’t stop because the light went red. With 293 deaths in 2008, farmers and ranchers have a mortality rate of 39.5.

Five surprisingly Dangerous Jobs

1. Driver/sales workers and truck drivers- It’s a life on the open road, which is both a problem and a solution for many people in the transportation industry. Although they have a relatively low fatality rate, 28.2, the DOL also listed a shocking 976 fatalities in 2007.

2. Construction workers- Like structural metal workers, construction workers are integral to maintaining the infrastructure of our society. Although their mortality rate is a relatively low 19.5, their job requires working in a variety of dangerous conditions. As a result construction workers average a staggering 345 deaths per year from falls and traffic accidents.

3. Grounds maintenance workers- It’s a dirty job, but somebody has to keep the grounds looking nice at golf courses, parks and resorts across the nation. Unfortunately, with 160 fatalities listed in 2007, it might not be the hottest job on the market. On a plus note, grounds workers enjoy the lowest mortality rates on this list, 12.0.

4. Policemen and Sheriffs- Despite upholding the law, policemen and sheriffs are subject to the same general rules as ordinary folks with hazardous jobs. Their fatality rates were listed as 21.8, and they only suffered 146 fatalities, with the most common cause listed as “transportation incidents.”

5. Taxicab Drivers- Ever wonder why your cabby is so surly? With an average of 50 deaths per year from violent assaults and a mortality rate about the same as police officers (21.3), they might have earned the right to be a little standoffish. Just remember to make eye contact and smile before your cabby whips out the mace.

How much does a Commercial General Liability Policy cost?

Great question but it is too broad to answer unless, we have all your details to quote. However, generally speaking, I have issued insurance polices as low as $700. Again, you need to contact an insurance broker or agent to find out the total cost because every type of business has a different risk associated with it.

What is General Liability?

General Liability provides a company or individual coverage and protection against losses from a lawsuit. The policy covers defense costs for charges brought forth in a lawsuit, including attorney fees, investigation costs, and other legal expenses. General Liability will cover a company or sole proprietor for damages awarded to a third party in the event of injuries or damage’s which the company or individual insured becomes legally responsible, including loss of use of property claims.

What is an additional named insured?

In a lot of cases Construction contractors frequently require additional contractors to complete different phases of projects and will add the sub contractor to their general liability policies as additional named insureds. It is a precaution in the event that the subcontractor becomes legally liable with charges alleged for their workmanship or the result of an injury to a third party. One example, is an unsafe work site where a person becomes injured because the area was not safe. Insurance companies need to know about all sub contractors and their experience for a contractual indemnity agreement whether they have their own insurance policy or not.

What do I do if I have a claim?

If a claim occurs, you need to immediately contact your agent, broker or insurance company. You will then need to provide all pertinent details on how the claim happened and provide witness information as well as time date and location. Try to gather as much information as you can to make it easier for you and the insurance adjuster.

What is a hold harmless agreement?

Hold harmless agreement’s, promises to reimburse or defend, the other party included on the agreement against legal liability lawsuits or claims brought against by third parties. Hold harmless agreements will transfer the risk of financial loss from one party (the insured) to another party (the defendant). These types of agreements are quite common, however, the underwriter will usually want to see a copy of all hold harmless agreements before they offer a commercial liability quote.

What is Workers Compensation (Workplace Safety Insurance Board) of Ontario?

Workers Compensation (WSIB) insurance provides certain payments to an employee who suffers an on the job injury due to an accident or occupational disease.

Do I need Worker’s Compensation (WSIB) if I am the sole proprietor?

This is a good question and asked quite often. You are not required to purchase Worker’s Compensation WSIB Insurance if you work alone or if you have no employees. You can exclude yourself from Worker’s Compensation by obtaining a waiver of Subrogation.

What happens when an employee injures themself on the job site or work place; does general liability cover them?

Employees are excluded in lawsuits and have no coverage with respect to injuries sustained by the named insured, its partners or members, or to another employee or volunteer. This would be a workers compensation issue.

What is a Certificate of Insurance?

Certificate’s of Insurance are issued as proof of insurance to contract a project. Contractors may have many certificate issued to separate projects. The certificate is a document providing the insureds name, the liability limits, the effective dates of the policy, as well as, the brokers name and address.

In today’s litigious society, even small mishaps can lead to dreadful results and can end up in large lawsuits. That’s why it becomes almost mandatory for many people to opt for personal injury liability insurance. Personal injury liability insurance protects you from liability under the law if you are sued for something you did or didn’t do to cause a personal injury to someone else. If you are an owner of a property or if you drive a car or operate a business, then you are exposed to a legal liability.

The basic purpose of buying personal injury liability insurance is to protect one’s self from claims arising out of some negligence that cause injury or damage to someone else. The insurance coverage pays money to the person who files a claim against you if you are legally responsible for causing injury or suffering to him. For example, if your dog bites the mailman or some guest is injured in your premises, you are protected against the lawsuit by the umbrella of insurance. The law in most parts of the United States has a mandatory requirement of a specific minimum amount of personal injury liability insurance for all property owners, car drivers, and businessmen. Failure to carry the minimum liability insurance can result in cancellation of the license privileges.

The state of Michigan requires all such people to purchase a minimum liability insurance coverage of $20,000 for one individual and $40,000 for more than one individual for bodily injury or death and $10,000 for property damage. Michigan law does not apply to slander or libel claims, intentional acts, diseases you pass on to others or claims by one household member against the other.

Setting up or to give a new life to business is an expensive affair. To meet the business related expenses you need finance from external sources like bank or other financial lending institutions. But to approve the loans you do not have property to place against it. Thus, keeping in view such issues unsecured business loans are enacted.

The unsecured business loans finance all the expenditures related to business which a person will face while setting up a business. This policy also aims to finance the business professionals who seek loans to enlarge their existing business. For every small or bulk business, unsecured business loans allocate or approve funds to business persons so that they can purchase machineries, equipments, sites etc. to strengthen their commercial base.

Unsecured business loans approve loans irrespective of bad credit history. The business professionals which are facing bad credit snag can knock out all the bad credit tags from their credit history with the help of unsecured business loans. Consequently, they can revamp and revitalise their financial status in the market by being regular in repayments.

While looking for a rate of interest, business professionals should pin point the one which suits his repayment ability. Moreover, borrowing of excess fund has a direct portioned relationship with the rate of interest. So, before hunting for rate of interest the applicants should always estimate the expenses and the amount they required. In the competitive market it is not hard to get a marginal rate if scrutinized properly.

The online process of lending unsecured business loans is always preferable. Here the business professionals can approve the loans within less period of time which also saves effort of the applicants. The application procedure is simple and easy and also the data of the applicants enjoys the privilege of privacy.

The unsecured business loans is the appropriate financial solutions for the persons who are unwilling or do not have property to place against the loans.

Do you need Supplemental Medical Insurance? And if you do, how can you find the best rate?

What Is It?

Generally, supplemental insurance is thought of as only for senior citizens on Medicare. However, anyone can buy a supplemental policy.

These policies work with the insurance coverage you already have, acting as an “add-on” to give you extra coverage. With this type of insurance, you typically receive direct cash benefits regardless of what your other insurance pays.

There are three main types of supplemental policies:

* Disease Specific Insurance. This policy pays you cash benefits if you require treatment for a specific disease, such as cancer.

* Accident Health Insurance. This policy reimburses you for medical costs resulting from accidents. It can also pay cash benefits if the accident disables you or if you lose your vision or a limb, finger, or toe. If you die because of an accident, your beneficiaries receive the payments.

* Hospital Indemnity Insurance. This policy provides a daily, weekly, or monthly cash benefit if you’re in the hospital for over a specific number of days.

Should You Get a Supplemental Policy?

Before you consider buying supplemental medical insurance, you must have a good basic insurance policy. Then, you might consider a supplemental policy if you can afford it and you’re at high risk for serious illness, accidents, or hospitalization – for example, if your family has a history of cancer or another serious health problem.

Finding a Cheap Rate

Supplemental health insurance policies cost less than regular health insurance because they offer less coverage and have lower maximum caps.

To find the best rate, do some comparison shopping on an insurance comparison website so you can compare quotes from several companies (see link below).

You can also save money on your policy by choosing one with higher co-payments and higher deductibles.

Unsecured loans are loans where you don’t need to put up any of your assets as collateral for the loan. For this reason, an unsecured loan might seem ideal since it is perceived to be less risky.

However, there are other issues that should be taken into consideration, below is an outline of the advantages and disadvantages of an unsecured loan:

Advantages

Available to both tenants and homeowner

The biggest advantage of unsecured loans is the fact that they make it possible for anyone to borrow money; whether you’re a tenant or a homeowner, you can borrow money without putting up any collateral.

No risk to your home

For those who own a home but would rather not risk it, an unsecured loan is the solution since it doesn’t directly pose a risk to it or your other assets.

Quick completion

Because there’s no title or any other collateral to evaluate, and because unsecured loans are usually in small amounts, loan completion is much quicker than on secured loans, in some cases you can receive the money on the same day of being approved.



Disadvantages

High interest rates

Because unsecured loans are backed only by trust, they’re more of a risk for the lender, the higher the risk the higher it costs to borrow; borrowers with bad credit will face high interest rates if you have a good credit rating however, this will not be so much a problem for you.

Limited loan amounts

If you need to borrow a substantial sum of money, an unsecured loan is not the solution for you; unsecured loans are given in small amount, usually you can only borrow up to