Mesothelioma Fraud with Safeguards

Mesothelioma is a condition of respiratory cancer, which is incurable till today. This cancer is caused by inhaling asbestos fibers which lines the inside of the lungs and brings about this disease. Most cases of Mesothelioma are caused due to asbestos breakage or wear either at work or at places of residence. Mesothelioma does not show until years have past from the time of ingestion. So people who suffer from Mesothelioma are not very certain as to how and where they got it from i.e. if they have been moving about and jumping jobs very often.

People who are detected with Mesothelioma have a zero survival rate and they are hungrily approached by lawyers, who want to make good money quickly. The first Mesothelioma case was filed in 1966 but was lost, the second asbestos related malignant Mesothelioma case was filed immediately after this one, for a co-worker of the first person who brought the case and this was won, with the victim getting $80000. This was way back in 1966 where inflation had not taken its toll as it has now. In 2001, for a Mesothelioma case being awarded the victim stood to get about $1 million, with the lawyer getting about 40% of the booty and if the case did go to trial then the victim got up to $6 million.

With all the money that is being made in Mesothelioma cases, a lot of racketeering and scams have started with people trying to falsify evidence to tap into the money that is being made available. Even genuine Mesothelioma cases are being approached by lawyers and they are conned into signing in with them. These lawyers then leave the victims high and dry with no money left to even pay their bills.

There are also fraud cases on the other side of the fence, where there is proof of companies knowing that Mesothelioma being an asbestos related cancer tried to hide the information from as early as the 1930s. Companies too have observed that the statistics of Mesothelioma patients are higher among those who have been exposed to asbestos in their area of work. There are also known cases of safety officers falsifying documents to pass certain constructions which are unsafe where the asbestos hazard is concerned. The case of Saverio Todaro is similar to this; he was formerly a New York safety inspector, who fraudulently passed about 200 constructions in their toxic reports. He pleaded guilty on March 26th 2011 for 11 counts of felony spanned over a decade.

However, the larger part of this scam in Australia is performed not by the doctors or safety workers but by the lawyers. The manner they operate in is as follows -

• They chase people to detect Mesothelioma and create publicity by having these people medically checked at places like motels, union halls, shopping centers and parking lots for the asbestos related disease.

•The lawyers then convince you that you carry the disease and make you assert your claims without having any symptoms or medical reference.

• They then play with the justice system and make the civil justice themselves give the lawyers’ evidence requirements along with the proximate cause.

• They then go forum shopping looking for jurisdictions that are friendly and biased towards the plaintiffs attorney.

• These lawyers then develop a racketeering gang of physicians, clinics and x-ray readers who are willing to carry out test and even interpret them into a report that will favor the Mesothelioma lawyer.

• The layers then induce the victims to the idea of making good money and as per their study the victims always want to get more out of the company they work for. So, with the victims working in league with the lawyers, they are promised a hefty sum of money to co-operate with them.

With all that is happening in these scenarios, the biggest sufferer of these scams is the medical insurance sector. However, these insurance companies are monetarily fueled by the people themselves. So when the claims are paid off, it is actually a robbery of people’s money and when the people really fall victims to ill-health, then the insurance sector tries their best to turn down the genuine claims. As they are normally successful as the claims, unlike the Mesothelioma claims which are backed by viscous money laundering lawyers. The viscous cycle therefore continues.

For these lawyers to secure their illicit income, they then find the need to purchase politicians, who have the power to slow down the progress of the laws that combat these scams. This significantly handicaps Civil Justice and companies that have even the slightest association with asbestos can suffer huge claims at the hands of these scam generators.

Another Act of these scam lawyers is that they produce to the courts Mesothelioma cases in bulk, which is done so that the concerned judiciary will not take time to address each case under the microscope and observe them individually. On close inspection it can be noticed that the lawyers note on the victim does not say exactly as what the doctor’s certificate says and even the x-ray report does not tally. Some of these cases that come to the Australian courts have an x-ray report without any actual x-ray been taken. These lawyers never allow the victims to go to their own family doctors for the report and x-ray.

A genuine Mesothelioma case is distinguished, when it comes individually to the court and has a report from a genuine clinic. It must be understood that Mesothelioma is a rare cancer and by the sheer amount of cases coming and making claims for the disease, something surely smells fishy.

So for a person who has a genuine case of the disease, it is advisable to pick a lawyer who not only has a history of dealing with Mesothelioma cases but has a spotless record where these scams are concerned. To conclude, as long there will be people thinking that they can beat the system, there will always be scam runners like these Mesothelioma lawyers.

Mesothelioma Lawyers: One’s Fortune, Another’s Misery

After realizing the fact that you’ve Mesothelioma, the first most important thing you must do, is find a good Mesothelioma lawyer. Obviously, first you need to diagnose it and start some immediate health treatment, prior to searching for a lawyer. It might happen that, you must have received the asbestos exposure due to someone’s negligence. Presently, frenzy is taking place between the victims of Mesothelioma and the lawyers of Mesothelioma. At an average, a Mesothelioma case is settled at around 1 million dollars, today. As an enormous amount is at stake, it’s clear that why they want to have the best Mesothelioma lawyer for them.

On an average, 2000 - 3000, new Mesothelioma cases are reported every year. The number of cases reported has increased since 20 years as people are being made aware and getting known to the cause of exposure to asbestos. If you’re able to identify the symptoms of Mesothelioma, the right Mesothelioma lawyer will help you in recovering all your medical fees. There are even cases, where your Mesothelioma lawyer helps in receiving some extra money to work out your additional problems such as lost of work time and many more.

In 1966, the first case of asbestos caused Mesothelioma lawsuit was filed. After the first one, many others who were suffering from Mesothelioma caused due to asbestos filed their cases. It came to light that the senior managers were aware of the place infested with asbestos but they preferred hiding it from the employees. Even after knowing the link between Mesothelioma as well as asbestos, the managers hid it. After knowing about the cause, the employees even began to find a Mesothelioma lawyer for them.

There are many products in our homes which are related to asbestos. In the past, in spite of realizing the dangers of asbestos, some companies used it in the products such as, carpet pads and home insulation. In Australia, you would easily be able to find out a Mesothelioma lawyer for you if you have suffered from asbestos exposure in your workplace.

Sell Annuity Payments

An annuity can be a good source of long term income, but sometimes having access to all of that money would be much more helpful at the current time. FairfieldFunding can quickly buy your annuity payments for cash, and get you the money that you need right now. When you sell annuity payments to FairfieldFunding you can be sure that you will receive top dollar and the process will happen very quickly.

FairfieldFunding Can Help You Get The Cash You Need

So many Americans receive structured settlement or annuity payments in the future, but as the economy continues to struggle many are now looking for ways to accelerate the money due to them. While the insurance companies do not allow the terms to be changed, FairfieldFunding can assist you in selling the annuity payments for a maximum payout. Every annuity recipient has different needs, and our professional team can put together a custom solution that meets every one of those needs. Our team can help you sell annuity payments for top dollar.

Our Expertise & Knowledge Is Unmatched

FairfieldFunding makes it possible for annuity recipients to cash out an asset that they already own. We are one of the leading annuity buying companies, and as a direct funder we are able to get deals closed and finalized much faster than the competitors. Our team is also very active in the legal aspect of buying and selling annuities, ensuring that the transaction is smooth and follows all applicable laws, both state and federal. When it comes time to sell annuity payments, our legal department and accounting department work together to make sure all documentation is handled correctly, resulting in the client walking away with the cash he or she desired.

We can also work along side your attorney, accountant and financial advisor during the process, since this is an importantfinancial decision. Once we agree to a deal, our team will get everything prepared to finalize and close out the transaction.

“I am scheduled to receive a fairly large annuity over the next 20 years but had a slight financial setback. I was in need of money, but I had everything tied up in the annuity and the insurance company would not allow me to withdraw from it or make any changes to the original terms for that matter. I contacted FairfieldFunding to discuss my desire to sell annuity payments and we were able to work out a buyout that got me the cash I needed, and then I was able to take the rest and invest the rest. Thanks FairfieldFunding!” – Harry G – Detroit, Michigan

What Is Your Annuity Worth?

You can find out exactly how much your annuity is worth by speaking with one of our consultants. We offer a free, no obligation valuation of your current annuity. Fill out the contact form above and one of our annuity consultants will contact you right away to structure a quote that meets your specific needs.

If you are interested in finding out how to sell annuity payments then contact us and we can show you why we are the structured settlement company of choice when it comes to selling structured settlements and annuity payments. There is no charge to find out what your annuity is worth. We will offer you more money than any other company, along with a smooth transaction.

Mesothelioma Law Firms: Why Sokolove Law

Mesothelioma Law Firms: Why Sokolove Law

Sokolove Law, LLC is a trusted mesothelioma law firm. We are the first truly national law firm with an office and a licensed attorney in almost every state. Our founder James Sokolove’s passion and commitment to legal access and public service has helped bring justice and compensation to over 2,000 victims of asbestos-related diseases and cancers — and their loved ones.

Sokolove has 30 years of experience pursuing asbestos claims and our mesothelioma attorneys know the best ways to help victims of asbestos exposure get justice and compensation. Our nationwide network of mesothelioma attorneys helps provide equal access to our nation’s court system — regardless of income or race. Our national reach allows us to help victims in any state, and maximize the value of their cases and potential mesothelioma settlements.

Choosing a National Mesothelioma Law Firm Is Important

It all comes down to maximizing dollars that mesothelioma victims may be entitled to. At Sokolove Law, we are not limited to filing mesothelioma lawsuit cases in certain states. As a national law firm, we will file wherever your mesothelioma or asbestos-related claim can be best litigated, maximizing the value of your case.

• Some states, such as Illinois and California, may value asbestos-related injuries differently. Sokolove Law and our co-counsel mesothelioma law firms have offices in both states.
• Many asbestos companies claim Delaware as their corporate home. Sokolove Law handles Delaware cases.

We are advocates for our clients and are here to serve you first. Our staff of experienced mesothelioma paralegals is here to answer any questions you might have about filing a mesothelioma lawsuit.

Cited From: Mesothelioma Law Firm | Sokolove Law http://www.sokolovelaw.com/legal-help/mesothelioma-law-firm#ixzz2aL8QlqEy

type of insurance

Closed community self-insurance

Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religiousgroups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.

In the United Kingdom, The Crown (which, for practical purposes, meant the civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether.

Insurance companies

Insurance companies may be classified into two groups:

·         Life insurance companies, which sell life insurance, annuities and pensions products.

·         Non-life, general, or property/casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories.

·         Standard lines

·         Excess lines

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.

In the United States, standard line insurance companies are insurers that have received a license or authorization from a state for the purpose of writing specific kinds of insurance in that state, such as automobile insurance or homeowners' insurance.^[27] They are typically referred to as "admitted" insurers. Generally, such an insurance company must submit its rates and policy forms to the state's insurance regulator to receive his or her prior approval, although whether an insurance company must receive prior approval depends upon the kind of insurance being written. Standard line insurance companies usually charge lower premiums than excess line insurers and may sell directly to individual insureds. They are regulated by state laws, which include restrictions on rates and forms, and which aim to protect consumers and the public from unfair or abusive practices.^[27] These insurers also are required to contribute to state guarantee funds, which are used to pay for losses if an insurer becomes insolvent.^[27]

Excess line insurance companies (also known as Excess and Surplus) typically insure risks not covered by the standard lines insurance market, due to a variety of reasons (e.g., new entity or an entity that does not have an adequate loss history, an entity with unique risk characteristics, or an entity that has a loss history that does not fit the underwriting requirements of the standard lines insurance market).^[27] They are typically referred to as non-admitted or unlicensed insurers.^[27] Non-admitted insurers are generally not licensed or authorized in the states in which they write business, although they must be licensed or authorized in the state in which they are domiciled.^[27] These companies have more flexibility and can react faster than standard line insurance companies because they are not required to file rates and forms.^[27] However, they still have substantial regulatory requirements placed upon them.

Most states require that excess line insurers submit financial information, articles of incorporation, a list of officers, and other general information.^[27] They also may not write insurance that is typically available in the admitted market, do not participate in state guarantee funds (and therefore policyholders do not have any recourse through these funds if an insurer becomes insolvent and cannot pay claims), may pay higher taxes, only may write coverage for a risk if it has been rejected by three different admitted insurers, and only when the insurance producer placing the business has a surplus lines license. Generally, when an excess line insurer writes a policy, it must, pursuant to state laws, provide disclosure to the policyholder that the policyholder's policy is being written by an excess line insurer.

On July 21, 2010, President Barack Obama signed into law the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA"), which took effect on July 21, 2011 and was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The NRRA changed the regulatory paradigm for excess line insurance. Generally, under the NRRA, only the insured's home state may regulate and tax the excess line transaction.

Insurance companies are generally classified as either mutual or proprietary companies. Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies.

Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. However, not all states permit mutual holding companies.

Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyd's organizations.

Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.

Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well.

Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.

The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance.

Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:

·         heavy and increasing premium costs in almost every line of coverage;

·         difficulties in insuring certain types of fortuitous risk;

·         differential coverage standards in various parts of the world;

·         rating structures which reflect market trends rather than individual loss experience;

·         insufficient credit for deductibles and/or loss control efforts.

There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client.

Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.

The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies provide information and rate the financial viability of insurance companies.

type of insurace

Insurance financing vehicles

·         Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations.

·         No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident.

·         Protected self-insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information.

·         Retrospectively rated insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium × tax multiplier. Numerous variations of this formula have been developed and are in use.

·         Formal self-insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self-insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords.

·         Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.

·         Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others):

·         National Insurance

·         Social safety net

·         Social security

·         Social Security debate (United States)

·         Social Security (United States)

·         Social welfare provision

·         Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.

Types of insurance

 

Types of insurance

Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the US typically includes coverage for damage to the home and the owner's belongings, certain legal claims against the owner, and even a small amount of coverage for medical expenses of guests who are injured on the owner's property.

Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.

Auto insurance

Coverage typically includes:

1.    Property coverage, for damage to or theft of the car;

2.    Liability coverage, for the legal responsibility to others for bodily injury or property damage;

3.    Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

Most countries, such as the United Kingdom, require drivers to buy some, but not all, of these coverages. When a car is used as collateral for a loan the lender usually requires specific coverage.

Gap insurance

Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the companies specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60 month or longer terms. Gap insurance is typically offered by your finance company when you first purchase your vehicle. Most auto insurance companies offer this coverage to consumers as well. If you are unsure if GAP coverage had been purchased, you should check your vehicle lease or purchase documentation.

Health insurance

Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance protects policyholders for dental costs. In the US and Canada, dental insurance is often part of an employer's benefits package, along with health insurance.

Accident, sickness and unemployment insurance

·         Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc. Short-term disability insurance covers a person for a period typically up to six months, paying a stipend each month to cover medical bills and other necessities.

·         Long-term disability insurance covers an individual's expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled.

·         Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.

·         Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.

·         Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

Casualty

Casualty insurance insures against accidents, not necessarily tied to any specific property. It is a broad spectrum of insurance that a number of other types of insurance could be classified, such as auto, workers compensation, and some liability insurances.

·         Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.

·         Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions could result in a loss.

Life

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. In most states, a person cannot purchase a policy on another person without their knowledge.

Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies, are regulated as insurance, and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that aretiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities andendowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

In many countries, such as the US and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.

In the US, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables (mortality, market return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs) may be better alternatives for value accumulation.

Burial insurance

Burial insurance is a very old type of life insurance which is paid out upon death to cover final expenses, such as the cost of a funeral. The Greeks and Romans introduced burial insurance circa 600 CE when they organized guilds called "benevolent societies" which cared for the surviving families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose, as did friendly societies during Victorian times.

Property

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. The term property insurance may, like casualty insurance, be used as a broad category of various subtypes of insurance, some of which are listed below:

·         Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refuelling operations for international airports through to smaller domestic exposures.

·         Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.

·         Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage arising from any cause (including the negligence of the insured) not otherwise expressly excluded. Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril.^[22]

·         Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease.^[23]

·         Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage. Earthquake insurance policies generally feature a high deductible. Rates depend on location and hence the likelihood of an earthquake, as well as the construction of the home.

·         Fidelity bond is a form of casualty insurance that covers policyholders for losses incurred as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.

·         Flood insurance protects against property loss due to flooding. Many insurers in the US do not provide flood insurance in some parts of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.

·         Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), provides coverage for damage or destruction of the policyholder's home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner's responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.^[24]

·         Landlord insurance covers residential and commercial properties which are rented to others. Most homeowners' insurance covers only owner-occupied homes.

·         Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.

·         Supplemental natural disaster insurance covers specified expenses after a natural disaster renders the policyholder's home uninhabitable. Periodic payments are made directly to the insured until the home is rebuilt or a specified time period has elapsed.

·         Surety bond insurance is a three-party insurance guaranteeing the performance of the principal.

·         Terrorism insurance provides protection against any loss or damage caused by terrorist activities. In the US in the wake of 9/11, the Terrorism Risk Insurance Act 2002 (TRIA) set up a federal Program providing a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was extended until the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 (TRIPRA).

·         Volcano insurance is a specialized insurance protecting against damage arising specifically from volcanic eruptions.

·         Windstorm insurance is an insurance covering the damage that can be caused by wind events such as hurricanes.

Liability

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

·         Public liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way.

·         Directors and officers liability insurance (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting from errors made by directors and officers for which they are liable.

·         Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.

·         Errors and omissions insurance (E&O) is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third-party administrators (TPAs) and other business professionals.

·         Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament.

·         Professional liability insurance, also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called medical malpractice insurance.

Credit

Credit insurance repays some or all of a loan when certain circumstances arise to the borrower such as unemployment, disability, or death.

·         Mortgage insurance insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name "credit insurance" more often is used to refer to policies that cover other kinds of debt.

·         Many credit cards offer payment protection plans which are a form of credit insurance.

·         Trade credit insurance is business insurance over the accounts receivable of the insured. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment.

Other types

·         All-risk insurance is an insurance that covers a wide range of incidents and perils, except those noted in the policy. All-risk insurance is different from peril-specific insurance that cover losses from only those perils listed in the policy. In car insurance, all-risk policy includes also the damages caused by the own driver.

·         Bloodstock insurance covers individual horses or a number of horses under common ownership. Coverage is typically for mortality as a result of accident, illness or disease but may extend to include infertility, in-transit loss, veterinary fees, and prospective foal.

·         Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations.

·         Collateral protection insurance (CPI) insures property (primarily vehicles) held as collateral for loans made by lending institutions.

·         Defense Base Act (DBA) insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, foreign nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.

·         Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.

·         Kidnap and ransom insurance is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking.

·         Legal expenses insurance covers policyholders for the potential costs of legal action against an institution or an individual. When something happens which triggers the need for legal action, it is known as "the event". There are two main types of legal expenses insurance: before the event insurance and after the event insurance.

·         Livestock insurance is a specialist policy provided to, for example, commercial or hobby farms, aquariums, fish farms or any other animal holding. Cover is available for mortality or economic slaughter as a result of accident, illness or disease but can extend to include destruction by government order.

·         Media liability insurance is designed to cover professionals that engage in film and television production and print, against risks such as defamation.

·         Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. (See the nuclear exclusion clause and for the US the Price-Anderson Nuclear Industries Indemnity Act.)

·         Pet insurance insures pets against accidents and illnesses; some companies cover routine/wellness care and burial, as well.

·         Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.

·         Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.

·         Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.

·         Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities.

·         Tuition insurance insures students against involuntary withdrawal from cost-intensive educational institutions

·         Interest rate insurance protects the holder from adverse changes in interest rates, for instance for those with a variable rate loan or mortgage

·         Divorce insurance is a form of contractual liability insurance that pays the insured a cash benefit if their marriage ends in divorce.