Insurance means equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a risk management form primarily used to hedge against the risk of uncertain loss.
An insurer is selling the insurance; the insured is the person buying the insurance policy.
The money to be charged for a certain amount of insurance coverage is called the premium.
The insured receives a contract which is called the insurance policy, it details with the conditions and circumstances under which the insured will be financially compensated.
WHY DO WE NEED INSURANCE?
Insurance is a risk managing process. When we buy insurance then we transfer the cost of a potential loss to the insurance company in exchange for the premium. Insurance companies invest the funds securely, so that it grows, and pay at the time of a claim.
Insurance helps you:
• Own house, as mortgage lenders need to know that your house is protected.
• Vehicle Accidents, as few people could afford the repairs, medical costs and legal expenses associated with collisions and injuries without coverage.
• Maintain current standard of living, if someone become disabled or have a critical illness
• Cover medical costs like prescription drugs, dental ,vision and other health-related items
• Provide to family at the event of a death
• Run small business by managing the risks of ownership
Life is full of wonder and beauty yet, life is also mysterious and unpredictable as well. With that said, it is best to prepare for the life ahead no matter how long and wild it could be. Insurance companies were created for this reason; preparing for the unexpected. Whether there is a hurricane, earthquake, or fire, there are insurance companies out there that allow people to buy coverage for the unpredictable future. Jackson National Life is such an insurance company that was founded on the principles of helping its customers prepare for the future ahead.
TRICARE is the health insurance program of the US Armed Forces, National Guard and Reserve members, retirees and their families. Tricare is offered to members of the seven branches of the military and their dependents and offers several options including standard Tricare.
The dependents of members of any of the military branches are eligible for TRICARE Standard. The standard plan is suitable for those who prefer to keep their civil doctor rather than switch to a provider Tricare.
If you are involved in an auto accident, instead of relying on the other driver’s insurance to pay your medical bills, your auto insurance is obligated to pay your medical bills for you. They are also required to cover any lost wages that you suffer as a result of the accident. Your insurance is
Sometimes, if the lower income family does have insurance, it does not cover the evaluations and they are very expensive for out of pocket payment. Currently, in some states there are very limited options for people who have Medicaid for their primary insurance. If a psychologist does take Medicaid, the waiting list can be months, even years. It has been established that if a state has better reimbursement schedules, then treatment is more readily available. With the opposite being true with lower reimbursement rates (Thomas, Parish, Rose, & Kilany, 2012).
I believe as a society we have moral obligation to provide healthcare to all the citizens of our nation. How would that become possible is the question? No matter what we choose as the solution to this problem, there will always be pros and cons. I think the answer is socialized medicine. Can a country like the US have socialized medicine?
If You Have Medicare, Then It Is Important To Understand What It Does And Does Not Cover
Prescription drug coverage for seniors was implemented as a part of Medicare in 2004. This coverage is known as Medicare Part D. Medicare D is offered through private insurance. It can be offered through plans that are affiliated with the Medicare Advantage Or A Stand-Alone plan.
The system that was set up by Medicare to provide prescription drug coverage offers a lot of choices.
July 30, 1965 Pres. Lyndon B. Johnson signed a bill into law that led to the establishment of Medicare and Medicaid.
Medicare is a program that provides health insurance for Americans that are of the age of 65 and older and people that are even younger that have severe disabilities or other health conditions.
When Medicare started it consisted of two parts Medicare part
Some people are at a ton of risk, such as being old or having a history of poor health. These people in poor health are more expensive to cover simply because they hold more risk for the insurance company as they require more
Universal Health Care
In the past 100 years, the United States government has endured many difficulties dealing with the faults present in America's private healthcare system. Even though the federal and state governments have tried stepping in more recently and were able to lessen the negative impacts produced by the system, there are many more that still need to be addressed. As of 2014, 33 million people in the U.S. lack health insurance, resulting in more bankruptcies and deaths for those with and without insurance (Right to Health Care).
Healthcare in the United States is in desperate need of reform. There are several rationales to further explain this proposition. As an illustration, the Declaration of Independence states our unalienable rights: life, liberty and the pursuit of happiness. In other words, every individual should be entitled to healthcare as it preserves life and promotes the general welfare. The federal government should, therefore, enact a program of universal health to better protect and serve all of its citizens.
Health insurance is one of the main insurances ones can have in life. Without reliable health insurance any small treatment can wipe out a person financially. " health insurance is a type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured" as defined by Investopedia, 2015.
The term ‘Health insurance’ was firstly discovered in the United States during the civil war.
Central Idea: There are bound to be uncertainties in life and having enough savings is never enough. Hence, having life protection coverage is important to ensure that you have the financial capability to protect yourself and your loved ones.
Main points:
1. Having insufficient insurance protection coverage is very dangerous and worrisome.
Medical insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay for the care
Assignment #2
Question 1: What is the purpose of tort law? What types of damages are available in tort
lawsuits?
Primarily, the purpose of tort law is to provide relief to injured parties for harms and/or damages caused by the person being sued for tort as well as to impose liability on parties responsible for the harm, which is ultimately aimed to deter others from committing harmful acts, whether intentional or unintentional. In tort law, damages extend not only to physical injury sustained and/or personal safety, but also to another person’s property, dignity, and reputation (emotional pain and suffering) that is recognized by statute or common law (protected interest) as a legitimate basis for liability.
