Spreading the Risk: Basics of Insurance

While all of us have or want to have some type of health insurance, be it short term health insurance, visitors insurance, or comprehensive long term insurance, we rarely wonder about how insurance actually works. Let us look at some of its basic principles. The rationale behind insurance is the minimizing of risk. It corresponds to Man’s needs to keep most of his life planned and taken care of. While insurance does not prevent the actual event from occurring, it takes care of the financial impact of the event. How insurance accomplishes this is by the transference of risk. The […]

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How Does Insurance Work?

Whether it be visitor medical insurance, student insurance, or immigrant insurance, the principles of insurance remain the same. Many people are puzzled as to why their insurance premium is higher than their neighbors’. Insurance follows certain basic principles, and all the variables you see—the deductible, the premium, the co-pay—are related, and affect each other. Insurance works on a basic principle—the spreading of risk over large numbers. So, in effect, when 100 people purchase international travel insurance for $100 each, the insurance company receives $10,000, which is then used to settle the claims of those who are exposed to the risk […]

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The Story of Insurance–from Goods to Eyebrows!

These days, you can purchase many types of insurance plans at a mere click of a mouse—right from visitors’ insurance to international student insurance. And you can insure pretty much anything too—from your voice, to your shapely legs, if you’d so like. But insurance wasn’t always so inclusive. The only things considered worthy of insurance were goods that were traded. The earliest concept of paying for insurance was pioneered by the Babylonians as early as the 16th century BC and was used by merchants who set out to sea. They paid an extra sum to their money lenders so that […]

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Insurance That Follows You Around the World

You’ve just been transferred to your European office—a dream come true for you. However, did you know that your term life insurance may not be valid if you pass on when living in a foreign country? If the unthinkable happens when you are in your new station, how can you ensure that your family stays protected financially? Enter international life insurance with overseas coverage. With a suitable plan such as MNU’s IC+ Term Life insurance, you can receive coverage for up to 10 years. The plan maximum is $2 million, and if you are applying for more than $350,000, you […]

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Insurance Under the Hood: The Underwriting Process

When purchasing visitors medical insurance or travel medical insurance (or any insurance plan, for that matter), you would have seen the name of a company listed as the insurance plan’s underwriter. What exactly does the underwriter do? Let’s find out. An insurance underwriter is the person or company that assesses the typical risk that a plan represents for the company, and how much it should charge for a particular plan. Typically, this figure is arrived at after working with detailed numbers and applying complicated actuarial formulas on them. For example, if you are a 75-year-old man, your risk of claiming […]

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Insurance Removes Mental Stress of Short-Term Dental Cover

If you’re planning to live in the United States for an extended period of time (more than six months), you will realize the need for USA dental insurance. You will find that most short-term insurance plans do not cover dental care, except damage to natural teeth due to accidents. Regular dental check-ups, however, are necessary to maintain dental health, and it is a good idea to purchase dental insurance separately. There is a wide range of dental insurance plans available in the market. One such plan is the Secure DentalOne plan. The plan offers three coverage options, with differing benefits: […]

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Say Cheese with Confidence after Dental Insurance

One type of insurance for visitors that is often ignored at great peril is USA dental insurance. When visiting the United States, short-term health insurance plans do not cover dental care, unless it is required after an accident. However, dental care can be an important part of a person’s health, especially if the trip is expected to last over six months. For senior citizens and those with a higher incidence of dental problems, it makes sense to purchase dental insurance if their trip will last over three months. Remember that dental care in the United States is expensive. In fact, […]

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Without Insurance, Food Allergies Leave Bad Taste

Sometimes, international travel health insurance can leave a bad taste in your mouth. Let’s say your friend is traveling to Korea. Just as she starts to enjoy the strange culinary delights of the country, all goes downhill. While eating her dessert after a heavy dinner, she is hit by a severe allergic reaction that requires her to be hospitalized. She didn’t know about her allergy, but her international travel health insurance plan does not reimburse her. As a result, she has sworn off travel insurance. Her only complaint is that she had bought insurance for precisely such a situation and […]

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My Parents are Together – Shouldn’t Their Insurance Be Too?

If your parents are visiting you in the United States, you may want to start exploring insurance options as soon as their plans are finalized. One question several children ask is whether they must purchase separate visitor health insurance and visitor medical insurance policies for each of them, or a combined policy. In most policies, there is no difference in price between the two options. So it really comes down to convenience. Having two separate policies provides your parents with more flexibility. If one of them decides to return early or extend their stay, it is easier with separate policies. […]

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Over 65? Life, Insurance Offer Numerous Options!

Here’s a situation that was prevalent until recently: A senior, over 65 years, retired from work, done with financial responsibilities, and looking forward to traveling to far and distant lands. And international travel health insurance policies hard to come by for the travel. Reason? Insurance companies think that people over 65 are more likely to file claims during international travel. So, they either denied coverage, or raised the premiums to reflect the risk. However, several insurance companies are now waking to the possibilities of doing business with this demographic. Of late, several plans have started to cater to seniors, with […]

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