...Benefits In our effort to attract, retain and motivate competent employees while providing for recognition of, and reward for, individual ability and performance, CRST International, Inc. has developed and implemented a competitive compensation and benefits package. A summary of compensation structure, company-paid benefits and elective benefits are listed below. Compensation Structure All positions have a designated pay range based on its job grade. All job grades have a wage range that denotes wage minimum, midpoint/market value, and maximum monetary value. Wage ranges are also reviewed from a competitive standpoint by conducting a market analysis of benchmark positions. Non-exempt (hourly) employees are paid weekly while exempt (salaried) employees are paid semi-monthly. Both groups of employees are paid via direct deposit. It is the policy of CRST International, Inc. to grant annual merit increases on the basis of the evaluation of individual performance. Other salary adjustments may be recommended and approved for the purposes of equity, changes in job classification, promotions, etc. Company Paid Benefits Vacation Eligibility is dependent on employee status and period of service to the company. Vacation is earned by completing an anniversary year. For the first through seventh years you are entitled to 10 days, eighth through your thirteenth year you will have 15 days, and on your fourteenth year or more you will receive 20 days of vacation. Personal Time Hourly...
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...INTRODUCTION AND INDIVIDUAL LIFE INSURANCE 3 CHAPTER 2: REGULATION OF THE INSURANCE INDUSTRY 5 CHAPTER 3: INTRODUCTION TO RISK AND INSURANCE 9 CHAPTER 4: MEETING NEEDS FOR LIFE INSURANCE 15 CHAPTER 5: THE INSURANCE POLICY 19 CHARTER 6: PRICING LIFE INSURANCE. 22 CHAPTER 7: TERM LIFE INSURANCE 26 CHAPTER 8: PERMANENT LIFE INSURANCE AND ENDOWMENT INSURANCE 30 CHAPTER 9: SUPPLEMENTARY BENEFITS 37 CHAPTER 10: LIFE INSURANCE POLICY PROVISIONS 44 CHAPTER 11: LIFE INSURANCE BENEFICIARY POLICIES 50 CHAPTER 12: ADDITIONAL OWNERSHIP RIGHTS 52 CHAPTER 13: PAYING LIFE INSURANCE POLICY PROCEEDS. 59 CHAPTER 14: PRINCIPLES OF GROUP INSURANCE POLICY 63 CHAPTER 15: GROUP LIFE INSURANCE. 68 CHAPTER 16: ANNUITIES AND INDIVIDUAL RETIREMENT SAVINGS PLANS 73 CHAPTER 17: GROUP RETIREMENT AND SAVINGS PLAN. 84 CHAPTER 18: MEDICAL EXPENSE COVERAGE 90 CHAPTER 19: DISABILITY INCOME COVERAGE. 94 CHAPTER 20:TRADITIONAL GROUP HEALTH INSURANCE PLANS 98 CHAPTER 21: TRADITIONAL INDIVIDUAL HEALTH INSURANCE POLICIES 104 CHAPTER 22: MANAGED CARE PLANS 109 CHAPTER 23: REGULATION OF HEALTH INSURANCE 113 CHAPTER 1: INTRODUCTION AND INDIVIDUAL LIFE INSURANCE Insurance companies are organized as either • Stock Insurance companies Company has stock that is bought by shareholders. So company is owned by shareholders. These share holders get dividends. No. of companies: 1604 Income from Premium: 226 billion Dollar amount of Life Insurance in force: 9.8 trillion ...
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...Metlife Alico: History and Overview MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The firm was established on March 24, 1868 (Wikipedia). In March 2010, the company acquired one of American International Group, Inc.’s (AIG) international subsidiaries, American Life Insurance Company (ALICO), for approximately $15.5 billion. The consideration took consist of $6.8 billion in cash and approximately $8.7 billion in MetLife equity securities. ALICO was one of the world’s largest and most diversified international life insurance companies across the globe. The acquisition accelerates MetLife’s global growth strategy. Upon acquisition, MetLife, which is already the largest life insurer in the United States and Mexico, became a leading competitor in Japan, the world’s second-largest life insurance market. The transaction materially advanced MetLife’s position in Europe. It also moves MetLife into a top five market position in many high growth emerging markets in Central and Eastern Europe, the Middle East and Latin America. MetLife Alico, has been operating in Bangladesh with their insurance services since 1952. Throughout the history, it has continuously sought to nurture talent, respect local cultures and promote the diversity that characterizes...
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...Personal Financial Planning The number one goal of Century Management is to assist our clients in the attainment of financial security through financial planning and money management. The financial planning process combines planning with ongoing advice to help each client make certain that the total financial picture is constantly being evaluated with respect to changing conditions. We make specific recommendations that are designed to provide more efficient use of the client's growing resources, to improve net worth, to reduce income and estate taxes, and to increase after-tax cash flow. A fact-finding session helps us become totally familiar with your current financial situation, as well as your personal goals and priorities. Working from the comprehensive information gathered in the fact-finding session, a detailed financial plan is prepared which documents your current situation, identifies all areas that will be impacted, and makes specific goal-oriented recommendations. Recognizing our ever-changing tax environment, we also work to assure that you are positioned in the most effective manner relative to your personal tax situation. Each recommendation in our analysis is then thoroughly reviewed with you to confirm your understanding and support of each recommendation. If desired, we actively assist in the full implementation of every plan recommendation in conjunction with the other members of your financial advisory team. The following example is a combination...
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...information are listed in the benefits resources section of this booklet. If there is a difference between this brochure and what is written in the benefits policies or plan documents, the policies or plan documents will govern. 1 Revised: 9-2012 Health and Insurance Health Care Benefits Eligibility Full-time and part-time (working more than 20 hours) employees are generally eligible for health and insurance benefits. Part-time employees working less than 20 hours are generally not eligible for health and insurance benefits. Coverage under the plans for which you are eligible generally begins on the first day of the month after you have completed one full month of continuous full-time or parttime employment. The month you begin work as a full- or part- time employee does not count as one full month of continuous employment. For example, if you begin work as a full- or part-time employee in the month of May, your benefit coverage generally begins on July 1. For some benefits, coverage may not become effective until your first day of active work on or after the date you become eligible. Medical* *NOTE: The medical plans described are available in 2012. Beginning in 2013, two new types of Health Insurance Plans will be available to all U.S. benefits-eligible employees. The new plans are Consumer Directed Health Plans which are deductible-based. The Comprehensive Traditional...
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...highlight your answers in red font color 6.1 Home and Auto Insurance When purchasing homeowner's insurance, you should look for a policy that a. 1. will cover the actual cash value of your house and possessions b. will cover two times the actual cash value of your house and possessions c. will cover the replacement value of your house and possessions d. does not adjust your coverage based on inflation, since this could end up costing you more in annual premiums. 2. Which of the following types of insurance protects you if you are sued for accidentally damaging someone's property or hurting another person? a. Term life insurance b. Accidental death insurance c. Universal life insurance d. Personal liability insurance or an umbrella policy 3. W hitch type of auto insurance coverage pays if your car is stolen? a. Liability b. Collision c. Comprehensive d. Replacement 4. What is a smart way to decrease your monthly car insurance bill? a. Buy a new car every three years. b. Switch insurance companies every year. c. Opt for a higher deductible and ensure you have that amount in an emergency fund. d. Take out a car loan for five years instead of three years. 5. What is the main benefit of term insurance over other types of life insurance? a. It builds cash value. b. It is less expensive, which means you can afford to purchase coverage adequate to your needs. c. It protects you and your...
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...unobstructed fashion D All of the above Why is life insurance so important to Canadian families? A The cash values of most insurance policies are secure from the demands of creditors. B Sufficient policy face values can provide capital and income relief on the death of family breadwinners. C Not only can the lives of principal income-earners be insured, but all forms of debt can be insured. D All of the above Life insurance has other principal functions besides making a cash payment on the death of a life insured. What are they? A Insurance can provide an emergency cash reserve. B It can provide capital to pay ―last expenses‖ and operating capital during a family’s readjustment period. C Life insurance proceeds generate a financial lump sum that can be used to cover a family’s current and long-term operating expenses. D All of the above How do you calculate “inflation-adjusted capitalized value”? A It is not possible to do so. B Use the capitalized value and multiply the answer by the prevailing inflation rate. C Use the capitalized value and multiply the answer by the prevailing interest rate. D Take the prevailing interest or investment rate, deduct the nominal inflation rate, and complete the formula calculations. An insured makes $42,000 a year, and the current interest rate is 3.4%. She has a generous A&S policy, plus disability benefits that pay 70% of her salary. How much life insurance does she need based on capitalization of income? A...
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...PORTFOLIO ALLOCATION Investments in the capital markets offer a unique opportunity to protect and grow personal wealth. Any discussion of investment strategy must begin with the investors risk tolerance. Some of the major factors contributing to any individual’s investments strategies are age, total value of savings and other assets, income, family and health. After a thorough discussion and getting some answers to a series of questions, your tolerance for risk can be assessed. This data helps us formulate investment policy that best fits your needs and objectives. Market timing, security selection and asset allocation are the three tools that are used to help reach your financial goals. ANALYSIS James and Lucy Anderson have an average/moderate tolerance for risk based on the risk tolerance quiz they completed. We have completed a review of the Anderson’s current holdings and assigned them into asset class. Some stocks will be sold and other will be held. Within any given asset class, a benchmark of expected performance has been performed. If the current stocks held in that class are underperforming the class in general, they should be sold and replaced with positions that better represents the asset class. Then purchasing patterns will be changed to add asset in the other classes that are currently not represented in your portfolio. The net result will be a well balance asset allocation that is representative of moderate risk tolerance. James and...
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...Types of insurance What you should know about the various types of insurance policies before getting insured. All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Here is a snapshot of the types of policies and what they offer. Term Insurance Term insurance covers you for a term of one or more years. It pays a death benefit only if the policy holder dies during the period the insurance is in force. Term insurance generally offers the cheapest form of life insurance. You can renew most term insurance policies for one or more terms even if your health condition has changed. However, each time you renew the policy for a new term, premiums may climb higher, just like a rent agreement every time you renew the lease. This policy is particularly useful to cover any outstanding debt in the form of a mortgage, home loan, etc. For example if you have taken a loan of Rs10 lakh, you will have an option of taking an insurance to protect the loan in case of passing away before the debt is repaid. Whole Life Insurance Whole life insurance covers you for as long as you live if your premiums are paid. You generally pay the same premium amount throughout your lifetime. Some whole life policies let you pay premiums for a shorter period such as 15, 20 or 25 years. Premiums for these policies are higher since the premium payments are made during a shorter period. There are options in the market to have a return of premium...
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...A PROJECT REPORT ON ANALYSIS OF BHARTI AXA RANGE OF SERVICES AT BHARTI AXA LIFE INSURANCE In the Partial Fulfillment of the Degree of Bachelor of Commerce Session 2012-2015 Under Punjab Technical University (PTU) Submitted By: PRIYA MANHAS B.COM (P) 5th SEMESTER UNIVERSITY ROLL NO.:1268348 ACKNOWLEDGEMENT While submitting the project on “Analysis of Bharti AXA Range of Services” I avail this opportunity to express our gratitude towards all those who guided and helped to finish this project successfully. I am grateful to Mr.Kamal Grover (Branch Head) and my project guide Mr. Kamal Sukhija from Bharti AXA Life Insurance for his inspiring guidance and kind encouragement. I express my deep sense of gratitude and heartily thanks to my executive those valuable guidance and encouragement, which has played a major role in completion of this project work. His esteem suggestion and encouragement from time to time has always helped in the completion of this project. I am thankful to my teaching staff for their valuable guidance in completion of this project. DECLARATION I am Priya Manhas student of B.com (P) GNA IMT Phagwara, Punjab hereby declare that this project report entitled “Analysis of Bharti AXA Range of Services” at Bharti AXA Life Insurance submitted is my original work. The finding of the reports are based on the information collected by me during the study and the result embodied in this study has not been submitted to any other university for the...
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...LIFE INSURANCE IN INDIA : CHALLENGES AND OPPORTUNITIES IN THE POST-LIBERALISED ERA BY Dr. S.C. BANSAL Associate Professor Indian Institute of Management Lucknow (India) e-mail: bansal@iiml.ac.in Ph: 0091 522 2736637 & Dr. Y.P.SINGH Professor, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: ypsing@rediffmail.com Ph: 0091 951202456948 & Sneh Lohia1 Research Scholar, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: snehlohia@gmail.com Ph: 0091 011 25219820 1 Corresponding Author ABSTRACT The objective of this paper is to identify the challenges and opportunities in the life insurance sector in India after liberalization of the economy. It fills a research gap: many studies based on secondary data and examining the investment systems, operations, principles and practices of Life Insurance Corporation of India (LICI) have been reported; the works exploring the impact of liberalization on the quality of plans and services offered, and opportunities for growth in this area are limited in number. The data were gathered with the help of a detailed questionnaire from 560 individuals belonging to Delhi, Noida, Gurgaon, Faridabad, Mumbai, Pune, Surat, Kolkota, Chennai, Bangalore, Varanasi, Gorakhpur and other cities in India. It has been observed that the companies have added new features in the life insurance products to meet the...
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...Mauritz Martinsen Sundt. Sundt offers their employees a somewhat generous compensation package which includes not only the basics of retirement and health care, but also added perks such as continuing education (The Sundt Exprience, 2013). Sundt offers a generous health care plan which includes vision care and prescription benefits. Sundt offers several different medical plans to include one plan that has no monthly premium charge (because of employee ownership) for employees and their dependents which is a Preferred Provider Organization (PPO) network. Sundt maintains a wellness where employees receive a $350 credit for health expenses related to improving or maintaining health. Sundt provides benefits such as life insurance and disability insurance which can cover up to 60% of their salary prior to a disability. The total comprehensive package also includes a paid time off program for sickness, vacation, and personal days and includes an employee discount program for certain services (The Sundt Exprience, 2013). Sundt offers an Employee Stock Ownership Plan (ESOP) to...
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...List of Insurance Companies in Bangladesh LIST OF NON-LIFE INSURANCE COMPANIES Agrani Insurance Company Ltd. Asia Insurance Ltd. Asia Pacific Gen Insurance Co. Ltd. Bangladesh Co-operatives Ins. Ltd. Bangladesh General Insurance Co. Ltd. Bangladesh National Insurance Co.Ltd. Central Insurance Company Ltd. City Gen. Insurance Company Ltd. Continental Insurance Ltd. Crystal Insurance Company Ltd. Desh Gen. Insurance Company Ltd. Eastern Insurance Company Ltd. Eastland Insurance Company Ltd. Express Insurance Ltd. Federal Insurance Company Ltd. Global Insurance Ltd. Green Delta Insurance Co. Ltd. Islami Commercial Insurance Co. Ltd. Islami Insurance Bangladesh Ltd. Janata Insurance Company Ltd. Karnaphuli Insurance Company Ltd. Meghna Insurance Company Ltd. Mercantile Insurance Company Ltd. Nitol Insurance Company Ltd. Northern Gen.Insurance Company Ltd. Peoples Insurance Company Ltd. Phonix Insurance Company Ltd. Pioneer Insurance Company Ltd. Pragati Insurance Ltd. Pramount Insurance Company Ltd. Prime Insurance Company Ltd. Provati Insurance Company Ltd. Purabi Gen Insurance Company Ltd. Reliance Insurance Ltd. Republic Insurance Company Ltd. Rupali Insurance Company Ltd. Sonar Bangla Insurance Company Ltd. South Asia Insurance Company Ltd. Standard Insurance Ltd. Takaful Islami Insurance Ltd. Dhaka Insurance Ltd. Union Insurance Company Ltd. United Insurance Company Ltd. Sena Kalyan Insurance Company Ltd. Sikder Insurance Company...
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...ASSIGNMENT COSUMER BEHAVIOUR LIFE INSURANCE SUBMITTED BY: PRATIBHA RAJ M.F.M. - II INTRODUCTION Life Insurance is the key to good financial future planning. On one hand, it safeguards our money and on the other, ensures its growth, thus providing us with complete financial well being. Life Insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy. In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company, selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. Till date, only 20% of the total insurable population of India is covered under various life insurance scheme (*Source: Center for Insurance Training, Research and Development), the penetration rates of health and other non-life insurances in India is also well below the international level. These facts indicate the scope of immense...
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...Example of Financial Illusion Introduction The emergence of an increasing number of ‘financial illusions’ in the current state of financial markets around the world casts doubts over the famous and widely accepted efficient market hypothesis. The efficient market hypothesis (EMH) indicates that, at any time, prices fully and instantaneously reflect all available relevant information on a particular stock or market (Fama, 1970). EMH also suggests that it is impossible to “beat the market” because stock market efficiency causes existing share prices to always incorporate and reflect all relevant information. Thus, according to the EMH, it is impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices because stocks are always traded at their fair value on stock exchanges. Another reason is because no one has access to information that is not already available to everyone else. One important characteristic of the EMH is its assumption that agents are rational. Rational agents is agents which has a clear preferences, models uncertainty via expected values, and always chooses to perform the action that results in the optimal outcome from all the feasible actions. Their actions depend on their preferences, their information of the current situation; which may come from past experiences, the actions, duties and obligations available and the estimated or actual benefits that the agents can get after the actions. In reality, however, agents are...
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