Thendral (2009)

Executive Summary:   Risk can come in all form; it is an undesirable event or it as an expected or possible loss. Certain risk can be avoided and certain risk is unavoidable such as earthquakes. Managing risk take six processes: Determine the objective, Identify the risk, Evaluate the optional losses, consider the alternatives and choose the appropriate risk management technique, Implement the risk management technique and ongoing evaluation and review (Coleen Clark).  Insurance is the transfer of risk. You pay a third party to assume responsibility in the event that a loss occurs in exchange of premium. This paper wills analysis Home insurance policy in depth: Coverage to the Home Policy, Coverage to Contents, Coverage to Liability Insurance, and Coverage to Liability Insurance and calculate whether the policy have adequate coverage for the holder of the policy. This paper wills also analysis the Automobile insurance and the coverage limits which also examine deductibles for each major coverage component the premium for each of the items of the coverage such as: Bodily Injury and Property Damage, Income Replacement, Caregiver & Dependant Care, Medical, Rehabilitation & Attendant Care, Death & Funeral, Indexation Benefit. Also it will analysis the coverage of Uninsured Automobile, Direct Compensation & Property Damage, Loss or Damage and OPCF 44R. Moreover this paper wills analysis if the policy has sufficient coverage for the holder of the policy by looking at: Liability, Accident Benefits, Uninsured Automobile, Direct Compensation & Property Damage and Loss or Damage. The paper will also examine if the insurer is charging too much for the policy holder by comparing with other insurance companies.                 Describe the coverages of the policy in terms of the home, its contents and liability insurance, and liability insurance. Be as specific as possible, for example, does “home structure” include the foundation?     Coverage to the Home Policy: The coverage in reference to the home policy is quite sound. There are various belongings that are covered for example:  dwelling and attached structures, permanently installed outdoor equipment on the premises, outdoor domestic water containers, including swimming pools, hot tubs, saunas and attached equipment on the premises. However there some items that are not insured if loss or damages occur. For example loss or damage caused by birds, vermin, insects, raccoons or rodents, except loss or damage to building glass; caused by rust, corrosion, wet or dry rot, fungi or spores, bacteria, condensation, acid rain or contamination, caused by smoke from agricultural smudging or industrial Operations, caused by snow slide, earthquake, landslide or any other earth movement. If any of these results in fire or explosion, we will pay only the resulting loss or damage, caused by settling, expansion, contraction, moving, bulging, buckling or cracking, except resulting damage to building Coverage to Contents:   The coverage in regards to contents is that they insure the contents of your dwelling and other personal property you own wear or use while on your premises and which are usual to the ownership or maintenance of a dwelling.  They also insure your personal property while it is temporarily away from your premises anywhere in the world. They also insure losses on money or cash cards, business property, but only while on your premises, securities, watercraft, their furnishings, equipment, accessories and motors, jewellery, watches, gems and furs, coin or banknote collections, stamp collections. They do not insure data business property, other than as shown under Personal Property with Special Limits of Insurance. Also, samples and goods held for sale, evidences of debt or title, sporting equipment where the loss or damage is due to its use, property in any fairground, exhibition or exposition for the purpose of exhibition or sale any property illegally acquired, kept, stored, or transported, or the proceeds of crime. Continually, animals, birds or fish unless the loss or damage is caused by fire, lightning, explosion, riot, theft or attempted theft, vandalism and malicious acts or collision of an automobile or common carrier in which the animal is being transported   Coverage to Liability Insurance: This is the part of the policy you look to for protection if you are sued.   We will pay all sums which you become legally liable to pay as compensatory damages because of unintentional bodily injury or property damage arising out of: 1. your personal actions anywhere in the world 2. your ownership, use or occupancy of the premises defined in Section II.     The amount of insurance shown on the Coverage Summary page is the maximum amount we will pay for all compensatory damages in respect of one accident or occurrence regardless of the number of claims made or the number of insureds against whom claims are made or actions are brought.               If a claim is made against you for which you are insured under Coverage E we will defend you, even if the claim is groundless, false, or fraudulent. We reserve the right to select legal counsel, investigate, negotiate and settle any claim if we decide this is appropriate. We will pay only for the legal counsel we select. They will also pay: all expenses which we incur, all costs charged against you in any suit insured, any interest accruing after judgment on that part of the judgment which is within the amount of insurance. Premiums for appeal bonds required in any insured lawsuit involving you and bonds to release any property that is being held as security, up to the amount of insurance, but we are not obligated to apply for or provide these bonds, expenses which you have incurred for emergency medical or surgical treatment to others following an accident or occurrence insured by this form, reasonable expenses including actual loss of income up to $100 per day, which you incur at our request.   Assess whether the policy have sufficient coverage for the holder of the policy.     Yes,  I do believe that this policy has sufficient coverage  for the holder of the policy. The policy dictates different types of coverage under the policy such as: dwelling building, additional buildings, personal property, loss of use of your dwelling, personal liability, voluntary medical payments, voluntary payment for damage to property, voluntary compensation or residence employees and special limitations. It seems to me that it has covered pretty much every detail in regards to coverage.  There is nothing left out in this policy. Value of house at the time                                                                  $550,000 Coinsurance requirement                                                                    80% Minimum amount of insurance required                                             $440,000 Amount of loss                                                                                   $200,000 Amount of Insurance Amount recovered Calculation Show Calculations $500,000.00 $200,000.00 91% 500000/550000 $440,000.00 $200,000.00 80% 440000/550000 $300,000.00 $68,181.82 55% (300000/.8*550000)*100   The main idea when making sure that you are not underinsured is paying the 80% percent requirement. It may be tempting to not insure the house for its entire value but really don't risk it. As long as the 80% minimum is fulfilled then your house should be well covered if something does happen.                     (a)   What are the coverage limits and the deductibles (if any) for each major coverage component – bodily injury coverage, property damage coverage, collision, etc.? (b)   Find out the premium for each of the items in (a).   Type of Coverage Limits Premium Liability Bodily Injury Property Damage   $1,000,000 Inclusive   $526   Accident Benefits (Basic benefits) Income Replacement Caregiver & Dependant Care Medical, Rehabilitation & Attendant Care Death & Funeral Indexation Benefit As stated in Section 4 (The insurer’s maximum liability  under this change form regardless of the number of claimants or insured  persons injured or killed or the number of automobiles insured under the policy, is the amount by which the limit of family protection coverage exceeds the total of all limits of motor vehicle liability insurance, or bonds, or cash deposits, or other financial guarantees as required by law in lieu of such insurance, of the inadequately insured motorist and of any person jointly liable with that motorist.)       $226 Uninsured Automobile As stated in Section 5 (Where this change form applies as excess, the insurer’s  maximum liability under this change for is the amount calculated under section 4 of this change form, less the amounts available to eligible claimants under any first loss insurance  referred  to section 18 of this change form.       $5 Direct Compensation – Property Damage   Deductible None   $416 Loss or Damage All Perils Collision or upset Comprehensive ) Excluding Specified Perils) Collision or Upset Deductible     $1,000 $1,000       369 389 OPCF 44R Family Protection Coverage   $1,000,000     20     Premium Subtotals   $1951             Assess whether the policy have sufficient coverage for the holder of the policy   Liability In Chapter 3, page 2 of "Risk Management and Insurance in Canada", it is states that the minimum requirement for liability coverage is $200,000 in Ontario. The owner of this policy, Mr. Kilinc, holds additional coverage amounting to $1,000,000. Accident Benefits The accidents benefits provided in this policy include Income Replacement, Caregiver & Dependant Care, Medical, Rehabilitation & Attendant Care, Death & Funeral and Indexation Benefit. Section 4 on the insurance contact suggests that the insurer is covered for these services up to an amount of $1,000,000. If costs of the services provided by the accident benefits coverage exceed this amount the insurer is liable for these excess costs. Uninsured Automobile In this policy the claimants are eligible to receive $1,000,000 after incurring any losses with any uninsured vehicle. The amounts covered for eligibles of family protection coverage will be deducted from the amounts covered from the amount. Direct Compensation – Property Damage There is no stated deductible in the contract. Therefore the insurance company will cover damages to the automobile, and the property it is carrying, in an accident the insurer is not held responsible for. If the insurer is deemed partially responsible he/she may be required to cover his/her share of the losses. Loss or Damage The insured has Comprehensive and Collision or Upset protection. The insured will be covered for losses defined in specified perils, comprehensive perils and collision or upset defined on page 2 of the insurance contract. There is a deductible of $1000 for any loss or damage claim. Conclusion Overall the insured has met and exceeded the requirements of insurance required by law. His coverage should provide him peace-of-mind knowing that he should be able to adequately protect the insured and their beneficiaries against most foreseeable losses while acting within the legal constraints of the contract.   How do you know whether the insurer is charging too much? The insurance company determines the premium through considering numbering of  factors that are stated in chapter 3 page 7 : Number of years licensed , gender, age , martial status , driving records, urban/rural, type of vehicle , age of the vehicle ,vehicle use, how much you drive ,number of other operators , number of claims ,amount of coverage , and size of the deductible.  All of these factors will be considered by the insurer before he/she notifies the policy holder the total premium for certain car insurance. In order to analyze whether or not The Economical Insurance Group is charging too much, we have to compare our insurance with other insurance company by putting the same exact information in the following companies: Insurancehotline.com, Carinsurance.ca, TD Canada Trust. The policy holder name is Mr. Kilinc, who lives in Maple Ontario and he has a 2007 Ford 4WD Pickup which was purchased in 2009 and has a current market value of 27,000.   The Economical Insurance Group charges Total Policy premium of $ 1951 with $1000 collision and $1000 comprehensive for liberty of $ 1,000,000.  Policy holder can get discount if they take more than one insurance policy with the company and also the policy holder can apply for multi-line discount, which means that your house, tenant or condo policy will be with the insurer who provides your auto coverage. Also, certain insurance companies can offer up to a 25% discount on your insurance if the policy holder is willing to install a device which records certain details about the use of your vehicle.  As result, after comparing with these three insurance companies, The Economical Insurance Group is charging too much for the insurer. According insurancehotline.com the policy holder should get charged $1,749 annually. And according to Carinsurance.ca it will offer $ 1,924 annually for the same car insurance policy. However, TD Canada Trust insurance offers $1,970.00 annually, which is higher than the Economical Insurance Group offer.  This shows that some insurance company perceive the policy hold as slightly more risky than others. In conclusion, The Economical Insurance Group is slightly charging too much for this policy because of some factors such as age of the policy holder.   Disease vary by social class Every day, there is thousands and thousands of humans in the world passing away as a result of diseases and illnesses. Results of a survey conducted in 1998 show that Ontario, Quebec, and British Colombia combined represent almost 75% of the burden of illness in Canada (Health Canada, 2002). The most common diseases among citizens are Arthritis, Cancer, Diabetes, Heart Disease and Stroke, Overweight/Obesity, and others that result from the use of Tobacco (Emma Haydon, 2006).  Also it has been proven that Canadian males residing in the highest-income neighborhoods have a life expectancy that is five years greater than males of the lowest-income neighborhoods. However, there is a difference of only two years between women living in the highest and lowest-income neighborhoods (Statistics Canada, 2002). The National Longitudinal Survey of Children and Youth has made a statement that children from low income families are more than twice as likely to have functional health problems as those from families in the higher income category. As well, it has been also found that patients who had the least education were frequently women, aged, and diabetic (Miguel-Angel Munoz 2005). For instance, Arthritis affects 1 in every 5 and in total, 46 million American adults, making it one of the most common chronic conditions. And , over 40%, or nearly 19 million adults with Arthritis are limited in their activities because of being diagnosed with such conditions. By “2030, nearly 67 million (25%) of American adults will have doctor-diagnosed arthritis” (National Center for Chronic Disease Prevention and Health Promotion, 2008). In addition, “adults with arthritis-attributable activity limitation are predicted to increase from 16.9 million (7.9%) to 25 million (9.3% of the US adult population) by 2030” (National Center for Chronic Disease Prevention and Health Promotion, 2008). Several of these diseases vary between social classes, with a few being coronary heart disease, stomach ulcer and emphysema. It is not everyone who gets diagnosed with coronary heart disease, as there is a variation in social class. For example, a lower childhood socioeconomic status has been related with poorer cardiovascular and dental health in young adulthood (Poulton et al., 2002) and increased risk of coronary heart disease than upper socioeconomic status (Lawlor,Smith, &  Ebrahim, 2004).  According to health.gov, Coronary Heart Disease is defined as a “heart disease caused by narrowing of the arteries that supply blood to the heart. If the blood supply is cut off the result is a heart attack”. The factors that cause coronary heart disease are heredity, high cholesterol, tobacco abuse, obesity and emotional stress (eMedicineHealth, 2008). One of the factors that mostly occur within the working class is stress.  The effects of a low income on functional limitation are mediated in part by stress effects from financial difficulties (Paula M. Lantz 2005). A review of 57 studies have indicated that in North America, lower socioeconomic status is associated with higher blood pressure (BP) values and a higher prevalence of hypertension (Colhoun HM ,1998), causing coronary heart disease. Not only that, but one of the studies show that the socioeconomic status variables also predict parent report of child activity limitations , such that children from lower socioeconomic status families were more likely to be limited in activities.” (E. Chen et al. 2006)  This is another reason to believe that those within a lower socioeconomic status will have a higher likely hood of being diagnosed with coronary heart disease than the upper social class.   Stomach ulcer is the second disease that has the most effect on the low social class people. Those within a lower socioeconomic status, who are characterized as having a low family income and low educational attainment, have been strongly associated with incident ulcers (Am J Epidemiol , 1998). Data from the 1996/1997 National Population Health Survey has proven that prevalence of chronic diseases (e.g. high blood pressure, emphysema, stomach ulcers) was higher among those with low income as opposed to those with high income. Below is a passage which defines stomach ulcer and has been derived from betterhealth.vic.gov: A stomach or gastric ulcer is a break in the tissue lining the stomach. The term 'peptic ulcer' refers to those that occur in either the stomach or the first part of the small intestine that leads out of the stomach, called the duodenum. It was once commonly thought that stress, smoking and diet were the principal causes of stomach ulcers. However, the Helicobacter pylori (H. pylori) bacterium is now known to be responsible for most duodenal ulcers and 60 per cent of stomach ulcers. According to betterhealth.vic.gov, the major cause of ulcer is the chronic use of anti-inflammatory medications, such as aspirin. One reason as to why poor people are the common victims of this disease, such as stomach ulcers is because they are less likely to visit doctors than the wealthier people (Ross et al, 2004). Incidence by family income showed a clear separation at $20,000, with persons having a lower family income having about twice the incidence of ulcers as persons with a family income greater than $20,000(Am J Epidemiol , 1998). This fact is a clear piece of evidence which proves that ulcers mostly affect the lower social class than the upper class. Thirdly, Emphysema is one of the several irreversible lung diseases that can weaken one’s ability to exhale. Emphysema can also be defined as “a lung disease that reduces the ability of the lungs to expel air, a process which depends upon the natural rubber-band-like quality or elastic properties of the lungs” (ehealthMD, 2004). An estimated 2.2 million Americans have been diagnosed with emphysema and men have greater chances of being diagnosed emphysema (American Lung Association, 2007). The causes of emphysema include exposure to cigarette smoke and the production of defensive cells in the air sacs of the lungs which are called macrophages and also"eat" the inhaled particles (American Lung Association, 2007). According to the U.S. Department of Health and Human Services, for the duration of 1983 to 2002, adults with household incomes below the poverty level and those with less than college education consistently had higher smoking prevalence. Since members of the lower social class smoked more than those from a higher social class, there were greater chances for those poor to be getting emphysema. The percentage of lower social class person quitting smoking is much lower than a higher social class person (U.S. Department of Health and Human Services, 2004). This number indicates that members of the upper social class or middle class have a higher chance of quitting, as opposed to members of the lower social class. As a result, there is a high probability for those of a lower social class to have Emphysema than any other social class. In conclusion, it is possible for anyone to be diagnosed with any kind of disease or illness. However, most often than not, the disease that one is diagnosed with is related to his/her social lifestyle. There is a big difference between the lifestyle of a wealthy person and a factory worker. For example, an ordinary rich person would exercise regularly by going to the gym and he/she will visit the doctors for a regular check up. By going to the gym, he/she is preventing the possibilities of becoming overweight or obese and reducing the chances of getting stork. In addition, he/she will eat healthy food, such as whole wheat bread, flour, low fat margarine, skimmed milk and brown sugar were more commonly used by the middle class groups ( Michael Calnan 2007). On the other hand, a factory worker will eat meat from the fast food restaurant, which contains high fat and cholesterol, increasing the likelihood of getting Arthritis, Cancer, Diabetes, Heart Disease and Stroke and Overweight/Obesity. Not only that, but for low income citizens, shopping is limited, as there will be a small range of foods available in small local shops and the mobile shop ( Michael Calnan 2007). As result, some of the major diseases differ between social classes such as coronary heart disease, stomach ulcer and emphysema. These three diseases highly affect the lower class community than the middle and higher class community, since the upper class can prevent these diseases before actually being diagnosed with it by going to the doctors. At this pace, people in the lower social class have a higher death rate than the middle or high class society. Furthermore, diseases, such as a common flu, highly affect the lower social class than the upper class, since those from a lower class either take the flu shot or have knowledge about this shot. As a result, people who work with the lower class get diseases, such as a common flu, which can spread throughout the whole community.           "Chronic Disease - Press Room." Centers for Disease Control and Prevention. 23 July 2008 .   "Chronic Obstructive Pulmonary Disease (COPD) - American Lung Association site." Home - American Lung Association site. 21 July 2008 .   "Coronary Heart Disease." emedicinehealth. 23 July 2008 .   D, Sorkin, Rook K.S, and Lu J.L. "    The relation of social isolation, loneliness, and social support to disease outcomes among the elderly." Ann.Behav.Med 24.4 (2002): 290-298.   E, Chen, Martin A.D, and Matthews K.A. "Socioeconomic status and health: Do gradients differ within childhood and adolescence?." Social Science & Medicine 62 6.9 (2006): 2161-2170.   Ebrahim, S, Da Lawlor, and Gd Smith. "The association of socio-economic position across the life course and age at menopause: the British Women's Heart and Health Study." BJOG: An International Journal of Obstetrics and Gynaecology 110.12 (2003): 1078-1087.   Greening, Leilani, and Stephen J Dollinger. "to Smoking-Related Causes of Death." Journal of Pediatric Psychology 16.6 (1991): 687-699.   Haydon, Emma. Chronic Disease in Ontario and Canada: Determinants, Risk Factors and Prevention Priorities. Ontario: Ontario Public Health Association, 2006.   House, James S, James A Wells, Lawrence R Landerman, Anthony J Mcmichael, and Berton H Kaplan. "Occupational Stress and Health among Factory Workers." Journal of Health and Social Behavior 20.2 (1979): 139-169.   Lantz, Paula, James House, Richard Mero, and David Williams. "Stress, Life Events, and Socioeconomic Disparities in Health: Results from the Americans' Changing Lives Study." Journal of Health & Social Behavior 46.3 (2005): 274-288.   "Life and Breath: Respiratory Disease in Canada - Public Health Agency of Canada." Public Health Agency of Canada (PHAC) | Agence de la sant� publique du Canada (ASPC). 23 July 2008 .   Lynch, John, George Davey Smith, Sam Harper, and Marianne Hillemeier. "Is Income Inequality a Determinant of Population Health? Part 2. U.S. National and Regional." The Milbank Quarterly 82.2 (2004): 355-400.   Manchester, Joyce. "Growing Disparities in Life Expectancy." Congressional Budget Office - Home Page. 23 July 2008 .   Munoz, Miguel-Angel, Izabella Rohlfs, Sandra Masuet, Carolina Rebato, Marta CabanËœ Ero, and Jaume Marrugat. "Analysis of inequalities in secondary prevention of coronary heart disease in a universal coverage health care system." European Journal of Public Health 16.4 (2005): 361–367.   P, Muennig, Franks P, Jia H, Lubetkin E, and Gold M.R. "The income-associated burden of disease in the United States." Soc.Sci.Med 61.9 (2005): 2018-2026.   "Stomach ulcer - Better Health Channel.." Better Health Channel - quality consumer health information for Australians. 21 July 2008 .   T.S, Campbell, Key B.L, Ireland A.D, Bacon S.L, and Ditto B. "Early socioeconomic status is associated with adult nighttime blood pressure dipping." Psychosom.Med 70.3 (2008): 276-281.   ----------------------------------------------------------------- Disclaimer: We don’t host any of the videos that are available on this website. We just link them from popular sources on the internet like youtube ,google,dailymotion,sevenload,metcafe,megavideo..etc videos . These videos are uploaded to those sources by the community at large and not by us.  Tamilshowz.net, Tamilkacheri.com, Tamilswaram.Com, NewTamilmovieonline. 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