Some Things you should know about Insurance

This is still in Draft form but has been published for cross relevance to another post...will be back to update soon...

Bakground:

The Insurance product is an Investment Decision in your Financials, made as part of your Risk Management Strategy. Insurance products are complex and regulated by the Individual States.

Analysis in overview:

Insurance is a very important element of Business Risk Management and Insurance is classified as a type of Security for Market Regulation purposes. Insurance is Regulated at the State Level. We are not insurance brokers and do not sell Insurance. All notes here are solely an Illustration to educate and inform interested Financial Decision Makers of some relevant points for additional awareness as dealing with Insurance.

In purchasing Insurance you would need to work with a State Licensed Insurance Broker. Insurance Brokers are licensed to improve the quality of customer service and protection in the Industry and are knowledgeable in the coverages and financial aspects of Insurance.

From the pure Financial perspective:

The element of Risk Management, Insuring and portecting your Business is an important element of Managing your Business and for that reason knowledge helps.

Insurance which is again a Securities Product from the level of Regulation is driven by written Contracts. The Contracts have various terms and agreements that are laid out in the body of the Policy itself and the attached "endorsements" or addendums which add coverages. There may also be limitations or disclaimers / exclusions so you need to carefully read Insurance Policies to understand them and should always inquire to be clear on coverages and exclusions

One Attribute to an Insurance Policy regards the Claims aspects of Insurance and concerns the manner in which claims are relevant to a policy.

Claims Made vs. Per Occurrence :
Below is an sample reference chart to in the general sense illustrate the concept of Claims Made vs. Per Occurrence Insurance Policies. There is no intent for these to be "exact terms" with policy basis rather they are just for explanatory Purposes.

Claims-Made vs Occurence Coverage (as Illustrative exanple only).

The Difference Between Claims-Made and Occurrence Coverage Illustration of Coverage Types - Claims Made vs Per Occurrence - NOT for RELIANCE DCarsonCPA at work with knowledge, hands on experience, research and teamwork. Where the opportunity is to support Financial Decision Makers in broad roles of Financial Decision Making in Government, Industry, Non Profit and Individual capacities as decision makers. Here for Clients on Services and to work together on the points through Analysis where Financial Skills may also potentially help on the Economic and Public Finance challenges at the Local, State and National levels. The skills of Accounting, Fianncial Analysis, understanding of Taxation and Government at the various levels is a strong place to start with ideas to help. The rest comes from connecting to and analyzing the broad needs of Financial Decision Makers and how we all connect through Financials and Governance. Learn more at http://www.dcarsoncpa.com/ or e-mail info@dcarsoncpa.com .