Insurance Term of the Week (2)

For our second week, we have chosen - ACCIDENTAL DEATH BENEFIT (ADB).

Definition
A supplementary life insurance policy benefit that provides a death benefit in addition to the policy’s basic death benefit if the insured’s death occurs as the result of an accident.
Key Features

• All benefits are paid in addition to any other policy or family income entitlement.
• All cash benefits are free from income tax. (Under current legislation).
• Low monthly premiums.
• No medical examination.
• This type of policy is generally available to anybody aged between 18 and 81 who resides permanently in the United Kingdom.

Student Car Insurance Guide

It’s high time we brought our readers an updated guide to student car insurance. We have scoured the net to bring together all the best resources and latest information on where to find the best value deals.

A great place to start would be the National Union Students (NUS). The Union have long had a partnership with Endsleigh Insurance - the only insurer recommended by NUS. In fact the relationship stretches back for over 40 years, enabling Endsleigh to use their expertise to develop great value motor premiums:

• BEST price from Endsleighs panel of 40 car insurance schemes
• FAST claim turnaround
• 90 day European cover included

Lastly a reminder of the diferent levels of car insurance from which you can choose, why making your No Claims Bonus a priority is a must, and a last but not least reminder of the legal requirement for Road Tax!:
Third Party Only Car Insurance
This is the lowest level of cover available and is therefore often the cheapest. However, it is important to note that it will not provide you with cover for the costs of loss or damage to your car or belongings. By selecting this level of protection you are choosing the minimum level of cover for your vehicle as required by the Road Traffic Act 1988.
Third Party Fire & Theft Car Insurance
Adding fire and theft will provide protection against damage to, or loss of your vehicle due to it being stolen or set on fire.It also possible to include cover for legal fees in case you require a solicitor to represent you.
Comprehensive Car Insurance
If your vehicle is valued at over £5,000 then, by law you must have comprehensive cover, thus the majority of motor policies sold in the UK are of this type. Fully comprehensive motor insurance will cover everything as in a standard Third Party Fire and Theft (TPFT) policy with the addition of Accidental Damage.
No Claims Bonus
No Claims Bonus (NCB) is extremely important for reducing your student car insurance premiums. A NCB of five years or more, for example, can entitle drivers to a reduction of up-to 55-75% over the standard policy premium!
Road Tax
If you use or keep a vehicle on a public road, you must display a valid tax disc on it. As the registered keeper of the vehicle you’re responsible for taxing it or making a SORN (Statutory Off Road Notification) if it’s to be kept off the road.

US Loan Companies

Top notch personal loan providers in US.

The personal loans enable us to meet impromptu and unforeseen expenses .Since we are not prepared for the expense that has suddenly caused smart and prompt lending is what matters in personal loans .The companies that are receptive to the urgency of the customers have topped the list .Take a look at them.This article highlights�

• Top personal loan companies in US
• Prerequisites while applying for a loan:
• Items required when applying for a loan
• Items required during disbursement of the loan
• Best options for personal borrowing

All over the US, there are personal loan companies looking to fund the financial requirements of prospective borrowers. The changing circumstances of today's world make it necessary for more and more persons to approach a personal loan company, to help tide over their financial crises or needs. A personal loan finance company that has a consistent track record of smart lending would qualify as one among the top US companies that will give personal loans. They include:

1. 1st National Bank of Arizona
2. Advantage Home Loans
3. America's Mortgage Banc
4. Bank of America
5. Bank of Blue Valley
6. Bank One/Chase
7. Benchmark Mortgage
8. Bravo Credit Corporation
9. Capital One Auto Finance
10. Capital One Home Loans LLC

Prerequisites While Applying For a Loan

If you are a member of a financial institution like a credit union for instance:

• Loan applications are available for all members of the credit union.
• The reviewing of rates of interest and credit policies is conducted by the Board of Directors.
• Using these credit policies, the Credit Committee reviews, and either approves or denies the credit applications.
• Currently, companies that will give personal loans , have three major prerequisites on which they review and approve loans:
  1. Good credit record
  2. Stable employment record
  3. Debt ratio

The Following Items are Needed when Applying for a Loan

• Proof of income, photocopy of your driving license, and current year's pay stubs.
• It is required that members close the loan personally at the credit union, during the disbursal of funds.
• The loan application should be completely and correctly filled out, and the member's signature affixed to it.
• A$25 application fee is required to be paid while filing the loan application to the personal loan finance company. Out of which, $15 will be refunded, if the personal loan application is approved and funding disbursed. On the other hand should the loan application be rejected by the personal loan company, the $25 will be forfeited.

Items Required During Disbursement of the Loan

• On personal loans secured by vehicles, proof of insurance is a requirement.
• Should the vehicle be purchased from a dealer, then a copy of the purchase agreement is necessary.
• If the vehicle is to be purchased from a private owner, then a copy of the title is necessary.

UK Personal Loans

Your guide to get personal loans in UK

If you are searching for loans in UK, it is not a big task. There is lot of companies offering personal loans at affordable rates in UK.Before choosing one make it a point to do thorough analysis of those companies. The article can be helpful in guiding you to avail the best deal loan in UK. Read on.This article covers

• How do you get Personal Loans in the UK?
• Who provides personal loans in UK?
• What to consider before signing up for your personal loan?
• Who is eligible?
• Points to remember while applying unsecured loan
• What are car loans?

With so many loan firms fighting for their share of your business, there are various personal loans UK and unsecured personal loans UK that come at a much cheaper price than what you have already been quoted. It would be smart to shop around for the best UK personal loans information before making your choice of the personal loan that suits you best these personal loans UK and unsecured personal loans UK are usually provided by:

1. Internet loan providers
2. High Street Stores and high Street Banks
3. Building Societies and
4. Secured Loan providers.

Each of these providers has their individual merits and there is no such concept as a best loan provider. Ideally the best provider for you would be the one who can make you an offer of the best personal loan in the UK, considering your circumstance.

What to Consider Before Signing Up For Your Personal Loan in the UK

1. Never borrow beyond your means, and always borrow responsibly
2. Check if there is a provision for an arrangement fee to set up the loan, a fee for early repayments before your loan term, and for interest accrued for deferments and breaks in your loan term schedule.
3. Lastly, do read the fine print before penning your signature to the dotted line.

Where Can You Get UK Personal Loans and Unsecured Personal Loans UK and Who Is Eligible? Some organizations and firms include:

Sainsbury's Bank Loan

Where the APR typical rate is as low as 6.1%. You could borrow between 1000 and 25000 pounds, get an instantaneous decision, and you could be receiving your cheque within just 24 hours.

Provident Personal Credit

where there is no problem regarding previous adverse credit history, and where you could apply online for a fast decision and quick cash. There is no requirement for any security, and the typical APR is 177%

Loan line

Loan line that offers Debt Consolidation Loans where you would not be paying anything for about 6 months on secured loans of 10,000 to 75000 pounds, regardless of your credit history. While applications from tenants would not be allowed, those UK homeowners who have poor credit can visit Loan line.

Alliance and Leicester Unsecured Personal Loan

Where the APR typical is 6.1% for loans between 1000 and 5000 pounds. You can repay up to a loan term of 5 years, with a schedule of fixed monthly payments. The decision to grant a loan is swift, and easy to get.

UK Finance Online Limited

Where loans ranging from 3000 to 250000 pounds can be arranged with repayments up to 25 years. You can use the money to buy a vehicle or for home improvement, or for consolidating debt. There are loan types to suit all applicants regardless of mortgage, arrears, poor credit history. Loans can be arranged with 125% loan to value. That is, should you possess a 100,000 pounds house with a 100,000 pounds mortgage; a loan amount of up to 25,000 pounds can be arranged. Tenants can also avail of these personal loans in the UK, as they have a vast range of loan products on offer.

Personal Loans

What are personal Loans and how are they different from other types of loans?

Many times you would have experienced financial crisis. During such events you would have borrowed money from your neighbour or acquaintance. These kinds of loans which are available in banks and other financial institution are known as personal loans .A personal loan can be a secured or unsecured one depending upon the company's practices, your credit history etc Have a look at more on personal loans from this article.This article covers

• What are personal loans?
• What are its uses?
• What are the types in it?
• Benefits of secured and unsecured loans
• Who will provide personal loans?
• How one can avail personal loans?

A personal loan is a sum of money that an adult person borrows to meet his financial needs and requirements. An individual can take an easy personal loan or a guaranteed personal loan for a variety of reasons. Loans for personal debt help provide funds to purchase that dream boat or car, pay for your mortgage arrears or home improvement requirements- in fact personal loans help meet most of the financial emergencies that an individual can think of.

Personal loans are often the most preferred type of loan on account of their flexibility. The two most common types of personal loans are:

• Secured Loans and
• Unsecured Loans

Both these options are linked to the choice that one can use any fixed asset to serve as collateral to secure an easy personal loan.

A Secured Personal Loan Is Distinguished By the Following Characteristics

• The loan that is secured against some sort of fixed or immovable/movable asset is known as secured loan.
• This sort of guaranteed personal loans is easily available on account of the collateral that is provided alongside; thereby making the lending institutions more comfortable in forwarding the loan.
• Secured personal loans involve rates of interest that are much lower and easy options for repayment.
• Due to the collateral that is provided, banks and financial institutions usually are unperturbed by defaults in payments or by debts that are pending.
• Secured personal loans are made available to the individual within a period of thirty days after submitting an application.

How Does A Secured Personal Loan Benefit the Borrower And the Lender?

1. Secured Personal Loans can be repaid over a longer period of time, with a lower monthly payment.
2. They are cost effective on account of the low rates of interest charged on the loan.
3. Since the loan has been secured by pledging the assets of the borrower, the risk to the lender's investment is greatly reduced.
4. Their easy availability is another factor. Very few loan applications for secured loans are turned down; since the loan would be secured on the strength of the borrower's assets

Is An Unsecured Personal Loan A Viable Alternative To The Secured Loan?

• In such a loan, the sum of money given by the bank or by the financial institution is not secured by any collateral.
• The financial institution gives the loan solely based on the credit worthiness of the individual concerned.
• As this loan is unsecured, the lender's risk in the investment is high, and therefore the borrower is charged a higher rate of interest than those applying for a secured loan.
• Apart from this, the lender also conducts a thorough check on the financial worth of the individual applying for the loan.
• While the loan amounts can extend anywhere between 500 and 25, 0000 pounds, the rates of interest are higher on account of the risks involved.
• These sorts of loans are usually reserved for tenants, for those persons who do not own homes, and for those who are not in any position to offer any collateral.
• Because there is no collateral to secure these loans, lenders are usually wary of giving large sums of money.
• In case of default on the part of the borrower, then the lender would have no option but to resort to the clauses of the credit agreement, and approach legal aid to help recover the money.

The Benefits behind an Unsecured Personal Loan

• There is no requirement of collateral, and the borrower need not pledge his assets to procure the loan.
• There is no necessity for documents regarding the borrower's tax returns, or for financial statements. The information on the borrower's financial background need not be verified by supporting documents.
• Quick approvals, and an easy application process, are other attractive benefits of this loan.

More Than Launch Green Wheels Insurance

More Than Car Insurance have recently launched their new Green Wheels Insurance policy. It is a new product which allows you to view and monitor reports on your driving style and compare it with other drivers - to see how green your driving really is.
Green Wheels aims to help UK motorists drive their vehicles in an eco friendly manner, thus saving fuel and leaving less carbon footprint.
The technology for this car insurance scheme uses Formula 1 technology in a Green box which simply plugs into the car’s management system and then records all of the driving habit data such as acceleration, breaking and number of short distance car trips. The data gathered is then transmitted to Morethan’s Green Wheels website where existing car insurance customers can access an array of reports on their driving through secure methods.
Bridget McIntyre, CEO at Royal & Sun Alliance commented ”We have created MORE TH>N Green Wheels Insurance to give our customers the opportunity to take responsibility for their carbon ‘tyre-print’. It helps people to understand how their driving style affects the environment by giving them access to information such as their rate of acceleration and braking, the number of short journeys they take and how long they leave their car idling.

This exciting new product is part of our commitment to the Together campaign which believes that, by offering customers positive environmental choices, large companies can make a real difference in the fight against climate change - you can find out more at together.com.

Insurance Word of The Week

Insurance Word of The Week 

Our Eighth insurance word of the week is: Authorised Person

A person (usually a firm) that has been approved by the Financial Services Authority (FSA) to carry on one or more FSA regulated activities.

The Financial Services & Markets Act 2000 (FSMA)
FSMA is concerned with the regulation of financial services and markets in the UK . Under Section 19 of FSMA, any person who carries on a regulated activity in the UK must be authorised by the FSA or exempt (an appointed representative or some other exemption). Breach of section 19 may be a criminal offence and punishable on indictment by a maximum term of two years imprisonment and/or a fine.

A copy of FSMA, as well as secondary and related legislation, can be found on the Treasury’s website. Bear in mind that this version of FSMA does not include amendments made to it by subsequent legislation.