WASHINGTON, Sept 22, 2008 /PRNewswire-USNewswire via COMTEX/ -- Personal finance expert Suze Orman featured in PSAs
The Federal Deposit Insurance Corporation (FDIC) today launches a national campaign designed to help consumers learn about the benefits and limitations of deposit insurance. The campaign's public service announcements (PSAs) will feature personal finance expert Suze Orman.
"For 75 years, no one has ever lost a penny of insured deposits," said FDIC Chairman Sheila Bair, "but as with any type of insurance, depositors are responsible for knowing how FDIC coverage works in order to ensure their money is protected. While awareness of the FDIC is high, understanding of deposit insurance is not. We want to encourage people to learn the basics and provide reassurance that, if they are within the coverage limits, their money is 100 percent safe."
The public awareness campaign encourages Americans to visit myFDICinsurance.gov, where they can use EDIE the Estimator, an online tool that provides customized information about their insured accounts. The estimator has been available to the public for a number of years but was simplified and made more accessible as part of this campaign. Those without online access may call toll-free 1-877-ASK-FDIC for assistance.
"No one should ever lose a penny of their deposited money, but Americans need to take the time to look at their accounts to ensure they're covered," said Suze Orman. "I have donated my time to this FDIC campaign because I want everyone to go to EDIE the Estimator and follow the simple steps to make sure their money is 100 percent FDIC protected."
Basic FDIC insurance covers up to $100,000 of deposits per account holder per bank, and up to $250,000 per account holder for deposit retirement accounts. myFDICinsurance.gov provides information about how these limits work.
"We're encouraging consumers to find out if all their money is FDIC protected, and we're providing them the tools to do so," said Chairman Bair.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-83-2008
Before You Start
- Think about how you would pay for routine expenses if you or another income-earning adult in your home were to suffer a disability and stop working?
- Ask your employer whether disability income insurance is offered as an optional workplace benefit.
- If you're an employer, consider offering it as a benefit to attract and retain desired workers.
- If you already own disability income insurance, take a fresh look at the policy to learn about the level of coverage it provides, eligibility requirements, etc.
Diamonds, apparently, are not a man's best friend.
A Franklin Square man who works as a police officer for the Metropolitan Transportation Authority has been arrested and charged with filing a fraudulent $28,375 insurance claim for a diamond ring he reported missing -- while his fiancee was still wearing the 2.3-carat sparkler.
John Barnett, 40, of Franklin Square was arrested Sept. 12 by Investigator Rosalind Thomas of the New York State Insurance Department's Frauds Bureau, assisted by New York City Police. He was released with no bail.
The insurance department has turned the case over to the Queens district attorney's integrity bureau. An MTA spokesman said Barnett has been suspended without pay.
Forest Hills attorney Michael Dreishpoon, who represents Barnett, said his client entered a not guilty plea when he was arrested.
"I am still investigating the allegations," Dreishpoon said yesterday.
Barnett, a lieutenant commander in the U.S. Navy Reserve, bought the diamond for $15,000 in July 2006 from USAA, a San Antonio, Texas, insurance company that provides services for current and former military personnel. Barnett then had the diamond put into a $2,200, 18-karat gold setting and insured it in December 2006 with USAA for $28,375, officials said.
Early in 2007, Barnett reported that he lost the ring while taking it to a jeweler to be cleaned and filed an insurance claim with USAA, officials said.
State insurance spokesman Ron Klug said his department and USAA began investigating the case around the same time. "The insurance company was suspicious because he brought the policy in December 2006 and a short time later, in April 2007, reported it missing," Klug said.
Barnett is charged with insurance fraud, a felony, and could be sentenced to 21/3 to 7 years in prison if convicted.
Co-insurance is all about segregating the worth of medical care amongst the insured & the carrier. Once the insured's yearly deductible is met then only the co-insurance is paid. Co-insurance is generally paid on a 80-20 basis. This signifies that 80% of the medical costs are to be met by the carrier, while the rest 20% has to be borne by the insurer.
There are differences in the form of 70-30 or 90-10 depending on the nature of the policies. The most common example of such types would come in the form of huge hospitalization charges. In order to counter this problem, a majority of the policies would involve a 'stop-loss' or maximum out-of-pocket amount per year. Deductibles are only related to the part payments that you make towards the hospital bills and are not connected to your out-of-pocket expenses. It is a common mistake to get confused between the terms 'Copayment' & 'Coinsurance', while they both are separate & are explained differently. Some plans would come to you with a co-payment option, while the others may present a co-insurance. It is very important for you to know & understand their meanings & differences in great details in order to figure out the best policy for your needs. The significance of co-insurance could be explained with its effect upon some of the major branches of insurance: Relation with Health Insurance Coinsurance could be explained in proportion with the insurer's portion which appears at the top. Generally, the insured is supposed to bear half of the expenses at the most. Coinsurance depicts the apportionment of costs associated with a hospitalization bill that has to be borne by the insured & the carrier. Such an amount is higher than the policy's deductible but less than the stop loss. The carrier takes the responsibility of all the associated expenses only when the insured's out-of-pocket expenditures & the stop-loss are worth the same amount. Relation with Property Insurance The insured is subject to pay a penalty with respect to any misrepresentation of the worth of his business returns or upon falsification of the assessment of any of his tangible assets.
The penalty is calculated as a percentage mentioned within the policy clauses (upon the exaggerated amount). Generally, a coinsurance would be worth 80% but some could even be up to 100%. Higher the percentage, greater would be the resulting penalty in case of a misrepresentation. The yearly updates with respect to any cost hike (eg. inflation) if reported in time would help avoid any such penalties. Relation with Title Insurance Coinsurance clauses would form a vital part of the title insurance policies created under the American Land Title Associationtill late 2006. In case of partial losses, the insured is supposed to bear a percentage worth of risk of loss in 2 folds. The first one would materialize when the insured has not obtained coverage for the title worth a minimum of 80% of the market value while signing for the policy.
The latter one would come to play if he commits further reconstructions upon the property worth a minimum of 20% more than the amount stated in the policy. Under such circumstances, the carrier is supposed to pay a part of the claim which is calculated as 120% of the insured amount divided by a total of the sum assured (including the reconstruction charges). Coinsurance is thus popular amongst both the domestic & international title insurers in the U.S..
Life insurance can give peace of mind and the money for your loved ones to be able to cope after your death along with giving your loved ones the money needed for funeral expenses. You do have to sit down and ascertain how much cover would be needed then go online for the lowest quotes for the cover.
Life insurance has to be given some serious thought, you have to sit down and ascertain how much cover you need to take out. In order to do this you have to give some thought to such things as your dependant children's education, clothing etc.. and a good guide as to how much you should take out is multiplying your salary by around 5 times.
The next decision you have to make is the type of life assurance you wish to take out. Term life assurance is one of the easiest types to take out and a specialist website will be able to find you several quotes for the product so you are able to choose the best for your circumstances. Along with getting cheap insurance you will also get facts regarding cover which go a long way to helping you decide which is the most suitable.
This type of policy is taken out for a specified length of time and if during this time you should die then your loved ones will get the agreed payout. However should you live out the term of the policy then it simply expires and there is no payout. Whichever type of life assurance you choose, the cheapest quotes can always be found with a specialist website in the shortest time possible. It is imperative that along with comparing repayments for the cover you also compare the small print of the policy as this is where you can find any additional costs.
Critical illness cover is becoming increasingly popular with the modern technology and medicine of today, which means that more and more people are now surviving a critical illness. If you have life policy it can greatly help to relieve financial stress at a time when all you need to be worrying about is getting fit and well and back on your feet.
Critical illness insurance can be taken out for a wide range of illnesses which would leave you seriously ill or disabled. Some of the most common illnesses include cancer, stroke, heart attack or kidney failure and are defined in the terms and conditions of the policy so it is essential you read the small print.
The money you would receive from a policy once the waiting period had passed would be tax free and would be a lump sum payout.
Although the terms and conditions can vary in a policy one of the most important conditions you have to meet is that you would usually have to live for at least 30 days after being diagnosed with the illness before the cover would payout.
While a policy covers a lot of different conditions there are exclusions and these too can be found in the small print, for example not all types of cancer sufferers would be eligible to claim.
If you should be diagnosed as having a critical illness you do not want the additional stress of having to find the money to live comfortably while you were recovering. A critical illness is defined as a stroke, heart attack, cancer or suffering from kidney failure but there are up to 30 others and you have to check the small print of a policy.
NEW YORK (MarketWatch) -- If you've decided you may need pet insurance for your pet, you'll want to know what to look for when buying a policy. Just like any form of insurance, there are pitfalls of which you should be aware.
From PetsBest.com, a pet insurance company, here are four tips to consider when buying insurance for your pet:
Ask your veterinarian. Chances are the vet has heard all the news, whether it be good or bad, about insurance plans from other policy holders. See which one gets the best reviews.
Choose the insurance company carefully. Be sure the firm is licensed in your state. That gives you some confidence the company has met some minimum standards, and it often means the plan will have the coverage you need.
Cover all your bases. Make sure your pet is covered for illnesses, accidents, and other routine forms of care. Also, ensure that the costliest forms of treatment and preventive screens are included. Choose a plan that covers serious illnesses such as cancer, and offers surgical coverage, such as removal of swallowed objects and treatment of hernias.
Consider the plan's restrictions carefully. For instance, you may not want the plan to restrict your choice of caregiver, if you hope to visit a vet you know or have heard about through reference. So, avoid plans that make you choose from a set network of veterinarians. Also, opt for insurance that covers after-hours care in case an emergency occurs in the middle of the night.
Chandigarh: J Rashtriya Swasthya Bima Yojana, which is a health insurance scheme for providing health care to BPL families, will be implemented through ICICI Lombard General Insurance Company.
While disclosing this here today, Labour and Employment Minister, A.C.Choudhary said that an agreement to this effect between Director, ESI Health Care, Haryana and ICICI Lombard General Insurance Company was signed.
Giving details of the scheme, he said that the scheme aimed at providing financial assistance for meeting expenses of hospitalisation and surgical procedures of beneficiary members upto Rs. 30,000 per family (consisting of five members) per year. The benefit to the family would be given on floater basis that is the total reimbursement of Rs 30,000 could be availed individually or collectively by members of the family, he added. He said that ESI wing of Labour Department had been made the nodal agency for the scheme.
In the first phase, the scheme had already come into effect in the four districts of Haryana namely, Faridabad, Yamunanagar, Panipat and Bhiwani. The total BPL families in these districts accounted for 3,29,508. As many as 83,616 smart cards had already been issued to the BPL families in these four districts till June 25, he added.
A C Choudhary said that the scheme was being implemented jointly by Central and State Government in the ratio of 75:25, adding that Haryana was the leading state in the implementation of this scheme.
