Posts tagged ‘vehicle insurance’
Insurance Institute of India Model Tests online test
Model Tests
In order to familiarise yourself about the pattern of question paper, you may attempt model test papers of:
Insurance Institute of India Mock Tests
and get it evaluated instantly on submission of test paper….Experience the feel of Real Test!
Please go through the Instructions carefully before taking the test.
Instructions for appearing the Model Test:
- The question paper consists of objective type questions only.
- For every question, you will find four alternative answers. To select your answer, click on the radio button next to the alternative.
- In case you want to change the answer click on any other desired alternative.
- After completing the test, press the ‘done’ button. A list of questions attempted as well as not attempted will appear along with the two options,viz, ‘Go back to question paper’ or ‘Submit answer paper’.
- In case you want to go back to your question paper, to recheck your answers, click on the ‘Go back to question paper button’.
- Click on the ‘Submit question paper’ button to submit the paper and result will be displayed on the screen
- Click on ‘Close window’ to close the model test paper.
Insurance Agency Marketing and PR
Insurance Agency Marketing and PR
Small business marketing tips help any business promote their products and services. Identify an insurance agency’s marketing and public relations campaign objectives to stay on target. Some questions to ask:
* What will be gained by an insurance agency’s marketing campaign?
* Is the focus on finding new customers or customer retention? Or both?
* What messages should be sent to prospects, customers, business partners and insurance agency employees?
Completing an executive summary, a more complex SWOT (Strengths, Weaknesses, Opportunities and Threats exercise) or compiling competitive intelligence helps small businesses identify their insurance agency’s marketing and public relations objectives and to get agreement on them.
Small Business Marketing Goals
Set concrete marketing and public relations campaign goals for an insurance agency or small business. Agencies may need to change goals later, but this sets checkpoints to review progress throughout the campaign. Here’s a sample marketing campaign goals and objectives statement:
Lisa Nichols’ Insurance Agency has a great opportunity to find all-new customers in 2008. It is estimated that there are 10,000 potential, eligible agency customers in our community. The agency anticipates that 1,000 new customers will join the agency by the end of 2008, and that an additional 2,000 customers will be on board by June 2009.
Tips To Keep More Money in Your Pocket in a Easy Way
Tips To Keep More Money in Your Pocket
Skyrocketing gas prices have gotten a lot of media attention this year, but most consumers have surely noticed that the costs of many basic goods have also crept higher, taking a toll on their monthly budgets. The Virginia Society of CPAs offers these suggestions on the best ways to boost the cash in your pocket.
Links :- 1) Tips To Keep More Money in Your Pocket
2) How to Become LIC Agent
3) How to Become a Federal Agent
LIC Agent Exam – IRDA Agent Exam Question Paper
Insurance Institute of India conducts every year an all India based competitive exam for recruitment of Insurance agents and is known by the name of IRDA exam or Insurance Regulatory and Development Authority exam. The basic requirement to sit for the exam is that he or she must have cleared his class 12th from a recognized university or board.
IRDA exam can be given in two modes, online and offline. Candidates preferring to go for manual mode would have to submit duly filled-in exam entry form to the concerned authority. The form is also supposed to be countersigned by the sponsoring insurer. Now, if the applicant wishes for both the general as well as life branches, he or she would have to fill two separate forms.
As regards the pattern of question is concerned, theme always remains the same, as in all the questions would be related to the Insurance, loans, regulations and their general application. Moreover, you can also expect some numerical problems as well. However, they won’t be rocket science, so you do not have to worry. They would be like normal percentage, discount and loan calculation.
Sample Exam Paper
1) IRDA Agent Exam Question Paper – 1
2) IRDA Agent Exam Question Paper – 2
3) IRDA Agent Exam Question Paper – 3
Bonus Information – Life Insurance Corporation of India
Bonus Information – Life Insurance Corporation of India 2008-2009
All this “bonus rates” is always declares on the sum assured instead of the amount you deposit [premiums] to the LIC.
So if you have a policy of Rs2, 00, 000 with a premium of Rs10, 000 per annum and the bonus rate is 5.5% then your this year bonus amount will be Rs11, 000 [5.5% of 2, 00, 000] and not Rs1100/
Click on the following Link
http://www.myallagents.com/Bonus-Information-Life-Insurance-Corporation-of-India/details.html
Winning With Mutual Funds
Winning With Mutual Funds
A mutual fund (called ‘unit trust’ in Asia) is an investment vehicle that pools money from many individual investors. A professional fund manager invests and manages these funds into stocks, bonds and other securities.
People usually invest in mutual funds because it is offers the advantage of broad diversification (it spreads your money over tens or hundreds of stocks to reduce risk) and professional management. However, do remember that as broad diversification reduces risks, it also reduces return.
First, here is the bad news. If you speak to most people who have invested in unit trusts in Asia (especially Singapore) or in mutual funds, most would report losing money or just earning measly returns of 2%-4%. In fact, in the year 2004, it was reported in the Straits Times that 559,000 Singaporeans lost $680 million by investing their CPF in these funds. By going to the largest unit trust distributor Asia, you can easily calculate that only 6% of unit trusts beat the S&P 500 over a ten-year period. What are the chances of you placing your bet on this 6%? Chances are you would have had lower returns that the index, while still having to pay those hefty sales charges and annual management fees.
How about the US mutual fund market? On average, less than 10% of mutual funds beat the S&P 500 index each year! What’s worse is that it is a different 10% each year. Less than 3% of mutual funds are able to beat the S&P 500 Index over a five to ten year period. So again, what are the chances of you beating the market through betting on the right fund? Only 3%! You have better odds at the Black Jack table. The worse thing is that the fund manager gets paid an annual management fee whether or not the fund makes money.
Why is it so difficult for most people to make money in mutual funds? There are four main reasons.
1) High Sales Charges & Management Fees
Most people buy mutual funds through banks and financial institutions at retail prices where there is a sales charge (front load) and high annual management fees (expense ratios).
In Asia, most banks & financial institutions sell unit trusts with a sales charge of 5%-6% and with annual fees of 1.5%-2%. It means that before you even begin, you are down 6.5%-8% on your investment and will be down another 1.5% every year. Your fund must outperform the S&P 500 by 6.5%-8% just to make it worth your while! Again, less than 10% of funds worldwide can achieve this every year and less than 3% can achieve this over five years.
2) Buying the Hottest Performing Funds
Most people choose funds based on high short-term returns. These are the funds that are normally pushed and advertised by financial retailers. They feature impressive and enticing returns like ‘This fund was up +65% in the last six months’.
The fact is that the best short-term performing funds tend to also be big losers in the subsequent years and long term. Why? Because these funds tend to be invested in hot stocks or hot sectors where the stocks have been rising rapidly and fund managers buy, riding on the momentum. That is why they post very spectacular returns. However, strong buying activity tend to push these stocks to be overvalued and sure enough, the stocks will come crashing down in the next few years. Mutual funds that consistently beat the S&P 500 tend to be invested in non-hot sectors and do not post spectacular short-term returns.
3) Limited Selection of Unit Trusts Locally
If you are in Asia, then you are normally exposed to only a limited number of unit trusts. A check with fundsupermart.com (the largest Asian unit trust distributor) shows that there are just about 300 funds available here compared to over 8,000 funds in the US market.
When I made a search on the Top Performing Fund sold locally (year 2005), I was presented with ‘Fidelity America USD’ with a 10-year annualized return of 11.27%. (Recall that the S&P 500 returned 12.08% a year). So, even the top-performing fund couldn’t beat the S&P 500 after deducting expenses & fees!!
4) Lack of Research Knowledge, Data & Tools
The single most important reason why investors lose money in mutual funds
is because they don’t have the knowledge or necessary information to search for the top 3% of consistent performing funds at the lowest costs. Investors tend to buy on the advice of their bank managers, facts from the fund fact sheet or prospectus which does not provide enough information to select the right fund.
11 Essential Steps to Retirement Planning
11 Essential Steps to Retirement Planning
Life Insurance
It used to be that Americans retired at 65 with a gold watch and a nice, fat pension. But times have changed, and now we’re finding we have to take a more active role in preparing for retirement.
This new world of 401(k) plans and Roth IRAs leave many people confused and uncertain. A 2009 Employee Benefit Research Institute survey, for instance, found that only 44 percent of Americans have ever tried to calculate how much they need for retirement.
“Planning for retirement can be a daunting task, especially given the recent economic climate,” said Insured Retirement Institute (IRI) President and CEO Cathy Weatherford. “And while by most accounts the financial forecast appears to be improving, millions of Americans have yet to begin preparing for their retirement.”
According to the IRI and the U.S. Department of Labor, there are 11 steps you can take to ensure that you do not outlive your savings.
1. Select a target retirement date
This important step determines how much money you need. If you want to retire early–say at the age of 55–you need to have a good post-retirement income and a lot of savings because your retirement could last 30-40 years. You should also buy health insurance until Medicare kicks in at age 65.
The Department of Labor says most people retire at the age of 65-66, although many are continuing to work later in life. Key benchmarks that may influence your decision on when you ultimately retire:
* Age 59 ½: You can withdraw from retirement accounts without paying a tax penalty
* Age 62: The minimum age to receive Social Security benefits
* Age 66: Eligible for Social Security benefits if born between 1943-1954
* Age 70 ½: Face tax penalties if you don’t start taking minimum withdrawals from retirement accounts
2. Calculate the amount of money you should accumulate by your target retirement date
This is largely determined by what your lifestyle, living and medical expenses will be during retirement. You should also take into consideration the cost of inflation. The Labor Department recommends you plan for a 30-year retirement, regardless of what age you retire.
Key questions to ask yourself:
* Will I still have a mortgage payment or will my home be paid for?
* How much will I want to travel?
* How much of my current monthly expenses continue after I retire?
* How much should I keep in investments? (financial experts recommend that you continue making investments that earn enough to cover the cost of inflation)
* Will I want additional health insurance to pay for services not covered by Medicare?
3. Figure out how to maximize your Social Security benefits
More than half of retirees start collecting benefits at age 62, but advisors note that your monthly payments may be a third higher if you wait until age 66 to start collecting. Those who wait until age 70 receive 75 percent more.
“Millions of Americans may not be aware of the financial advantages most people gain by waiting even a few years to begin receiving their benefits,” Weatherford said.
4. Take advantage of tax-advantaged plans, such as employer-sponsored retirement plans, individual retirement accounts and annuities
According to Kiplinger magazine, many retirees who either lost money or lost faith in the stock market are purchasing insurance annuities to provide guaranteed income during retirement. With an annuity you pay an insurance company a large sum of money in return for a monthly check for a certain time period or for the rest of your life. For instance, a 65-year-old man could make $725 a month by purchasing a $100,000 annuity.
The Labor Department notes that some annuities make adjustments for inflation. It recommends you carefully review the terms of the investment and answer the following questions:
* Does the amount paid vary based on investment returns or is it fixed?
* What will you pay in related fees?
* How are the payouts taxed?
5. As that your employer start a pension or retirement plan if one doesn’t already exist
Starting a retirement savings plan is easier than many small business owners might think. Retirement plans help to attract and keep good employees, and the employer’s contributions are tax deductible.
6. Only use your savings for retirement
Many experts agree on this step. The Labor Department notes that if you dip into your retirement savings, you lose principle and interest, and you may lose tax benefits. Roll your 401(k) into an IRA if you change jobs.
7. Diversify your assets and be sure to include guaranteed income for life
Experts recommend you keep money in a safe, interest-bearing account, as well as some money-earning stocks. This spreads the risk. The Labor Department recommends the following distribution:
* Some money in savings or checking accounts with no risk
* Some in bonds, with a little more risk
* Some in stocks with a higher risk, but a higher return
Another way to diversify is by investing in index mutual funds.
8. Ask questions and get help by seeking the advice of a professional financial advisor
An expert can help you sort through all the investment opportunities and help you decide what’s right for you. But avoid strangers on the phone or the Internet–retirees are frequent targets for scammers.
9. Start now and set goals
The IRS recommends you set up a “painless” payroll deduction, regardless of your age or how long you have until retirement. Other strategies:
* Maximize your pre-tax deductions at work
* Make catch-up contributions after the age of 50
* Work a few years longer than you might otherwise have
* Don’t take on large debt during your pre-retirement years
* Hold off withdrawing Social Security benefits
10. Start a retirement plan and monitor your progress
A retirement plan can help set out your goals for saving and your strategies for reducing debts. Write down those goals and strategies. According to the Labor Department, people frequently alter future spending patterns if they record their expenses and have a plan for reducing them.
11. Use whole life insurance to protect your family’s finances
Purchasing a whole life insurance policy, which pays beneficiaries when the insured individual dies, is a way to ensure your family is financially protected should the breadwinner pass away and is no longer bringing home a paycheck. A whole life insurance policy can provide the funds necessary, so that your spouse doesn’t have to go back to work during retirement, or that your children don’t have to tap into their own savings to pay for a funeral. A properly sized policy can make sure your spouse has enough money to pay the outstanding principle on your home, finish paying for a child’s college or cover other large expenses.
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Needs And Benefits Of Insurance
Insurance is a form of risk management primarily used as a protection against the risk of loss. It transfers the risk of a loss, from one entity to another, in exchange for a premium. The insurance rate is a factor used to determine the amount called the premium, to be charged for a certain amount of insurance coverage.
By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death.
The amount of insurance and type of insurance you need depends on your sources of income, your debts, your goals, and your lifestyle. One can buy insurance from independent agents, insurance companies, banks and even through online mode.
There are many types of insurance available in the market like life, auto, business, home and health insurance. Insurance companies sell various insurance plans to insurers. If an insurer met with any kind of loss he can claim for his or her insurance.
Insurance helps you to use your money at the time of emergency as emergency can come anytime in our lives without knocking. So, it’s better to play safe. For example, if you are worried about your children’s higher studies, you can secure your money through insurance which will give you benefits in future. An insurer needs to pay monthly premium amount according to their policy.
Online purchasing of insurance policies is getting popular these days. Earlier people used to meet an insurance agent in person rather than relying on an impersonal source. But, now as internet is providing lots of opportunities and best competitive deals. This has led to change in the mindset of common people. Online medium of getting insured saves much of their precious time, as well as money. Here, they can deal with various reputed lenders and can update with new policies available in the market. Lenders are taking care of the information of the insurers so that nobody can misuse it.
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