Life Insurance Policy Provisions, Options and Riders
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Orlando Life and Health Insurance
Orlando Florida Life and Health Insurance ~ 321.395.3821
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Types of Insurance
Life insurance Annuities
Health insurance Accident insurance
Disability insurance
Property and Casualty insurance
Insurance is based on two fundamental principles.
(1.) The Pooling of Risk. Each person in the insured group shares the losses and have the promise of future benefits. Insurance companies use mathematical principles to guarantee insurance policy owners that their claims will be paid.
(2.) Law of Large Numbers. By using data from a large number of people insurance companies can predict with reasonable accuracy how many people in a given population will die during a certain period of time. From this they can determine the appropriate premiums that will maintain their financial strength to pay out claims as they come in.
Personal Uses of Life Insurance
Final Expense Fund
Housing: Mortgage or rental allowance fund
Education Fund
Monthly Income Fund
Dependency Fund
Business Uses of Life Insurance
Partnership Buy-sell Plans
Partnership Cross Purchase Plans
Partnership Entity Plans
Close Corporation Buy Sell Plans
Close Corporation Cross Purchase Plans
Close Corporation Stock Redemption Plan
Key Person Insurance
Split Dollar Plans
Deferred Plans
Types of Insurance Companies
Stock Insurance Company ~ Private companies incorporated under state laws to make a profit for its stockholders. Stock dividends are taxable as ordinary income.
Mutual Insurance Company ~ Incorporated under state law the owners are the policy holders. They share in company earnings.
Fraternal Benefit Societies ~ Non-profit organizations who have a lodge system that includes ritualistic work and have a representative form of government with elected officers. Fraternal society insurance can only be sold to society members.
Service Insurance Company ~ They offer both health insurance and health care services. Blue Cross and Blue Shield are the best known.
Health Maintenance Organizations (HMO) are Service insurance companies that provide a range of health care services for a fixed periodic premium. They stress preventive health care and early treatment.
Preferred Provider Organizations (PPO) are Service insurance companies that provide a volume discount on health services by contracting with health care professionals and hospitals.
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