Inspiration By Experience

Archive for January, 2010

Although it may seen odd to talk about spending money on your property during a recession and a credit crunch, this is the time when you may be most at risk if you start changing things around. Let’s start with a simple question. One of the results of this downturn has been a dramatic increase in the level of unemployment. So many more people have either found their hours cut or they are out of work. But what to do? The bills are still there to be paid. The obvious answer for some is to start running some kind of business from home. Even if your efforts only produce a few dollars of profit a week, that’s a few dollars more than you would have had. Except that’s changing the use of a part of your home from residential to commercial. So think about what business you might try. It might be turning your kitchen into a catering operation to sell cakes and cookies. You might look to do some woodworking in the garage. Your spare bedroom might become a home office. The idea is to convert an existing hobby or skill into money. Except your home is currently insured as a residence. Adding in commercial woodworking or cooking operations may increase the risk of fire. More people may come into your home to buy goods or services. If they are injured by slipping on your floor tiles or tripping over a loose carpet, are you covered against third party liability claims? So here comes the headline: always tell your insurance company if you are going to change the use of your home. If you do not, the insurer could refuse to pay out on any claims!
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What is an individual health insurance plan? Speaking technically, it is an agreement between the insurer and the customer regulating that the insurer will pay for listed customer’s medical services in case of an emergency against a certain fine. But the main question that many people are asking is about the elements to be considered before going with such an individual health insurance option.
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When dealing with a health insurance plan, whether a new one or the one you have already purchased, the specific language of its contents can be confusing for most people. All these provisions, coverage options and payments make little sense unless you are an insurance expert. And it’s not that rare that a person asks what does their policy provide even after having it for some time.

Don’t worry, we are here to help you. Below you will find the most commonly used health insurance terms you will find in any policy with brief and comprehensive explanation that will help you understand your insurance policy better.

Deductible
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