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Insurance in USA part 4 PDF

* Insurance that provides for the payment of the entire sum insured after the number of years specified in the policy or in the event of the death of the insured person;

* Conditional death insurance only for a certain short period of time (usually several years). A typical case of insurance is life insurance of the debtor for the duration of the loan;

* The most popular type of insurance is universal insurance. The essence of it is that the amount of annual payments is determined independently by the person who draws up insurance. The company divides these payments into three categories: one part goes to accumulate the principal amount of the payment in the event of the death of the insured employee, another - to a special Bank account, which is charged interest, and the third-to cover the costs of the company. In the annual reports, the company indicates which accounts and what amounts were received during the year.[15]

Here I would like to say a few words about another type of personal insurance-medical insurance. American health care is one of the largest industries in the country. In the United States, health insurance is voluntary and almost entirely provided by employers. Sickness insurance is the most common type of workplace insurance, but employers are not required to provide it. Not all American employees receive such insurance. However, in the largest companies, health insurance is almost an essential condition, and in 2005, it covered about 75% of the U.S. population.[16]

There are many types of health insurance. The most common is the so-called compensation insurance, or "service fee"insurance. In this form of insurance, the employer pays the insurance company an insurance premium for each employee covered by the relevant policy. The insurance company then pays the checks submitted by the hospital or other medical institution or doctor. The same way the services included in the insurance plan are paid. Usually the insurance company covers 80% of the costs of treatment, the rest must be paid by the insured.

There is an alternative-insurance of so-called managed services. The number of Americans covered by this type of insurance is rapidly increasing. In this case, the insurance company contracts with doctors, other medical professionals, as well as with institutions, including hospitals. For the provision of all services provided by this type of insurance. Usually medical institutions receive a fixed amount, which is paid in advance for each insured.

The differences between the two types of insurance described are very significant. "Fee-for-service" insurance pays for the cost of services that are actually provided to patients. In the case of "managed services" insurance, medical institutions receive only a fixed amount per insured patient, regardless of the scope of services provided. Thus, in the first case, health care workers are interested in attracting clients and providing them with a variety of services, while in the second-they are more likely to refuse to prescribe additional procedures to patients, at least, they are unlikely to prescribe them more than necessary.

Currently, the US government also pays for more than 40% of health care costs under the main programs-Medicaid and Medicare. Medicare provides insurance for all Americans over the age of 65, as well as those approaching that age who have serious health conditions. The Medicare program is partially funded by a tax levied on all workers - both salaried workers and employers. Overall, this tax represents about 15% of the income of employed Americans. Medicare is also funded from General income tax revenues. Medicaid provides insurance for low-income Americans, mostly women and children from poor families. The program also pays for those who require constant care and cannot do without daily assistance to stay in nursing homes.

However, there are many Americans who are not covered by any type of insurance. Many of them work, but their employers do not provide them with health insurance. At the same time, these people are too young to qualify for Medicare, are not classified as unfunded, and are not covered by Medicaid. The number of uninsured Americans, according to various estimates, ranges from 20 to 50 million people (8-20% of the population). [17]

Much of the cost of health care in the United States is covered by voluntary health insurance, which is paid for by employers as well as the government. Nevertheless, the share of citizens accounts for a significant part of the costs for medical services provided. These payments are considered to be a mechanism of regulation and appropriate cost reduction (if the employee pays part of the costs on their own, they are less likely to see a doctor).

One of the basic principles of health insurance is high efficiency of medical care. As for the costs of treatment, the insurance company covers the costs associated with the use of the only correct method of treatment with a high positive result rate. Of course, the cost of heart surgery is very high, but still less than the cost of drugs that need to be taken for a long time. And the effect of conservative therapy is not always desirable. Therefore, insurance companies prefer to incur large costs, but once.

Americans have a serious attitude to their health. On the one hand, insurance companies protect their customers from unprofessional medical care, on the other – Americans trust their doctors and do not buy drugs without the advice of a specialist.

2.2 Property Insurance

It should be noted that in the United States, all types of property insurance are legally voluntary. However, the established practice in a number of reasons why insurance of certain types of risks is a social necessity, often leads to the fact that the conclusion of insurance contracts becomes a necessity. Consider the main types of property insurance.

Car insurance (carinsurance) is a mandatory type of insurance in the vast majority of US States. An uninsured car in them simply will not be registered. The very concept of "compulsory insurance" was born in America at the dawn of the twentieth century and has improved over the years.[18]

Today, car insurance is regulated by the laws of each state separately. Only in new Hampshire, Tennessee and Wisconsin is it optional. The differences in the laws of the other States are mainly limited to the types of compulsory insurance accepted there, as well as to the minimum sizes of insurance coverage.

Any insurance benefit (and it is better not to go out on the street if you do not know the basic provisions of such instructions) begins about the same way: understanding car insurance is an important part of your training as a driver.

In the vast majority of States, it is impossible to buy a car without car insurance – you simply will not sell it. If you do not worry about it in advance and came to buy a car, then you will be offered to conclude an agreement and get an insurance policy in the nearest insurance company.

Car insurance in the United States includes 6 basic types.

The first two types are the most important, and therefore obligatory for all almost everywhere in America. This is liability insurance for causing bodily harm to another person or persons by the owner of the policy and causing material damage to property as a result of an accident. Each state determines the minimum amount of insurance coverage for accidents. In the US, three figures are used for this, which in tens of thousands of dollars show these limits. So, in California, the following parameters are adopted: 15/30/5. This means that the car owner is obliged to have a policy with minimum liability insurance in case of bodily injury and material damage at the rate of 15 thousand dollars if one person was injured, 30 thousand dollars if more than one person was injured and 5 thousand dollars to cover material damage. In the state of new York and in the district of Columbia, where the American capital is located, the parameters are the same-25/50/10, and in Alaska – 50/100/25.[19]

The third type of insurance-personal protection in case of injuries. It covers medical expenses and financial losses as a result of temporary disability of the owner of the policy and the passengers who were in his car at the time of the accident, regardless of who is responsible for it. Such a policy is important if the person involved in the accident does not have very high coverage on their health insurance or does not have it at all. If health insurance is expensive and provides high coverage, then the third type of car insurance can be abandoned or taken at a minimum. In a number of States, including new Jersey, California and the capital, Washington, it is not mandatory.

The following two types of insurance are also not mandatory for U.S. zones. The first is insurance in case of a collision, when covered by the material damage caused to the car owner's policy at fault in a collision with another car or stationary object – a pillar hydrant, tree, etc. the Second is the "comprehensive insurance" that covers damages caused by flood, fire, hurricane, earthquake, and also in cases of vandalism and car theft, that is, when it is impossible to find the perpetrators. These two types of insurance involve the payment of repair costs at reasonable market prices, less the amount that the policy holder must pay in accordance with the contract with the insurance company.

 

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