Secrets your car insurer won't tell you

Getting a good deal on auto insurance is hard enough. Keeping your premiums from rising? That can feel like playing a game where the rule maker refuses to tell you the rules.

Here are a dozen ways the industry works, with tips to help you save:

If you have good credit, you'll pay less. Almost all insurers -- including the top five -- pull your credit report. Why? Studies have shown a direct correlation between your credit score and the likelihood that you will file a claim. Insurers also know that if you pay your bills in a timely fashion and have had the same credit accounts for a long time, you're more stable than someone who pays late and frequently opens and closes accounts. They use this information to create your "insurance risk score," which is one factor that determines your auto-insurance rate.

Tip: Your insurance-risk score is not available to you, but it may be similar to your credit score. If you have unusual credit activity, wait a month for it to return to normal before buying auto insurance. If your credit history is shaky, clean it up as soon as you can.

Your car model affects your premium. You won't get these numbers from your insurer; in fact, you may not be able to get them at all. But the auto insurers do have a rating system for every car make and model. Most use a system devised by the Insurance Services Office, which starts with the cost of the vehicle and then factors in safety and theft data. Cars are given a rating from 1 to 27, and the higher the number, the higher your premium.

Pay in full to avoid installment fees. "Fractional premium" fees are usually charged when you pay your annual premium in installments rather all at once. Payments usually are offered on a six-month, quarterly or monthly basis, but almost every insurance company charges an administrative fee for breaking up the payments. The more you break it down, the more those fees add up.

Tip: Ask about fees for paying in installments. If the fees are small enough, it may be worth it. Remember that insurance companies can cancel your policy for late payment, many times with minimal notification, so make sure you won't miss an installment. If you can pay the premium up front, it may simplify the process and save you a few dollars.

That Pearl Jam CD in your car isn't covered. Stolen or damaged personal items like compact discs aren't covered by your auto insurance.

Tip: You can file a claim on your home insurance. Most home-insurance policies will cover smaller, less expensive items such as compact discs. However, if you carry expensive items such as computer equipment, ask about a rider to your home-insurance policy. It's wise to take photos or video of any expensive personal items before they go missing.

Bad drivers will pay

You'll pay for your bad driving. The industry standard is to increase your premium by 40% of the insurer's base rate after your first at-fault accident. For example, if the company's base rate is $400, your premium will go up by $160. Not all auto insurers play by this rule, though, and some may increase your individual rate by 40%. Regardless of what formula they use, in the majority of cases, your rates will go up.

Tip: Some insurance companies have a "forgive the first accident" policy. The qualifying variables are wide-ranging, so ask your company if it has a forgiveness policy and how to qualify.

You'll pay for your friend's bad driving, too. If your friend borrows your car and crashes it, you'll have to file a claim with your insurance company. You'll have to pay any deductible that applies, and your rates will probably go up as a result of your claim.

Tip: If your friend didn't have permission to take your car, in most cases you won't be held liable for the damage. But if your friend is uninsured and causes damage that exceeds your policy limits, the injured party can come after you for medical and property-damage expenses. Best bet? Don't lend out your car.

Your car's real worth

The value of your "totaled" car may surprise you. Auto-insurance companies don't use the standard Kelley Blue Book or National Association of Automobile Dealers value. Instead, each company has its own proprietary list of car values, and most have specialized software for valuing cars in each region. They take into consideration the car's mileage and pre-accident condition.

The insurance company may also ask local dealers what they'd charge for a similar replacement car. However, the insurer will consider quotes from suburban towns as reasonable estimates, even if you live in the city. You might have to drive several hours to reach the cheapest dealer, just to save the insurance company money. And they might be quoted a better deal than you could get if you walked onto the lot.

Tip: If you disagree with your insurance company's value determination, there are several things you can do: 

• Next time, get "gap" insurance. It will pay the difference between what an insurer will cover and what you owe, which can be several thousand dollars.
• If you have maintenance records that show you've had the oil changed every 3,000 miles and you've had the car checked routinely by a mechanic, present copies to the insurance company to show the car was in good condition. If you've been paying premiums on any special parts or upgrades, make sure those are included in the insurance company's evaluation.
• Get price quotes on replacement cars from three dealers within a reasonable driving distance and submit these to your insurance company. Ask the insurance company for a list of dealers within a specific distance who can sell you an equivalent car for the value the company is claiming.
• If you still aren't satisfied, you can step up the process and go to mediation or arbitration. Mediation involves presenting your case to a neutral party for help in reaching a compromise; arbitration is a binding decision. You can also, of course, take the issue to court.

Credit card security relies on the physical security of the plastic card as well as the privacy of the credit card number. Therefore, whenever a person other than the card owner has access to the card or its number, security is potentially compromised. Merchants often accept credit card numbers without additional verification for mail order purchases. They however record the delivery address as a security measure to minimise fraudulent purchases. Some merchants will accept a credit card number for in-store purchases, whereupon access to the number allows easy fraud, but many require the card itself to be present, and require a signature. Thus, a stolen card can be cancelled, and if this is done quickly, will greatly limit the fraud that can take place in this way. For internet purchases, there is sometimes the same level of security as for mail order (number only) hence requiring only that the fraudster take care about collecting the goods, but often there are additional measures. The main one is to require a security PIN with the card, which requires that the thief have access to the card, as well as the PIN.

The PCI DSS is the security standard issued by The PCI SSC (Payment Card Industry Security Standards Council). This data security standard is used by acquiring banks to impose cardholder data security measures upon their merchants.

A smart card, combining credit card and debit card properties. The 3 by 5 mm security chip embedded in the card is shown enlarged in the inset. The contact pads on the card enable electronic access to the chip.

The low security of the credit card system presents countless opportunities for fraud. This opportunity has created a huge black market in stolen credit card numbers, which are generally used quickly before the cards are reported stolen.

The goal of the credit card companies is not to eliminate fraud, but to "reduce it to manageable levels".^[17] This implies that high-cost low-return fraud prevention measures will not be used if their cost exceeds the potential gains from fraud reduction.

Most internet fraud is done through the use of stolen credit card information which is obtained in many ways, the simplest being copying information from retailers, either online or offline. Despite efforts to improve security for remote purchases using credit cards, systems with security holes are usually the result of poor implementations of card acquisition by merchants. For example, a website that uses SSL to encrypt card numbers from a client may simply email the number from the webserver to someone who manually processes the card details at a card terminal. Naturally, anywhere card details become human-readable before being processed at the acquiring bank, a security risk is created. However, many banks offer systems where encrypted card details captured on a merchant's web server can be sent directly to the payment processor.

Controlled Payment Numbers which are used by various banks such as Citibank (Virtual Account Numbers), Discover (Secure Online Account Numbers, Bank of America (Shop Safe), 5 banks using eCarte Bleue and CMB's Virtualis in France, and Swedbank of Sweden's eKort product are another option for protecting one's credit card number. These are generally one-time use numbers that front one's actual account (debit/credit) number, and are generated as one shops on-line. They can be valid for a relatively short time, for the actual amount of the purchase, or for a price limit set by the user. Their use can be limited to one merchant if one chooses. The effect of this is the users real account details are not exposed to the merchant and its employees. If the number the merchant has on their database is compromised, it would be useless to a thief after the first transaction and will be rejected if an attempt is made to use it again.

The same system of controls can be used on standard real plastic as well. For example if a consumer has a chip and pin (EMV) enabled card they can limit that card so that it be used only at point of sale locations (i.e restricted from being used on-line) and only in a given territory (i.e only for use in Canada). There are many other controls too and these can be turned on and off and varied by the credit card owner in real time as circumstances change (ie, they can change temporal, numerical, geographical and many other parameters on their primary and subsidiary cards). Apart from the obvious benefits of such controls: from a security perspective this means that a customer can have a chip and pin card secured for the real world, and limited for use in the home country assuming it is totally chip and pin. In this eventuality a thief stealing the details will be prevented from using these overseas in non chip and pin (EMV)countries). Similarly the real card can be restricted from use on-line so that stolen details will be declined if this tried. Then when card users shop online they can use virtual account numbers. In both circumstances an alert system can be built in notifying a user that a fraudulant attempt has been made which breaches their parameters, and can provide data on this in real time. This is the optimal method of security for credit cards, as it provides very high levels of security, control and awareness in the real and virtual world. Furthermore it requires no changes for merchants at all and is attractive to users, merchants and banks, as it not only detects fraud but prevents it.

The Federal Bureau of Investigation and U.S. Postal Inspection Service are responsible for prosecuting criminals who engage in credit card fraud in the United States, but they do not have the resources to pursue all criminals. In general, federal officials only prosecute cases exceeding US $5000 in value. Three improvements to card security have been introduced to the more common credit card networks but none has proven to help reduce credit card fraud so far. First, the on-line verification system used by merchants is being enhanced to require a 4 digit Personal Identification Number (PIN) known only to the card holder. Second, the cards themselves are being replaced with similar-looking tamper-resistant smart cards which are intended to make forgery more difficult. The majority of smart card (IC card) based credit cards comply with the EMV (Europay MasterCard Visa) standard. Third, an additional 3 or 4 digit Card Security Code (CSC) is now present on the back of most cards, for use in "card not present" transactions. See CVV2 for more information.

The way credit card owners pay off their balances has a tremendous effect on their credit history. All the information is collected by credit bureaus. The credit information stays on the credit report, depending on the jurisdiction and the situation, for 1, 2, or even 10 years after the debt is repaid.

Employee Redundancy tips on how to move forward.

Redundancy may often seem like a nightmare, but don’t despair, here are some top tips from Insala, which will help you cope:
Do not panic – if you have been in employment for two continuous years you are more than likely eligible to redundancy pay. This will help keep you going while you find a new job. Check the policy on your HR intranet or in your contract of employment for your specific terms and conditions.
Don’t take it personally – they are making your job redundant, not you. Don’t take it personally and don’t get angry and aggressive – it is much better the leave with your head held high and your dignity still intact. You may have work with some of the same people again in the future. Look at your personnel record and your reviews and see what your company believes your strengths are, and make sure these are on your Resume/CV.
Try and stay positive – being made redundant may give you that push which you have been waiting for. If you weren’t happy in your job and you were wanting to quit this has given you the perfect opportunity to fulfil your dreams. Most jobs give you skills which are transferable to lots of different professions. This means that if you are made redundant don’t think that you can only work in the sector which you were previously employed in. Look at what you want to do and what you enjoy doing as well as what you are good at.
Career Assessments - take advantage of career exploration tools offered by your HR department and many online recruiting sites to discover career paths that best suit you. For example, Insala offers personal assessments within EmploymentTalk, that show you what work makes you want to jump out of bed in the morning, how to create career goals, learn your strengths and weaknesses, how to deal with your future boss, and how to prepare for interviews. Such tools enable you to ultimately make the move to a career that is right for you.
Stay in touch – keep up to date with what is happening in the sector that you want to get back into or enter. This will help when you’re interviewed for another job. Look at job sites and see the language used, the qualifications required and the hot topics that need to be on your Resume/CV.
Make sure you Resume/CV is up-to-date – but don’t just add your latest role. Make sure you revisit the style and language used in other sections and emphasise points that are relevant for your new career. Consider creating separate versions of your Resume/CV for various career paths you may be considering. Try and emphasise what makes you different to other candidates, then load you Resume/CV onto a recruitment website to begin testing the waters.
Be creative – just because there isn’t a position advertised at the place where you want to work, there is no harm in sending off your Resume/CV and asking if there are any available jobs, you never know what might happen as a result. This is also the case with your current employer – it may be that they ‘have you in a box’ and don’t know of your desires and skills for another area of the business that may not be facing the same fate as yours.
Explaining this to your next employer – being made redundant is nothing to be ashamed of, especially in the current climate. The best policy is to be honest with any potential employer. Maybe try something like, “It was a knock-back, but at the same time I’m pleased to have been given the opportunity to develop my career in a new direction.” And don’t slate your old company, you don’t know who knows who.

Popularity Of Credit Cards

With the increasing popularity of credit cards in America, it's no surprise that credit card companies and banks continue to flood the market with all manner of cards--rewards credit cards, cash back credit cards, 0% APR credit cards--all in an effort to appeal to as many potential cardholders as possible by offering a wide variety of incentives for use. The major problem with the strategy, however, is that there's often little explanation of exactly how credit card rewards work in their respective programs: what's the difference, for example, between cash back cards and rewards credit cards? And which card will, in the end, save you more? The variety and sheer number of rewards programs leaves some potential cardholders confused about the actual market value of their "points" values.The most prevalent credit card rewards plans out there today fall into two different categories -- percentage-based rewards and points-based systems. The former offers a percentage of your money back on purchases in certain targeted categories, most commonly gas, travel, and in some cases entertainment. The latter offers a series of "points" for all purchases made, which can eventually be redeemed for reimbursements on various expenses, most commonly travel. The percentage rewards plans are fairly straightforward (except for a few obscure snags, such as how your cash actually gets back to you and how much you can earn in any given year through credit card rewards), but in the case of "points", it's often difficult to determine exactly what you're getting for your purchases using a points-based rewards credit card.But in the end, it all comes down to the numbers, specifically the math formula used to calculate the rewards. A good percentage-based rewards credit card will offer anywhere from 3-5% back on targeted purchases (again, commonly gas and travel.) If you spend $1,000 at the pump in a given year (which, with current gas prices, is a pretty low amount to spend on gas in a year), you'll earn $50 back in rewards at a 5% rate. For a year's worth of gas purchases, $50 isn't a huge amount of money, but it'll fill you up twice and it's certainly better than nothing.Compare this to "points" systems. One points system (from Chase's Free Cash Rewards Visa) offers a rewards rate of 2,500 points for $25, with one point earned for every dollar of purchases. That's only a 1% rate of return on the money you put into the card. Certain airline credit cards offer a slightly better deal, such as American Express's Blue Sky, which allows you to redeem points (again, one dollar per point) in 7,500 increments for a $100 reimbursement on travel expenses, meaning about a 1.3% rate of return. Again, even a low rate of return can help to offset any expenses you may incur, and can make certain purchases essentially free. But 1.3% versus 5% -- you do the math.On non-targeted purchases, points systems and percentage rewards credit cards even out, since most percentage reward cards offer a 1% rate of return on the majority of non-targeted purchases you make. And the "points" cards can offer a few incentives that a percentage rewards credit card can't, such as bonus points on sign-up, anywhere from 1,000 to 15,000 and up (depending on the value of a given points system, of course.) But, assuming that you frequently purchase the targeted items on a percentage rewards credit card (and who doesn't make frequent gas, travel, and entertainment purchases?), you've got a slight edge with percentage-based rewards programs.Check all of the fine print and consider your specific purchasing needs, of course, but remember one of the first rules of finance: when dealing with credit card rewards, always look at the long term and make sure to do the math.

Banks Boost Interest Rates to Lure Deposits

Banks are boosting interest rates on deposits in an effort to increase the supply of cash available for lending, resulting in what one consultant calls a "national price war," the Wall Street Journal reports. Many banks are pinched between the desire to build up deposits and the shrinking profit margins that come with paying higher interest on those funds. "Where you can really get hurt is on the liquidity side," says one banker. With the federal funds rate plummeting—it's 1%, and rumored to be headed even lower—deposit rates would normally be dropping as well. But the competition for funds has seen some banks offering CD rates as high as 4.5%; the average rate on a 1-year CD was 2.61% Wednesday, up from 2% in May. The rate war is "potentially quite damaging," says the consultant. "It will be a drag on bank earnings."

Nepal Life Insurance Company Limited (NLIC)

NLIC, is established under the company act 2053 and insurance act 2049 as the public limited company on 2058/1/21 (04/05/2001). It is the first company that only deals with life insurance in Nepal and is solely invested by Nepalese citizens.

The founders of the company are the well known businessman of Nepal, so the financial situation of the company is always stable. The main share holders of the company are related with the well known Triveni Group of Nepal.

The company has an authorized and issued capital base of Rs. 30 Crore. 80% of the issued capital i.e. Rs. 24 Crore has been fully paid up by promoters. The remaining 20% shares for Rs. 6 Crore have been paid by general public.

Till Asad 2065 the company has 1,62,877 insured in the company worth Rs. 1,634 Crore. As per Insurance Committee (Bima Samita) rule, the company has already invested 232.65 Crore of its capital. The company has insured itself with well-know reinsurance company "Hannover Re Life Reinsurance Company", Germany.

Being in the business of selling life insurance it is performing the same job as the other insurers dealing with "Life Insurance". However, Nepal Life Insurance Company has its own identity because of the mission and manner for which it is working. The company is working with a time bound strategy to fulfill it's vision of spreading message of insurance to every home and to contribute substantially in making Nepal an economically healthy and vibrant nation. Apart from spreading the network of branches all over Nepal the company plans to make a quantum jump in number of agents and to provide them adequate training for providing knowledge and skill, so that the company can reach and depth in the market.

Life Insurance being a service industry the company is focusing on providing services which can be considered of International Standard. Our ambition is to provide across the counter services in all its operations.

This ambition cannot be fulfilled without the help of information technology. The company has computerized most of its jobs from inception. In due course of time, all its Branches will be connected through wide area networking so that the customers can have access to policy servicing from anywhere.

To endeavor through the noble institution of Life Insurance in making every family economically safe and secure whereby every citizen of Nepal may contribute his might in building a healthy, prosperous, strong & Vibrant Nation. To cater to financial and Social needs of every segment of society by designing differentiated and innovative insurance instruments. To provide after sales service to customers that can be hailed as the best.

The Allstate Corporation (Insurance)

The Allstate Corporation is the nation’s largest publicly held personal lines insurer. A Fortune 100 company, with $156.4 billion in assets, Allstate sells 13 major lines of insurance, including auto, property, life and commercial. Allstate also offers retirement and investment products and banking services. Allstate is widely known through the “You’re In Good Hands With Allstate^®” slogan. Allstate was founded in 1931 and became a publicly traded company in 1993. The Allstate Corporation encompasses more than 70,000 professionals. Of our employees, more than 30 percent are minorities; 59.1 percent are women.Allstate helps individuals in approximately 17 million households protect what they have today and better prepare for tomorrow, and is committed to serving customers how, when and where they choose to be served.Allstate has approximately 14,900 exclusive agencies and financial representatives in the United States and Canada. Customers can access Allstate products and services such as auto insurance and homeowners insurance through Allstate agencies, or in select states at Allstate.com and 1-800 Allstate®. Encompass® and Deer brook® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, supplemental accident and health insurance, annuity, banking and retirement products designed for individual, institutional and work site customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers.In 2007, Allstate reported $17.7 billion in total property-liability insurance claims and claims expense. The Allstate Foundation donated nearly $20.1 million to nonprofit organizations including $400,000 in scholarships. The Allstate Corporation, its employees and agents donated nearly $6.1 million through the Giving Campaign to nonprofit organizations. Allstate currently holds $25 billion in municipal bonds, and more than $263 million in economically targeted investments

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