ASSURANCE versus INSURANCE
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(Life Planner - Linda Hoo)
Two BIG words.
Do you know what does ASSURANCE means?
Do you know what does INSURANCE means?
I did a survey. most of the time, when I ask do you know the differences between ASSURANCE and INSURANCE? The answer I get is NO. Unless they have studied or has become. Financial Planner before.
Meanings:-
ASSURANCE - a promise (eg. relates to Life assurance terms a payment is guaranteed either a fixed term or on the death of an sured person)
He gave me an assurance, he will give me his study table after he graduated from his university. He ensured his name and life to assured her.
INSURANCE - an arrangement of ensuring a guarantee (eg. Relates to Accidental or Incidental is the General terms whose payment would be made only in certain circumstances within a limited period).
She agrees to sign up an insurance policy with an Insurance Company which states to undertakes to provide a guarantee of compensation for a specified loss, damage due to accident or in return of
accidental death for payment after premium has been made. The INSURANCE is taken out against
accidental medical reimbursement, weekly indemnity, dengue fever benefits, double living benefit. Not all Insurance is the same. Can not compare an apple with another apple.
accidental death for payment after premium has been made. The INSURANCE is taken out against
accidental medical reimbursement, weekly indemnity, dengue fever benefits, double living benefit. Not all Insurance is the same. Can not compare an apple with another apple.
PREMIUM - money paid for insurance
She paid her premium before the due date to ensure her policies will not lapse. This is to ensure her policies are active and will protect her against all her needs.
COMPENSATION - money paid out
He received his COMPENSATION in a form or a cheque from the Assurance Company via his agent.
EMPLOYER's LIABILITY INSURANCE - An insurance policy that protects employer from liabilities
according to their schedules of plan selected, protecting them from the ad hoc arising matters of
employees fatality, diseases, injury, accidents from workplace practices or within their workplaces conditions. There are policies which covers employees who travel vastly for their Company. According to some jurisdictions which is compulsory for their employers to ensure such protection.
according to their schedules of plan selected, protecting them from the ad hoc arising matters of
employees fatality, diseases, injury, accidents from workplace practices or within their workplaces conditions. There are policies which covers employees who travel vastly for their Company. According to some jurisdictions which is compulsory for their employers to ensure such protection.
Corporate Solution, Group Term Life, Group Personal Accidents, Group Critical Illness, Goup Out-patients or Group Hospitalization Treatment benefits are terms used to PROTECT them for specific benefits.
PRIVATE MEDICAL INSURANCE - Personal Life Insurance with Medical Benefits Protection provision. In general principles designed coverage of long term conditions and incurable conditions with flexibilities of benefits. Benefits offered to provide protection for services required to treat, heal by medical consultants or medical personnels registered within the Law of the Land. These would have been access and approved by various channels in asserting the risk assessment before pricing principles and practice, apply the principal methods of underwriting as future underwriting of each life is taken into consideration. A few layer of legislations are adhered by to create these Healthcare Trust.
This is a vital PROTECTION all of us must have until age 100. It is better to protect ourselves longer than shorter period of Protection in Life. Many are considering to insure themselves and prefer not to wait for future donors, charitable organization to offer help as the risk of dependency may not be able to provide in future in due cause. medical takes up a big portion of retirement expenses besides daily old age expenses.
The Medical costing will increase further if one falls sick with long term CRITiCAL ILLNESS, Multiple Critical Illness which occurs a few times in the life's, Total permanent disability, with no flow of income enough to sustain living.
PRIVATE RETIREMENT SCHEME - an abbreviation name for this is PRS is under the wings of FIMM in Malaysia. It is a fact many employees in Malaysia are contributing together with their employer into EMPLOYEE PROVIDENT FUND (EPF) as a requirement by our Statutory Law in Malaysia. Due to different personal lifestyles, many find it is a challenge to save enough for our old age. Thus PRS is design to help our future retirees to enhance their savings. if majority of of us only have a pool of Ringgit Malaysia Two Hundred Thousand by the time they retire. Do you think it will be enough for himself and spouse to last through their entire old age until the age of 85? As an example.
Please read my blogspot an article about MULTICRITiCAL Illness requires Medical Attention.
PRIVATE MEDICAL INSURANCE - Personal Life Insurance with Medical Benefits Protection provision. In general principles designed coverage of long term conditions and incurable conditions with flexibilities of benefits. Benefits offered to provide protection for services required to treat, heal by medical consultants or medical personnels registered within the Law of the Land. These would have been access and approved by various channels in asserting the risk assessment before pricing principles and practice, apply the principal methods of underwriting as future underwriting of each life is taken into consideration. A few layer of legislations are adhered by to create these Healthcare Trust.
This is a vital PROTECTION all of us must have until age 100. It is better to protect ourselves longer than shorter period of Protection in Life. Many are considering to insure themselves and prefer not to wait for future donors, charitable organization to offer help as the risk of dependency may not be able to provide in future in due cause. medical takes up a big portion of retirement expenses besides daily old age expenses.
The Medical costing will increase further if one falls sick with long term CRITiCAL ILLNESS, Multiple Critical Illness which occurs a few times in the life's, Total permanent disability, with no flow of income enough to sustain living.
PRIVATE RETIREMENT SCHEME - an abbreviation name for this is PRS is under the wings of FIMM in Malaysia. It is a fact many employees in Malaysia are contributing together with their employer into EMPLOYEE PROVIDENT FUND (EPF) as a requirement by our Statutory Law in Malaysia. Due to different personal lifestyles, many find it is a challenge to save enough for our old age. Thus PRS is design to help our future retirees to enhance their savings. if majority of of us only have a pool of Ringgit Malaysia Two Hundred Thousand by the time they retire. Do you think it will be enough for himself and spouse to last through their entire old age until the age of 85? As an example.
Please read my blogspot an article about MULTICRITiCAL Illness requires Medical Attention.
