Mobile Phone Insurance – The Future’s Bright, The Future’s Insured

Technology.  A source of wonder and frustration in equal measures.
A shimmering, sophisticated thread woven intricately into the tapestry of our 21st century world.
It certainly makes one feel old to think that some of my favorite, futuristic works of science fiction are now set in the past.
The space odyssey was ten years ago, the evil Arnie robot sent from the future arrived sixteen years ago (and is now an American Politician!?!), and 1984 happened, well in 1984.
Only nine years to go and we’ll all be chowing down on some Soylent Green.
Yes ladies and gentlemen, the future and all its wondrous, technological gadgetry has well and truly arrived and what better example of modern technology than the mobile phone.
It seems like only yesterday when the mobile phone first became common place, yet it was indeed over a decade ago that we first all became addicted to playing snake on our green dot matrix phones. How out dated those phones of the late nineties now seem compared to today’s magical smart phones?
But try to cast your mind back just that little bit further, to those dark days before we all went mobile.
Just how on earth did we get by?

How Insurance Shares Risk Across The Population And Aims For Fair Premiums

Insurance Blog often gets unusual requests, more proof that Insurance is not grey and boring, the latest being particularly unusual so we thought we’d rise to the challenge.
A mature student friend of ours was struggling with his first year accountancy exams when asked to write an essay on the following, so he thought he’d approach us for some answers and help writing his assignment.
1.Explain how Insurance shares risk across the population?
2.What is a fair insurance premium?
3.How can adverse selection prevent Insurance being available at a fair premium?
4.What strategies do insurance companies follow to reduce the problem of adverse selection?
So we farmed it out to our technical expert Dave Healey and this is what he came up with.
The Primary Functions Of Insurance As A Service Industry
By Dave Healey
There are three primary functions of Insurance which determine how Insurance companies operate and how the public interacts with these companies.

Payment Protection Insurance Claims cost Lloyds Bank £3.2 Billion

On of the major players in the Credit Crunch which had to be bailed out by the UK taxpayer and contributed to the current deficit  – Lloyds Banking Group – has announced today that it has set aside a £3.2bn provision for claims from clients that they were mis-sold payment protection insurance (PPI), which accounts for the bulk of the £3.7 billion loss it has reported.

Lloyds Bank  has decided to settle all the PPI misselling claims after UK banks lost a High court judicial review called by Barclays and others over PPI  claims compensation last month.
Payment protection insurance also known as ASU, Income Protection Insurance and Mortgage Protection Insurance,  was sold by the large banking corporations at inflated rates to cover in particular credit cards, personal loans and mortgage repayments  if income ceases or falls because of accident sickness or unemployment.
Since 2009 thousands of Uk complainants have received compensation because their policies were mis-sold. Missold, because they were sold policies that were either not explained to them, did not cover them because of certain exclusions or in the majority of cases was only taken out for fear of not obtaining the loan.
The Financial Services Authority (FSA) published guidelines last year which said banks should contact all PPI past policyholders to ask them to complain if they believed they had been mis-sold PPI.