Nov 21 (Reuters) - Federal Deposit Insurance Corp (FDIC) staffers are likely to recommend exclusion of the shortest-term loans from a $1.4 trillion debt-insurance program, Bloomberg reported, citing a person briefed on the plan.
The exclusion of loans that mature in 30 days or less, which would encompass overnight interbank loans at the rate targeted by the U.S. Federal Reserve, would help the Fed avoid further unpredictable swings in the country's main interest rate, the news agency reported.
FDIC Chairman Sheila Bair and other board members are scheduled to vote on Friday on regulations governing the plan, it said.
The Fed has failed for two months to keep the federal funds rate close to the target set by policy makers because of more than $1 trillion of loans flooding the banking system, the report said.
The original FDIC proposal required fees to insure debt, spurring complaints that it would lead to an exodus from the $250 billion market for overnight loans between banks, it said.
Companies including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) said the original proposal threatened to make the overnight federal funds market too costly compared with alternatives such as direct loans from the Fed, the report said.
Taken from :http://www.reuters.com
Sunday, 23 November 2008
Friday, 21 November 2008
Goa Seplawan (Seplawan Cave)
Gap high cliffs flank children stairs toward the mouth of the cave Seplawan located in one of the top Menoreh in Mountain Village Donorejo, Subdistrict Kaligesing, Purworejo regency, Central Java. Hundreds of children household help to decrease its way toward the mouth of a cave filled stalaktit and Stalagmite it.
The ancient mountains that have been established since tens of million years that extends from Kulon Progo, Yogyakarta, to Purworejo regency, Central Java. The process has been the natural evolution of the mountains that form the surface in such a way that presents a panorama of natural wonders. At the peak of the mountain-top, there are a number of cave, such as Goa in Kiskendo Kulon Progo, Goa Seplawan in Newton Aycliffe, and the results of a number of artificial grotto culture in ancient time around Queenstown.
Seplawan cave that is at the height of approximately 800 meters above sea level is quite interesting. The mouth of the cave resembles the funnel splay at the top and narrow at the neck. The surface of the mouth of the cave is quite broad and sloping evolutif to be continually widening due to erosion. Erosion occurs in the mouth of the cave, for example, direct "swallowed" by a cave-shaped neck upright, like wells. Diameter neck cave is 15 meters, with a depth of around 12 meters.
First is not easy to reach Goa Seplawan. Just a few years, these people can be easily explored it. Before be, the basic cave is muddy and watery so difficult to explore. In any room in the dark. However, now the Government has Purworejo regency build footpaths, other than to provide lighting in the cave so that tourists can enjoy comfortable with the location.
Development facility is not simply consider the beauty cave, but more than that, namely because the cave Seplawan also leave impressions, the impressions the history of ancient civilization. In one altar in the cave walls, because there are parts that even resembles altar in the cave wall-gold statue was found at approximately 9 centimeters, with a rate of 22 carat gold. The statue consists of a pair of men and women who are hand in hand.
Believed, is the statue of Siva and Goddess Badrawati. Now the gold statuette is stored in the National Museum, Jakarta. As a sign that the statue was found in the cave Seplawan, didirikanlah replica of the statue in front of the cave mouth. Replica statue was built with a size far larger than the size that resembles the original monument.
Bali Tourism
KUTA BEACH
Description: Kuta is the center of entertainments and has become the favorite destination of multinational visitors. It has everything a tourist looks for i.e. white-sandy beach, rows of excellent bars and restaurants, discotheques, and entertainment spots for an enjoyable nightlife. Rows of kiosks selling souvenirs and everything a tourist need such as garments or latest CDs and cassettes are available along the main road with reasonable prices.
Location: 11 km south of Denpasar. Kuta can be easily reached by public transport from Tegal bemo station in 30 minutes.Description: Kuta is the center of entertainments and has become the favorite destination of multinational visitors. It has everything a tourist looks for i.e. white-sandy beach, rows of excellent bars and restaurants, discotheques, and entertainment spots for an enjoyable nightlife. Rows of kiosks selling souvenirs and everything a tourist need such as garments or latest CDs and cassettes are available along the main road with reasonable prices.
NUSA DUA BEACH
Description: Nusa Dua enclave has the most complete tourist facilities in Bali, including luxurious hotels, sporting facilities, shopping center and international convention hall, to mention a few. The empty, arid land of Nusa Dua started to develop in 1974 and the government trusted the management to Bali Tourism Development Corporation (BTDC).
Location: The distance between Nusa Dua and Denpasar is 30 km, through Kuta to the south, 12 km from the Ngurah Rai International Airport.
SANUR BEACH
Description: Sanur has been known worldwide literally a century ago, when the deadly, horrendous battle of Puputan Badung took place on September 20, 1906 as the Dutch troops anchored here. This beach was first introduced into international community by a Belgian painter, A.T. Le Mayeur, who married a Balinese dancer Ni Polok, and stayed here since 1937 and often held painting exhibitions of his own.
The main attraction of Sanur is its calm beach. In the south east, one can observe Nusa Penida Island across the sea and in the eastern side, the panoramic view of South Bali along with its range of mountains is a spectacular sight that should not be missed. In a bright afternoon the scenery is simply beautiful.
Location: Sanur is six km from Denpasar, one can get to this beach by car, motorcycle or regular public transportation.
BENOA HARBOUR
Description: Benoa is the marine activity hub of the island, for both domestic and international. Boating races are regularly held here with overseas participants hosted by Royal Bali Yacht Club, RBYC. From this harbor visitors can extend their vacation to other destinations, including Nusa Lembongan, Nusa Penida and Lombok, on their own boats or on cruises available here such as Bali Hai Cruise, The Bounty, Nusa Lembongan, to mention a few.
Location: This harbor is six km to the south from Denpasar.
SOKA BEACH
Description: Soka is one of the most beautiful beaches in western part of Bali. Panorama view with chains of hills forms natural walls on the west side through to Batukaru Mountain Range on the north. On the eastside, Agung Mountain is seen in the distance and Indonesian ocean is on the south with the eastern tip of east Java in the backdrop.
Soka beach hides thousand of natural miracles and legends. One can find a massive coral stone with size of about 30 cubic meters surrounded by sand and sea water believed to be cooking pot of Balinese mighty man named Kebo Iwa. On the west side of the cooking pot, there is a another coral stone depicting a traditional stove about 10x20 meters in size believed as the stove on which the mighty Kebo Iwa cooked his meal.
Location: Soka beach is in Antap Village, sub-district of Selamadeg, Tabanan, 45 km from Denpasar or 84 km from Gilimanuk
The regency of Karangasem is one of the nine regency in Bali, situated in the eastern part of Bali. The distance between Karangasem Regency and the International Airport located in Denpasar is about 88 km (53 miles).Tabanan
Tabanan regency is one of 8 districts/1 city which have agriculture characteristic, with width of the area about 893.33 km² (19.9% from width of Bali island). Administratively Tabanan regency divided into 8 subdistricts, 10.Buleleng
The regency of Buleleng consists of 9 Subdistrict that covers 146 administrative village and traditional village 163 with width near 1.365.88 kilometers. The distance between Buleleng Regency and the Denpasar is about 88 km (53 miles).
Health Insurers Offer to Accept All Applicants, on Condition
WASHINGTON — The health insurance industry said Wednesday that it would support a health care overhaul requiring insurers to accept all customers, regardless of illness or disability. But in return, the industry said, Congress should require all Americans to have coverage.
The proposals, put forward by the insurers’ two main trade associations, have the potential to reshape and advance the debate over universal health insurance just as President-elect Barack Obama prepares to take office.
In separate actions, the two trade groups, America’s Health Insurance Plans and the Blue Cross and Blue Shield Association, announced their support for guaranteed coverage for people with pre-existing medical conditions, in conjunction with an enforceable mandate for individual coverage.
In the absence of such a mandate, insurers said, many people will wait until they become sick before they buy insurance.
Members of Congress said Wednesday that they wanted to pass legislation next year, as proposed by Mr. Obama, to expand coverage and rein in health care costs.
The new position taken by the insurance industry — the industry that helped sink President Bill Clinton’s plan for universal health coverage in 1994 — could ease the way for passage of such legislation.
But the industry’s position differs from that of Mr. Obama in one significant respect. Insurers want the government to require everyone to have and maintain insurance. By contrast, Mr. Obama would, at least initially, apply the requirement only to children.
In the race for the Democratic presidential nomination, that was a major point of contention between Mr. Obama and Senator Hillary Rodham Clinton of New York. Mrs. Clinton said that everyone should be required to have coverage. Mr. Obama said he wanted to be certain that insurance was affordable and available to all before considering such a broad requirement.
Asked on Wednesday for reaction to the insurance industry’s proposals, Tommy Vietor, a spokesman for the Obama transition team, said, “We are declining comment.” Mr. Vietor cited Mr. Obama’s view that “we have only one president at a time.”
In many cases, people with cancer, diabetes, traumatic brain injuries or other serious afflictions have found that they cannot obtain health insurance at any price.
Research suggests that some insurers turn down 10 percent or more of applicants for individual coverage because of their pre-existing medical conditions.
Donald G. Hamm Jr., president of Assurant Health, explained why the industry thought an individual mandate must be coupled with any ban on such underwriting practices.
“In the individual market, people can choose whether or not to apply for coverage,” Mr. Hamm said in an interview. “If they know they can obtain coverage at any time, many will wait until they get sick to apply for it. That increases the price for everyone.”
Insurers say that is just what happened in several states that prohibited insurers from turning down applicants on the basis of their health status.
The new policy statements are silent on two important issues: how to enforce an individual mandate and how to regulate insurance prices, or premiums.
While insurers would be required to sell insurance to any applicant, nothing would guarantee that consumers could afford it. Rate regulation promises to be a highly contentious issue, since it pits the financial interests of insurers against those of consumers.
At present, insurance premiums are generally regulated by the states and often vary according to a person’s age, sex, medical history and place of residence within a state. In the individual market in most states, a person with a history of serious or chronic illness can be charged much more than a healthy person of the same age and sex.
Mr. Hamm, a member of the board of America’s Health Insurance Plans, said the group might offer recommendations to define “a fair and appropriate rating structure.”
Alissa Fox, a vice president of the Blue Cross and Blue Shield Association, said the individual mandate was an indispensable corollary of any approach forbidding insurers to reject applicants because of health status.
“Insurance works best when everyone is in the pool,” Ms. Fox said. “You need healthy people in the insurance pool to help pay for sicker individuals who are much more motivated to buy coverage.”
Insurers did not say how the government should enforce an individual mandate: whether through fines, tax penalties or other means. Politicians have also been reluctant to specify details of enforcement, which could prove highly unpopular.Taken from : http://www.nytimes.com/2008/11/20/us/20health.html?_r=1&ref=business&oref=slogin
Thursday, 20 November 2008
Pakistan protests over U.S. missile strikes
ISLAMABAD (Reuters) – Pakistan summoned U.S. ambassador Anne Patterson on Thursday to protest over missile strikes launched by pilotless drone aircraft against militant targets in Pakistan. The protest came a day after a suspected U.S. missile strike on Pakistani soil killed five militants, possibly including an Arab al Qaeda operative. There have been at least 20 strikes in the last three months, reflecting U.S. impatience over militants from Pakistan fueling the Taliban insurgency in Afghanistan and fears that al Qaeda fighters in northwest Pakistan could plan attacks in the West. Pakistan says the attacks violate its sovereignty, undermine efforts to win public support for the fight against militancy, and make it harder to justify the U.S. alliance. Wednesday's attack on Bannu district was unusual in that it took place deeper in Pakistani territory, in an area outside the semi-autonomous tribal lands bordering Afghanistan where most other attacks have focused. Foreign Secretary Salman Bashir lodged "a strong protest" over the "two missiles fired by U.S. drones on a residential compound in Bannu district," a foreign ministry statement said. Bashir "stressed that these attacks must be stopped." An embassy spokeswoman confirmed the ambassador had been summoned and said any message from the Pakistani government would be conveyed to Washington, without elaborating further. Speaking in the National Assembly, Prime Minister Yousaf Raza Gilani called the missile attacks "intolerable" and voiced hope President-elect Barack Obama's government would show more restraint. "These kinds of acts are counter-productive ... it adds to our problems," Gilani said, adding he was sure when "Obama's government is formed, these attacks will be controlled." A diplomatic storm blew up in September after a U.S. commando raid, and there has been no incursion by ground troops since. Addressing NATO's military committee in Brussels on Wednesday Army Chief General Ashfaq Kayani also urged a halt to the use of unmanned "combat aerial vehicles within Pakistani territory." Kayani met NATO Secretary-General Jaap de Hoop Scheffer, and held meetings with Admiral Michael Mullen, U.S. chairman of the joint chiefs of staff, and a French defense chief. Earlier this week, the Foreign Ministry denied Pakistan had a secret agreement with Washington to publicly protest the attacks, while privately acquiescing. Missile-armed drones are primarily used by U.S. forces in the region. The United States seldom confirms drone attacks. Pakistan does not have any combat drones. The Arab killed in the attack in Bannu was identified by a Pakistani intelligence officer as Abdullah Azam al-Saudi. Bannu district in North West Frontier Province lies at the gateway to North Waziristan, a hotbed of Taliban and al Qaeda support. The officer, based in neighboring Dera Ismail Khan district, described al-Saudi as a coordinator between al Qaeda and the Taliban in Pakistan. The officer requested anonymity due to the sensitivity of the subject. There was no other corroboration of al-Saudi's death. Taliban fighters cordoned off the area around the destroyed house, but photographers took pictures of young boys holding pieces of the missile that destroyed it. The Pakistani Taliban, in a statement issued after a meeting of commanders in North Waziristan, threatened revenge attacks outside the tribal lands if missile attacks continued.
"OPERATION LIONHEART"
While the row over missile strikes simmered, NATO's spokesman in Kabul, Brigadier General Richard Blanchette, said coordination with Pakistan has been improving.
Pakistani forces are battling Islamist fighters in other parts of northwest Pakistan, notably Bajaur, a region at the other end of the tribal belt from Waziristan, and Swat valley.
A spokesman for Pakistan's paramilitary forces said on Thursday that 24 al Qaeda-linked militants, including 11 foreigners, had been killed as the military used artillery and jet fighters in support of the ground troops.
The military says more than 1,500 militants have been killed in Bajaur since August while 73 soldiers have also died, though independent casualty estimates are unavailable.
Western forces in Afghanistan have launched "Operation Lionheart" to put pressure on the border with Bajaur, to bottle up insurgents where they can be attacked, Blanchette said.
Taken from : http://news.yahoo.com
Wednesday, 19 November 2008
Loan Modifications For Banks Could Mask Future Losses
Historical evidence suggests that even when lenders modify mortgage terms for at-risk borrowers - cutting interest rates, principal or extending the loan's life - a hefty portion of those borrowers default within a year or two anyway. Besides, in many cases with subprime loans, so many borrowers had so markedly inflated their income status, that even a vastly modified loan still won't make it affordable for their true earnings.
Banks and politicians have been pushing the use of mortgage modifications as a way of keeping at-risk borrowers out of foreclosure. They hope that will stanch the steep nationwide slide in housing values. Loan modifications can also provide some accounting and earnings relief for banks, since lenders can re-list many modified delinquent loans as current loans, so long as the borrower resumes regular payments once the loan is modified.
Many industry officials say loan modifications will help a large number of borrowers avoid foreclosure, since banks are working to identify at-risk borrowers before they default. They are focusing intensely on borrowers of adjustable rates mortgages whose rates are soon scheduled to reset higher. Just two weeks ago, for example,
But loan modifications have shown a glaring historical weakness: According a 2007 Fitch Ratings report, 35% to 40% of borrowers default on their modified loans within 12-24 months. Research from Moody's Investors Service and other firms have found similar, albeit bleaker, statistics. Both the Fitch and Moody's reports collected information from mortgages that lenders sold to third-party investors via mortgage-backed securities, and those pools of mortgages include both prime and subprime loans.
Dr.
Mason says, furthermore, that there isn't yet evidence to suggest that banks will see lower re-default rates among mortgages sitting on their balance sheets, as compared to loans sitting in mortgage-backed securities.
"Unless we get into skewed outcomes," where bank-held loans outperform securitized loans, "or vice versa," he says, "then we wouldn't expect to see any difference."
But federal banking regulators, including the Federal Deposit Insurance Corp., and even Federal Reserve Chairman
"The FDIC believes modifications should be systematic and sustainable," a spokeswoman for the FDIC said.
What's more, the FDIC is itself working to modify mortgages written by
"The modified (IndyMac) loans will be underwritten to an affordable debt-to- income ratio" of 38%, said FDIC Chairman
But Mason cites research suggesting that borrowers substantially inflated their incomes in about 70% of loans, meaning it may be highly difficult to modify many loans in a way that reflects the borrowers' true incomes - as opposed to the incomes borrowers submitted on the original loan applications, often with the help of mortgage brokers or loan officers.
"If modifications are given to borrowers that are not well suited for homeownership in the long term," Mason writes in his report, "the loan modification only serves to delay the inevitable."
And yet, banks struggling with rising delinquencies may be able to use modifications as a way to re-list delinquent loans as current, and thereby disclose stronger balance sheets.
Some banks have undertaken conservative policies to ensure that modified loans are not re-classified as current loans, only to lapse back into default within months, and produce yet another spike in so-called "nonperforming" loans, or loans in default.
Both
There is no specific requirement for how many payments borrowers must make before banks can re-classify a modified loan as current. While
Taken from : http://money.cnn.com/news/newsfeeds/articles/djf500/200811181400DOWJONESDJONLINE000588_FORTUNE5.htm
Top 10 Things to Know About Life Insurance
Life insurance can be a great way to get protection for now and to plan for the future. After all, we want to make sure that our plans and loved ones are taken care of for as long as possible. Doing research ahead of time helps you get the best possible coverage at the right price. Here are some helpful facts and ways they can help you.
1. Shopping around can save money
2. Having enough coverage is crucial
3. The healthier you are, the better the rates
4. Buying sooner rather than later can help
5. It's important to regularly review your coverage
6. There are different types of life insurance
7. You might pay more by choosing monthly premium payments
8. You shouldn't rely solely on the life insurance offered by your employer
9. You should tell the whole truth and nothing but the truth
10. Buying more can be cheaper
1. Shopping around can save money
2. Having enough coverage is crucial
3. The healthier you are, the better the rates
4. Buying sooner rather than later can help
5. It's important to regularly review your coverage
6. There are different types of life insurance
7. You might pay more by choosing monthly premium payments
8. You shouldn't rely solely on the life insurance offered by your employer
9. You should tell the whole truth and nothing but the truth
10. Buying more can be cheaper
MIB Life Index Reports North American Life Insurance Activity Off 1.8% in October
U.S. application activity declined -2.3% in October year-over-year, all ages combined. Consistent with past trends, age groups 0-44 and 45-59 were off -3.7% and -1.3%, respectively, with the 60+ age group up +3.2% year-over-year. At the close of October, YTD U.S. application activity remained stable at -2.4%, compared to the same ten months last year.
Canadian application activity grew slightly in October up +1.1% year-over-year, all ages combined. Activity by age group was contrary to U.S. results: 0-44 and 45-59 were up +1.7% and +1.2% respectively, with the 60+ age group off -3.0% year-over-year. Year to date, Canadian application activity remained stable at +1.8%, compared to the same ten months last year.
Monthly Percent Change vs. 2007 U.S. Canada Total October 2008 -2.3% +1.1% -1.8% September 2008 -4.4% +0.5% -3.8% YTD 2008 -2.4% +1.8% -1.9% Monthly Percent Change vs. Previous Month U.S. Canada Total October 2008 +3.0% -0.6% +2.5%
The MIB Life Index is the life insurance industry's timeliest measure of application activity across the U.S. and
Taken From : http://www.insurancenewsnet.com
Emphasis: All-Weather Insurance Securitization
Insurance-linked securitization is becoming a reinsurance program option no longer dependent on major catastrophic events.
Insurance-linked securities (ILS) continue to grow in unexpected ways irrespective of recent major catastrophic events. In the past, ILS issuance spikes occurred immediately after large catastrophes, as witnessed post-Katrina/Rita/Wilma. However, even without significant events, the popularity of ILS has increased. What used to be an alternative to the hard-market pricing of traditional reinsurance is evolving into an integral part of overall reinsurance programs as cedents look for ways to diversify their overall risk management plan, lock in terms and conditions over multiple periods, and create access to long-term, stable capacity relatively unaffected by market cycle and systemic risk.
Intuitively, when reinsurers are strong and reinsurance is cheap, alternative sources of capital such as catastrophe bonds and other ILS structures may not seem necessary. However, although ILS issuance is expected to decline in the fourth quarter of 2008 compared to 2007, it remains at all-time-high levels. The up-front transaction costs and time spent bringing bonds to market require a commitment to longer-term strategic solutions as opposed to tactical responses to managing risk. Cedents should take advantage of the lower risk-transfer costs and other benefits of this alternative source of capacity.
16th Milliman Survey Indicates Health Insurance Rate Increases in 2009 About 3% Lower for HMOs than PPOs
The reported annual increase in premium (
The Milliman survey is unique in that it asks HMOs and PPOs to respond to a given set of benefits and demographics. The survey thus removes three important factors that often skew the results of other health cost surveys: differences in benefit design, cost-sharing levels, and member demographics. These trends, therefore, reflect the increase in medical utilization and costs experienced by the HMOs and PPOs.
The 2008 survey also reports that the average premium savings incurred by switching from a $250 deductible to a $1,000 deductible is almost 12% and over 20% by switching to a plan with a $2,000 deductible. "High deductible plans are an integral part of consumer driven health (CDH) plans, for which health savings accounts (HSAs) and healthcare reimbursement accounts (HRAs) are used to help cover the deductible and other out-of-pocket healthcare expenses," notes Doug Proebsting, co-author of the report. The survey shows continued growth in CDH plans, with respondents anticipating 6% of their premium income to come from these products in 2009.
The 2008 report includes premium rates and trends for medical and prescription drug coverage per survey responses. Milliman also provides hospital inpatient cost and utilization data, physician reimbursement levels, medical expense ratios, and profit levels from Milliman databases. The 2008 survey also addresses prescription drug costs, broker commissions, and progress toward implementing ICD-10 coding per survey responses. This marks the sixteenth year that Milliman has conducted the survey.
The survey was sent to HMOs and fully insured PPOs that serve the nation's commercial, large and mid-group employer market. About 40% of all eligible insurers typically participate in the survey. Results are provided by metropolitan area, state, region and nationwide. Results for HMOs and PPOs are shown separately when possible.
Milliman is among the world's largest independent actuarial and consulting firms. Founded in
LTC Global Announces the Acquisition of United Insurance Group
MEDFORD, Ore., Nov 11, 2008 (BUSINESS WIRE) -- LTC Global, Inc. today announced that it has completed the acquisition of United Insurance Group Agency, Inc. (UIG), a life and health insurance agency based in Milford, Michigan, from Penn Treaty American Corporation. LTC Global also acquired UIG's three subsidiaries. UIG executive Robert McClellan joined the LTC Global group of companies in connection with the acquisition and will serve as Executive Vice President of UIG. John Chitwood will serve as President of UIG.
With 15 offices located throughout the United States, UIG is a leading national distributor of Medicare Advantage insurance products in addition to offering other senior market insurance products. The acquisition marks LTC Global's entrance into the Medicare Supplement and Medicare Advantage market. "We feel very fortunate to have the opportunity to add UIG's proven distribution models and national sales force to our existing platforms," said Thomas A. Skiff, Chief Executive Officer of LTC Global. "We believe in LTC Global's vision for UIG, and LTC Global's expertise in marketing Long Term Care insurance will greatly benefit both our career agents and our brokers," said Robert McClellan.
UIG will remain headquartered in Milford, and LTC Global anticipates that there will be no involuntary work force reductions in connection with the acquisition.
About LTC Global
LTC Global, based in Medford, Oregon, is a leader in providing capital, sales and marketing solutions to the senior market insurance industry. LTC Global maintains a strong North American presence in the marketing and distribution of Long Term Care insurance and other insurance-related products through its subsidiaries ACSIA Long Term Care, Inc., Gelbwaks Insurance Services, Inc., Senior WealthCare Insurance Services and United Insurance Group Agency, Inc.
Tuesday, 18 November 2008
Why Syariah Bank Different?
The first difference lies in the akadnya. In the Sharia bank, all transactions must be based on the contract that allowed by the sharia. Thus, all transactions must follow the rules and regulations that apply to the contract-contract muamalah sharia. In a conventional bank, the opening of the account transactions, both giro, savings and time deposits, based on the agreement points, but the principle points are not in accordance with the rules of sharia, for example wadi'ah, because the gyro products, savings and time deposits, promising benefits to the level of fixed interest the money paid.
Second, there are differences in the benefits provided. The Bank uses the concept of conventional costs (the cost concept) to calculate benefits. This means that the interest promised in advance to the depositor is a customer fee or fees must be paid by the bank. Therefore, the bank must "sell" to other customers (borrowers) with the cost of higher interest rates. The differences between them called the indicative spreads whether the company is fortunately or loss. If it spreads positive, in which the burden of interest charged to borrowers from higher interest rates given to depositors, it can be said that the bank's benefit. Conversely also true.
Meanwhile, the bank sharia use the profit-sharing approach, meaning that the funds received will be distributed to bank financing. The benefits of financing is split into two, to the bank and to customers, based on profit sharing agreement in advance.
The third difference is the target credit / financing. The depositors in the bank is not a conventional aware that saved money loaned to various businesses, regardless of halal-illicit business.
Meanwhile, the sharia banks, savings and the distribution of the community are limited by basic principles, namely the principles of sharia means that the loan can not be to such illicit business, gambling, drink underway, pornography and other businesses that are not in accordance with sharia.
Second, there are differences in the benefits provided. The Bank uses the concept of conventional costs (the cost concept) to calculate benefits. This means that the interest promised in advance to the depositor is a customer fee or fees must be paid by the bank. Therefore, the bank must "sell" to other customers (borrowers) with the cost of higher interest rates. The differences between them called the indicative spreads whether the company is fortunately or loss. If it spreads positive, in which the burden of interest charged to borrowers from higher interest rates given to depositors, it can be said that the bank's benefit. Conversely also true.
Meanwhile, the bank sharia use the profit-sharing approach, meaning that the funds received will be distributed to bank financing. The benefits of financing is split into two, to the bank and to customers, based on profit sharing agreement in advance.
The third difference is the target credit / financing. The depositors in the bank is not a conventional aware that saved money loaned to various businesses, regardless of halal-illicit business.
Meanwhile, the sharia banks, savings and the distribution of the community are limited by basic principles, namely the principles of sharia means that the loan can not be to such illicit business, gambling, drink underway, pornography and other businesses that are not in accordance with sharia.
Your Life Insurance Company: How Good Is It?
Insurance companies keep tabs on you, and it is important that you keep tabs on them. If you see your insurance company in the news, be sure to find out why. It's important not only to concentrate on the policy you have, but also the company that provides it. The strength and stability of the company are important factors. To evaluate a company, you can use different tools offered by financial rating firms, industry associations like the Insurance Marketplace Standards Association (IMSA), or even your own state's insurance department.
What to look for
When you evaluate a life insurance company, remember these key points:
1. State licensing and complaints
Make sure the company is legally licensed to provide insurance in your city and state. You can check the Company's website for its license status or contact your state's insurance department to verify this information.
Each state has a different way of dealing with insurance companies and with complaints consumers file against them. Many compile a complaint report every year by tallying the total number of complaints and ranking them in relation to each company's market share. If you notice that many policyholders filed complaints against a certain life insurance company, you can check with your state insurance department to see why. Complaints can range from minor, such as a bad experience with an agent, to something more serious, like misrepresentation of a policy or problems with a claim. Keep in mind that a complaint may only prove that a customer was unhappy, not that the company did something wrong.
2. Financial strength ratings
Review your life insurance company's financial strength and stability ratings. Check with major rating companies, but remember that not all life insurance companies are rated by every service. There are five different ratings firms that issue financial strength ratings for insurance companies. They are Standard & Poor's, Fitch Ratings, A.M. Best, Moody's Investors Service, and TheStreet.com Ratings (formerly Weiss Ratings).
When a life insurance company is rated, the rating gauges its probable financial future. For example, if it receives a low rating, it generally means the company doesn't have many assets and/or financial reserves available. This could affect payment of claims or the life of the company. A financially troubled company could have trouble paying claims, or be sold or closed. It is a good idea to keep an eye on your life insurance company's ratings, because they can fluctuate at any time due to any number of circumstances. The typical fluctuations occur from bad financial decisions and investments, the loss of money, mergers, and even the news of a possible merger.
3. "Seal of Approval"
Throughout their history, life insurance industry officials have received great scrutiny from the press. As a way of strengthening public trust and support, a seal of approval called the Insurance Marketplace Standards Association (IMSA) designation was created.
IMSA membership shows that a company has passed a tough review of its practices and ethics. The assessment focuses mainly on marketing, sales, and customer service. To continue membership, a company must complete this test every three years. It should be noted that IMSA membership is a plus, not a reason to ignore other factors when considering a life insurance company.
Taken From : http://www.insurance.com/article.aspx/Your_Life_Insurance_Company_How_Good_Is_It/artid/228
Miami Clinic Owner Sentenced to 30 Months in Prison for $10.9 Million Medicare Fraud
WASHINGTON, Nov. 12 /PRNewswire-USNewswire/ -- Miami clinic owner Nayda Freire, 61, was sentenced today to 30 months in prison for defrauding the Medicare program in connection with a $10.9 million HIV infusion fraud scheme, Acting Assistant Attorney General Matthew Friedrich of the Criminal Division and U.S. Attorney R. Alexander Acosta of the Southern District of Florida announced.
In addition to the prison term, U.S. District Judge Adalberto Jordan also sentenced Freire to two years of supervised release following her release from prison and ordered her to pay $7,992,391 in restitution to the Medicare program. Freire pleaded guilty to one count of conspiracy to commit health care fraud in connection with her role as the owner of Global Med-Care Corp. Inc. (Global), a Miami-area HIV clinic that purported to provide HIV infusion services to Medicare beneficiaries.
In her plea, Freire acknowledged that between April 2003 and November 2003, she and others conspired to file $10.9 million in false claims to the Medicare program for HIV infusion services that were not provided and were not medically necessary. In addition, court documents explain how the patients at Global were paid cash kickbacks in return for agreeing to allow Global to bill Medicare for the unneeded services.
After payments from Medicare were made into the bank accounts of Global, Freire admitted that she and others transferred $6 million of the fraud proceeds to sham management, marketing and investment companies owned and operated by co-conspirators Carlos, Luis and Jose Benitez. Co-conspirators Carlos and Luis Benitez and Thomas McKenzie were charged separately with health care fraud and money laundering crimes in an indictment unsealed on June 11, 2008. According to the separate indictment, these co-conspirators allegedly provided the money and staff necessary to open Global, the Medicare patients who the clinic would bill to the Medicare program, and transportation for the HIV patients who visited the clinic. The indictment also alleges that Carlos and Luis Benitez were the true owners of Global. The Benitez brothers and McKenzie were charged with participating in the commission of approximately $109 million in HIV infusion fraud and money laundering through Global and 10 other HIV infusion clinics. On Sept. 18, 2008, McKenzie pleaded guilty to one count of conspiracy to commit health care fraud and one count of submitting false claims to the Medicare program, and also admitted his role in a $119 million HIV infusion fraud scheme. The Benitez brothers remain fugitives.
The Global case was prosecuted by Assistant Chief Hank Bond Walther and Trial Attorney N. Nathan Dimock of the Criminal Division's Fraud Section, and investigated by the FBI and the Department of Health and Human Services' Office of Inspector General. The case was brought as part of the Medicare Fraud Strike Force, supervised by Deputy Chief Kirk Ogrosky of the Criminal Division's Fraud Section and U.S. Attorney Acosta of the Southern District of Florida. Since the inception of Strike Force operations in 2007, federal prosecutors have indicted 104 cases with 185 defendants in Los Angeles and Miami. Collectively, these defendants fraudulently billed the Medicare program for more than half a billion dollars.
Source: U.S. Department of Justice
Requirements for term life insurance
Like with many types of insurance, a medical exam may be required when applying for a term life insurance policy. The exam will cover your height, weight, medical history, and include a blood and urine test—which are taken to look for specific medical problems. The results of the tests may hinder you from getting approved for the insurance, or increase your rates, depending on the outcome.
If you’re a smoker, you will pay more for insurance. No matter what you smoke, if it’s cigarettes, cigars or marijuana, you must attest to that on your policy application.
Insurance premiums increase as you age, but with some term life insurance policies, you may be able to renew your policy at the end of the term without having to take another medical exam. Also, if you would like your insurance premium locked in at a certain rate, you can request a “level premium” policy. Your premium rates will only increase after your term expires.
Guaranteed issue term life insurance coverage, also known as “quick issue” or “simplified issues,” are ideal if you are having difficulty finding life insurance due to a medical condition or illness. A higher premium is paid, because no medical exam is required—so the insurance company is taking a big risk in insuring you. When it comes to guaranteed life insurance coverage, there may be a waiting period before coverage takes effect, and a chance of a yearly fee is possible.
If you’re a smoker, you will pay more for insurance. No matter what you smoke, if it’s cigarettes, cigars or marijuana, you must attest to that on your policy application.
Insurance premiums increase as you age, but with some term life insurance policies, you may be able to renew your policy at the end of the term without having to take another medical exam. Also, if you would like your insurance premium locked in at a certain rate, you can request a “level premium” policy. Your premium rates will only increase after your term expires.
Guaranteed issue term life insurance coverage, also known as “quick issue” or “simplified issues,” are ideal if you are having difficulty finding life insurance due to a medical condition or illness. A higher premium is paid, because no medical exam is required—so the insurance company is taking a big risk in insuring you. When it comes to guaranteed life insurance coverage, there may be a waiting period before coverage takes effect, and a chance of a yearly fee is possible.
Product and Solution on Allianz Insurance
Life & Demographic Changes
As a result of overburdened social security systems, people will have to increasingly provide for themselves. Pension system financing is threatened by increasing life expectancies, declining birth rates and high unemployment.Health Assistance Services
What if: A tourist on vacation in Botswana has just been attacked by a hippopotamus. The animal broke his leg and bit him six times, inflicting wounds with severe bleeding. His wife doesn´t know how to help, and there’s no sign of a competent doctor in the area. What is he supposed to do now?Being there
Phuket, Koh Phi Phi, Khao Lak – for many globetrotters these were synonyms for paradise on earth. At least they were until December 26, 2004, when a gigantic tsunami crashed ashore, triggered by a seaquake off the coast of Sumatra.
How to save on travel insurance
As life expectancy increases, so has the age at which 'life begins' – with many people supporting the idea that 'life begins at 50'. Unfortunately, travel insurance companies disagree. Or at least that is how it seems, considering how rapidly premiums rocket for those who are 50 or over. And as for those who are over 70, many "are shocked to find travel insurers unwilling to provide cover at prices they can afford", says Kara Gammell in The Daily Telegraph. So how do you find affordable travel insurance that won't leave you high and dry if you fall ill on holiday?
Consumers need to think of travel insurance as something they should tailor to their own needs, rather than an off-the-shelf product, says The Daily Telegraph. So one of the simplest ways of reducing the premium is to look carefully at the levelof cover you are being offered and then decide whether you actually need it all within the policy. For example, if you are travelling to Europe, opt for European cover rather than worldwide cover, as the latter includes America, where litigation and medical costs can push up the cost of cover. Also, consider covering personal possessions under your home insurance – and, as always, shop around for the best deal.
Consumers need to think of travel insurance as something they should tailor to their own needs, rather than an off-the-shelf product, says The Daily Telegraph. So one of the simplest ways of reducing the premium is to look carefully at the levelof cover you are being offered and then decide whether you actually need it all within the policy. For example, if you are travelling to Europe, opt for European cover rather than worldwide cover, as the latter includes America, where litigation and medical costs can push up the cost of cover. Also, consider covering personal possessions under your home insurance – and, as always, shop around for the best deal.
Financial economics
Financial economics is the branch of economics studying the interrelation of financial variables, such as prices, interest rates and shares, as opposed to those concerning the real economy. Financial economics concentrates on influences of real economic variables on financial ones, in contrast to pure finance.
It studies:
- Valuation - Determination of the fair value of an asset
- How risky is the asset? (identification of the asset appropriate discount rate)
- What cash flows will it produce? (discounting of relevant cash flows)
- How does the market price compare to similar assets? (relative valuation)
- Are the cash flows dependent on some other asset or event? (derivatives, contingent claim valuation)
Financial Econometrics is the branch of Financial Economics that uses econometric techniques to parameterise the relationships.
Taken From : http://en.wikipedia.org/wiki/FinanceInternational Individual Life Insurance
Expat Financialsm is one of the few independent international life insurance brokerage sources in the world. We cater to individuals living outside the country that they hold a passport in, who want to buy life and accidental death and dismemberment (AD&D) plans. But we also cover certain local nationals where conditions and regulations permit, especially if they live outside North America and Western Europe. Coverage is available from $100,000 to $1Million in USD & up to 5 Million in Pounds Sterling. Click here if you are a UK expatriate and if you want a UK denominated plan.
We search the marketplace to provide quotations on a no-charge and no-obligation basis from well known, financially secure and reputable insurance companies headquartered in Europe and the United States. We can also help expatriates decide on the right amount of protection based on their unique circumstances. Not sure how much coverage you need? Click here for a free online life insurance needs analysis.
Once the customer is ready to proceed with the protection, we forward the necessary forms and arrange for the necessary medical tests and examinations, if required. Premiums are payable directly to the insurance company of your choice for your protection, which you can pay by check, wire or credit card.
Global Insurance Industry
Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.
Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. The volume of UK insurance business totalled $418bn in 2006 or 11.2% of global premiums.
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