Management Notes

Management Notes

Reference Notes for Management

Insurance

The 6 Types of Medicare Advantage Plans

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The 6 Types of Medicare Advantage Plans

The 6 Types of Medicare Advantage Plans

Medicare Advantage plans, also known as Medicare Part C, offer an alternative to Original Medicare by bundling Part A, Part B, and often Part D coverage into a single plan.

Provided by private insurance companies approved by Medicare, these bundled plans include all the benefits of Parts A and B, plus additional benefits not covered by Original Medicare, all in a single plan.

Understanding the various types of Medicare Advantage plans is crucial for older adults looking to select the best plan that suits their health needs and budget upon becoming eligible for Medicare.

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Economic Significance of Insurance – 7 Major Economic Significance | Management Notes

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Economic Significance of Insurance

Economic Significance of Insurance

The 7 major economic significance of insuranceare as follows:

1) Savings are Encouraged

Through the payment of regular premiums, insurance encourages people to make systematic savings. Regular premium payments develop a habit of saving among citizens. As a result of the small savings of millions of insured people, a huge amount of savings is generated at the national level.

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Commercial Significance of Insurance -11 Major Commercial Significance | Management Notes

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Commercial Significance of Insurance

Commercial Significance of Insurance

Some of the major Commercial Significance of Insurance are described below:

1) Continuity of Business:

Continuity of Business
The continuing partner of a partnership firm must repay the dues and share of a retired or deceased partner. The insurance company pays the share and other dues of such a partner so that the remaining partners can continue to run the business. 
As well as protecting the life and assets of individuals, insurance protects them as well from a variety of risks. Insurers can compensate losses caused by unforeseen events. In this way, insurance ensures the stability and safety of a business.

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Umbrella Insurance – How does Umbrella Insurance Policy Work? | Management Notes

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Umbrella Insurance Policy

Umbrella Insurance Policy

A policy that provides additional protection over and above what’s already covered by other policies is known as an umbrella policy. Injuries, property damage, certain lawsuits, and personal liability situations can all be covered by umbrella insurance.

When you exceed the liability limits on your auto and/or property insurance policy, personal umbrella insurance protects you and your family. Umbrella insurance is only available after regular homeowners, auto, or watercraft policies have been exhausted.

People who possess considerable assets, have potentially hazardous possessions, or engage in activities that could increase their risk of lawsuits are candidates for umbrella insurance.

When you don’t have the right level of coverage, you could lose your assets, home equity, retirement savings, and more. Through Progressive, you can choose up to $5 million in added liability protection for your umbrella policy – safeguarding the lifestyle you’ve built.

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