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What Is the Difference Between an Interest Rate and the Annual Percentage Rate (APR)?

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I’m sure that everyone has in fact heard of the term mortgage especially in the US since it is a common means among people who want some capital when they need to buy a house or a property. When you talk of mortgage costs there are two things to deem one is the interest rate and the other being the Annual percentage rate also well-known as the APR. Even though they both describe the same they are not the same that is why many borrowers get confused.

Then what exactly is the difference?

1. Then let us define the interest rate as the cost of borrowing the principal loan amount. It may be fixed or variable depending on the loan. This is often articulated as a percentage.

2. However, Annual percentage rate is the bigger figure which comprises the other costs like broker fees, discounts, and closing fees, etc which is also a percentage.

3. The interest is established by existing rates and the borrower’s credit score. For example, the upper your credits score the lesser your interest rate will be. Your monthly sum is proportional to the interest charge and principal balance, not considering the Annual percentage rate.

4. An interest on a personal loan is diverse because it is only a proportion of the loan you’re charged for having a loan.

5. The Annual percentage rate, on the other hand, is decided by the lender, since it’s constituted of lender fees and other costs that differ from lender to lender.

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Which is important Annual percentage rate?

Both interest and APR inform you of significant information about a loan. But comparing of a loan ts very useful:

• You can compare fruits to fruits. All lenders must pursue similar rules when computing Annual percentage rate (with a duo of differences we’ll touch on in a moment). You have an enhanced sagacity of the accurate cost of a loan with APR and you can compare it to other loans.

• You recognize how much a loan will cost at a glimpse. Without an affirmed APR, it’s a matter of toiling through individual fees and adding up them to the interest rate. That’s lengthy.

• You can observe how a great deal you’ll pay in fees. Contrast the APR to the interest rate. The nearer the two numbers, the smaller the amount fees are built-in.

Both the interest rate and APR inform you how much you’ll pay for a loan. But the APR let know you a lot more, so it’s usually more useful. Though, you’ll want to compare them both.

The Takeaway

This is a precious tool when comparing personal loans. Comprehending its correlation to the interest rate can help you decide intelligently when you shop for the loan that best meets your wants and budget.

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BUSINESS & FINANCE

Could Claims Challenge Current InsurTech Priorities?

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The insurance industry is witnessing a lot of change, driven by current technological trends, like the Internet of Things, Big Data and Analytics, Blockchain which are dynamically and irrevocably changing the way it functions. Let’s look at the top trends impacting the industry and discuss the various challenges which are driving the current InsurTech priorities and see if we can call out the most important of them all.

Every industry has its leaders and its laggards and the insurance industry is not an exception to this. Deep pockets are helping some insurers to take advantage of digital technologies to change the way they function and to:

  • Offer new models and personalized products to meet changing customer expectations, which are driven by online retail sales models,
  • Partner with technology players to ensure that they keep up with the emerging trends in technology and to take advantage of the Internet of things to adopt connected sensors or devices to collect data for loss prevention and employ better pricing methods in property & casualty, life as well as health insurance.
  • Establish a cyber-security strategy to protect the sensitive personal and business data stored by them and comply with privacy regulations.
  • Adopt cloud computing, AI and automation to improve speed and flexibility and to settle claims faster to offer better customer satisfaction,
  • Use advanced analytics to derive strategic insights and proactively plan future business offerings and gain competitive advantage.
  • Consider the use of blockchain technology to add “smart” contracts and secure, decentralized data collection, processing and dissemination to their processes.

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Are these strategic initiatives sufficient to enable companies which adopt them to enjoy industry and market leadership, and ultimately, success? What capabilities are needed for insurers to prepare themselves to meet the demands of the industry, in channel expansion or business model development, as it evolves? How can insurers prepare for the demands of tomorrow even as they meet today’s expectations from them? The aim of this post is to postulate that many insurers are failing to recognize the importance of claims management to their business, even as they are focusing on many of the other strategic imperatives facing them. Let’s explain why we would say so.

It is an open secret that customers are always happy with a good claims settlement experience, but tend to get very upset and start posting strong negative online feedback when their claim is delayed, disputed or rejected. Though claims satisfaction is an extremely critical component of an insurer’s overall customer relationship management challenge, it is only a work in progress for most at the current time. Instead, they need to pay attention to the customers and also focus inward, as they delve deep into the reasons for a customer’s dissatisfaction:

  • Insurers need to pay close attention to customer feedback and satisfaction levels with their claims filing process and settlement experience, especially when they are rejected.
  • Insurers have to capture customer feedback and factor it into the way their processes are functioning and question the clarity of their sales pitch itself, and see if the claim was fairly rejected.
  • They need to pay close attention to their reputation in this key area of customer satisfaction, which could impact their ability to retain a customer.
  • It must be remembered that dissatisfied customers never come back for additional coverage or another policy.
  • Even agents who find too many customers raising their voices against an insurer’s claim settlement process tend to move business away from them.
  • The seamlessness of customer experience needs to extend to claims handling, as claim filling becomes a smooth process.
  • Insurers can use technology to provide more options for filing a claim, including the uploading photos and videos, with increased speed and accuracy and reduced contact points with humans.
  • As algorithms detect fraudulent claims more easily, claims handling is improving in efficiency. Data driven claim prevention can help decrease costs and deliver value by predicting actual risk and reducing premiums.

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In managing the delicate balancing act between identifying fraudulent claims and paying legitimate ones, insurers could create a negative relationship with a customer by being too strict or overly suspicious. But that doesn’t mean they can be trusting and keep approving every claim in a lenient manner. Any unfairness, whether real or assumed, could determine whether a policy gets renewed again, or our online reputation suffers, or the insurer could face a legal dispute in a court. Even as insurers work hard to identify the technologies needed for them to expand their distribution channels and ensure that they create optimized customer journey; they cannot lose sight of the importance of eliminating fraudulent claims from their list of priorities. Which is why, we feel that claims management could challenge InsurTech priorities for the insurance industry. What do you think? Please write in and share your thoughts.

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BUSINESS & FINANCE

Good Reasons to Invest in a Functional Life Coach

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If you have no idea what life coaching is all about and how it can have a positive impact on your life, you are on the right page. In this article, we are going to discuss 7 good reasons to invest in a functional life coach. Basically, the role of a life coach is to give you the advice, motivation and a different perspective on issues so you can keep moving on. Let’s find out more.

1. Gaining Clarity

First of all, life coaching helps you get a better idea of what you want and how you can get it. It’s important that you have a better understanding of who you want to become and how you can achieve your desired goals.

The majority of people don’t take the time to understand their life. Therefore, they don’t have a clear direction. So, gaining clarity is of paramount importance.

2. Improving Confidence

For success, it’s important to gain confidence and improve your self-image. Aside from this, it’s important for strengthening your physical health and maintaining your relationships.

So, what you should do is know your worth, elevate your standards, and look at yourself as a person who gets the most out of their life. This is what will empower you so you can work harder to achieve your goals.

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3. Overcoming your Fear and Insecurities

Running from your fears won’t help at all. You should recognize your fears and use them to your advantage. In other words, you should use your fear to achieve your goals in life.

4. Implementing your Plan

If you have a solid theory, you should put it into practice. The idea is to get an education and motivation for achieving your desired results.

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5. Recognizing Possibilities

Some individuals consider their life non-changeable with no control or choice. If you consult a coach, you can get a different perspective and use a lot of options irrespective of your circumstances.

6. Creating a Plan to Achieve your Goals

The majority of people don’t follow a goal or life plan. In other words, they don’t have any clear intentions, mission or vision. This can be changed by consulting a coach. After all, having a solid plan is important if you want to deal with the routine challenges in a better way.

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7. Holding yourself Accountable

Consulting a life coach can help you hit your targets. At times, it’s quite difficult to look for people who can hold you responsible for your mistakes while giving you the motivation you need. This is what a life coach can do for you. They will identify your mistakes and spur on you to go through the entire process.

So, if you are finding it hard to go through the challenges of life, you may want to look for the services of a meaningful, productive, compassionate, and passionate life coach. Your coach will work with you so you can get the most out of your life and efforts. To hire the best coach, we suggest that you do your homework.

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BUSINESS & FINANCE

How an Experienced Lic Agent Can Help You to Get the Right Insurance Plan

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Introduction

Life Insurance Corporation is a part of Indian life right now. An LIC agent will offer life insurance in all forms. They have you covered right from when you start earning to the day you get ready to invest in a car or a house to the day you get married to the day your child is born to the day you retire and ultimately die.

LIC becomes a part of your life in a number of ways. It is helpful in a number of ways and the two prime reasons are security and savings which have been merged to create the concept of Secure Savings. It becomes very important if you have a family and they might need money after your demise for their survival.

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Benefits of Life Insurance

  • Life Insurance is very beneficial for retired employees as well. They help you lead a smart and comfortable life, even when you are not draining away your energy to earn a plate of food at the end of the day.
  • It is very important in case you need future funding as well, such as funding your child’s college fund or the yacht that you had always dreamed of.
  • It is extremely beneficial in all ways. It provides appropriate and assured Income Benefits after the demise of the earning member of the family in whose name the life insurance had been issued.
  • It also helps you plan your retirement early in a better way and if time permits, you can easily retire at the age of fifty to fifty five.
  • It is a long term investment and hence, it can help you in cases of emergency as well as in cases involving large amounts of money.
  • The biggest advantage of Life Insurance lies in the fact that any policy holder can easily apply for a loan with a number of perks.
  • It is very flexible as well and can be altered according to the income and requirements of the customer.
  • It also provides optimum Risk Cover and helps the policy holder and his family recover from any unknown event.

Conclusion

In conclusion, Life Insurance is an amazing way to invest your income and generate revenue on your savings. A good lic insurance agent will be able to guide easily and help you get the best policy. There are many LIC top agents who can help you in this regard. These agents make it very easy for you to select the perfect policy for you. They will listen to all your financial details and take into consideration all your requirements and finally give you the correct policy for you and your family.

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BUSINESS & FINANCE

Basic Insurance Mistakes to Avoid

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Having basic insurance coverage is essential. If you don’t apply for insurance, know that it will be a big mistake. Therefore, you may want to have enough coverage to meet your needs. Also, it’s important that you realize the importance of insurance. Given below are a few common mistakes that you may want to avoid when it comes to buying insurance.

Ignoring the Importance of Basic Insurance

You must have at least basic insurance. For instance, it can protect you in case of car theft and accidents. In addition, basic health insurance can help you save on your medical bills. If you can’t go for a comprehensive policy, make sure you get a catastrophic or deductible plan.

According to the Affordable Care Act, you must have health insurance. Otherwise, you may have to face fines at the time of filing your taxes. The health plan you opt for should meet your minimum requirements. A plan designed for disability protection, for instance, can protect you if you fall seriously sick or get injured.

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Opting for an Expensive Plan

Another common mistake is to purchase a plan that is more expensive. It can be hard to estimate how much you should spend on a plan, especially when it comes to liability insurance. Therefore, we suggest that you have a discussion with an agent about your assets. At young age, you won’t have to pay for an expensive plan as you won’t have a lot of assets to protect.

Opting for a Cheap Plan

Under insuring yourself is another common mistake. Ideally, your basic plan should be able to cover your expenses. In other words, in case of an accident, your plan should be able to pay for all the medical expenses.

For a health plan, the same is true. If you are in the United States, one million dollar can be enough. However, if you have a major illness like cancer, your medical expenses will be much higher.

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Opting for the Wrong Insurance

Getting the wrong type of insurance policy is another common mistake. It’s not a good idea to opt for policies that won’t be of any use to you. For instance, if you are under the age of 30, you don’t have to get different types of policies.

Keep in mind that you don’t have to go for all types of policies. If you know what you are going to get, you won’t have to get surprised at the time of filing a claim.

Not Considering Different Policies

Make sure you shop around before deciding on a policy. It’s better to do this every now and then. This will help you save money by opting for a different policy. In addition, you may consider policies that offer discounts based on your location or profession. Shopping around won’t take much time but save you a lot of money. Plus, it will help you avoid common mistakes.

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BUSINESS & FINANCE

Best LIC Policy For A New Born Baby Girl, LIC Children Plan

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Today, the cost of education right from early childhood is rising rapidly. Insurance policies can be a good way for parents to deal with this expenditure. For a newborn baby girl, LIC Children Plans can prove to be the best fit.

1. New Children’s Money Back Plan

This plan helps you to fulfill a variety of needs of children at different stages. The basic eligibility age for this plan is minimum 0 years (time of birth) and maximum 12 years. The total age at maturity is 25 years.

  • This plan is an individual policy plan.
  • Maturity benefit will be provided which would be equal to the assured sum and other applicable bonuses.
  • The premium would be paid quarterly, monthly, annually or half yearly
  • The minimum sum assured is Rs. 1, 00,000
  • This policy covers maturity benefit, death benefit and survival benefit.
  • In this plan, the premium amount is paid at regular intervals. The child receives 20% of the total sum at 18 years of age, 20% each year again at 20 and 22 years of age and the remaining 40% is provided at 25 years of age.

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2. Jeevan Tarun Plan

This plan can be a good option for children of 2 years or less. This plan has a limited pay option. You need to pay the premium until the child attains age 20 and the policy is continued until the child is 25 years of age. It is the best lic policy for new born baby girl.

  • The covering of risk budget can be started when the child attains 8 years, or 2 years from the starting date of plan or policy, whichever comes first.
  • The premium is to be paid until your child reaches 20 years and you can get the payout after 20 years of age till age 25.
  • The rest of the sum is given as maturity benefit when the policy terminates. There is also a death benefit of sum which is 10 times the annual premium or 125% of the assured sum. You get the one which is higher and minimum amount of 105% of total amount of premium is paid till the date.
  • The minimum sum assured is Rs. 75,000.

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3. Jeevan Umang Plan

This plan gives insurance coverage for lifetime. This plan facilitates regular payouts from the last payment of premium till survival. If the customer dies within the period of the policy, a fixed amount of money is to be given.

  • The survival benefit is paid each year, which is 8% of the assured sum.
  • Other benefits like rider benefit, death benefit, maturity benefit and tax benefits are available.
  • The minimum age for entry is 90 days.
  • The terms for paying premium are 30, 25, 20 and 15 years. The maturity age is 100 years with the birthday which is nearest.
  • The minimum assured sum is Rs 2,00,000.
  • Premium payment is via NACH or SSS only which is paid yearly, quarterly, half-yearly and monthly.

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