March 27, 2010

How important is air travel insurance? What are the different aspects of it?

air travel insuranceDo you make frequent air travels? If so, do you have insurance for air travel? If yes, then it is good. However, if you do not have any insurance policy for your air travel, then you better have it at the earliest. Air travel insurance covers a flier on varied grounds such as theft or loss of baggage, cancellation, or delay of flights and medical emergencies. Nevertheless, the main advantage of air travel insurance is that it covers you in the air, which other types of policies do not entertain. Getting air travel insurance is quite simple. You need to answer some questions asked by your agent. Unlike the usual insurance policies, there is no age bar for such insurance.

Air travel insurance is purchased before boarding an airplane. Those who air-travel frequently are advised to get air travel insurance from third parties. This way the insured amount remains safe and can be delivered to the family members of the insured, even if the airline gets bankrupt.

Now, how can you obtain an air travel insurance policy without much of fuss? Generally, insurance for air travel is affordable and does not much affect your savings account. For coverage of $200,000.00, you may need to pay just $15.00. The reason for such low premiums is that airplanes are considered secure mode of transportation and the statistics substantiate that.

Now, how much does air travel insurance cover a passenger? What are the elements of air travel insurance? Typically, an air travel insurance policy covers the following areas.

  • Trip cancellation coverage: This type of policy covers a traveler whose flight is canceled for any reason. It also covers any losses, such as prepaid bookings, pre-hotel bookings etc, incurred to the traveler due to the cancellation of the flight.
  • Trip delay insurance coverage: If there is any delay, because of any natural disaster or social problems, that make the traveler miss his/her flights, the insurers arrange for another flight to the insured.
  • Trip interruption coverage: In case, there is any interruption in the journey of the flight, the insurers then pay a partial amount of the sum insured, though it depends on the insurer company discretion and the policy agreement.
  • Travel accident coverage: In the event of any accident during the travel, the insurers pay the flier’s family the assured amount.
air travel insuranceIt is always advisable to have air travel insurance while making air journeys. This will ensure that you are not caught unawares by any unforeseen circumstances and that you can enjoy your vacation.
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March 18, 2010

Conventional Mortgage Loans – The Ideal Loan Choice

Conventional Mortgage LoansOften it happens that the real estate buyers end up having a bad experience during a real estate transaction. This is because they do not take their time to educate themselves about the loan before starting the process. It is very important to know about the mortgage loans before they take the decision of which loan gives them the better benefit. Home buyers and homeowners first need to decide which loan will be significant for them and go for the application.

Conventional mortgage loans or Conforming mortgage loans are the most common types of mortgages. It is the most established loans of all mortgage loans which has spanned hundreds of years. If your mortgage loan is conforming, you can find a lender more easily than a non – conforming loan. They can be either a fixed rate mortgage or a variable rate mortgage. They usually vary in their interest rates. The fixed rate mortgage has a fixed interest rate over the tenure of the loan, while variable rate mortgage has fluctuating interest rates over the time of the loan. Conventional mortgage loans come with various lives, the most common of them being the term for 30 years. This gives the benefit of paying lower monthly payments over its life.

The conventional mortgage loans can be beneficial depending on the interest rates and also on the financial capacity of the mortgagor. The fixed rate mortgage gives the advantage to the mortgagor even when there is a hike in the interest rates in the market. The mortgagor need not to worry as he needs to pay the same monthly payment as determined at the time of releasing of the loan amount. The variable rate mortgage also gives the benefit to the mortgagor in a different way. It is quiet beneficial when the market rates decreases along the loan period. The mortgagor needs to pay low monthly payments. But the drawback comes when there is hike in the market rates and the mortgagor needs to pay high monthly payments.

Other significant advantage which has made conventional mortgage loans reign the market are that you can get a large amount of financing without much qualification standards. A poor credit history can be easily overcome with non – conforming conventional loan options. You can enjoy all the benefits of a conforming conventional loan, except for the interest rates which are high. This is so because there is a credit risk attached to it. With advantages like these, more and more people planning to buy real estate property is seeking out conventional mortgage loans as their first and last stop.
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March 12, 2010

How can you get a free copy of credit report? What are the different ways to get such copy?

free copy of credit reportIt has been made mandatory by the Federal Fair Credit Reporting Act (FCRA) that all the US consumers will be entitled to a free copy of credit report every year. The objective behind this is to make the consumers updated and aware of their credit status, their credit score, and if needed, they can fight any discrepancy of their report or fight any identity theft. The consumers can, however, get such copies free of cost once in 12 months at their request. The FCRA upholds the privacy and the accuracy of consumer information in the files from the three credit reporting agencies. The nation’s consumer protection agency, the Federal Trade Commission (FTC) is responsible to enforce the FCRA in respect with the credit bureaus.

Now how can you get a free copy of credit report? Remember that the report copy is not sent to the consumers automatically each year. You need to initiate the request for the same. You can get the report by three means such as through online, by phone, or by mail. If you want a free copy of credit report online, you can log on to www.annualcreditreport.com. This is the only authorized source for you to access your annual credit report. Be informed that this site is only accessible through Internet Service Providers located within the USA and its territories. Please beware of imposter sites, which promise to get you a free copy of credit report. In fact, they might charge you for this while you log on to those sites. They may also ask for personal information such as SSN or credit card numbers, your email ids and so on to process your request. DO NOT proceed and fall prey to them. Instead, forward your spam report to [email protected] They are authorized to handle such fraud sites.

You can also get your copy of annual report by making a simple call at (877) 322-8228. Just stay patient with the IVR (Interactive Voice Recorder) when you make a call. They will ask you some personal information to process your request. Remain prepared for this.

Finally, you can ask for a free copy of your credit report by snail mail. Fill in the Annual Credit Report Form on the Annual Credit Report Request brochure and mail it to : Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281. You can also get the brochure from www.ftc.gov/credit. Print it and send it to the mailbox.

Keep this in mind that you can order a free copy of credit report at one time or at different times throughout the year. Besides, you can also get your annual credit report if any of your loan applications or insurance policy is denied, or if you are applying for unemployment or any public assistance. Whatever the way you choose, just make sure you do it through right channel and on time.
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