Types of Mortgage

Types of Mortgage 

Option 1: Fixed vs. Adjustable Rate

As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination "hybrid" category. Here's the primary difference between the two types:

• Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
• Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or "adjust" from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a "hybrid" product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That's what the 5 and the 1 signify in the name.

Pros and cons: adjustable V/S fixed-rate mortgages

As you might imagine, both of these types of mortgages have certain pros and cons associated with them. Use the link above for a side-by-side comparison of these pros and cons. Here they are in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM.

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Option 2: Government-Insured vs. Conventional Loans

So you'll have to choose between a fixed and adjustable-rate type of mortgage, as explained in the previous section. But there are other choices as well. You'll also have to decide whether you want to use a government-insured home loan (such as FHA or VA), or a conventional "regular" type of loan. The differences between these two mortgage types are covered below.

A conventional home loan is one that is not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).

Government-insured home loans include the following:

FHA Loans
The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You'll have to pay for mortgage insurance, which will increase the size of your monthly payments.

See also: Pros and cons of FHA vs. conventional

VA Loans
The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it's a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.
Learn more: VA loan eligibility requirements

USDA / RHS Loans
The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to "rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing." Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county. See the link below for details.
Learn more: USDA borrower eligibility website

Combining: It's important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).

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Option 3: Jumbo vs. Conforming Loan

There is another distinction that needs to be made, and it's based on the size of the loan. Depending on the amount you are trying to borrow, you might fall into either the jumbo or conforming category. Here's the difference between these two mortgage types.

• A conforming loan is one that meets the underwriting guidelines of Fannie Mae or Freddie Mac, particularly where size is concerned. Fannie and Freddie are the two government-controlled corporations that purchase and sell mortgage-backed securities (MBS). Simply put, they buy loans from the lenders who generate them, and then sell them to investors via Wall Street. A conforming loan falls within their maximum size limits, and otherwise "conforms" to pre-established criteria.
• A jumbo loan, on the other hand, exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. This type of mortgage represents a higher risk for the lender, mainly due to its size. As a result, jumbo borrowers typically must have excellent credit and larger down payments, when compared to conforming loans. Interest rates are generally higher with the jumbo products, as well.

What is Mortgage ?

What is Mortgage ?

        A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the bank can foreclose.

      

    In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the home's tenants and sell the house, using the income from the sale to clear the mortgage debt.

     Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixed-rate mortgages have a 15- or 30-year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixed-rate mortgage is also called a “traditional" mortgage. 

   
      A mortgage loan, also referred to as simply a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination.
       This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.^[1] Mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)."

      Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries.

       Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors which means that if the borrower becomes  bankrupt or  insolvent the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first

Secured V/S Unsecured Loan

Secured V/S Unsecured Loan

What Are Secured Loans?

    Secured loans are loans that are backed by an asset, like a house in the case of a mortgage loan or a car with an auto loan.This asset is collateral for the loan. When you agree to the loan, you agree that the lender can repossess the collateral if you don't repay the loan as agreed.

     Even though lenders repossess property for defaulted secured loans, you could still end up owing money on the loan if you default. When lenders repossess property, they sell it and use the proceeds to pay off the loan. If the property doesn't sell for enough money to completely cover the loan, you will be responsible for paying the difference. Secured debt financing is typically easy for most consumers to obtain. Lenders take on less risk by lending on terms that require an asset held as collateral.

      As this type of loan carries less risk for the lender, interest rates are usually lower for a secured loan. A prime example of a secured debt is a mortgage, where the lender places a lien, or financial interest, on the property until the loan is repaid in full. If the borrower defaults on the loan, the bank can seize the property and sell it to recoup the funds owed. Lenders often require the asset be maintained or insured under certain specifications to maintain the asset's value. For example, a mortgage lender requires the borrower to protect the property through a homeowner's insurance policy. This secures the asset's value for the lender until the loan is repaid. For the same reason, a lender who issues an auto loan requires certain insurance coverage so that in the event the vehicle is involved in a crash, the bank can still recover most, if not all, of the outstanding loan balance.

What Are Unsecured Loans?

     The same isn't true for an unsecured loan. An unsecured loan is not tied to any of your assets and the lender can't automatically seize your property as payment for the loan. Personal loans and student loans are examples of unsecured loans because these are not tied to any asset that the lender can take if you default on your loan payments.You typically need to have a good credit history and solid income to be approved for an unsecured loan.

     Loan amounts may be smaller since the lender doesn't have any collateral to seize if you default on payments.

     Unsecured debt is the opposite of secured debt, and, like its name, it requires no security for the loan. Lenders issue funds in an unsecured loan based solely on the borrower's creditworthiness and promise to repay. In days past, loans were issued this way with a simple handshake. If a borrower fails to repay the loan, the lender can sue the borrower to collect the amount owed, but this can take a great deal of time, and legal fees can add up quickly. Therefore, banks typically charge a higher interest rate on these so-called signature loans.

      Also, credit score and debt-to-income requirements are usually stricter for these types of loans, and they are only made available to the most credible borrowers. Other examples of unsecured debts outside of loans from a bank include credit cards, medical bills and certain retail installment contracts such as gym or tanning memberships. Credit card companies issue consumers a line of credit with no collateral requirements but charge hefty interest rates to justify the risk.

What is Loan?

    What is Loan?

 

        In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.

The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

     A loan is the act of giving money, property or other material goods to another party in exchange for future repayment of the principal amount along with interest or other finance charges. A loan may be for a specific, one-time amount or can be available as an open-ended line of credit up to a specified limit or ceiling amount.

The terms of a loan are agreed to by each party in the transaction before any money or property changes hands. If the lender requires collateral, that is outlined in the loan documents. Most loans also have provisions regarding the maximum amount of interest, as well as other covenants such as the length of time before repayment is required. A common loan for American consumers is a mortgage. The mortgage calculator below illustrates the various types of mortgages and their different terms. 

Loans can come from individuals, corporations, financial institutions, and governments. They offer a way to grow the overall money supply in an economy as well as open up competition and expand business operations. The interest and fees from loans are a primary source of revenue for many financial institutions such as banks, as well as some retailers through the use of credit facilities.

Top 10 Life insurance in USA 2017

TOP 10 PICKS FOR 2017: 

THESE ARE THE BEST LIFE INSURANCE 

COMPANIES THIS YEAR

1. Banner Life Insurance Company
2. Prudential Life Insurance Company
3. Northwestern Mutual Life Insurance Company
4. Sagicor Life Insurance Company
5. Protective Life Insurance Company
6. American General Life Insurance Company
7. State Farm Life Insurance Company
8. Principal Life Insurance Company
9. Metropolitan Life Insurance Company (Brighthouse Financial)
10. Mutual of Omaha Life Insurance Company

Top 10 Whole of Life Insurance in UK 2017

Top 10 Whole of Life Insurance in UK

Top 10 Over 50s Life Insurance in UK 2017

Top 10 Over 50s Life Insurance

1. Legal & General - Over 50s Life Insurance Plan
2. Smart Insurance - Over 50s Life Ins with Lifetime Payback Guarantee
3. Sainsbury's Bank - Over 50s Life Insurance Plan
4. LV= - 50 Plus Plan
5. AA - Over 50s Life Insurance Plan
6. SunLife - Guaranteed Over 50 Plan
7. Royal London - Over 50s Life Cover
8. Aviva - Guaranteed Lifelong Protection Plan
9. Post Office Money - Over 50s Life Cover
10. Santander - Life Insurance

Advantages & disadvantages of Life Insurance

Advantages &  disadvantages of Life Insurance  Advantages of Life Insurance

1. Economic protection against the loss of life. The emotional loss caused to the family of the insured cannot be measured in terms of money. However, the financial responsibility of the insured towards his family members are to an extent shared by the Life insurers. On the death of the insured, the family will have some money to continue having a comfortable life. The life insurance policy provides an option to choose the nominee.

2. A form of investment or saving. Many people buy life insurance as part of their investments. Most insurance policies guarantees a fixed sum of money payable either on the death of the insured or at the expire of the pre-determined tenure. Hence, many people keep aside a part of their savings for the payment of Life insurance premium in the form of investment.

3. Life insurance is simple to understand in terms of premium and the maturity of the compensation. The investment amount, policy term, and the maturity amount are clearly mentioned on the policy document.

4. Some Life insurance policies are flexible. The give the insured an option to change the policy amount with the change in his needs. When the insurance needs of the insured changes, they can talk to the insurer so that they can adjust their insurance plan. However, it should be kept in mind that not all insurance policies are flexible enough to satisfy the ever-changing need of the policy holder. Hence, the policy buyer should read all the term and conditions of the policy at the time of first purchase.

5. Loan against Life Insurance Policies (LAIP) is a newest form of financial revolution. Many financial institutions offer loan against the surrender value of the insurance policy. This a safe and quick way to generate cash.

6. The insured pays the premium depending on the sum insured. Depending on the age of the insured, they can select the amount they want to pay per month that won’t be a burden to them.

7. Enable the insured to be able to select their beneficiary. When buying a policy, one has to choose who the beneficiary of the insurance policy will be. In this way, they make sure that the material needs of their loves ones would always be met.

8. Reduces the financial implication of death. Life insurance reduces the financial burden that comes with the death of the breadwinner.

9. There is a range of policies to choose from. Life insurance has a range of policies to choose from. In some policies, one is compensated when a certain period of time elapses.

10. Tax saving weapon. In most countries, the final amount that you get from the insurer is not taxable. In India, the amount of Life insurance policy premiums are allowed as deduction under section 80C of the Income Tax Act, 1961. The maturity proceeds are also exempted from Income Tax. Hence, investment in a life insurance policy is an amazing tax saving weapon.

Disadvantages of Life Insurance

1. Insurance policies are expensive. Life insurance means that you have to contribute your premium until you die or a fixed tenure that is very long. This will be expensive for the insured. The part of the life insurance premium paid towards risk coverage is an expense. However, the quantum of financial risk mitigated by these policies are much more than these expenses. Hence, people treat life insurance premiums as mandatory expense.

2. Some insurance companies may refuse to pay the sum insured. Some insurers will use dirty tricks to evade the pay the sum insured even after maturity of the policy. For this reason, it is important that you read all the clauses of the life policy at the time of entering into the contract. Further, you can consult your financial advisor before buying a policy.

3. People buying the insurance they don’t need. Some people may buy the insurance policy when they don’t need one. Paying for a policy that do not meet the need of the paying person is a waste of money.

4. Some people give falsified information. Some people give false information to the insurance company e.g., age leading to the insurer making losses.

5. The beneficiary may decide to waste the amount they receive. The beneficiary may not use the funds as it was intended leading to wastage of the sum insured.

6. Many life insurance policies keep on changing. In such policies, the premium amount is low during the initial years. However, the premium amount do not remain constant. They keep changing with time. You may be required to pay more premium as you grow older than when you were young.

7. Having it doesn’t necessarily mean better quality of life. Life insurance may mean poor quality of life to be able to pay the premium. The deduction may be too many.

8. There are so many complex insurance policies. The insurance policies are complex that one may not be able to understand. There are ‘good’ and there are ‘not so good’ insurance companies. Similarly, there are some ‘not so simple’ insurance policies that is beyond the understanding capability of a common man. Hence, it can be a very daunting task to choose the right life policy.

9. The investment is not highly paying. Life insurance is primarily an instrument to cover risk. The investment function is of secondary nature. Unlike other types of investment that have high returns, life insurance does not give high returns. Hence, people seeking high return on their investment may not find it attractive for investment.

Advantages & disadvantages of Auto Insurance

Advantages & disadvantages of Auto Insurance

Advantages & Disadvantages of Health Insurance

Advantages & Disadvantages of Health Insurance in India

Advantages of Health Insurance

When advantages come into light

• Health insurance India facilitates to carry the sum assured and cumulative bonus of the insured while shifting medical policies.
• A waiver is issued to the insured, for a waiting period of 30 days where no coverage is provided.
• The waiting period of pre-existing diseases in the Mediclaim policy is also transferred to the new insurer.
• The insured can gets to choose the best insurance policy or best health policy from an equally better health insurance company.
• While switching the plans the insured can get the new and best insurance policy at lower premiums.
• Switching gains the insured with best health insurance policies and better coverages.
• The insured can enjoy his/her chosen best insurance policy at lower premiums without paying any excess amounts.

Disadvantages of Health Insurance

When the disadvantages of the portability of the plan are considered the insured should check the conditions under which the insurance policy portability is issued.

• In Health Insurance India insurance plans, the insured can only opt for best insurance policy only before the expiry of the existing plan.
• While switching plans, the insured should do a deep research for best health insurance policy or best health policy with various insurers.
• As per the guidelines of IRDA the insured should submit all the relevant documents to the new insurer with in a week's time.
• While switching to the new insurer the insured might lose the maternity benefits gained with the previous policy.
• While porting the health insurance policy the insured is likely to be chosen with in the basic reimbursement plans

Advantages & Disadvantages of Insurance

Advantages & Disadvantages of Insurance

The main advantages of insurance can be described as follows: -

1. Provides economic protections
   Insurance provides economic and financial protection to the insured against the unexpected losses in consideration of nominal amount called premium. It provides financial protection to the nominee in case of the pre-matured death of insured. It also covers the loss of properties due to theft, fire, accident and other natural calamities.
   
2. Shares risksPeople are exposed to various kinds of risks and uncertainties which may cause large losses. It is impossible to eliminate risks and uncertainties altogether but it can be reduced or shared. Insurance is a co-operative device, which helps to share the risks among the insured. Thus, the insurance company reduces the risk of the insured in exchange for small premium.
   
3. Maintains standard of livingInsurance provides financial protection against an unexpected risk of losses due to which people can maintain their living standard. The insurance company provides a safeguard in terms of money to avoid the unfortunate financial crisis.
   
4. Encourages saving
   An insured person pays the amount of premium in time as stated in the agreement which encourages for developing a saving habit of persons. Hence, insurance is a means of encouraging regular saving as it helps to reduce unnecessary expenses.
   
5. Eliminates dependencyDue to death or destruction of properties, the family suffers from unbearable and non-compensational table losses. The insurance protects against those unbearable losses. The life insurance policy gives full financial support to the dependent in case the death of the insured which helps to eliminate the dependency of people.
   
6. Grants loan
   An insured can get the facility of a loan from an insurance company or can take loan from other financial institutions through the security of insurance policy. Thus, this provision of loan helps a person can also meet the need of fund. Bank and financial institutions prefer the insured assets as collateral for providing a loan.
   
7. Creates employment opportunitiesAs insurance has become business in the modern day business world, hundreds of entrepreneurs and thousands of employees have been engaging in this line. Hence, by establishing and developing insurance companies, it has provided employment opportunities to thousands of people as per their qualification and caliber.
   
8. Promotes foreign tradeThe growth of the international trade of the country has been greatly helped by shifting of risk to insurance company. A ship sailing in the sea faces some miss-fortune. A fire breaks out and burns to ashes all the merchandise of a business man. But insurance is one of the devices by which these risks may be reduced or eliminated. So industrialists and exporter may devote their full attention toward the promotion of business which may increase the export activities
   
9. Helps to operate business smoothlyA business gets financial compensation in case of loss or damage to the properties of the business through insurance. An insurance policy taken for the employees increases their motivation at work. Therefore, insurance plays a vital role to let the business run smoothly even in the situation of unfavorable events.
   
10. Help to reduce inflation

    Inflation Reduction

    The inflation means increase in price of goods or service. Inflation gives painful experienced to the citizen so it should be control. To control inflation, the volume of money need to be reduce. An insurance company takes the money from the people in the form of premium, which reduces the volume of money in the market. Hence, it helps to control the inflation in the country.
    
11. Help to develop economyInsurance companies collect premium through life or non life policies which are invested in various development areas like trade and industry. Such investment helps to promote trade and industry in the country. Ultimately, it helps for the economic development of the country.

Disadvantages of Insurance

The following are the main disadvantages of insurance: -

1. It does not compensate all types of losses which caused baisness to insured by insurance company.
2. It takes more time to provide financial compensation because lengthy legal formalities.
3. Although insurance encourages savings, it does not provide the facilities that are provided by bank.
4. It intentionally tries to compensate as less as possible to the sufferer with the aim of maximizing profit rather than maximizing well-being of the insured.
5. It may lead to the crimes in the society as the beneficiaries of the policy may be tempted to commit crimes to receive the insured amount.
6. Sometimes, the total amount of premium might be higher than the policy amount receivable on maturity.

What isTravel insurance?

 Travel                              insurance is insurance 

that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically.

     Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have high medical costs, such as the United States.

       An insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while traveling. It's often pitched as the best protection for those traveling domestically or abroad. 

      Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance (also known as travelers insurance) as an added service. Some travel insurance policies cover damage to personal property; rented equipment, such as a rental cars; or even the cost of paying a ransom in the case of a kidnapping.

What is Business Insurance?

DEFINITION of Business Insurance

What is Property Insurance?

What is Property Insurance?

What is AUTO insurance?

What is Auto Insurance? 

Types of General Insurance

Types of general insurance

General insurance can be categorized in to following:

• Motor Insurance: Motor Insurance can be divided into two group, one is car Four wheeler insurance and other is two wheeler insurance.

• Health Insurance: Common types of health insurance includes, individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.

• Travel Insurance: Travel insurance can be broadly grouped into Individual travel policy, Family Travel policy, student travel insurance and senior citizen health insurance.

• Home Insurance: Home insurance protects house and its contents in bad time.

• Marine Insurance: Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air.

• Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations

what is General insurance ?

what is General insurance ?

        General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.

In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines]] and London market.

The London market insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of London. Lloyd's of London is a big participant in this market.^[1] The London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance.

Commercial lines products are usually designed for relatively small legal entities. These would include workers' compensation (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels.

Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.

ACCORD, which is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency