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The Payment Card Industry Data Security Standard (PCI DSS)—which was developed by the PCI Security Standards Council (PCI SSC) created by Visa, MasterCard, American Express, Discover, and JCB—is an extensive set of technical and operational standards that a company needs to follow to ensure that all companies that process, store, or transmit credit card information maintain a secure environment.
There are many stringent requirements, including but not limited to:
PCI DSS has six major objectives, 12 key requirements, 78 base requirements, and over 400 test procedures. Click here for more information.
When a business is PCI-compliant, it means that that the business reviews and follows the guidelines set forth by the credit card companies to help ensure your credit card information is protected and your personal information is secure.
It is extremely important to purchase adequate travel insurance while traveling abroad. Many types of professionals, such as Insurance Agents, Brokers, Travel Agents, Tour Operators, Educational Consultants etc., work with people who are traveling abroad for Tourism, Study, Business, or other purposes; these professionals are interested in offering travel insurance products to their customers. Such professionals may already be selling travel insurance products from their home country or they could be looking for better products from U.S. based companies to expand their product options to be more appealing to their customers.
Business practices and government regulations vary in different countries, professionals should understand how selling travel insurance from U.S. based company's works. Some agents are used to selling insurance offline, where the premium is collected directly from the customer and then deposited into the insurance company's account. However, it works quite differently for U.S. based travel insurance.
These FAQs will help answer some questions.
That depends upon your geographic location (Country, State etc.) and what work you currently do. Once you contact us, we will go through the specific requirements with you.
Commissions depend upon the specific insurance company and line of products. The paperwork we send you will have the commission percentage specified for various products.
Look at more than just the commission percentage. U.S. based companies use USD currency and the premiums paid by the customer are usually higher, therefore you receive more commission even with a lower percentage.
Please note that the commissions for regular domestic health insurance, also known as ACA compliant (or Obamacare), for U.S. citizens pays approximately 1% - 2%. Compared to that, the commission percentage for travel insurance is very high. Typically, insurance companies start you at a low rate, then they will increase the percentage slightly as your production volume increases. As a leading brokerage company, we are able to offer you the highest possible commission percentage right away. You immediately receive the benefit of higher commissions due to the volume of our overall business.
No. As far as the insurance company is concerned, the customer is making the payment and not the agent. Therefore, the insurance company needs the gross premium.
Furthermore, no company in the U.S. is allowed to conduct business in that manner.
U.S. Dollars.
The most convenient way to make a payment is online using a credit card or debit card. It is also possible to make a payment with a personal check or cashier's check (demand draft) but it would be a lot slower.
As long as the credit card is a major credit card, such as Visa, MasterCard, American Express or Discover, most of the companies allow them to charge in U.S. dollars. When the credit card company sends their statement, the customer would have to pay in their local currency according to whatever the equivalent amount is for the purchase in U.S. dollars.
The currency conversion rate would be determined by the customer's credit card company, which we have no control over.
No. We don't accept cash payments. A possible solution, would be for you to accept the cash from your customer and use your credit card to make the payment.
Yes, that is fine.
They can use a credit card or debit card that belongs to a friend or family member and make the payment to them by other means. If they don't have any such person, you can make the payment on their behalf using your own credit card or debit card and collect the money from them.
Each insurance company accepts the premium in U.S. dollars as mentioned on our web site and payment must be made at the time of purchase. Therefore, there is really no time gap for currency exchange fluctuations. However, if you decide to leave a big gap between the time you collect the premium from the customer and the time that a premium payment is made to the insurance company, then it would be between you and your customer to deal with currency exchange fluctuation related issues.
As mentioned before, business practices and insurance regulations are not the same in every country. Probably, in your country, the agents collect money from the customers and make payments to the insurance companies. However, in the U.S., customers make a direct payment using their credit card to the insurance company. Therefore, the money does not pass through the agent's books at all. In the U.S, agents receive commission shortly after the premium has been paid.
In any case, the concept of credit in the U.S. does not exist. The premium is required at the time of application, irrespective of who makes the payments.
Customers that pay by the credit card automatically get a credit from their credit card companies. Of course, the exact duration of their credit varies with the specific credit card they have and the time of the billing cycle they are in at the time of purchase.
All U.S. based insurance companies need the premium payment at the time of insurance purchase. Therefore, it would be up to you and your customers to work out such details. Your corporate customers could make the payment with their corporate credit card which may give them some credit. You may decide to give credit to your customers. However, we or any of the insurance companies we work with are unable to give any such credit.
Yes, it is. However, it is much better to take a little effort to make the payment in U.S. dollars while paying the premium. Compared to that, when the customer is in the U.S., think about the hassles he would have to deal with in terms of getting U.S. dollars paid from the insurance company in their home country. It would be much easier for hospitals and doctors to deal with the local insurance company in the U.S. who would make prompt payments in U.S. dollars. It would be much smoother at the time of claim when a large amount of U.S. dollars are required when you are sick or injured in the U.S.
No. Such business practices are prohibited. The customer has to pay $100 only.
As far as the insurance company is concerned the agent is not making the payment, the customer is making the payment. As the sale of travel insurance is instant and online, there is no concept of an invoice. e.g., when you buy a book from amazon.com or a travel ticket from expedia.com, you make an immediate payment at the time of instant purchase. They don't send you invoices first.
In other words, the sale of insurance and the collection of premium is an automatic procedure which is completed in one step. There are not multiple steps involved.
The insurance companies that you and your customers are familiar with may be well known in your own country. However, are they well known and widely accepted in the U.S., Canada, Europe and other places where it really matters when your customer gets sick or injured and needs medical treatment? U.S. based companies have been in business for a long time, are well-known and accepted in most places.
That is simply not possible. Payment is required at the time of purchase, irrespective of who makes the payment.
Please note that the insurance business is highly regulated in the U.S. Therefore, the insurance companies are required to make the prompt payment of eligible claims.
Ask our specialists - Licensed and experienced insurance professionals in the U.S.
Prices are regulated by law.
You cannot find a lower price anywhere for the same product.
Learn MoreSame Price. Better Service.®
There are many advantages in purchasing from Insubuy® and no disadvantages.
Learn MoreHealthcare costs are very high in the U.S.
Buy U.S. based visitors insurance and enjoy your trip.
Learn MoreDid you know that your insurance may not cover you abroad or that it may only provide limited coverage?
Purchase travel medical insurance that includes emergency medical evacuation.
Learn MoreYou are not eligible to enroll in Medicare for the first 5 years.
Purchase new immigrant medical insurance to bridge the gap.
Learn MoreYou could lose your non-refundable trip costs if you had to cancel your trip.
Buy a trip cancellation insurance package plan and be worry-free.
Learn MoreThe U.S. Department of State requires all J visa holders to purchase compliant insurance.
Buy J visa medical insurance to meet your requirements.
Learn MoreSchengen countries require most non-US citizens to purchase Schengen visa insurance.
Make an instant purchase online and get instant visa letter.
Learn MoreYou don't need to purchase travel insurance for every trip.
Purchase annual multi trip travel insurance for your travels.
Learn MoreMost schools require international students to purchase health insurance.
Purchase international student health insurance that meets most school requirements.
Learn More