Insurance

Thursday, December 13, 2007

A Little Known Service Making A Huge Difference

Insurance loss assessors - making sure you get the maximum payout on your insurance claim

If you've ever had to make a claim on insurance, you'll know it can be a lot more complicated, and that you received a much lower payout, than you were expecting. We think our insurance companies will be more than happy to give us the maximum we are entitled to - but why would they want to do that? Like all businesses, insurance companies are in it for the money, and they will do their best to give away as little as possible.

What's more, they deal with insurance claims on a daily basis, and employ experts who know exactly how to reduce the amounts the company pays. You, on the other hand, probably have very little experience of dealing with insurance claims, and equally little knowledge of exactly how much you are entitled to. Insurance companies exploit this advantage to ensure that, when a claim is made, they pay the bare minimum.

What the claimant needs is someone with the same level of experience working on their behalf. This is exactly what an insurance loss assessor does.

The job of an insurance loss adjuster

When a customer makes an insurance claim, the insurance company assigns an insurance loss adjuster to investigate the claim and give their confidential opinion of how much compensation the company should offer the claimant. They will survey any damage being claimed for, interview the claimants, and gather any necessary evidence to support the case. They will also work to ensure that the claim being made is not fraudulent.

An insurance loss adjuster works for the insurance company, and it is in their best interests to ensure the minimum possible payout is made. The claimant often has no one of equivalent skill and experience working on their behalf.

What an insurance loss assessor does

This is where an insurance loss assessor can help. When making an insurance claim, the claimant can employ an insurance loss assessor to investigate the claim on their behalf. Insurance loss assessors conduct the same type of research as loss adjusters, but with the claimant's interests in mind rather than the insurance company's. Employing the services of an insurance loss assessor takes the unfair advantage away from the insurance companies and ensures the claimant receives the maximum entitlement.

Unless you work in the insurance business, it's likely you hadn't heard of an insurance loss assessor before reading this article. For some reason, very few people seem to be aware this service exists. But now you do, you'll know who to contact if the worst happens and you need to make an insurance claim.

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Insurance : A Little Known Service Making A Huge Difference

Finding That Cheap Loan Protection Insurance

Loan protection insurance is taken out to insure against the possibility that sometime in the future you might come out of work due to suffering from an accident, sickness or through unemployment. If this is the case and you have large loan repayments to make each month you could seriously be left struggling to find the money.

Providing you have read the terms and conditions of the policy, the cover would give you a tax free income after being out of work for a period of time. This period differs from provider to provider but can be between the 30th and 90th day. Cover would then last between 12 and 24 months which is usually more than enough time for you to get back on your feet and back to work.

All cheap loan protection insurance policies will have exclusions within them which means you might not be eligible to make a claim. There are some which are common to all policies and others are defined by the provider. Common exclusions include being in part time employment, suffering an ongoing illness, being of retirement age or if you are self-employed.

It is essential that you do check the terms and conditions because this is where you not only find the exclusions which can help you to determine if the cover is suitable but also the terms and conditions of the cover. Mis-selling of loan protection was highlighted in 2005 when the Citizens Advice made a super complaint to the Office of Fair Trading (OFT). Following this the Financial Services Authority began an investigation which is still ongoing along with the OFT referring the sector to the Competition Commission.

Monday, December 10, 2007

How E & O Coverage Works

E & O has various levels of coverage ranging typically from $500,000 to $2,000,000+ depending on your business model. Similarly, the retention and cost of E & O coverage varies. E & O providers take into consideration a multitude of factors including, but not limited to, the level of risk your business will assume, number of employees with professional designations and assets under management in discretionary and non-discretionary accounts.

E & O is an important safeguard for your business. While there are other forms of insurance that also should be considered dependent upon your business model, E & O insurance has a place in every securities business.

Saturday, December 1, 2007

Protecting Yourself - Errors and Omissions Insurance

Errors and Omissions Insurance ("E & O") is one of the most important policies that financial institutions and advisers should obtain. E & O protects the business organization, its officers, directors, and employees in the event a client asserts a claim as a result of any mistake or failure to act on the part of the firm or adviser. Errors insurance covers various faults, including but not limited to inaccuracies, miscalculations, oversights, trade errors and legal fees. Omissions coverage pertains to any non-fraudulent failure to act by the firm or individual.

Contrarily, general liability insurance is not the same as E & O. General liability insurance does not cover lawsuits resulting from investment mistakes or failures to act. E & O coverage also should not be confused with Directors and Officers Insurance ("D & O"). D & O only covers the firm directors and officers from potential lawsuits brought forth by stockholders, employees, clients and other parties for which the directors and officers are responsible.

Examples of How E&O May Provide Protection:

• Unauthorized Trades
• Misappropriation
• Trade Errors
• Breach of Fiduciary Duty
• Breach of Contract
• Failure to Supervise
• Misuse of Authority
• Material Inaccuracies
• Inadequate Research
• Solicitation Discrepancies

It is important to note that E & O insurance will cover all of the above mentioned examples so long as the error or omission does not involve a fraudulent violation of industry rules and regulations.

Tuesday, November 27, 2007

Redundancy Accident Insurance

Has this happened to you? You're working in a job you enjoy, and then all of a sudden, there's a downsizing or downturn in business and you are redundant. This can be pretty devastating, but it's even more of a problem if you have a mortgage and you don't how you're going to make the next payment.

Or let's say you're driving a car and suddenly someone has driven into you. Your injuries are severe enough that you are kept in hospital for a long period of time and will be unable to work for months. Again, with a mortgage payment pending, this can be even more devastating than the injury alone.

This is where redundancy or accident insurance can help. With these types of insurance, the insurance company can meet your mortgage payments for you, for a particular period of time.

What Is Redundancy Insurance?

Redundancy insurance is also known as redundancy cover or payment protection, or income protection insurance. It's something that is particularly smart to take out when you buy a home. Because the job market is not only fickle, but accident, injury or illness can happen unexpectedly, this type of insurance will help ensure that you will not be left out of your home in addition to the other problems you are facing.

If you happen to lose your job and have redundancy insurance, your insurer will give you a tax-free amount to pay your mortgage for up to 24 months, although the most common period of time covered is 12 months. Your insurer can pay your mortgage or other loans may have. Your cover starts when you have been out of work for more than 30 days and you meet the other criteria each policy has.

What Is Accident Insurance?

It's a likely bet that between now and retirement, you will probably have at least one accident or injury that will leave you unable to work for a period of time. Accident insurance will help protect you should this situation happen to you. Like redundancy cover, if you can't work, cover kicks in after 30 days and will cover you for an average period of usually 12 months, sometimes 24. This can give you peace of mind during a time when you need it most, as you recover.

To have the best of both worlds, it's best to take out combined accident and redundancy insurance, such as a full mortgage protection plan. This will cover you not just for accident and or job loss, but for long-term illness too. It will even cover you for disability because of long-term illness or accident. For more information, check with your insurance provider. He or she can help you determine what the best cover for you will be.

Quick Way to Solve Insurance Problems

The definition of insurance is a procedure or contract between the insurer and insured which secures compensation for loss, damage or injury of an article or person on payment of an agreed premium. Insurance policies have become part of our lives to such a degree it would be difficult to imagine living in society without them. The amount the insured pays, or insurance premium is based on the probability of the event happening and if it doesn't, the risk taker or insurer, keeps the premium paid.

Other types of insurance have a long term saving element where the insured is guaranteed a sum if they die but if they are alive at when the policy becomes due then the invested amount less any charges the insurer makes will become payable which obviously benefits both parties. However, some insurance policies involve investment as well where the insurer invests the premium money and at the end of the policy, will pay any profit (less any charges) to the insured, an arrangement where both parties gain.

Whilst many insurance policies are voluntary, there are occasions where they are mandatory and these instances an activity or event may be stopped if it is found that a person is uninsured. life insurance, health insurance, property insurance, travel insurance, pet insurance, cycle insurance too name a few.

There are also specialist insurance policies for floods, skiing, long-term care, flight, kidnap, extended warranty and many others. To put it simply anyone can take out insurance to cover almost any eventuality.

The agreement which covers the insured person issued by the insurer company is called the insurance policy. The policy is legally binding on both parties provide the requirements for acceptance have been met and means that should the insured incident actually happen then the amount agreed as compensation will be paid out.

A quote for the insurance company will specify the main points of what the insurance is for which the insured must agree with and be prepared to pay the premium for on a regular basis. Providing the insured agrees with the conditions, the agreement is signed and returned to the insurer for checking and once this has been done the policy as issued.

The policy stays in force for a set period of time or if the event insured against happens then the insurance company can be approached to honor their side of the agreement with a pay out of the compensation agreed. Although some people ring the insurance company directly, others will use a broker who will try to find a similar policy for less money.

Saturday, November 24, 2007

Income protection insurance provide you replacement income

While losing your income is something that the majority of us never give much thought to, it can happen and if you were to suddenly find yourself out of work due to an accident, sickness or through unemployment then you could be left struggling financially. Income protection insurance could give you a replacement income with which to continue repaying your essential outgoings and give you security.

The majority of income protection insurance policies would begin to pay out once you had been off work for a continuous period which can be anywhere between 31 and 90 days after the event and depending on the provider. The amount of time that a policy will pay can also vary but it is usually somewhere between 12 and 24 months, again dependent on the provider.

Buying cover from a standalone provider is the best way to secure yourself the cheapest premiums for the cover and the cost can vary tremendously. It is essential to check the small print or key facts of the policy before you buy because this is what will allow you to decide if income protection insurance is right for your circumstances.

While providers can add in exclusions there are some that are typical to most policies. If you are in self-employment, retired, only working part time or suffering a pre-existing medical condition then a policy would not be in your best interests. By shopping with a specialist for the cover you will be given access to the key facts and exclusions which makes determining if you would be eligible easier.

In the past income protection insurance has and in fact still does give cause for concern. This came about after the Citizens Advice made a super complaint to the Office of Fair Trading. Following this an investigation by the Financial Services Authority (FSA) began which resulted in several high street names being given fines. The Competition Commission began a review of the sector which is still ongoing and the FSA continue to keep the sector under their watchful eye.

Recently the FSA announced that while some changes have been made to the way that cover is sold, many firms are still not following guidelines properly. Just recently a mortgage firm was fined and not only was the company fined but also the Chief Executive, who was handed a personal fine. Clearly many more changes still need to be made to make the products more transparent to the consumer and it is hoped this will be seen in March 2008. Comparison tables will appear which should make choosing such as income protection insurance easier. The tables will ask a series of questions which will lead to the consumer being able to tell which product would be in their best interest and also tell the about exclusions and how much the cover will cost.