Insurance Policy

Thursday, April 8, 2010

Stabilize Your Family Budget With Family Insurance Policy

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Any unexpected happening in life can lead to severe health risk, treatment of which necessitates huge medical expenses. If a family member faces any such event, the family budget gets disturbed. In order to maintain the steadiness in family budget, it is must to have family health insurance policy so that all members of the family get health coverage and can live their life without any fear of paying for the medical expenses, when required.

There are so many family health insurance policies in market that one gets confused, when he/she searches for the best family insurance policy. Market study shows that myriad of people think that Apollo Munichs Easy Health Family Insurance policy is the best product, as it offers broad cover.

The policy offers countless benefits such as domiciliary treatment, pre- and post-hospitalization charges, day-care procedures, and a lot of other benefits, such that all of them jointly add up to fulfill health needs of the people in India.

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Apollo Munichs Easy Health Family Insurance Policy

Labels: family budget insurance, family insurance policy, stabilize your family insurance

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Tuesday, April 6, 2010

Filing an Insurance Claim? Expect to Fight Your Own Insurance Policy

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Unscrupulous insurance companies will use your insurance policy as a basis to deny claims rather than as a basis to pay them. Flawed, faulty, or unfair insurance policy interpretation is characteristic of the widespread and out of control tactics insurance companies will use to delay, reduce, or deny payment of your claim.

When you purchase insurance, you are entering into a contract between yourself and your insurance company. This contract, or policy, establishes all terms and conditions of your insurance coverage.

An insurance contract is considered a contract of adhesion. Simply put, this means that the carrier draws up the policy and presents it to the policyholder, the insured. Because the insured has no input to amend the terms of the policy the burden of ambiguity is placed on the insurance company. The benefit of doubt must be made to the favor of the insured.

But insurance companies successfully bank on the chances that the majority of policyholders do not understand their rights. To the contrary, insurance companies will assert that there is no flexibility beyond their interpretation of your policy. When you file a claim, these companies will seek to delay or deny your claim based on what it considers any perceived or contested policy ambiguities.

As an example, assume that you have filed a claim for damages to your vehicle caused by a traffic accident. In the course of your claim you are advised by your adjuster that your claim is under additional investigation because a specific portion of your policy excludes coverage for portable equipment which is not permanently installed on or in the vehicle. You counter that permanently installed is vague and that you presented your vehicle to your agent for inspection at the time the policy was purchased. Further, you disclosed all equipment installed on the vehicle when the policy was issued. You have a reasonable expectation that this equipment is covered under the terms of your contract.

In this instance your insurance company is delaying payment of your claim by redefining the language of the contract. You have adhered to your obligations of disclosure, and you have paid your premiums. What should you do?

You need to do your personal homework. Review your information. Have you studied the policy language? What would the prudent and reasonable person conclude? Is your argument valid? Did you adequately present all details relative to your vehicle at the time you insured it? Did you have a legitimate expectation that the subject equipment was covered?

If you believe the facts support you, continue to pursue your position. Your best weapon in protecting yourself against questionable claims practices is to know your policy.

You must study and understand your insurance policy. Your insurance company assumes you will not do this.You have a duty to disclose all relevant facts at the time you apply for your policy or your policy can be declared void.Your insurance carrier likewise has a duty to fairly apply the terms of the contract.Be assertive in your demands to effect a satisfactory conclusion to your claim.nsurance companies will search for claims specific ambiguities in your policy to their benefit in order to avoid payment of your claim. They must be able to support their conclusions.

Author: Jane Pytel

Labels: filing an insurance, insurance claim, insurance policy

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Wednesday, March 17, 2010

How to Choose the Best Life Insurance Policy

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Is it possible for buyers to end up with the best life insurance policy? Let's face it. If you're not an experienced life insurance agent, it's very easy to get overwhelmed by this subject.

Understanding the differences between the types of life insurance policies available today and their associated fine print is something people need to do for themselves, by themselves, if they want a chance at getting the best life insurance policy.

If you leave your decision up to your agent, you may not get the best life insurance policy, but your agent likely will earn the best possible commission. Although that may sound harsh, there is some truth to that statement. Life insurance is a product and most life insurance agents earn commission on the products they sell.

Do your research

As mentioned above, a good place to begin the process of finding the best life insurance policy is to understand the two main types of life insurance. The easier of the two is "term" life insurance. This policy will be in effect for a pre-defined period of time.

Term life insurance can be purchased for 1 year, up to 30 years, or any period of time in between. A term life insurance policy provides a cash payout at the time of your death, provided you die within the term purchased.

The other type of life insurance policy is called "cash value." It covers the policy holder for the duration of his or her life. This type of policy pays benefits upon death but it also has a cash value that grows over time. The policy holder is able to draw upon the cash value before death.

A cash value policy is often referred to as a Universal Life or a Whole Life insurance policy. This may be the best type of life insurance policy if you are looking for a way to supplement your retirement income.

However, it's also what makes cash value life insurance so much more difficult to understand. Among other things, such a policy involves selecting investment funds and paying investment fees that can be expensive. It frequently requires a certain ratio of death benefit to cash value in order to remain in effect.

And any amount that is borrowed can be subject to taxes, depending on the scenario in which the money was borrowed.

Simple is not always better

It's easy to make the assumption that term life insurance is the best type of life insurance policy, and it can be, provided the policy holder dies within the term. If death does not occur, the policy will simply expire. Policies of this type often include an option to renew, but when this happens, you can expect premiums to be much higher.

Do your research, understand the terminology involved as well as the pros and cons of the various types of life insurance, and when you do sit with your agent, you'll be able to select the best life insurance policy.

Source: Free Articles

Labels: best life insurance, choose the best, insurance policy

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