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Claiming Life Insurance
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Get Lower Insurance Rates
There are those persons who shortly after purchasing the car of their dreams find themselves facing the usually unforeseen problem of getting it adequately insured. And in a way you can't really blame them. You don't expect the dreamer in us to think of something as mundane as auto insurance when dreaming serious car dreams, do you?
Although few will end up trading in their car for some... Read insurance article
Health Insurance
Human nature means that when we are in rude health we tend to forget about illness. But anyone who is a US citizen nowadays must shake themselves out of this attitude and ponder the effects of an illness in the family. A family that does not have health insurance or that has poor coverage could end up in real difficulty.
The best place to start is with the concept of health insurance - ... Read insurance article
Claiming Life Insurance
Recent research undertaken by the insurance firm Norwich Union suggests that consumers in Britain need to be more thorough when filling out forms for life insurance in order to avoid claims being rejected. According to Norwich Union, British consumers are most likely to leave out information about any treatment they may have received, current treatment being received or whether or not they have suffered from depression.
Norwich Union claims that, while 2005's figures were down from that of 2004, the firm still had to reject one in ten life insurance claims due to non-disclosure by consumers. According to Tony Jupp, chief underwriter at Norwich Union:
"It is vital that people take a deal of care and attention when completing these forms as the information they provide will form the basis of any life policy that they are offered. If applicants don't share with their insurer information that is requested, it is likely that they will have invalidated their policy and if they make a claim, it might be turned down."
He added that such situations would make it more difficult to obtain life insurance cover from an alternative insurance company.
The survey comes a month after insurance provider Bright Grey announced findings that two fifths of people in Britain believe that life insurance premiums are the most important type of insurance cover to posses. However, the research carried out by Bright Grey also found that, when it came down to it, consumers were more likely to buy other types of insurance. In fact, nearly three quarters of the people surveyed claimed that they had purchased home insurance cover, while two thirds claimed to have bought travel insurance for their holidays abroad. But only one in ten respondents claimed to have purchased insurance against loan payments.
Roger Edwards, product director at Bright grey, stated that buying life insurance was "key when it comes to planning properly for the future," and asserted that for many consumers, "financial savvy seems to have gone out of the window when deciding what life insurance to buy". Indeed, this lack of information at the decision-making stage tends to deter many people in their hunt for life insurance. There are however various resources which allow life insurance seekers to compare the life insurance policies on the market and making full use of these resources is increasingly necessary in order to make the right choice.
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Business Property Insurance
No matter how detailed your business plans are, tragedies come unannounced. If you are not prepared, chances are that a natural disaster or unforeseen legal or financial trouble will threaten to sink your business. In order to avoid disasters, you should have business property insurance coverage for fixed and moveable assets related to your business. Business interruption insurance will help you recover from calamities, and help you recover the losses.
Types of Business Property Insurance:
When opting for insurance coverage for your business, you can either get a combined protection policy or opt for separate insurance policies. The type of coverage varies depending on what is being covered.
1) Floods:
If your business is located in a flood prone area, then you need to get business property insurance that will cover it against flood damage. For this, you will need to find out how many times the area has been flooded.
2) Earthquake:
Earthquakes can strike at any time and there is no way to predict them. For this reason, many insurance companies do not offer earthquake insurance as part of standard business property insurance package. To get earthquake insurance, you will probably have to buy a separate policy and pay a separate deductible. In addition, earthquake insurance typically does not protect businesses against loss of profits caused by damage to property; it simply covers the actual value of the property.
3) Crime:
A special Terrorism Risk Insurance is available for businesses. This insurance does not cover employees who may be injured through acts of terrorism at the workplace.
Combined Business Property Insurance:
Business property insurance is either combined or separate. Under the terms of the separate business property insurance, only the actual value of the property insured is covered. You will not be compensated for loss of profits due to accident or crime, just the loss of property value. This is the reason business owners prefer combined business property insurance.
Combined business property insurance includes property insurance as well as liability risks. It covers the damage caused to other parties through fires or other accidents on your property and injuries caused by faulty equipment.
When opting for comprehensive business property insurance, you should make sure you also have adequate coverage for worker's injuries, business disruption and general liability. Unless your business is covered on all fronts, just having business property insurance will not offer protection enough.
Protecting your assets from natural disasters, crime, theft and liability can save you a lot of worry later. These situations can stop your profits in their tracks, but business property insurance can help your business recover faster. If you wish to know more about the kind of business property insurance that is the best for your business, see your local small business consultant.
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