Insurance can be one of your greatest costs, so it pays to evaluate it annually. But you’ll definitely want to ensure that policy terms and regulations, as well as your own needs, haven’t changed. Are you on the best plans possible at the least possible insurance cost? Be sure that each insurance company you use still is highly rated. Are beneficiaries correct? (more…)

If you turn on your television or computer you come in contact with an advertisement, an article or a website that aimed to compare insurance in the market. Perhaps you have been with insurance of your choice for many years now been, or you can opt for the first time certainly. It still raises your interest to make a comparison of getting the good insurance. (more…)

As we once heard Donald Trump say “Protect the downside and the rest takes care of itself.” For this, unfortunately, you need insurance and some protective legal documents.

Determine what insurance protection you have and what you still need. (more…)

The study of ethics leads us to the subject of consumer protection in insurance. How did we get to the point of legislating protection for consumers? Insurance is a very old business. Until 1850, insurance companies operated with only little regulatory supervision. Generally, the powers of insurers were defined by their charters. Essentially, insurers themselves determined whether or not their clients were treated fairly. (more…)

There are lots of cases of unfair insurance payment between insurance holder and the insurers. How to settle this issue? If you disagree with the insurance company’s handling of your claim, you can and should take action. In most states, the process of appealing a claim is a series of increasingly confrontational steps: (more…)

How soon you receive benefit payments varies widely with the kind of insurance, the kind of loss, and the laws of the state where you live. For example, insurance companies usually wait at least 30 days before paying out for a stolen car in the hopes that the car will turn up. Life insurance claims can only be paid after the company receives an official death certificate. (more…)

Having an insurance is not always synonymous with that for any incident, the insurance company pays for all the damages. There are a number of occurrence specified in the insurance contract where companies can refuse to cover a claim. (more…)

Coinsurance is an arrangement which permits the Insured to receive a reduction in rate in return for purchasing insurance of not less than a given percentage, most commonly 80 or 90 percent of the value of the insured property. Coinsurance has the effect of distributing the cost of insurance fairly among all policy-holders, by requiring each to carry amounts of insurance proportionate to the value at risk. (more…)

PRUPAC (Prudential Project Advisory Committee) estimated that the senior discounts insurance would apply to about 25 percent of its customers.

That low loss rate means a lot to insurance companies. One example: Colonial Penn Property/Casualty Insurance Group, which also specializes in selling insurance to seniors, had enjoyed two decades of strong performance when it decided in the early 1980s to expand beyond its traditional market. (more…)

The McCarran-Ferguson Act was adopted in 1945 after extended controversy over the jurisdiction of state and federal governments in regulating the business of insurance. The principal objective of the Act was to establish the primacy of the states in regulating the industry. The purpose clause of the Act states that the continued regulation and taxation of the business of insurance by states are in the public’s best interest. (more…)