This is default featured slide 1 title
This is default featured slide 4 title
This is default featured slide 5 title
 

Category Archives: Insurance

Information about Insurance Brokerage Firms

The insurance broker also relays data relating to the potential client’s business and risk profile to the technical division of the insurance company. The broker’s role may vary according to the size of the insurance company it serves. For big insurance companies, brokerage firms may operate in specialized areas, while elsewhere they may be required to look after the entire range of policies that an insurance company may have to offer.

Insurance brokerage firms are also supposed to manage knowledge and information flow relating to their clients and the markets in which they operate. Accordingly, they have to maintain detailed records. Not only that, but they also collate data from other sources and then analyze them to see the big picture. In addition, they identify new industry trends and developments on the basis of collated data and evaluate various insurance products on the market.

In many countries, in fact, insurers are already selling their products mainly through brokerage firms. In other words, brokers have emerged as the sole distributor of policies for the insurance companies in those countries. Nevertheless, this trend is yet to evolve into a global practice.

Life Settlements

A life insurance settlement, (also referred to as a senior life settlement or life settlement) is a financial transaction in which a senior citizen possessing an unneeded or unwanted life insurance policy sells the policy to a third party, as opposed to surrendering or lapsing it back to the life insurance company. The seller receives immediate cash for the policy from the purchaser. The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all premium payments from the time of the purchase until the seller passes away.

For senior citizens to receive an estimate on the amount available to them, they simply need to sign a release and provide information about the policy, there is no need for a physical or medical visit. “The life settlement process is a very simply process,” says Grant Shellhammer of┬áLife Settlement Pro, “Once
the necessary documents are received we can provide an estimate of the settlement amount, there is never any obligation or cost to the client.” With life insurance policies being surrendered and lapsed on a daily basis, it is important for consumers to understand how beneficial a life settlement can be.

There is no standard amount available through a life settlement and every individual case is different. The industry has seen anywhere from 2-10 times the case surrender value available through a life settlement. Many seniors are not aware that there is potentially a lot more value in their policies.

The education and availability of life settlements could also be blamed on the agents and financial professionals. They have a duty to provide their clients with the best options and recommendations. By letting a policy lapse or surrender without seeing if a life settlement is available is not servicing your clients correctly. “We gladly work with agents and financial professionals across the nation to help them assist their client with life settlements,” stated Grant Shellhammer.

Typical Insurance Adjuster

The mere mention of a complaint to the State Department of Insurance may bring the adjuster around to making a better offer. Adjusters would rather not have to deal with a complaint and they positively don’t want copies of them ending up in their personnel file !

Your complaint to the State Insurance Department will accomplish several things. First, his boss will now become aware that there’s a claimant who intends to do whatever it takes to obtain some positive settlement dollars. That will often inspire that person to take a closer look at your case and come up with a better offer. Also, if indeed you write to the Consumer Complaints Division, it will evolve into what’s always a costly effort because a complaint with the State Insurance Department will add an additionallayer of work, supervised by an extra contingent of personnel. When it’s realized this will likely come to pass they’ll try harder to get rid of you and settle your claim.

The vast majority of insurance adjusters dream of one day being promoted to a higher position within the company they work for. They’re acutely aware of the fact if their personnel file has correspondence flowing into it from claimants they’ve handled(plus copies of the letters which have been sent to the insurance commissioner) and those will, somewhere down the line, be read by one of his companies executives. In many instances this will be a man who doesn’t want a “Problem” claims employee spluttering, splashing and crashing about his office area causing headaches and extra work within the framework of that particular executive’s command. The adjuster is fully aware that such complaints will keep him, out on the road forever,and will surely prevent him from moving up the corporate ladder.

OTHER CRUCIAL ISSUES THAT THE ADJUSTER IS AWARE OF

When it comes to the reality of the way things work in the actual, daily, experience of personal injury claim negotiations and settlement, is often vastly different from the stipulations found in the “Formal law”. That is, legal theory, as it’s written and allegedly supposed to work. What this means, simply stated, is: Adjusters can settle a case, whether their decision to do so is based on “The Law”, or not.

In the real world of Personal Injury settlements a “Compromise” (one which often has little and often nothing to do with “The Law”) is the order of the day. It’s commonly accepted among those is the business (because that’s what makes their work life so much easier) that in any given case there’s almost always a likelihood of negligence on both sides, rather than just one. What this boils down to in practical terms, is this: Irregardless of the law practically no claim is without merit or totally lacking in value – – especially if the “Value” is simply to “get rid of it”. QUESTION: “How does Dan Baldyga know this to be true?” ANSWER: “Because he was an Insurance Adjuster, Supervisor, Manager and then Trial Assistant for over 30 years. He’s been there, and observed that.”

Although it’s never expressed to him “officially” every adjuster quickly learns, should your case go to trail, compromise will usually be the order of the day, even in cases of questionable liability . This fact alone gives him plenty of room to make a compromise settlement before your case ends up in his Defense Attorney’s hands where such a move will usually take place anyways! Why will this come to pass? Because the costs of preparing for(and then proceeding into)a courtroom battle will skyrocket.

Being aware of this is always bubbling and boiling in the gray matter between every adjusters ears. If there’s any question whatsoever (regarding who was at fault in the accident you were involved in) don’t ever give up. Keep pounding away! When faced with a determined claimant who’s willing to wait and haggle and refuses to go away, the chances are the adjuster will eventually make an offer.

This comes to pass because the adjuster(especially if your claim has some value) doesn’t want it to end up as a complaint at the State Department Of Insurance. Plus he knows you’ll be made, a settlement offer, somewhere down the line, anyway! So, better he settle it now, before the cost of defending it gets blown out of proportion, later.

Insurance Fraud

The Insurance Research Council revealed some alarming information obtained from a recent survey regarding types of insurance crime that is considered “acceptable” by an unusually high percentage of the public. These types of insurance fraud include the following followed by the percentage of those surveyed who felt that it was acceptable:

o Increasing the claim to cover the deductible – 40%

o Increasing the claim to cover the premiums paid – 36%

o Including defective or obsolete appliances on a lightning claim – 29%

o Listing adults as main driver of a car being driven by an under age driver – 20%

o Omitting accidents/tickets from an insurance application – 14%

o Continuing medical treatment to increase the value of a claim – 11%

o Pretending a hit-and-run accident occurred to submit a claim – 7%

o Abandoning a car and reporting it stolen to the insurance company – 6%

o Reporting an injury at home as work related in order to collect workers’ compensation benefits – 10%

o Cooperating with lawyers, doctors or chiropractors to file false or exaggerated workers’ compensation claims to get money from insurers – 17%

Insurance fraud typically consists of the following types or instruments of fraud:

o Workers’ compensation premium fraud occurs when an employer provides false information in order to obtain a lower insurance rating.

o Workers’ compensation fraud occurs when an employee files an inflated or false injury claim in order to receive benefits or increase benefits.

o Staged accident fraud occurs when a person intentionally causes or is involved in an accident, or walks in and reports an accident in order to compensation or false or intentional damages and injuries. This could include automobiles or fake “slip and fall” claims.

o Property fraud is the falsification or inflation of a claim for the loss of personal or commercial property in order to obtain benefits. This includes losses due to the theft, disaster, or arson of insured property and vehicles.

o Benefits fraud occurs when an uninsured person receives benefits reserved for an insured person as it relates to his or her policy. A typical example of benefits fraud includes a non-covered dependent receiving medical or dental treatment by using a parent’s name or identity. Similarly, we have seen friends and roommates commit benefits fraud as well.

Condo Rental Insurance

1. Comparison shopping is the most obvious way of cutting costs on insurance as well as everything. It takes a bit of time and effort but if comparison shopping on line it’s easy to access quotes from companies and ascertain which offers the lowest.

2. Increasing you deductible works with condo rental insurance just as with any other type of insurance. The higher the deductible the lower the insurance premium will be. Just keep one thing in mind when trying to lower fees by increasing your deductible. Should the eventuality of having to file a claim arise you will have to pay that deductible before the insurance company will pay out. Make sure you will be able to comfortably pay whatever that deductible amount is or it’s not worth the lowered insurance rate.

3. If you’re thinking of getting a dog find out what breeds-if any-your insurance company won’t cover. There have been more and more instances of dog attacks in past years and certain breeds are considered more dangerous than others.

4. If you’re over 55 or retired some insurers offer discounts. Now granted this isn’t a variable you have much control over but it is a factor that may lower your fees.

5. A multi-line discount can be obtained when an insurance company offers a discount to its clients who buy more than one insurance policy through them. An example of this type of coupling is insuring both a car and the condo.

Online Insurance

Then during the nineties big firms latched on to the idea of “direct” which is a handy abbreviation for cutting out the middle man. Just watch tv or listen to the radio toady and you are sure to observe this direct and that direct. The purpose of this in the world of insurance is to cut out the traditional high street broker and the percentage paid to them wherever possible.

The advent of the Internet and its increasing usage in most homes up and down Britain has accelerated the “direct” phenomenon. The big boys have quickly realised that websites are cheap to build and in addition there is a small army of privately owned websites on the World Wild Web that are more than happy to promote their insurance products for a commission – this commission usually being a lot less than a typical shop front broker is currently paid.

This all sounds very good………for the PLC that is. From the consumer’s point of view the casualty in all this is usually the level and quality of service. It’s fine when you are arranging your policy on the phone or on the net and you can even have the privilege of paying there and then by credit card. What will the “direct” experience be like when it comes to making ac claim? Just how “direct” is a call-centre located in India?
While you the consumer are no doubt seeing some of the savings by skipping the broker don’t think for one minute that all the savings are being passed on.

About Long Term Care Insurance

THREE WAYS TO PAY FOR LONG-TERM CARE

1. Pay for in-home caregivers and assisted living/nursing homes out of pocket. This is expensive and can often deplete a family’s life savings.

2. Meet a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, options are limited, only paying for nursing homes that accept Medicaid.

3. Buy a Comprehensive Long-Term Care Insurance policy. This protects your family’s assets from the rising costs of caring for someone who needs full time care. An employer might pay the tax-deductible premiums. Consider buying it at a younger age, when more affordable and accessible. It must be bought before a major illness strikes. Medicare and regular health insurance does not pay for long-term care. The average cost for a person who needs long-term care is $40-$70,000 annually, depending on where you live, plus the cost to the family caregiver who may have to leave their job.

QUESTIONS TO ASK YOUR INSURANCE AGENT

–Is the coverage comprehensive, meaning it includes all levels of care: in the home, assisted living, board & care, and nursing/dementia facilities?

–What is the daily benefit?

–Is there 5% annually compounded inflation protection?

–What is the elimination period?

–Is it a lifetime benefit period or a limited time benefit policy?

–Is there a spousal discount?

–Can you hire caregivers privately as well as from an agency?

–Is the home care benefit based on a daily, weekly or monthly maximum, and if the benefit is not used, can it be used in the future?

–Does it cover home care coordination of services?

–How many ADL’s (Activities of Daily Living) does it take to trigger a claim?

–Is there a time limit for filing a claim?

–Does it cover the cost of Adult Day Care & Adult Day Health Care, hospice and respite programs?

–Is it a tax-qualified plan?

–Is the company highly rated and have they ever raised premiums?

–Can you see the company’s published annual audit to check their track record for paying claims?

Protect Business With Proper Insurance

*Lost key coverage. This should pay to replace lost keys, adjust locks, or purchase and install new locks.

*Coverage for property in your care. This may include rental property, such as carpet cleaning or floor care machines.

*Theft of customer property coverage. This should cover losses incurred for theft and losses that occur from negligence, such as an employee who forgets to lock a building and allows a thief to steal your customer’s valuables.

*Limited pollution coverage. As a cleaning company your employees will most likely be working with an assortment of chemicals. You need to have coverage for accidental job site pollution that may arise from chemical spills.

*Business income coverage. If your biggest customer went out of business and your main source of income dried up, could you stay afloat until you had a chance to sign on new clients?

*Office equipment coverage. Check your policy to make sure you have enough coverage for your computers and office equipment. If you have a home-based business you might be able to get a rider attached to your homeowner’s insurance policy.
How do you choose an insurance carrier? To make sure that you get the proper insurance and the right types of coverage you should look for an agent that has experience working with businesses that provide janitorial services. Remember, the more your insurance agent knows about your business, the more confident you can be that he or she will provide a comprehensive program that meets your needs.

Look for a company that is financially strong and stable. It is also important to know that the company has a solid history of paying claims in a timely manner. Once you have an agent that understands your company’s needs you should consider buying all of your business insurance policies through one company. This saves on paperwork and you are more likely to make sure that all of your various coverages work together.

Once you have your policies in place don’t forgot about your insurance. Keep your agent informed of any changes in your business, i.e., new business location, new vehicles, etc. Also, make an inventory of all of your property; keep one copy at the business and one copy of the inventory off-site. Provide a good safety training program to your employees to reduce the likelihood of accidents and injuries.

Insurance Claim Handling Online

Claims Management System by Quick Internet Software Solutions (QISS), a comprehensive CMS, is a leading claims management software system that reduces cost and work and is Web-based to facilitate cross-location claims administration. For all claim types, medical bills are entered either via online screens by in-house repricing professionals, or they are digitally imported over the Web from third party repricing firms via electronic data interchange (EDI).

This data is then available for explanations of review, federal and state government forms, and check printing. Compensation payments are either manually cut or scheduled to ensure timely imbursement right from within the system. Home-screen diaries maintain notes for personnel working a claim and customizable, real-time reporting capabilities including Claim Loss Runs and summaries are two standard features in this claim manager. Going a step beyond, in the application service provider (ASP) model, QISS houses and maintains all claim system server hardware and software freeing the adjuster firm from IT firm concerns and ensuring that the latest security protections are taken. Because this insurance software is completely Internet-based, all the adjusters, underwriters, or clients need to use it is a free Web browser already on most computers.

Insurance Claim

Lost wages are one of the most important element’s of your damages. Listen to me carefully when I say, “You should not think about the days you missed from work as Lost Time and Earnings. It’s not Lost Time and Earnings – – it’s Lost Earning Capacity”

You ask, “What’s Lost Earning Capacity all about? I thought I could only collect for my Lost Income?” The answer to that is, “In many situations you can claim lost income EVEN IF YOU HAVEN’T LOST ONE SINGLE PENNY “. For example, this can happen when your salary is paid because you’ve elected to apply for the sick leave that’s due you, or because of an Accident and Health Policy available for you to take advantage of, or some other such arrangement.

In most instances – – even if you were paid while out of work – – you should still get that money routinely identified as Lost Wages. Why? Because that’s your Lost Earning Capacity. Your Lost Earning Capacity is what’s called a Compensatory Damage. Don’t let Strong swindle you out of that Compensatory Damage. Even if you’ve received an income, in some other way, you’re still entitled to it. Strong will do everything he can to take advantage of you, especially when it comes to getting paid for your Lost Earning Capacity. During the course of every settlement negotiation he gets involved in, he’ll try that tactic on for size, and it’s mind-boggling how often he gets away with it.

The typical statement made at that point, by the unsuspecting claimant is, “Hey, I understand I’m to be paid for my lost wages.”

Strong answers, “You collected $200.00 a week from your Accident and Health Policy didn’t you?”

“Yeah, but my average weekly income last year was $275.00 a week.”

“Okay”, I. M. Strong flashes a well practiced, winning smile, that tells you he’s a fair insurance claim adjuster, when in his black heart, he knows he isn’t, “We’ll pay you that $75.00 a week difference. Let’s see, you were laid up and unable to work for 5 weeks. 5 times $75.00 is $375.00. Don’t worry my friend, I’ll see to it you’re paid that $375.00.”

“Wow!” you think, “that’s terrific !.” You’re thrilled to death with this great turn of events.But what you don’t know is that the $200.00 a week you’ve received from your Accident and Health Policy has absolutely nothing to do with your lost income.The bottom line is that Smart has just cheated you out of a thousand dollars! And, worse than that, the $275.00 a week income you lost (for a total of $1,375.00) would have (in a court of law) given your case $4,000.00 to $5,000.00 more value in settlement dollars.

DOCUMENTING LOST INCOME: Ask the company you work for to write a letter on their official stationary declaring your gross salary income and the days you lost from work.

GROSS PAY VS. NET PAY: You should collect the “gross” wage’s you lost, not the “net”.

TOTAL DISABILITY and/or PARTIAL DISABILITY: For every week of Total Disability (a fact which must be stated in your doctors Final Medical Report) you should use your gross weekly income – – even if you were paid! (For every week of Partial Disability your doctor states in that Final Medical Report, you have the right to claim a substantial percentage of your income, during that period, even if you didn’t lose any).

Because the following five points give value to your claim be ready to talk with Smart about and, wherever possible, prove:

(1) If your work demands heavy labor and/or lifting. (2) If you lost any vacation time or sick leave. (3) If there was any possible loss of money you could have earned in the future – – either with your company or maybe other income you’ve got bubbling and boiling on the side. (4) If you had to forgo any bonuses. (5) If you lost an opportunity that would have led to a better job.

If any of the above five points are true than your claim is worth more money!

THE CRUCIAL MEDICAL REPORT: The Granite Mountain Insurance Company and Adjuster I. M. Strong know that the longer your recovery period, the greater your “pain and suffering”, therefore the higher the settlement value of your bodily injury claim. Your Chiropractor or Attending Physician must also note this in his Final Medical Report. Tell him to state exactly how long it will be, before you can get back to routine activities like golf, hunting, fishing and/or rockin’ and rollin’ with your lady friends.

As long as you have problems keep right on going back to see your doctor, again and again, even if it drives the poor bugger nuts! Do this because the fact that your records show a visit to him, four, eight, or twelve weeks after the accident, proves your injury needed constant attention, therefore you were unable to work. Also because, when you visit your doctor and tell him there’s no let-up of your pain, discomfort, stiffness or immobility – – those continuing problems must be written into the Medical Report he’ll provide for you when you’ve finished treatment. That’s the one you’ll hand to Adjuster Smart when the two of you begin to talk turkey. As he reads it you’ll watch him frown, then blanch as that cocky smile disappears from his face. When you see him do that you’ll know, “ya got him”!