What is Life Insurance?

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance police is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named  so long as the insured's premiums are currentPeople take out life insurance policies for a number of reasons. Such insurance provides security to family members upon the loss of a loved one. For instance, if the primary wage earner dies in his or her prime, the death benefit received from a life insurance policy will assist the surviving family members in overcoming the burden of the tragic loss. Life insurance can be purchased by individuals, but is also offered as a perk by many employers. Often times, large employers and government employers offer  at no cost to the employee. Should the employee wish to obtain additional life insurance from the employer's insurance company, they can usually do so at reduced rates. The cost of life insurance varies depending on such factors as the insured's age, health, and occupation. For example, the premium for a 25-year-old, male, non-smoker in excellent health will be far less expensive than a similar policy for a 65-year-old male smoker. Similarly, a sky dive instructor would have to pay much higher premiums for life insurance than would a librarian. Life insurance is available in a number of different forms to fit the tastes of the proposed insured. Some of the typical forms of life insurance policies include: whole life, varaible life, and term life. life insurance policies begin with low premiums during the initial stages of the policy and these premiums increase steadily as the insured grows older. There is no cash build-up in a term policy and, accordingly, the death benefit will not increase. With whole life and variable life insurance, a portion of each premium pays for the insurance and the remainder serves as a tax-free investment. A whole life policy sets a premium at the beginning of the policy and that premium does not change over the life of the policy. This form of insurance allows for a cash build-up during the insured's life. This cash build-up can be used during the course of the policy or it will simply serve to increase the death benefit in the end.

Postal Life Insurance

Postal Life Insurance is the oldest organization of its kind in the Subcontinent. Established by the British Raj in 1884, initially to assure the lives of postal mail runners, its services were gradually extended to other government employees as well. Nonetheless, its benefits were not available to general public until 1947. After independence Postal Life emerged as a key player in life insurance business and offered its services to every one.

Postal Life Insurance is the brain child of Ministry of Finance. Pak Post serves as its agent. However Director General Pakistan Post is exclusively responsible for managing, organizing and controlling its operations and marketing its various products. Postal Life is exempted from corporate and income tax. All the money generated is invested in Post Office Insurance Fund controlled by the Ministry of Finance. Pak Post gets a return at the prevailing government investment return rates. This policy ensures security of fund, attractive return and increased public confidence.

Postal Life has an unbeatable presence in the rural areas due to extensive network of post offices. Every post office serves as its outlet. This gives Postal Life an enormous advantage over its business rivals and helps to offer a wide range of insurance policies to customers at the lowest premium while ensuring highest bonus on their investment.

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Is Insurance an Expense of an Income?

When you hear insurance, what exactly cross your mind? Do you think expense? But do you know that insurance can an income to you? Shocked to hear that? Don't be, an insurance policy that you take can help protect your asset from loss believe it or not. Let's look at this scenario, you bought a car for a Fifteen thousand dollars ($15,000.00) and insured it with an embarrassing amount of Seven Hundred and Fifty dollars ($750.00)!  However, it happened that robbers stole the car while packed in you garage, then what do you do? Simple, call your insurance company and report the claim, with full proof and documentation. I bet you if you deal with the right insurance company, you'll be bought another car! No strings attached, no hassles, no excuses. The looking at it well you have another brand new car to replace the lost one. Get an INSURANCE POLICY TODAY!

WHY INSURANCE COMPANIES DON'T PAY CLAIMS (1)

One burning issue in the mind of an average person in this part of the world when it comes to insurance products purchase is: �Will the insurance company pay me when I have a claim?� This question is as old as insurance itself. I recall instances when I have to talk with people about insurance and the need to insure, the response I get from some of them is the same as above. Many have tagged insurance companies as fraudsters! This blog is written to correct this notion and hopefully clear all doubts.

I am going to take 5 reasons in this part and conclude with the remaining 5 reasons in the second part.

The following are the first 5 reasons why your claim will not be settled:

1. Unpaid/Unremitted premium
2. Fraudulent Claim
3. Incomplete Documentation
4. Insurable Interest Issues
5. Fake Insurance Cover

Unpaid / Unremitted Premium: according to the principle of insurance which is also true in the principle of contracts, premium (which is consideration in the law of contract) must be paid in advance for the contract of insurance to be valid. This is the most important aspect of an insurance cover, without which there is no cover � NO PREMIUM, NO COVER! At times agents, after taking up a policy on someone�s behalf might fail to remit the premium to the insurance company before a loss. However, when such a loss thus occur, the first thing an insurance company will check is the premium status of the policy. If the premium had been settled before the claim, the claim stands a high chance of being paid all other things being equal. However, if the premium was not paid before the loss, repudiation (rejection, refusal�) is the remedy. You may ask: How do I avoid this? I�ll tell you. To avoid finding yourself in this kind of embarrassing situation, pay your premium immediately you purchase the policy or pay a deposit premium instantly (in case of payment in installments)  and followed by the balance payment. Not only that, if you bought the policy through an agent, be deliberate, issue your premium cheque in the name of the insurance company on your insurance paper and not the agent�s name.

Fraudulent Claim: insurance is taken for an unforeseeable occurrence i.e. the event, occurrence, loss or outcome must be probable (under probability). If a person for instance, take up a fire insurance and decides to set his house on fire, it's a criminal act called arson! Or wilfully damage his car(in the case of motor insurance) in order to come for a claim - it is fraud! When an insurance company is able to trace a claim to fraud, the claim will be repudiated automatically. I recall a recent case with one of our clients. This man reported that his car was engulfed in flames from his engine while in motion, which according to him resulted in the total loss of the vehicle on the highway. After documentation the office sent me out to inspect the burnt vehicle. Armed with my camera, I set out on what eventually turned out to be a wild goose chase. What happened was that, after combing the area alleged to be the spot of the accident without success, I decided to ask some policemen in that area. Surprisingly, they told me that no such accident occurred in that area at the time I gave them. Conclusion is that there was no such accident to the vehicle, the insured reported a fraudulent claim which led to the claim being repudiated.

Incomplete Documentation: if you are filling in a claim be ready to turn in all documents. For example, proof of ownership, photographs, purchase receipt/invoice, estimate of repairs etc in the case of motor insurance claim. And in the case of personal accident claim medical report, receipt of payments etc are necessary. I will deal with this subject in my forthcoming blog: Documents needed that will make your claims valid. Watch out! Make sure your documents are in order and complete without that your claim will be delayed unnecessarily because insurance is based on documentary evidence. So take my advice, tender every document as evidence, be patient. Another client of mine reporting a Workmen�s Compensation Claim was told to supply the medical report, receipts and every other document to show that there was an accident on one of his staff. What he sent was just a picture of the victim on a hospital bed, when we ask for the other documents he became furious and said it was rubbish! Till date the claim is still pending, if he decides to tender the documents the claim will be treated further. So document like crazy.

   

To be concluded�

4 important things to consider to get the car insurance rates

4 important things to consider to get the car insurance rates

The cost of auto insurance these days is too high. But you still get auto insurance cheap auto insurance rates if you can you know? You have the right knowledge and ideas, if you make sure you can get cheap car insurance. Submit your family at risk because of the budget for it now that you have auto insurance can be expensive, difficult to purchase. Cheap car insurance rates but you can find online.

The Internet has really changed people's lives. More and more people prefer going online to purchase products or services using. This also applies to car insurance. A lot of people searching for cheap auto insurance rates to find the Internet useful instrument. But before you decide to purchase auto insurance, you are what is important for you to use cheap car insurance rates will need to consider.

The best place to shop online, while cheap auto insurance rates. Many auto insurance quote auto insurance company can be obtained from the other steps. Request a quote for auto insurance is very quick and easy. All you need to do all the necessary information and provide auto insurance quotes will be unveiled. You can get the best deal not forget to compare auto insurance quotes. So, cheap auto insurance rates in any way be used?

You have a clean driving record, the more likely you can get cheap auto insurance rates.

2 once you leave the driving lessons and exams have a certificate, you will also receive discounts on insurance premiums.

Three types of vehicles on the speed you also want to ensure reaching influence. Do you drive an expensive new car, this car is very expensive to get car insurance as possible, a lot. Also, car insurance, your auto insurance company, the security alarm or anti-theft device and make sure you have a low price.
Be careful where you park at 4. You park your vehicle in a garage of the home, largely in the input prices affect car insurance. Closely with your fleet close to the locked room or garage, please make sure.

You get a cheap car insurance rates, it is important to consider the above tips. Check the online car insurance cheap car insurance rates, so you also can take advantage of the quotes. And stable company, that's when all the problems will be handled auto insurance, most importantly, look, I would have complained.

Georgia Insists on Car Insurance

Georgia Insists on Car Insurance

By: Tim Anderson

Just in case you don�t know this, you should if you live in the state of Georgia. Everyone must have car insurance.

If you�re a newbie just arriving in Georgia from another state or out of country, one of the first things you will want to know is that you need car insurance. If you think no one will know whether you have it or not, think again. In 2003, Georgia made an arrangement where the state police have access to the Department of Motor Vehicle Safety database. This information clearly shows the police who has expired insurance or no insurance.

Now you may be thinking that if you happen to be carrying an insurance card and have an accident that this is proof enough. It isn�t, and can�t be used as proof of valid insurance. Unfortunately, having the card could mean the driver is trying to pull a fast one on the police. While the vast majority of car owners would be honest enough to actually "have" the required insurance, there will always be exceptions to the general rule.

Now that you know you "must" have insurance, keep one other thing in mind; the Georgia liability limits. That means you will need $25,000 per person for body injury; $50,000 per accident/occurrence; and $25,000 property damage per incident. This insurance covers crashes where the insurance holder is at fault. In other words, if you have car insurance and you were at fault for an accident, then your insurance pays the freight.

Georgia has mandatory apportionment of liability. While it is often the case that one person is deemed entirely at fault, there are situations where one side will only pay a portion of the damages due to comparative negligence. Georgia is not a pure comparative negligence state, as you have to prove that the other side is more than 50% negligent in order to recover anything. If you are 50% or more at fault, you recover nothing.

What does your insurance cover? The collision portion covers the actual physical damage to the owner�s car. Not to make things any more complex than they already sound, but collision insurance isn�t required under Georgia law. It is, however, mandated by most lending and leasing companies. Where this may cause you a problem is if your car is older than the hills you might not elect to insure it since the coverage does not exceed the value of your beater. For newer model vehicles, you may want to opt for comprehensive coverage.

One other form of insurance you may want to consider is uninsured motorist coverage. This offers you extra protection against damage to your car and passengers caused by uninsured drivers and insured drivers. While some people consider this to be an extra expense they don�t want to incur, consider the expenses you will face if you are involved in a collision with an uninsured motorist. You would be responsible to pay for all the damages because the other person could not. Uninsured motorist coverage, in most cases, may be added to your liability coverage in the event your damages exceed that of the liable party.

Tim Anderson works with Atlanta Personal Injury attorney, Stephen M. Ozcomert. The firm specializes in personal injury, malpractice, motorcycle accidents, and wrongful death. To learn more about Atlanta personal injury lawyer, Stephen M. Ozcomert, visit Ozcomert.com.

Article Source:
http://www.articlebiz.com/article/591887-1-georgia-insists-on-car-insurance/