What Is Insurance?

As we know one way of risk prevention is to insure a risk to the insurance company. This method is considered the most important method in tackling risk. Therefore many people think that risk management is the same as insurance. Though the actual circumstances are not so.

What Is Insurance?

As we know one way of risk prevention is to insure a risk to the insurance company. This method is considered the most important method in tackling risk. Therefore many people think that risk management is the same as insurance. Though the actual circumstances are not so.

Quick Guide to An Insurance Claim

Before anything else, we first have to understand what an insurance claim is. This way we can better appreciate the whole procedure and it simply becomes easy to go through because we already know what to do step by step, in relation to the whole process.

A claim is when you ask the insurance company to compensate you for damages you have sustained after a car accident, or when you ask the insurance company to represent you or intervene on your behalf when you are liable for damages.

You pay a lot of money for your car insurance, so it makes sense that if you are involved in an accident, you will want to make a claim. Depending on whether the accident is responsible, or not responsible, and the type of damage, your insurance company will be able to provide coverage based on the kind of car insurance coverage you have.

Claims can be paid from the comprehensive coverage, collision coverage, or any of the minimum car insurance requirement sections, such as liability. Claims may also be paid from multiple sections of your policy depending on the circumstances of your car crash.

If you are wondering whether your collision claims process will be more difficult to bear than the accident itself, the good news is that filing a claim is usually fairly simple. By following a systematic approach and carefully recording what has happened, you can gather all of the information you need. The following guidelines will help you ensure the process goes smoothly.

ON THE ACCIDENT SCENE

One of the best ways to speed up the entire claims process is to get off to the right start, and that begins at the accident scene itself. The more good information and evidence you can collect there, the better.

Here’s what to get:

  • Personal Data: Try to get basic personal information from everyone at the scene. That includes all other drivers, passengers, and bystanders. Get their names, phone numbers, and home and email addresses. Anything that will make it easier to find them later. If you have time, take some notes about what each witness saw and heard. Pass all of this information along to your claims adjuster, but be sure to keep copies for yourself.
  • Insurance Information: This is particularly important. Make sure to exchange insurance information with the drivers of all vehicles involved in the accident. It’s probably going to be the first thing your adjuster asks you for.
  • Pictures: Take a bunch of photos of the accident scene. If you can get pictures before the vehicles are moved out of the way, great, but don’t create a dangerous situation just to take them. Definitely take photos of all damages to your car, every other vehicle involved, and anything else. Take a few pictures of the accident location as well. A few different angles are always helpful. Take pictures of the parties involved and all witnesses, if you can. And, finally, take photos of each party’s insurance card.
  • Law Enforcement: Always call the police after an accident. They may or may not be able to respond, but it’s always worth a try. When they arrive, make sure to get the officers’ names. They will gather their own information and take interviews for their report, and instruct you on how to obtain a copy the report once it is written up. Hold onto whatever paperwork they give you and pass on copies to your adjuster.

Contact Your Insurer ASAP

I’m sure you’ve heard the saying, “most crimes are solved in the first 48 hours after the incident.” That’s because the crime scene remains intact and the details are still fresh in the minds of the witnesses. It’s kind of like that with an auto accident. We’re not talking about a crime here (I hope), but the idea still works. The sooner you contact your insurer, the easier it will be for them to make the inquiries they need to get the most accurate data. It’s not a bad idea to call them from the scene of the accident, if possible.

Be Cooperative and Prompt

Most small accidents are relatively simple for your adjuster to handle. He or she has done them hundreds of times over. That doesn’t mean that a claim can’t be held up by some missing piece of evidence or information.

If your adjuster calls you and leaves a message to call him or her back, do it as soon as you can. Good communication between insurer and claimant is vital. Plus, it’s hard to complain about slow processing if you’re the one holding it up.

Be Honest

This rule seems obvious, but not everyone follows it. It’s human to want to avoid pain, and admitting that you are at fault for your accident can be pretty painful. But if you are at fault, don’t try to get out of it by lying. First of all, insurance adjusters have a lot of experience with accidents and fibbers.

They’re really good about figuring out what actually happened and that can be pretty bad for you if you are less than forthcoming with the facts. Remember “Double Indemnity”? Insurance fraud is frowned upon and could cost you a lot more money than the premium increase you’ll likely get by admitting fault.

And if you’re looking for a speedy conclusion to the claims process, being dishonest will surely slow it down, and sometimes bring it to a crashing halt.

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Types Of Insurance

Insurance is an agreement, spoken to by an arrangement, in which an individual or element gets money related security or repayment against misfortunes from an insurance agency. The organization pools customers’ dangers to make installments more reasonable for the guaranteed. Protection arrangements are utilized to support against the danger of money related misfortunes, both of all shapes and sizes, that may come about because of harm to the guaranteed or her property, or from risk for harm or damage brought on to an outsider. There are a huge number of various sorts of protection strategies accessible, and for all intents and purposes any people or organizations can discover an insurance agency willing to guarantee them, at a cost. The most well-known sorts of individual protection approaches are auto, wellbeing, mortgage holders and extra security strategies.

Most people in the United States have no less than one of these sorts of protection. Organizations require exceptional sorts of protection arrangements that safeguard against particular sorts of dangers confronted by the specific business. A fast food eatery, for instance, needs a strategy that spreads harm or damage that happens accordingly of cooking with a profound fryer. A car merchant is not subject to this kind of hazard but rather requires scope for harm or damage that could happen amid test drives. There are additionally protection approaches accessible for particular needs, for example, abduct and emancipate (K&R), medicinal misbehavior and expert risk protection, likewise called mistakes and oversights protection. Protection Policy Components While picking an approach, it is imperative to see how protection functions. Two of the most critical parts of all protection approaches are the premium and the deductible. A firm comprehension of these two ideas goes far to helping you pick the strategy that is best for you. An approach’s premium is just its cost, regularly communicated as a month to month cost. The premium is controlled by the insurance agency in light of your, or your business’, hazard profile. For instance, in the event that you possess a few costly vehicles and have a past filled with heedless driving, you pay more for an auto strategy than somebody with a solitary mid-extend car and an immaculate record. In any case, unique back up plans may charge distinctive premiums for comparable arrangements, so finding the value that is ideal for you requires some legwork.

The second critical strategy part is the deductible. At whatever point you make a claim, you are required to meet a base out-of-pocket cost, or deductible, before the insurance agency pays for your misfortunes. Deductibles can apply per-strategy or per-guarantee contingent upon the safety net provider and the sort of arrangement. Arrangements with high deductibles are commonly less expensive on the grounds that the high out-of-pocket cost implies insureds are more averse to make little claims. With regards to medical coverage, for instance, individuals who have interminable medical problems or need normal therapeutic consideration ought to search for strategies with lower deductibles. In spite of the fact that the yearly premium is higher than a similar strategy with a higher deductible, less expensive access to restorative care during the time might be justified regardless of the exchange off. Insurance is an agreement between an individual (the policyholder) and an insurance agency. This agreement gives that the insurance agency will cover some bit of a policyholder’s misfortune the length of the policyholder meets certain conditions stipulated in the protection contract. The policyholder pays a premium to get protection scope. In the event that the policyholder encounters a misfortune, for example, an auto collision or a house fire, the policyholder documents a claim for repayment with the insurance agency. The policyholder will pay a deductible to cover some portion of the misfortune, and the insurance agency will pay the rest. For instance, assume you have a property holders protection strategy. You pay $1,000 every year in premiums for an approach with a face estimation of $200,000, which is the thing that the insurance agency gauges it would cost to totally reconstruct your home in case of an aggregate misfortune. One day, an enormous rapidly spreading fire envelopes your neighborhood and your home consumes to the ground. You document a claim for $200,000 with your insurance agency. The organization favors the claim. You pay your $1,000 deductible, and the insurance agency covers the rest of the $199,000 of your misfortune. You then take that cash and utilize it to contract contractual workers to modify your home. When you purchase a protection approach, you’re pooling your misfortune chance with the misfortune danger of every other person who has bought protection from a similar organization. On the off chance that you get your mortgage holders protection from Server farm, which offers significantly a larger number of property holders protection approaches than any of its rivals, you’re uniting with a great many different mortgage holders to altogether secure each other against misfortune. Every mortgage holder pays yearly premiums;

Server farm gathered more than $15 billion in premiums in 2011, as per information from A.M. Best, a noteworthy protection appraisals organization. Just a little rate of mortgage holders will encounter misfortunes every year – 5.3% of safeguarded property holders recorded a claim in 2014, for instance. What’s more, a large portion of those misfortunes will be generally little; the normal mortgage holders protection claim was for $11,402 in 2015, which is more than a great many people could easily pay out of pocket all alone, however a long way from a most dire outcome imaginable. Advance, the normal mortgage holder just documents a claim once every 9 or 10 years. Insurance agencies are along these lines ready to utilize the premiums from mortgage holders who don’t document a claim in an offered year to pay for the misfortunes of property holders who do record a claim, which is called hazard pooling. It just bodes well to buy protection to cover huge misfortunes you can’t without much of a stretch bear the cost of all alone. Couple of drivers who are found to blame in a noteworthy fender bender can stand to pay a huge number of dollars in another person’s doctor’s visit expenses, so they convey accident coverage that accommodates restorative installments to others. We have medical coverage on the grounds that in the event that we get a costly disease like malignancy, protection is the main way we’d have the capacity to pay for our treatment. It doesn’t bode well to buy protection where the cost of scope is high to the point that you’ll likely wind up paying for your whole potential misfortune in premiums whether you encounter that misfortune or not. Nor does protection bode well when you can easily stand to cover the misfortune yourself, which is the reason specialists for the most part exhort against protection strategies or service agreements for essential shopper hardware like cell phones and TVs. Insurance is accessible to give budgetary insurance against a wide assortment of misfortunes:
• auto body harm from a pile up
• house fires
• apartment robberies
• medical installments to inhabitants harmed in a fender bender
• long-term inability
• death of somebody that others depend on for budgetary or caretaking support
• emergency room visits
• surgery
• a claim brought by a guest who slips and falls on your frosty entryway patio
• help with essential exercises of every day living
• and some more.

When you convey the correct sorts of protection in the correct sums, you’ll be secured against possibly disastrous misfortunes that could send your life veering off kilter and pulverize your funds. In the following segment, we’ll clarify a couple of more essentials of protection: the distinctive sorts of hazard and how to oversee them, what an insurable intrigue is and why you require it, how to purchase protection and how protection guaranteeing functions.

Know the Several Types of Insurance

All of us are well accustomed to the term “insurance”. The term stands for insuring or giving cover to an individual or a group for a specific purpose. On the basis of the function, an insurance policy can be classified into several types. Let us study the types to get a detailed knowledge of the policies.

Home Insurance- our home protects us round the year, but it also needs protection against the rude side of nature. Home insurance can protect your residence from both natural disasters and man-made accidents. They offer a compensatory price for damage to property and life in the home.

Health Insurance- If you are taking a health insurance then that is going to give cover to you and your family. This can be on the basis of the type the health insurance is. This gives one the ability to fight sudden medical emergencies owing to hospital bills, medical expenses, specialist charges, etc.

Personal Accident Insurance- This kind of cover is recommended to one to cope with accidental deaths. Life insurance already covers this part. But when a person gets disabled and losses his or her earning capacity either partially or totally, then the personal accident insurance can be helpful.

Motor Insurance- This protects one against vehicle damage and third party cases of accidents. You would have a mutual contract with the insuring company that on payment of a certain amount as premium, the company will pay you a certain amount if any accidents occur. This type of insurance offers medical coverage, liability and property damages. The property damage covers the theft or damage of the car and the liability coverage maintains the legal aspects in terms of property damage and bodily injuries.

Travel Insurance- As the name suggests the policies gives cover while one is on a trip. So, when you are on the trip all your worries will be taken care of by the insurance from sudden medical expenses to loss of passport, baggage, delay of flight, etc. You can have a safe and trouble-free journey with them.

Commercial Insurance- In a company there are several needs of insurance policies. Most companies have several policies that are specifically designed to protect the assets, vehicles, machines, business, employees and other unseen losses. These policies help them to fulfill the immediate requirements.

These are some of the most common types of insurance that one can find in the market. If you are in need, choose the one that best suits your requirements.

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Did You Make The List Of The Worst Passwords?

Doesn’t it seem like everything we do today requires a password? I would say that forgetting a password is like forgetting your keys, but it’s probably worse. We all know how important passwords are, but honestly, strong passwords that are impossible to guess are also impossible to remember. This is why some of our passwords aren’t as strong as they need to be.

That being said, there is a difference between a weak password and a worthless password. And, far too many people are using worthless passwords. Obviously, no one deserves to be a victim of online fraud or identity theft, but some people are almost inviting criminals to ruin their lives.

If you think this is being too harsh, think again. Look at SplashData’s Worst Passwords of 2016, which is based on over 5 million passwords that were posted or advertised for sale on the Internet.

  1. 123456
  2. password
  3. 12345
  4. 12345678
  5. football
  6. qwerty
  7. 1234567890
  8. 1234567
  9. princess
  10. 1234

This list makes it easy to understand how passwords can be rendered virtually worthless by being weak. It’s absurd to think anyone is actually using these passwords, but it’s true. Unfortunately, it doesn’t look like people are learning their lesson.

  • 123456 and password remain atop the list of worst passwords for the third straight year.
  • Though eight new passwords cracked the top 25 in 2016, including hottie, loveme and flower, seventeen of them made the list in 2015.

But wait, it gets even worse. These passwords are actually being used to protect a different kind of sensitive information. The kind of information that the world can know, but a spouse cannot.

Millions of passwords were leaked during the Ashley Madison breach. If you thought people would use strong passwords to conceal their infidelity, if not their account numbers, you’d be wrong. Here are the top 5 passwords revealed by the breach:

  1. 123456
  2. 12345
  3. password
  4. DEFAULT
  5. 123456789

Passwords are the first line of defense against unauthorized access to our personal and professional lives. Passwords that are memorable are typically weak. They must be strong to be effective. According to Microsoft, a strong password:

  • Is at least eight characters long.
  • Doesn’t contain your user name, real name or company name.
  • Doesn’t contain a complete word.
  • Is significantly different from previous passwords.
  • Contains uppercase and lowercase characters, numbers and symbols.

There are various insurance products specifically designed for identity theft and other cyber threats. Quite frankly, we’ve gotten to the point where everyone should have this kind of insurance coverage. Nevertheless, even though insurance can help you recover after an incident, preventing incidents from ever happening should still be the goal.

To hackers and identity thieves, accounts protected by weak passwords aren’t really protected at all. Weak passwords only provide the illusion of security. It’s like hanging your spare key from the door knob. What’s the point of even having a lock?

If you have any questions about the information provided in this article, please visit Setnor Byer Insurance & Risk at http://www.setnorbyer.com or call us at (888) 253-8498.

Setnor Byer Insurance & Risk is a full-service Independent Insurance Agency with over 30 years providing attentive and concierge-style service to meet the insurance needs of businesses and individuals throughout the U.S. Our cost-cutting and creative insurance and risk management solutions further enhance the client experience and bring substantive value to the insurance transaction.

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