Month: June 2023
Over the last forty or fifty years, the US has been changing – some of the time, for the better. Even some of the things we take as constants have changed, the best example being the dollar. Looking back to the 1960’s, the buying power of the greenback was quite surprisingly high. But thanks to inflation, the buying power has steadily ebbed away. In 1960, the dollar was worth $7.35 in modern values. So, even to keep pace with inflation, all our paychecks have had to rise. Yet, curiously, some values have not changed. Look around the states in the union. All but three have mandatory liability insurance, most with values set forty or fifty years ago. This produces an unusual result. When almost everything else connected to insurance from the cost of spare parts to the sums payable for medical treatment have been rising faster than inflation, the mandatory requirement has stayed the same. The gap between the coverage and the liability has been steadily widening. Many states have been ignoring the problem, leaving it to victims and their attorneys to decide whether it’s economic to sue drivers to recover the additional amount lost. But a few responsible states have been discussing the possibility of increasing the basic requirements.
So welcome to Texas, a state notorious for having one of the highest rates of vehicle theft in the US. In 2007, the lawmakers decided they must do something about the minimums which, at that time, stood at 20/40/25, i.e. $20,000 to cover physical injuries, a maximum of $40,000 payable in each accident, and up to $25,000 for damage to property. The state government decided on staggered increases so, in 2008, they rose to 25/50/25 and, on January 1st, 2011, they will rise to 30/60/25. This gentle uplift has passed almost unnoticed with insurance companies barely changing the premium rates above that needed to match inflation. Whereas other states like Wisconsin have seen quite large premium increases, it’s not expected there will be a major premium increase in 2011.
Even better is the news for high-risk drivers. Texas runs a pool for drivers whose records are so bad, they cannot easily find insurance with any of the usual carriers. The Texas state regulator has just announced the premium rates payable through the Automobile Insurance Plan Association will fall by 7.6% in 2011. This offers responsible high-risk drivers the chance to increase their coverage without any net increase in the premium payable. So if you are a Texas resident and cannot find any cheap car insurance because of your record, now is the chance to save some money through the state pool. Sadly, the coverage is still expensive when compared to the rates payable by the drivers with a safer record but, with rates falling for the mandatory minimum, it’s at least more affordable than now. For other drivers, using this site gives you the chance to find cheap car insurance. The general expectation is that premium rates will stay roughly the same as this year with inflation low and the economy slow.
The answer to why an insurance company has appointed a loss adjuster is actually a fairly simple question to answer. For anyone, loss adjusters are appointed after there has been a claim made by you to your insurance company, who then brings the adjuster in to assess that validity of your claim. Basically, if you are in an automobile accident or any other kind of situation where you need to claim on your insurance, then an adjuster is brought in to use the proper technical and financial terms to figure out how much the insurance company is truly liable to cover.
For you, the consumer, it can be difficult to handle a loss adjuster, so the important thing to remember is that the loss adjusters arent there to help you, but rather to look at the interests of the insurance company employing them. So, that means you need to find a group who will assist you in helping to prepare your claim for the adjuster, because otherwise, that responsibility falls on you. The worst thing you can do for your own claim is to be unprepared when the adjuster arrives, so make sure that you find someone who can help you with that.
While it may seem like you can talk to your insurance broker about this claim in order to help you, the grim reality is that your broker is probably going to be very pressed for time as well and may not even have the expertise or the resources to truly assist you with trying to prepare your claim for the adjuster. Always look for professional assistance if you arent sure what to do, as there are plenty of groups out there who want to help you get the most of your claim, instead of letting the loss adjusters intimidate you into not getting you what you deserve. In the event that your claim is then rejected because of that loss adjuster, then you should immediately seek professional assistance, because there are also companies willing to help you get the money you deserve. The different companies out there tend to charge fees, but there are some out there who only want a percentage of your claim value. That way, they are just as invested in making sure you have just as much gain as they do and they will work as much as they can. Sometimes, claims can take a few months to process, but it might take even longer if you encounter problems, so by making sure that you hire professional assistance will really pay off in the long run. Quite a few times, working with a third party will actually get you more from your claim than what you would have received working alone.
Also, make sure that when you look at different groups to help you work with a loss adjuster that you see what exactly will happen in the event that you still lose, meaning that the insurance company establishes that no party is liable for the losses you receive. Some groups wont actually charge you anything at all and some still charge you a nominal fee for having used their services in the first place. Either way, make sure you are the one who does the checking.
Many couples trying to conceive find it very difficult to find health insurance coverage that directly pays for In Vitro Fertilization (IVF). Most insurance plans do not provide this type of coverage, and many couples must pay for these expensive treatments out of their own pocket. There are some creative ways to use supplemental insurance to help offset IVF costs. One supplemental insurance program may pay an extra bonus for IVF twins.
IVF Insurance Hard to Get
Most couples considering this procedure have no health insurance coverage that specifically covers IVF. State mandates have loopholes, and 35 states have no mandate at all. So many couples must fund the treatment costs out of their own pocket. They face the added risk of: what happens to our finances if we experience a complicated pregnancy after paying all this money out of pocket for our IVF?
Fifteen states mandate some form of coverage. For those lucky couples with IVF coverage, financial concerns remain: what happens if mom misses extensive time from work, and what happens if the health coverage has hospital deductibles and co pays?
In Vitro Fertilization costs can range from $10,000 to $15,000 per cycle. For those without insurance coverage these costs remain, in addition to the normal costs associated with pregnancy, maternity leave, feeding, clothing, and raising a child.
IVF Multiples Common
IVF embryos are created in a Petri dish. A woman and her doctor determine the number of embryos to be transferred back to her uterus. The more embryos transferred, the greater the chance of pregnancy. The more embryos transferred, the greater the chance of a multiple birth.
The average single pregnancy lasts about 40 weeks, but a twin pregnancy often lasts between 35 to 37 weeks. Nearly half of all twins are born prematurely (before 37 weeks), and the risk of having a premature delivery increases with triplets, quads, etc.
Premature babies can have numerous health concerns. Because the needs of premature babies are so acute, preemies are often placed in a Neo Natal Intensive Care Unit (NICU) after delivery.
Supplemental Insurance Funds IVF
Supplemental Insurance is worth considering before beginning IVF treatments. It pays benefits directly to the insured, not to the doctors or hospitals as with traditional insurance. It pays a benefit for your normal labor and delivery, and the benefit may greatly exceed the premium you pay. Use the excess to offset a portion of your IVF costs.
Bonus for IVF Multiple Birth
The value of Supplemental Insurance shines through when you consider the additional protection that comes along with your benefit for normal delivery. You are also covered for accidents, illnesses, and pregnancy complications. But the greatest value becomes evident when you consider the odds of a multiple pregnancy.
Put the above all together for your IVF twins bonus: IVF is more likely to result in multiple pregnancies, multiple pregnancies are more likely to result in premature delivery, and premature birth is likely to result in sickness for the newborn(s). Therefore, Supplemental Insurance is likely to pay an additional benefit for each of your twins, triplets, etc.
For example, a policy with a $3,000 hospital admission benefit would pay $3,000 for mom’s confinement, plus an additional $6,000 for twins confined to the NICU, and $9,000 for triplets confined to the NICU. When you see what the coverage costs you will be amazed.
Car insurance is not merely an important part of protecting yourself financially on the road – its a legal necessity. However if youre trying to make a claim after being involved in an accident that wasnt your fault, you might come across something called uninsured losses. We take a look at exactly what that means for your cover
Uninsured losses can be described as potential financial losses, and they aren’t usually covered by a standard insurance policy. Uninsured losses generally include: injury to yourself or your passengers; loss of earnings; cost of alternative travel arrangements; or recovery of your policy excess from a third party. These are all very common costs incurred as a result of an accident, and you will understandably want to protect yourself against them.
According to the Department for Transport, around 3,500 people are killed and 40,000 are seriously injured on Britain’s roads each year. If youre involved in an accident, it could seriously affect your health or ability to work, and therefore have grave financial implications too. Standard insurance will always cover liabilities to third parties. However, if an accident isnt your fault, you will have to make a case to the other partys insurance provider in order to cover the damage incurred. If the other party does not take responsibility, this could potentially turn into a costly and lengthy legal procedure.
Some insurance providers may recommend that you take out optional additional cover, often from as little as 20, to boost your protection and cover uninsured losses. With Greenbee Legal Protection, for example, you would have up to 100,000 towards legal expenses to help recover these potential losses. Just make sure you contact your insurance provider immediately after an accident, as there may be time limits that apply.
The Government is currently investing in a road safety strategy, which is aiming for a 40% reduction in the number of people killed or seriously injured in road accidents by the end of 2010. We can all do our part to make Britains roads safer by driving carefully at all times. However, even if you are a safe and conscientious driver, you cannot always guarantee how other people may behave on the roads. By taking out comprehensive insurance you will give yourself great financial protection from accidents and as a result hopefully feel a little safer behind the wheel.
An insurance contract between the insurance company and the insured is one of trust. The moment of truth in this relationship appears when there is a claim by the insured (in the case of a non life policy) or by the dependents (in the case of a life insurance claim). Till that moment comes, everything is hunky dory- premiums are being paid regularly by the clients, and the insurance company is only too happy receiving them. However, the moment a claim appears, an insurance company proceeds to evaluate the claim closely, as every claim paid out is an expense for the company, hurting profitability. Thus, there is a basic conflict here: the insured wants the maximum claim to be paid, while the insurance company would like to reduce the claims outflow to the extent possible.
From a customers point of view, it is very important to study the claims settlement history of a life insurance or a general insurance company before deciding to purchase an insurance policy from that company. During the sales process, the sales representatives will be all sugar and honey so that the prospective customer signs up. But the fact of the matter is that if the insurance company you are considering has a bad history of claims settlement, there is a high probability that you will face a claim rejection or reduction when the time comes for you or your nominees to file a claim.
We had a close look at the claim settlement data of the various insurance companies. This is what that data tells us:
LIFE INSURANCE: Apr 09-Mar 10
Life Insurance Company
Total Claims (%)
Claims Paid (%)
Claims refused (%)
Claims pending at year end (%)
LIC
100
96.54
1.21
1.41
Private Insurers
100
84.88
7.6
7.48
Total
100
95.24
1.93
2.08
NON LIFE INSURANCE :Apr 09- Mar 10
Category
Public Sector
Private Sector
Total
Fire
81
73
80
Marine
76
86
78
Motor
88
80
85
Health
120
92
111
Others
57
57
57
TOTAL
88
80
86
The table above clearly reveals that the Public sector insurance companies are more generous in terms of paying claims. The life insurance data shows that LIC pays almost 97% of the claims while the private life insurance companies pay about 85% of the claims. The same pattern is revealed in the non life insurance sector also where on an overall basis, the claims ratio of the public non life companies is higher than that of the private general insurance companies. However, one needs to be careful here before jumping to a conclusion. It could very well be that in the public companies are sourcing the wrong kind of business with lax underwriting norms, whereas the private companies would be more stringent at the entry time itself. However, the worrying part is the claims denied ratio of the private life insurance companies which is over 7%. In the case of a life company, the claim is a death. There can be no ambiguity here- someone is either dead or alive. The repudiation figure of 7% seems mysteriously high here.
In the next post, we will delve deeper and look into the claims breakup at the individual private company level.