Understanding the Dangerous Risk in Insurance

The rule of thumb is that if you can easily afford to replace the asset, then the insurer is not required.

Insurance is primarily a contractual relationship for risk sharing between the insurer and the insured.

For example, if you do not follow your vehicle in good repair, as has the tire wear, the insurer will be entitled to reject the claim on the grounds that you contribute to the losses in the event of an automobile accident.

The next problem is that when consumers are not adequately insure their property and eventually be under-insured.

The danger here is that at the time of claim when the insured value is less than the value of the losses suffered. If you are found to be under-insured, the insurer will apply a formula that would reduce the amount paid in case your claim with the percentage underinsured.

Another aspect of your insurance policy is the amount of risk you take in terms of excess debt in terms of claims. The greater the excess, the risks you carry.

Another common problem is no check that your policy premiums have been paid. The fact that the debit was not processed at the end of the month in your bank account, because some unrelated reason, not an insurance problem, it is YOUR problem. Despite the short period is normal, most policies will lapse after the grace period and the insurance will refuse to pay claims submitted after this.

Another issue is the timeframe you have in which to file a lawsuit. Most insurance policies insist that the claims are filed immediately after the accident or loss, at least within a month. For example, in some cases, such as freight and insurance on heavy trucks, the claim must be filed within 24-48 hours. This meant that the insurance company may try to minimize losses by instituting their own recovery process and use the recovery experts. Without the police report, most insurance will not pay.

And speaking of criminal acts, not daring to make a mistake by lodging a claim of fraud, you will find.

Insurers are very experienced in investigating insurance claims and sifting out legitimate from the scams. Not only will you end up with a criminal record, your ability to buy insurance in the future will be very limited if not impossible.

Do not make the mistake of not understanding the requirements Anda.Meskipun policy, you should insist on the terms and conditions described to you, the insurance company has no further obligation in this regard. And you must understand the policy before signing on the dotted line.

Very important here is the term that people often ignore. Ignoring these conditions will make for a very pleasant surprise in terms of insurance claims. Make sure that you meet all the conditions of your insurance policy.

A regular review of your insurance is very important. This is especially important if you make changes to your lifestyle such as buying a new home, moving house, changing careers or divorced.

Ask in whose name the insurance policy had been issued? Are people cohabiting or sharing a house, it is important that the policy is issued in joint names of the partners, or at least recognized that the interests of partners in the policy document. This is not to be confused with the words of a standard contract in which most family members included in the insured's policy, because it assumes the contract of marriage or civil union.

When it comes to the issue of underinsurance additional content partners in the household will clearly enhance the combined asset value significantly. This may have implications in terms of insurance claims, even if the level of coverage is adequate. Define and agree on the extent of the liability insurance company.

Many of the problems mentioned above and more may be affected by the principles of openness. It is the duty of the insured to disclose material information to an insurance underwriter to enable risks to be assessed correctly.

"While relaxing in general insurance policy issued in joint names, the client remains the task to reveal this change in risk profile, and to ensure adequate cover increases.

Many negative perceptions about the insurance comes from disappointment at this stage of the claim, because the consumer is less than honest about their insurance needs with their brokers.

Certainly there are instances where the broker and insurer can be held responsible for not acting professionally and fairly, and we are fortunate to have consumer protection agencies in South Africa as Faison and Short-Term Ombudsman, but non-disclosure of material facts that could affect product purchase insurance is the main reason why insurance companies do deny the claim.


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