Insurance not only helps in making smart and convenient financial strategies, it also helps in securing the best possible future for your loved ones.
Insurance seals the deal for a better future and a safe one and comes with a lot of helpful factors as well.
An insurance is not about one’s own safe measure or an easy receding life, it does a lot to protect and help the future generation of a particular family in desperate times demanding desperate measures.
Here are the few perks that come attached with the deal of Insurance Benefits.
1. Final expenses taken care of
Insurance helps you to chalk out the final expenses like that of funeral expenses or medical bills that have not been covered in the health insurance, by satisfying means. The last of acceptable expenses like the mortgage balance can also be covered by your benefit to your relief. Be it the cremation expenditures or any other sort of flooding of money that is required on a legal ground, these insurance benefits take care of what can be handled.
2. Inheritance as a blessing
It has also been stated that having a policy with a wishful Heir’s name as a beneficiary just to safeguard an inheritance for your dear ones is one of the many perks that an insurance provides as a benefit. The death benefit can also appear as a helpful supplement to any other sort of inheritance funds that you may decide in your rightful sense to leave to your heirs as a sign of your part in securing their future and giving them something to begin with if a predicament as such ever arises in the forefront.
3. Benevolent moves
With a heart made of unselfishness and kindness, Life insurance policies also give you the right to create a policy with your chosen charity as a titled beneficiary. This can make sure that all your charitable goals are seen to after you breathe your last and the benefits are provided to the charity of your pick even if you don’t have a gigantic estate to be left behind as a contribution.
Glancing through these points of occurrence, doesn’t it now relax you to know there is something you can fall back on?
Something that will help you in monetary matters when you have nothing else to depend on?
Or something that would just help you make a good and kind deed even when you part ways with life?
Then make sure to get a policy done for yourself to enjoy these perks and live peacefully for your remaining days.
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.
Insurance means the insurance transaction, which involves two parties, the insured and the insurer. Where the insurer guarantees the insured person, that he will be reimbursed for a loss which he may suffer, as a result of an event that would not necessarily occur or which could not be determined when or when it occurred. As the insured in the obligation to pay some money to the insurer, the amount of proportion of the sum insured, commonly called “premium”.
Viewed from several angles, the insurance has a variety of goals and techniques of splitting, among others:
A. From an economic perspective, then:
Reducing the uncertainty of the results of operations undertaken by a person or company in order to meet the needs or achieve goals.
By transferring the risk to the other party and the other party combining a considerable amount of risk, so it can be estimated with more precise the magnitude of the possibility of loss.
B. In terms of Law, then:
Transferring the risks faced by an object or a business activity to another party.
Through premium payments by the insured to the insurer in the indemnity contract (insurance policy), then the risk of transferring to the insurer.
C. In terms of Trade, then:
Share the risks faced to all participants of the insurance program.
Transferred risk from individuals / companies to financial institutions engaged in risk management (insurance companies), which will share the risk to all participants of the insurance it handles.
D. From a societal standpoint, then:
Bear losses jointly among all participants of the insurance program.
All group members (group members) of the insurance program contribute (in the form of premiums) to sympathize losses suffered by a / some of its members.
E. In terms of Mathematics, then:
Predict the magnitude of the possibility of risk and the outcome of the forecast is used to divide the risk to all participants (group of participants) insurance program.
Calculates the probability based on probability theory (“Probability Theory”), performed by the actuary as well as by the underwriter.
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.
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.