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Showing posts from August, 2016

What I Should Know About Insurance Fraud

Insurance Fraud In the past, I wrote specifically about life insurance fraud , so I thought now I should write about the insurance fraud also, and what people need to know about insurance fraud. If you missed that post, then you can Click here to read about Life Insurance Fraud and how to report it. Let's talk about Insurance Fraud in general. © Akhil Sharma   |   | All Rights Reserved What is Insurance Fraud and Why Should You Worry? Any kind action or activity which incorporates swindling methods as well as fraudulent means to get insurance payouts is identified as Insurance Fraud. We all know what the term "Fraud" stands for; scam, cheating, and swindling an individual or a group of people for personal benefits. Insurance Frauds usually incorporate fraudulent insurance claims. As per the insurance industry, insurance fraud is common and a lot of these claims are never recognized, resulting in huge losses for the insurance industry. B

What are the Advantages and Disadvantages of Cashing Out Life Insurance?

The Advantages and Disadvantages of Cashing Out Life Insurance There are several advantages and disadvantages linked with cashing out your life insurance. The main advantage of cashing out a life insurance policy is the monetary payout, which might be required to settle health care expenses or unpaid bills; well, actually it is also one of the common reasons of cashing out insurance. Apart from the monetary payout benefit, you don't have to pay premium anymore as you are not covered. This one should also be taken into consideration as this is also a benefit that is linked with cashing out life insurance. Potential disadvantages of cashing out a life insurance policy include loss of financial coverage for family in case of death, as well as tax penalties. There are likewise particular upsides and downsides to using an insurance settlement firm, since the business exercises of these agencies are in some cases improperly regulated. So I explained everything in brief now let'

What is Private Mortgage Insurance and How Does It Work?

What is Private Mortgage Insurance and How Does It Work? Private Mortgage Insurance (PMI) or Lender Mortgage Insurance (LMI), also known as Mortgage insurance, is an insurance protection plan designed for protecting lenders against the losses from the potential default of debtors, borrowers, or home mortgages. The insurance policy is designed for and purchased by the lender, as well as the insurance premium is handed down to the borrower as a fee included in the regular mortgage payment. PMI is often needed for mortgages, when the down payment is less than twenty percent of the actual property value. © Akhil Sharma   |   | All Rights Reserved Fannie Mae Approval There are few conditions must be met to qualify for mortgage insurance, and these conditions are generally set by the Fannie Mae (Federal national mortgage association). These conditions incorporate the size of the mortgage, the sort of property being obtained against, and borrower credential

What Are The Benefits of Insurance?

What Are The Benefits of Insurance? There are many types of insurance and each type has different types of positive aspects. You can purchase different types of insurance policies for different benefits; like home, car, life, dental, and health insurance. The gains associated with each type of insurance coverage depend on the insurance service provider as well as the particular policy purchased. Based on your location, the law needs people to buy some kind of coverage, while it makes other types of insurance optional. First, you should understand the legal requirements of your area regarding the insurance coverage as well as the benefit, and then purchase the insurance. © Akhil Sharma   |   | All Rights Reserved Life, Dental, and Health Insurance Most people get certain sorts of protection arrangements through their employers, their parents or spouses, or some sort of professional affiliation. The most prevalent sort of such coverage includes life insura

Role of Insurance in Corporate Risk Management Methods

Role of Insurance in Corporate Risk Management Methods Companies and businesses have been managing risks for a long time. The process of risk management incorporates identifying, analyzing, rectifying potential risks associated with business activities. Most of the companies try to lower all their risks, however, it is practically impossible to lower risks to zero. To eliminate this concern, companies usually purchase risk management insurance. This particular type of insurance is designed to limit any potential damages to company's exercises and processes;  covering all the present risks that are identified by the company. If any risk that has been identified by the company through risk management strategies arises, a financial recovery will be issued by the insurance provider. This is the main role of insurance in corporate risk management methods. © Akhil Sharma   |   | All Rights Reserved Risk Management Insurance for Business Corporate firms and

How to Report Life Insurance Fraud

How to Report Life Insurance Fraud Can I report life insurance fraud? Yes, you can and you should.  There are mainly two ways to report it; either by reaching to the law enforcement or by reaching to the insurance agency. Almost all nations currently rely on the insurance corporations as insurances are the back bone against catastrophic loss. This likewise keeps the economy stable even in disastrous situations. Insurance fraud is a crime in most of the countries because it eats up the system, making life insurance more costly for everyone. © Akhil Sharma   |   | All Rights Reserved Types of Insurance Fraud Insurance fraud can be of different types. The most apparent fraud is when someone fakes his or her own death so a third party or family member can collect the life insurance payout. Other forms of swindling  or fraudulent activity include trying to hide the actual cause of death, lying about medical conditions (like providing fake medical fitness c

Consequences of Driving without Insurance

Consequences of Driving without Insurance What happens if you are caught driving without a car insurance? The laws related to car insurance vary from country to country and also from state to state; however, in India, it is mandated by the Motor Vehicles Act. The car insurance is important because an automobile in a public area (road/street/highway) can cause damage to property and life. Of course, car insurance incorporates many benefits like protecting your car against third party liabilities, damage -damage caused by natural calamities, and theft. In the United States, most states have Financial Laws that determine the amount of car insurance every driver hold to be able to drive on public streets and highways. The liability insurance is an absolute minimal coverage, which just gives money related compensation for damaged property and injured third parties. Basically, drivers own losses are not covered under liability insurance. So, a person should at least purchase liability in