Insurance -Introduction

Insurance

Insurance – in law and economics is a form of risk management primarily used to hedge against the risk of the contingent loss and insurance is defined as the equitable transfer of the risk of a potential loss from one entity to another entity, in exchange for a premium. Insurance in economics is the company that sells the insurance [premium]. Insurance rate is a factor used determines the amount, called the insurance premium, to be charged for a certain amount of [premium] insurance coverage risk management, the practice of apprising and controlling risk, has evolved as a discrete field of study and practice.

Most people complain about the cost of their insurance–hardly surprising, given that a typical policy costs at least several hundred dollars a year. Depending on your age, driving record, and other factors, your annual premium can be significantly more than that. So how can you lower your premium and save yourself money?

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Insurance Scam Fraud Protection

Is Someone Trying to Collect from Your Car Insurance by Staging a Car Accident?

If you become a victim of car insurance fraud, you pay. Not only will you pay higher premiums because you may acquire a costly claim, but, as with any car accident, you and your family could pay with your lives. It is important to learn more about fraud protection so you can protect yourself from others who may choose you to be a part of their next car insurance accident fraud scam.

Insurance fraud began when insurance first began. Incidents have been recorded as far back as ancient Greece. Ship scuttling was an insurance scam in ancient Greece where ships were purposely sunk. Later insurance fraud traveled to England then to America. When automobiles were introduced it opened a whole new arena for fraudulent insurance claims. Today, with modern technology, many fraudulent car accident claims do arise from sophisticated organized crime rings that can be hard to detect.

Don't let this make you a victim of an insurance scam. Whether the insurance scam is from an organized crime ring or an individual, there are fraud protection steps you can take to help you be more aware and avoid being a scammer’s next victim.

First, it is important to know what types of insurance scams are used. There are many types of car insurance scams. Set-up car accidents can range from vehicles deliberately stopping in front of a driver to cause a rear-end car accident to drivers who pretend they are being helpful but intend to cause a car accident that will look like the innocent drivers fault. Scams can also involve people one would generally trust such as doctors and lawyers.

Educating yourself more about fraud protection against car insurance accident scams is the best way to avoid being someone's next victim. Here is a list of common scams to be aware of:

Staged Rear-End Car Accidents: A scam driver will quickly get in front of an innocent car and then slam on their brakes. This causes the innocent driver to rear-end the scam driver. Along with collecting money for vehicle damages, the scam driver will often fake medical injuries to collect even more.

Adding Damage: After an accident, either staged or not, the scam driver will go to another location and cause extensive damage to their vehicle and claim that the damage happened during the original accident.

Fake Helpers: Scam Helpers will wave an innocent driver into traffic, but then crash into the innocent driver. When it comes time to file the claim, the scam driver will deny waving anyone in. Other ways fake helpers try to scam people is by offering to help an innocent driver find a auto repair shop, doctor, or lawyer. In this case, everyone is in on the scam. The body shop charges you enormous rates, the doctor and lawyer also lie to collect more from your insurance.

Since these scams can happen at any time and place, it is important to be prepared. Awareness is the most important. Watch for drivers who may be following you or examining your driving habits. Also, make sure you leave plenty of room in front of you in order to stop. If an accident does happen, take notes on everything about the other car, the accident, and everybody that was in the other car. Keep a disposable camera in your car to record damage to both vehicles. Furthermore, use your judgment in driving, not others. Make sure you have enough room to get out and just let other cars pass instead of letting others "waive you in." And, when you talk to your insurance company, let them know if you felt something was suspicious.

Keep your Insurance Policies organized in case of an emergency

Be sure to organize your insurance information yearly. Organizing it yearly will keep you fresh on coverages and most important it reminds you what you have and where you have it. The last thing you want to do after a car accident, a health issue or a death in the family is to search for any information regarding insurance coverage.

Ideas for keeping Insurance information organized.
Write down or type out the contact information for each type of insurance you own. So for your Auto Insurance write down the contact person's name and phone number. Do the same for your Health Insurance, Life Insurance and any other Insurance policies you own. Give a copy of the contact information to several friends or family members in case of an emergency. Build a folder for each type of Insurance you own and save policy information in the folder. Consider keeping the folders in a fireproof safe or in a safe deposit box at your local bank.

Consider consolidating all your insurance needs with one insurance company. One point of contact can make getting the information you need significanly less stressful. In addition to having one point of contact most Insurance companies provide rate discounts for those that carry multiple lines of insurance with the company.

Return of Premium Term Life Insurance

Likely if you are shopping for a term life insurance policy you have seen ROP or Return of Premium. A return of premium policy is a term life insurance policy usually 20 or 30 years in length that once completed will return your cumulative premiums. If your premium is $225 per year your cumulative payments for a 30 year term policy is $6750. You will receive a check for the full amount paid of $6750 once the policy is up.

Unlike a whole or universal life insurance policy a return of premium's cash value does not increase or fluctuate, it acts a simple return on money.

What's the catch? How can life insurance companies offer return of premium policies? The return of premium policies often have higher premiums than standard term life insurance policies. A return of premium policy is a good option for young healthy individuals who will outlive a 20 or 30 year policy.

As with some term life insurance policies a return of premium policy has the option to be converted into a permanent life insurance policy such as a whole or universal insurance policy. Restrictions may apply depending on age of the insured and the type of policy but it does seem to be a good option for young individuals looking to get back what they put into their life insurance policy.