Owner: boazstuff URL:http://boazstuff.blogspot.com Join Date: Fri, 29 Feb 2008 11:15:53 -0600 Rating:0 Site Description: Some stuff on insurance and making money online Site statistics:Click here
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Car Accident Settlement - Get the Most Out of Process 2008-03-07 18:37:00 Getting a fair car accident settlement can be difficult. Insurance companies are savvy, and their adjusters are trained to negotiate and settle with you for the lowest amount possible. Insurance companies leverage the vehicle damages (and the total loss process) against you. For example, they will try to settle with you as soon as they talk to you. They will tell you that they will fix the car and "take care" of you if you settle for any/and all claims. They will offer you anywhere from $50 to $500. They will try to "cut of" the rental car as soon as they can so you are put in a weaker position and you settle faster. These techniques are unfair, but yet they are legal.The problem with accepting an early settlement is that you can potentially lose all your negotiation leverage. A car accide Read more:Settlement
, Process
, Car Accident
No claim discount (Underwriting) - Part 5 2008-03-07 09:41:00 The NCD does not just help to reduce your premium. It also sends a strong message to the underwriter on your profile.If you are enjoying 50% NCD on your motor policy, what you are telling your insurer is that you have been driving without any claim
in the last 5 years or more. This is an amazing feat and i can assure you every underwriter generally likes insured of such profile. True enough, the premium collected will be substantially lesser than someone of exact profile with 0% NCD but that's not the point. Insurance is after all about pooling of risk and if an insurer can underwrite more good risk profiles than otherwise, it also means possibly lower loss ratio which translates to higher profit margin! How about that after all?Thus, a high NCD level will help to increase your chance of h
No claim discount (Declaration) - Part 4 2008-03-06 08:11:00 You probably have not noticed before on the top most portion of your motor proposal form a statement that reads: "Statement Pursuant to Section25(5) of Insurance Act, CAP.142 (Or any subsequent amendments thereof) You must disclose all facts as you know or ought to know which may affect the insurance cover being applied for. Otherwise, the insurance policy issued may not be valid"I can't emphasise more on this especially to car owners who intend to change car. I have seen enough of car owners declaring haphazardly their NCD level only to get themselves into unnecessary troubles. Look, if the insurer collects $1000 premium from you based on the declared NCD and found that the NCD should be lower or nil, it is only right and natural that they collect the difference from you. If they are unab Read more:claim
, Declaration
No claim discount (Transfer) - Part 3 2008-03-05 07:45:00 Accordingly to GIA guidelines, NCD can be transferred to another vehicle you owned but it is not transferable to another person. Nevertheless, over the years, insurers have developed their own practice and do allow certain types of transfer. The most commons are transfer between spouses and transfer between parent & child. There is also possible transfer between companies, say transfer from Sole proprietor to company. All the transfers will require the relevant supporting documents to be presented prior to approval. I have listed a common list which might not apply to all scenarios. 1. NCD transfer form - There is usually a standard format provided by the insurer.2. Marriage certificate3. Birth certificate4. Grant of letter of administration or probate - For cases whereby the insured has Read more:claim
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No claim discount (foreign) - Part 2 2008-03-02 22:53:00 If you have been outstation and will be posted back, you may get your overseas insurer to provide you with a NCD letter so that you can present to your local insurer and enjoy NCD in Singapore. The NCD letter usually come with the insurer's letterhead and includes: 1. Your personal details2. Last period of insurance3. Number of claim
s free year or NCD level4. Claim details, if anyYour insurer will recognise and award you with the NCD accordingly as long as the required details are completed and the last in-force date is not more than 1 year. E.g. Assuming today's date is 3rd March 08, the last policy expiring date should be after 3rd March 07. Some insurers may allow up to 2 years. For this, you will need to check with your respective insurer.
No claim discount (Basic) - Part 1 2008-03-02 22:25:00 One way to reduce your annual premium is to earn your No Claim disount.The No Claim Discount or NCD, as it's commonly known, is a discount provided by insurer as an incentive to the insured for being claim
s free. Thus, if you have been driving a motor vehicle and does not have any accident or claim against your policy on the last 1 year, your insurer will provide you with an additional 10% NCD on your renewal premium. In Singapore, you may earn up to 50% NCD for private vehicle and 20% NCD for commercial vehicle and motorcycle. In some other countries, the NCD can go as high as 65% or even 70%. If you are currently enjoying 50% NCD and has a at-fault claim against your policy, your NCD will reduce to 20% on renewal. Likewise, if you are enjoying 30% NCD and has a at-fault claim against you Read more:Basic
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Are women far better bets to cover in motor insurance than men? 2008-02-29 12:03:00 Yes, it's a fact. The local leading insurers are also practicing this. Women do enjoy a lower rate in motor insurance
premium than their counterpart. Normally, it should be close to 6% which can be quite a sweet saving. Are women far better
bets to cover in motor insurance than men? And why?a. Ladies are naturally not inclined to drive very large or classic automobiles like men. Meanwhile, motor insurances are mostly related to the model, newness, driver's personality etc while they are being evaluated for insurance rate premiums and its insurable risks.b. Ladies are not also inclined to drive recklessly or race abnormally along the highway, since their emotional reserve makes them very wary of accidents and harm. Therefore, the statistics of men involved in motor accidents are geometrical
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What You Need To Know When Buying Motor Insurance For First Time 2008-02-29 06:14:00 There are many things that you should know when you are buying motor insurance for the first time. The premium you pay depends on several factors like your driving experience, gender, marital status, age, claims experience, make and model, type of coverage, age of vehicle, and many more things.Type of vehicleThe first thing that you should know about motor insurance is your rate can depend on the type of vehicle that you want to have insured. Assuming all things equal, a Subaru Impreza WRX STI 2.5 will command a higher premium than a Toyota Camry 2.4. Generally, sports car or high performance vehicle will command a much higher rate. Other vehicles that are higher to insure include vehicles that are on the top ten most stolen list. Few years back, there was a high theft frequency of Singapo Read more:Buying
, Motor
, First
, First Time
The Name Is The Game For Car Insurance 2008-02-27 08:38:00 Just stumbled across this article, find it quite amusingly interesting. Hope you enjoy reading it. _____________________________________________________It seems that there's more to a name than you might expect.Car insurance provider insure has compiled a list of the names that are most likely to make a car insurance claim during the course of the year.Apparently, men called Gabriel aren't so angelic as they top the list at 40 per cent while guys named Kyle, Jay, Muhammad and Aaron should also take extra care on the roads as they too make the 'top five' list of male names most likely to make a claim.For females, Natasha is often a crasher - 32 per cent of women drivers with that name make a car insurance claim. The likes of Harriet, Juliet, Natalie and Helen are also unlucky behind the whe
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What is insurance really? 2008-02-24 05:24:00 The Commission on Insurance Terminology of the American Risk and Insurance Association has defined insurance
as follows: "Insurance is the pooling of fortutious losses by transfer of such risks to insurers, who agree to indemnify insured for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk."An important to note is insurance company functions as a commercial organisation that seeks to maximise profits by increasing revenue and controlling losses. Thus, an insurance company with a higher than expected loss ratio will probably raise their rates eventually in order to meet their bottom line.The question is, who will bear the rates revision? The obvious candidates are those who have contributed to the higher loss ratio. But wait
A personal summary of Inside the Mind of an Underwriter 2008-02-23 00:50:00 1. The underwriter is the central figure in determining what you will pay for your insurance. 2. There is a direct correlation between the quality of the information given to your underwriter, and the price you pay for insurance. 3. What seems mundane to you is very important to the underwriter. 4. There is nothing worse than sending up a submission without losses, and then finding out three weeks later that your losses are a lot worse than we were led to believe. 5. Underwriters actually look at customers' websites. 6. Loss control is the eyes and ears of the underwriter. 7. Insurance companies look at the relationship as a partnership and like companies that are willing to work with them. 8. Underwriters need time to effectively underwrite an account. 9. Typically, insureds don't know wh
Inside the Mind of an Underwriter - Demystifying the Underwriting Process 2008-02-23 00:13:00 A comprehensive article that let you understand the mind of an underwriter. I have bolded italic those i personally can relate to. Enjoy.Have you ever wondered who that person is behind the curtain? Contrary to what you may think, it's not the Wizard, but the insurance company underwriter. Believe it or not, there is a real, live person on the other end of your insurance contract. The underwriter is the central figure in determining what you will pay for your insurance. Wouldn't it be nice to know what makes an underwriter happy? Conversely, wouldn't it be nice to know what upsets an underwriter?There is a direct correlation between the quality of the information given to your underwriter, and the price you pay for insurance. Like the old adage, the less you put in, the less you get. The m Read more:Process
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Who can be an Underwriter? 2008-02-21 08:16:00 Are you results focused?Do you have the ability to trade and negotiate within a fast moving, constantly changing market place. Do you possess an enquiring mind, the ability to probe, analyse and provide a sound rationale for actions taken. Wait! I'm not implying that with the above, you can be an underwriter - a good one. The list is not exhaustive . . . It does help that you possess the minimum hardware to handle the technical aspect but it is of utmost importance that you know how to manage the relationship with agents, brokers and business partners. Without software, the hardware is not able to unleash its full potential. Having the hardware is only the basic requirement!
What is an Underwriter? 2008-02-20 06:26:00 "What's that?"It's funny but for people who are probably not related or in financial or insurance industry, they always give me the strange look. Some will reply, "Undertaker?"The work of an underwriter is actually quite challenging. In the insurance industry, an underwriter agrees to pay for things like damages to homes and cars, or health insurance, in exchange for regular premiums paid by the person or firm requesting insurance underwriting. The fees for insurance vary, depending on the individual risks that the person being insured represents. Insurance underwriters are trained to assess these risks and to charge accordingly. For example, an insurance underwriter might request an additional premium for fire insurance for a structure in a region which often experiences fires.Thus, to un
No title 2008-02-20 06:26:00 The job of an underwriter is very challenging.
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What You Need to Know About Excess (Advanced) - Part 2 2008-03-12 06:55:00 I'm going to talk a little bit more on excess that you'd need to pay in the event of an accident first before we move on to see how it relates to your premium.After all, a lot of us might not be aware of the possibly additional excess imposed by the insurer on the policy which is usually reflected somewhere clearly in the terms & conditions. I have listed down a few common ones for your reference.1. Unnamed driver compulsory excessSome insurers impose an additional excess in the event that the driver of the accident is not named under the policy. The rationale is very simple; if the driver is not named, the risk uncertainty is higher and the premium collected might not be sufficient in the first place. 2. Elderly, Young and Inexperienced Driver (EYIDR)It is not uncommon for insurers to cha Read more:Excess
What You Need to Know About Excess (Basic) - Part 1 2008-03-10 09:30:00 Are you a first time car owner? Do you know what you need to pay in the event of an accident? If you are a first time proud owner of a car, you will probably have seen the certificate of insurance from your insurer already. You might not have noticed in the certificate or might not even be aware of this term that appeared as Excess
. Some people like to call it "Deductible" instead. So, what is it?I'll like to define it as the minimum amount that you have to pay before the insurer proceed to settle your claim. Another definition is also available at thefreedictionary. Let me give an illustration. For example, right under your certificate, the standard excess is stated as $500.00. Thus, in the event that you met a minor accident and need to submit your damaged vehicle for repair and assumin Read more:Basic
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What You Need to Know About Excess (Premium) - Part 3 2008-03-15 10:52:00 Let us move on to see how excess is related to premium.Let's assume that you have a normal saloon car (Toyota Vios) and based on your profile, your motor policy premium is at $1000 with standard excess of $500. As mentioned earlier, if you happen to have a minor accident with cost of repairs < $500, it is pointless to claim against your policy for the repairs. As such, insurer actually protect themselves from small claims by setting a standard excess on the policy. Thus, the higher the standard excess, it also means a lower risk for the insurer. In that earlier example, if the standard excess is at $1500 instead of $500, the premium should be lower than $1000, say $950. Likewise, if the standard excess is set at $0, the premium will be higher than $1000 since it means a higher risk for the Read more:Excess
, Premium
7 Things to Know Before Filing Any Car Insurance Claim 2008-03-14 07:47:00 The aim of motor insurances is to cover all car costs that happen from any undesirable events, which is an accident. You pay up the rates, nevertheless once your car is damaged, you are afraid of the higher insurance premiums because of the filed claim.This is oftentimes related to the motor insurance policies, specially the exceptional conditions that are enclosed inside. Thus financial consequences commonly are applied in claiming it which could be surprising.The followings are 7 things that you should acknowledge before you file any car insurance claims.1. Car Insurance
Policy RenewalNormally, insurance firms publish policies which can be renewed frequently. Yet, the company can choose not to renew the policy when the existing term ends. The decision taken are affected by many factors, Read more:Filing
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