Be Sure of Your Insurance

Insurance companies are mushrooming everywhere. The logo,” We take care of your risks” explains in a capsule what insurance means. The insured or policyholder pays a certain amount for coverage of a c…

Insurance companies are mushrooming everywhere. The logo,” We take care of your risks” explains in a capsule what insurance means. The insured or policyholder pays a certain amount for coverage of a certain risk if something untoward happens. The policy ne chooses specifies which risks, or perils, one will be compensated for. For instance, insuring a house usually includes coverage for damage to the home, furniture and appliances it contains.

A person can insure his/her vehicle. This entails compensating the owners or insurer’s financial loss in case of accidents. Private and public utility vehicles are required to have insurances. One can also have health insurance. This kind covers ones medical costs, including hospital bills and medicine/ having a disability insurance means one will be supported financially in cases where the policy holder gets disabled because of an injury or ailment. There is also the worker’s compensation insurance, where employees get financial aid for an injury while on the job. Another kind, the most common, is life insurance. This insurance provides cash benefits to a deceased family, or relative, or whoever is designated in the policy as the precedent. The precedent to life insurance is burial insurance, which covers funeral costs. Credit insurance pays the policy holder’s loans when events such as injury, unemployment, or even death occur.

Sometimes an insurance company abuses the insurer, as in when the underwriter and adjuster insist that the insured was at fault in a car accident. The end view of this is to lessen the amount they have to pay to the insured. In such a case, the policy holder can file suit against his/her insurance company. But be reminded that like any battle, one should come prepared. Before you finally sue an insurance company, read thoroughly the contract you signed; so you will understand your specific policy –the level of coverage, how much, and take time to know such terms as “occurrence event” an excluded event”, “statutes”, are “code provisions”. Also, bear in mind that your insurance company is legally bound to investigate honestly, process, and pay your claim according to what you are entitled to, which was stated n your declaration pass.

You can file suit against insurance company when you have exhausted all other means of dealing with it. A good deal with this is to research about other cases similar to yours, so you will have an inkling about the final settlement. Consult with an attorney is a must, of course. One case is when a house is burned sown –your insures is liable to restore the house to the same condition before it got razed if they insist, on using other less durable materials, then you can sue your insurance company. This is tantamount to a breach of contract. 

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