How does one view insurance ? In certain cultures, it is viewed as a taboo. Like when you speak about paying something to someone BEFORE an accident or illness happens, that incident WILL happen as you don't wish. So folks generally don't want to mention the unwished.
However, gone are those err...superstitious(?) days. Today, insurance is viewed more like a way to share risk with others. Insurance is not necessarily an investment from which one expects to get one’s money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist.
Insurance is based on the principle of paying money now for financial protection in the future, so it is not surprising that the insurance industry attracts more than its share of swindlers. This is true in developed as well as developing economies. Therefore, one is wise to beware of so-called low-cost insurance and to be alert to any other questionable insurance scheme. Too many hopeful buyers have ended up with nothing when such companies failed to pay on their policies—or just vanished overnight!
A first step can be to find out what others have experienced with various insurance companies and agents. Friends and neighbors may know a company’s reputation for service or an agent’s reputation for integrity and personal concern. It is also good to stay alert to news reports indicating which insurance companies may be having problems.
Additionally, a company’s record and financial standing may be checked by consulting insurance rating guides at a library or a bookstore or on the Internet. These can provide the answers to such questions as: Is the company financially secure? Has it been in business successfully for many years? Is it known for handling claims quickly and amicably?
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However, gone are those err...superstitious(?) days. Today, insurance is viewed more like a way to share risk with others. Insurance is not necessarily an investment from which one expects to get one’s money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist.
Insurance is based on the principle of paying money now for financial protection in the future, so it is not surprising that the insurance industry attracts more than its share of swindlers. This is true in developed as well as developing economies. Therefore, one is wise to beware of so-called low-cost insurance and to be alert to any other questionable insurance scheme. Too many hopeful buyers have ended up with nothing when such companies failed to pay on their policies—or just vanished overnight!
A first step can be to find out what others have experienced with various insurance companies and agents. Friends and neighbors may know a company’s reputation for service or an agent’s reputation for integrity and personal concern. It is also good to stay alert to news reports indicating which insurance companies may be having problems.
Additionally, a company’s record and financial standing may be checked by consulting insurance rating guides at a library or a bookstore or on the Internet. These can provide the answers to such questions as: Is the company financially secure? Has it been in business successfully for many years? Is it known for handling claims quickly and amicably?
This post is brought to you by Advantage Auto Quotes.
It is the bane of privatization of he insurance industry, but the positive way would be to study the company before you invest in it. what u say?
ReplyDelete!!!Cheers!!!
Indeed, that would be a wise move. Many fraudulent companies out there. Some may not just close or go away but they made you wait like a life time to payout the compensations.
ReplyDelete