Relationship Insurance

Once there was a Hong Kong TV series telling about insurance. Performance goes down in the company, so the staff have to come up with some new ideas to sell insurance. At last, they invent this relationship insurance. The relationship insurance works like this. If you have a boyfriend or girlfriend and you want your relationship to be steady, then you buy one such relationship insurance for him or her. When you two keep going out for like three months or half a year, you can make a claim, and the insurer will pay a sum of money as reward. When you two finally decide to get married, there will be larger sum of money and a special gift from the insurer. However, if your relationship fails, all the money you have paid belongs to the insurer. In the TV series, the relationship insurance becomes the most popular gift among boyfriends and girlfriends.

Can relationship really be insured? I do not think so. According to the principles of insurance, the risk that can be insured must have definite and calculable loss. However, relationship is the most unpredictable thing in the world. You can not foretell where the loss takes place, when it takes place, let alone why it takes place, which breaks the principle of definite loss. Moreover, the loss caused by a failed relationship can not be calculated. The wound made in a car accident can be healed by doctors and nurses, while wound made in a relationship is invisible and can not be attended.

People buy this relationship insurance in the TV show, because we are weak in relationship in reality. We have to grab some kind of rescue in the virtual world to comfort our restless heart. Unfortunately, even people who have bought the relationship in the show can not make it at last. So there is no insurance for relationship and no one can assure you anything in relationship.

How to Get a Good Insurance Policy?

“Insurance” is a very popular topic which comes to play in many personal and professional talks. Since we all love to spend a life without a risk of losing whatever belongs to us, we would seek for insurance policies to cover all these risks and keep our mind free from the hassle. However, if we want to insure all and get protection from an insurance company, the truth is we cannot insure each & everything.

Basically, the insurance is a risk transfer mechanism which based on the concept of pool & contribution. In other words, it is based on law of large numbers. The law of large number means, if a large number of people have a large number of common risks to be insured, then there is a good possibility to get protection under an insurance policy. I.e. Fire insurance, Burglary insurance. However, the risk you are exposed to is not a common and unique, then you may have to do further negotiations with an insurance service provider to get the work done. I.e. satellite insurance. Sometimes the insurance companies do agree to provide the cover according to the risk, with various restrictions, warranties & obviously the premium is higher. Furthermore, they might reject your appeal as the risk can be catastrophic and cannot be insured & against the principles of insurance.

However, if you’re planning to get some general insurance policy / polices to reduce the burden on your head such as fire, burglary, medical or motor, then you must be wise enough to select the best product suits with your requirements. The reason is a large number of insurance service providers are available in the industry, and you have lots of alternative options to select. These alternatives include various options and the premium also not same.

Because of this competition in the insurance market, you can always compare the products and the services provided by these insurance companies and negotiate further to get the best for your price. Anyway if you do not have enough spare time to spend on reviewing and analyzing these varieties of products, you can always seek the support from an insurance broker.

An insurance broker is a corporate entity who specialized in the insurance industry, and they have lots of professional, technical, & practical knowledge about insurance. Furthermore, they have a very good understanding about the insurance market, and they know where to buy the best option according to client’s requirements. So it is a perfect opportunity for you as you can easily get what you want and the insurance brokers are free to provide further assistance always.

Moreover, these insurance brokers will assist you starting from the proposal form of the insurance policy and until the policy continues with them. Furthermore, they are not bound to any insurance company, and they have the freedom to compare the terms from all the insurance companies. Therefore, you can do a comparison with the terms provided by a large number of insurance companies in one time, which saves a lot from your valuable time. So you can see what the alternative options available in the industry are, and you can go for the best according to your budget & requirement.

Insurance Disputes and Bad Faith – Differences in These Actions and How to Retain Insurance

Each state has its own set of laws that address the selling of insurance policies and how loses on these policies are to be handled with an insured. Each state also has its own Commission which is in charge of making sure that companies doing business in their state are following the insurance rules for that state. Just because there are regulations pertinent to insurance companies, it does not mean that these companies don’t sometimes engage in activities that are contrary to state law. When a company violates these state mandated principles governing insurance agreements, it may constitute a breach of the policy or even be considered bad faith. The company taking to much time in making a decision on a claim or requiring unreasonable actions or documentation from an insured to prove a claim can evidence bad faith.

In addition to the value of the claim itself, the remedy for an company’s breach of the policy, an insurance company acting in bad faith may also be liable for damages for causing emotional distress to the plaintiff and perhaps even punitive damages if their pattern of conduct is so outrageous to disturb the general public. Types of insurance policies where a breach of the policy or insurance bad faith may occur include: homeowner’s insurance, fire insurance, uninsured motorist insurance, commercial insurance, life insurance and health insurance policies. Types of claims can include the following types of insurance losses: fire loss, theft loss, flood loss, weather related loss, automobile loss, commercial losses, health claims and life insurance claims.

Should you be involved in a situation where your company is denying your claim, demanding unreasonable hoops for you to jump through or is dragging its feet in advising you if your claim is accepted or denied, you should engage the help of an experienced insurance dispute or bad faith lawyer. The experience you should look for in hiring an expert insurance lawyer should be whether or not the attorney has insurance experience. Such experience should be in the form of whether or not the attorney has handled these types of claims before, whether or not the lawyer is a former insurance adjuster or whether or not the attorney has previously represented insurance companies at some time in his practice. A well-seasoned and experienced insurance lawyer will have many cases under his belt and will be familiar with all the language of the insurance agreement. Such language is usually highly technical and may be difficult for some to understand.

In addition to the experience a lawyer may have you also need to make sure that the insurance attorney has the resources and funds to be put forward in any insurance breach of contract lawsuit or any insurance bad faith litigation. The cost alone in these types of cases could run into the 4 to 6 figure range. Such cost include the hiring of insurance experts to provide a coverage opinion in your case and to provide deposition testimony. In short, these types of cases can be very complicated, technical and expensive. Therefore, take care in hiring an insurance dispute attorney and an insurance bad faith lawyer.