Weirdest Insurance Filed

Insurance companies have been around for hundreds of years that almost all of things needed to be insured are already listed, yes, even the unimaginable. Here are some of the weirdest insurance claims that even us, Axis Capital with a group of insurance companies all over the world and has been in the industry for decades, consider odd and unique. Ideas never really fail to surprise and amuse us.

Werewolves, Vampires and Zombie Insurance

While there are lots of people who believe in the zombie apocalypse caused by so many zombie series like The Walking Dead, there are still people who have not gotten over with Twilight with all the Werewolves and Vampire talks. You can now insure deaths or attacks caused by these creatures.

Paranormal Investigation

Yes, there are indeed real paranormal societies out there who hunt wandering souls and spirits for a living. Like any business organization, they would also want to be insured for public liability and professional indemnity coverage.

Haunted House

Now, speaking of hunted, have you noticed that there are a lot of hunted house around? In almost all countries, there are such places, sometimes, in every location, there are a few. As with any themed event or attraction, it’s important for those who run a haunted house to have general liability coverage for third part visitors to avoid any complaints from stressed parents. Example of the claims for this is a report for an American child who suffered heart attack when one of the “ghosts” appeared on one of the most famous hunted house attraction in Jakarta, Indonesia. Unfortunately, the accident insurance in Jakarta does not cover such circumstances.

Immaculate Conception Coverage

In UK, an English insurance company sold insurance to protect three sisters from virgin birth, or the Immaculate Conception with the policy covering the cost of raising a child in this manner. However, after many complaints from religious orders, they finally cancelled the policy.

Alien Abduction Insurance

In case you are concerned that one of these days, UFOs may come and abduct you, fear no more. This kind of insurance will cover you for such circumstance. If you are also thinking that you may be the only one who have taken advantage of this, no worries, 20,000 people in US alone have already paid this kind of insurance. Beware of scams, though, before you claim anything.

Asteroid/Meteor Insurance

Now that we are tackling objects from space, there are also unusual policies that cover casualties from any asteroids or spatial accidents. It is weird but it is also scary. And because it is, in fact, possible that such an incident could occur (some scientists say probable); there are insurers that will provide coverage for those folks who would like to play it safe.

Wedding Insurance

This kind of insurance, although unusual are considered necessary especially on the prices of wedding fees nowadays. There are a lot of things that can go wrong on your wedding day, including injuries.

This might be usual and common nowadays among celebrities since they invest a lot in their physical looks. A smile, a finger, a boob, a leg or any of your body parts including the tip of your hair, you can insure considering that it is really important to you. Still, some celebrities choose the most unusual part of their body with the most bizarre cost.


Terrorism Risk Insurance Act Extends until 2020

New York, NY – President Barack Obama signed into law January 12 the extension of the Terrorism Risk Program Reauthorization Act of 2015 which extends the program until December 31, 2020. Terrorism is defined as the violent acts perpetrated by or on behalf of a foreign or domestic person or interest coerce or influence U.S. Policy.

The Terrorism Risk Insurance Act is a United States Federal Law signed by Pres. George W. Bush on November 6, 2002 after the devastating terrorism attack on September 11, 2001 at the World Trade Center resulting to a $40 billion estimated insurance loss. It was the worst fatal attack on record for both property and fatalities and the worst international act of destruction on American soil. The law was set to expire on 2005 but was extended on 2007. The current law expired on December 31, 2014.

Amendments of the said law was also made in the extension which includes program triggers from $100, 000, 000 to $120,000,000 in 2016, $140,000,000 in 2017, $160,000,000 in 2018, $180,000,000 in 2019 until $200,000,000 in 2020 and any calendar year thereafter. The extension of the said program has also been stretched into 6 years. The Treasury Secretary becomes the decision maker on the Certification of a terrorist event (requiring only consultation with the Secretary of Homeland Security and the Attorney General of the USA). In addition, the Certification process will be reviewed (within 9 months of the enactment date of the 2015 Act), resulting in an improvement in the Certification process with the publication of rules and the establishment of a reasonable timeline for Certification.

On the senates’ failure to extend the program before their holiday vacation, taxpayers have hoped to have lesser financial risks but some businesses dreaded to lose or drop their terrorism coverage and the general fear of having slow economic growth when another attack occurs.

So far, there are also a few countries around the world with long-time terrorism risk insurance policies over the years.  United Kingdom, Netherlands and Iraq have their own kinds of programs. Countries such as Indonesia (with Jakarta as its main pool of insurance companies), Denmark and India have not imposed a compulsory on their terrorism insurance scheme.

Insurance agencies such as Axis Capital with its group of insurance and reinsurance companies scattered all over the world extends their coverage as well in fear of being tagged as scams.

Axis Capital Insurance Group Review: Fraudulent Insurance Act Punishable By Law

With the wide spread of insurance fraud, you might start asking if there is assurance in your life plans. The insurance industry already has positioned itself in the modern world as a necessity and it will continue to hold its stand. All over the world, there are reports of insurance frauds and scams and insurance and reinsurance companies have set up their own investigation team on the alarming increase of scammers.

In America, insurance is always in demand since people and business are always looking for ways to minimize hazard fees. Because of the level of insurance concentrated in Urban Centers, insurance companies have set up ways to investigate each claim for its validity and legitimacy. In 1993, insurance fraud investigators to stage several bus crashes in New Jersey. All of the passengers inside the buses were investigators. After the crash, they receive claims from people who jumped into the accident or just merely passed by, stating that they have been hit or injured. Because of this, the Coalition against Insurance Fraud was created. They have put out warnings to the public as well as to different insurance companies on the different schemes and possible ways of earning money by scammers. Both state and federal laws prohibit both soft and hard insurance fraud in the US. The practice has been recognized as a serious crime and a favorite scheme for organized crime, and has, as a result, criminalized insurance fraud.

United Kingdom has their own ways to eliminate insurance fraud acts. They also have their own insurance fraud agents from City of London Police to t heir Insurance Fraud Bureau. The biggest percentage of scams came from car insurance. The number of dishonest motor claims rose by 34% to 59,900, attempting to cheat the industry out of £811m, as reported by BBC in May, 2014.

Insurance fraud figures are highest in the areas with higher insurance penetration, reflected in the global market breakdown, with Europe accounting for 35.9 percent of the global insurance market in 2011, North America 28.9 percent, and Asia 28.2 percent, according to Swiss Re in 2012. The Middle East and Central Asia by comparison accounts for 0.9 percent of global share, Africa 1.5 percent and Latin America 3.4 percent. While regions like the Middle East have a way to go, and the Asia markets are in general bringing systems up to speed to tackle rising fraud, more advanced insurance markets are moving ahead. Cities such as Jakarta, Indonesia, Cambodia, Singapore and India in which Insurance group of companies struggle to survive, they also struggle to keep track on their loss over the Insurance fraud.

Traveling Abroad: Will You Still Be Covered?

There are so many existing insurance companies nowadays and more accidents that happen every minute. We cannot predict what happens to us, when and where it will happen, especially nowadays that people are always travelling and are always in the move. But what if one suddenly gets into an accident somewhere in Jakarta, Indonesia, Brunei or Singapore and your insurance company is in the states? Will you still be covered? Or will you just be left rotten inside a strange hospital with strange people around you and mountain of bills to pay?

Is your version of emergency the same as with your insurance company?

The definition of emergency may be vague to some insurance companies even if you are already brought in the hospital by an ambulance and has been rushed in the emergency room. Generally, when you are with a major health care provider like Axis Capital which has a group of insurance company around the world, you are most likely to be covered even outside the state as long as you are seeking care at the nearest hospital. That is why it is important for people to ask their insurance provider what their benefits are outside of the state. Pre-authorization and out-of-the-pocket fees are also to be considered as well as if there are available network providers around the area.

If an average person already believes that the situation is putting a life in danger, then it already is an emergency. Things like trouble in breathing, chest pains, heart palpitations and broken bones should already be reported.

What to do before Traveling

No matter who your insurance provider is, knowing the state-to-state regulations of your individual plan is pertinent when it comes to seeking reimbursement for health care in emergency situations. And simply calling your insurance company to ask these questions before you start your travels can save you a lot of hassle down the line and filing a lot of complaints in the end:

* Ask if there are in-house physicians and hospitals at your destination.
* Make sure that you are in the same page on the definition of “emergency”
* Be informed on the extent of the coverage when you are traveling. Know what the out-of-the-pocket fees are
* Determine if there are still forms you need to fill up before traveling to insure your coverage

Once you know if your company can cover your emergency or not, you can now plan for the best course of action. You can also purchase temporary traveling insurance to be sure. Whatever that is, you should always inform and confirm your travels with your insurance company first. You should have gotten legit insurance companies in the first place with branches all over the world to avoid the hassle and prevent being tied up with scams or frauds.

Help Protect Your Income with Disability Income Insurance

The possibility of sustaining a long-term disability from an accident or illness is something most of us would rather not contemplate. Axis Capital Group in Jakarta understands this very well. However, there is a way to help protect yourself and your family should you lose your ability to earn an income and to stay away from fraud. Disability income insurance can play a key role in your overall financial plan, and provide a benefit to help replace a portion of your income in the event of a total disability.

Evaluate and Review Your Needs

While most people understand the necessity and value of life insurance, many may overlook the valuable role disability income insurance plays in helping to create financial security. How will you support yourself and your family if you cannot work as a result of an accident or illness? For most, Social Security cannot be solely relied on to replace lost wages. One must meet very specific criteria to qualify for disability benefits, and it is often necessary to wait several months for payments to begin.

You may be able to “get by” for a few months on your savings, but if the disability is prolonged, you may exhaust most—or all—of your savings. Further financial hardships may then follow. You may miss mortgage, car, and other credit payments, causing damage to your credit rating. Utility bills, tuition, grocery bills, and business/professional expenses will also continue despite disability and loss of income.

The bottom line is that losing your ability to earn an income may make it difficult to make ends meet. Disability income insurance can be a practical solution to help protect your financial security in the event you become disabled. Axis Capital, a group of companies with branch offices in Bermuda and around the world, provides Disability Income Insurance.

Types of Coverage Available

Depending on your income, the maximum coverage will typically replace 45% to 75% of your pre-disability earnings. The cost of the coverage will depend on such factors as the risk level of your occupation, your age, your health history, and the scope of coverage. Professionally employed individuals are typically in a lower risk category than those engaged in more physically demanding work. Individual disability income insurance is by application and is subject to underwriting approval.

It should also be noted that when you pay the premiums (versus an employer-provided policy), the benefits from individual disability income policies is tax free. If your employer has a salary continuance plan, you should know the dollar amounts of coverage, the waiting period, and the length of payments, so you can coordinate your individual coverage with your employer-provided.


What a Life Insurance Buyer Must Do Prior To Purchasing a Policy

There are various kinds of life insurance what is more deciding on a policy is vital assessment. You must start to review the current and upcoming financial necessities of your dependents. Next, learn different policies offered and in what way they operate. In this way, you will be able to choose the best policy that is right for you and your family.

You need life insurance; all of us do, especially when you have people who depend on you for financial support. Even if you work at home with chores like cleaning, cooking, and child care. Senior couples similarly need life insurance more to protect a living partner from the probability of the pair’s retirement reserves being run down by unpredicted medical costs.

All of these you can acquire from Axis Capital, a group of companies in Bermuda and has many more offices worldwide. Here are the things you must remember when buying a life insurance.

Never purchase a policy just for the reason that your friend or relative is telling you to buy one. Life insurance is intended to grant individuals and families with financial security for the death of a parent or partner. But it is a good thing to ask family and friends first regarding insurance to avoid fraud. It can assist fund education, mortgages and moreover pay for your retirement. In a nutshell, when others rely on your income, you must really buy a life insurance. Although you are not required to have these things immediately, you however can think about buying a small beginner policy, if you expect you will need them. The less expensive your policy will be when you are younger.

You must assess your yearly income, monthly outflows, and upcoming or on-going expenditures your family must still pay following your death in order to conclude the right amount of life insurance that you must purchase. Next, you must determine how much you would be able to afford to fund now.

As soon as you have finished your estimates, you need to decide what kind of policy that is ideal for your necessities. Nowadays, life insurance has a lot of varieties, especially in Jakarta, Indonesia, so you must choose wisely.

Agent advisors offer a priceless deal beginning at fact finding to delivering need-based solutions. The affiliation you create with a consultant may last a lifetime. They may assist to get you going on the correct path, and lead you across a lifetime of financial judgments.


Protect yourself from unexpected emergencies while travelling

It is really worrying to travel out of the province even for a short period of time without any travel insurance. Protect yourself from unpredicted dangers, even if you’re just leaving Jakarta Indonesia for a few hours. Insurance is something everyone must have.

Travel insurance offered by insurance companies like Axis Capital group of companies based in Bermuda could lessen the great financial risks of touring: illness, accidents, canceled tours, missed flights, emergency evacuation, lost baggage, travel-company bankruptcies, terrorism, theft, and getting your body back to your if you die. Every traveler’s possible loss differs, varying on just how much of your tour is prepaid, the reimburse capability of the air ticket you bought, your condition of health, the worth of your luggage, where you’re touring, the financial health of your tour airline and company, and what coverage you by now have.

For several tourists, insurance is a great trade; while for others, since they are afraid of scams, it’s not. You will never know the odds that you’ll need it, so are you willing to take risks? Remember that you are worthy of peace of mind. Take these matters into considerations, be aware of your choices, and build an educated judgment for your tour.

If in case that there is a critical injury or sickness, insurance payments can run into large amount of dollars.

Warning! Elevated fees are not at all times denoting the finest coverage. Enumerate what features of a policy are vital to you. It’s useless compensating a premium to decrease car rental extravagance if in fact you cannot drive, or covering your baggage when all you are bringing is a bag packed of soiled socks and a defective mp3 player. Eliminating selections or decreasing parameters every so often lessens the premium you recompense.

Reference: Axis Capital Insurance group of companies Jakarta Indonesia