Fighting Back Insurance Scams

slam-the-scam copyHealth insurance is a trend nowadays. Axis Capital Group, insurance and reinsurance company based in Bermuda and has branches in Australia, Europe, America and Singapore has been in the business for too long that we can now tell when we have a lot of competition around us. We are not threatened by that, of course. What we fear most is the emerging business of fraudulent agents and illegal scams by illegitimate insurance companies. To lessen the risk involved in this industry, we implore our partners and clients to also be meticulous in choosing your insurance providers. Here are some tips that you might find useful:

1. Back off and go slow.

Avoid signing up if you’re pressured to buy quickly—no matter how good the deal seems. Know what you’re buying before signing up.
Don’t give your credit card and bank account number to a telemarketer or Internet site of an unfamiliar health plan.

2. Read the policy.

Insist on receiving a complete insurance policy before signing up. Read it line by line, review it again or have a qualified expert read it. Does the policy deliver what the sales pitch promises?
Never rely solely on marketing literature and don’t believe a telemarketer who promises you have “full health coverage.” It may be empty promises.

3. Is the plan licensed?

Call your state insurance department to make sure the plan is licensed in your state. Does the plan also have a history of complaints?
Some dishonest plans are licensed, but lie about what they’re selling. They promise full health coverage. However, you receive a nearly useless limited policy that’s loaded with limits and exclusions or you receive a medical discount card, which is NOT insurance.

4. Check out the “association” or “union.”

If you’re required to join, check out that group’s website. Does it list a street address or merely a P.O. box in some unreadable place in Jakarta, Indonesia or South Africa?
Is the website suspiciously brief and vague about its activities? Does it seem designed mostly to hype health coverage as the primary product?

5. Contact the insurer.

Some health plans lie that they offer coverage through a legitimate, well-known insurance company. Contact the company to verify. If it is not that of a hassle, you can also visit their stated physical address.

6. Contact your insurance department.

If you think you’re dealing with a crooked health plan, contact your state insurance department immediately.

Provide as much specific documentation as possible to help the department investigate the plan. You can also put a warning out in case they might be victimizing other people as well.

Insurance for Expats

Insurance for Expats4Have you had any offers abroad or are you planning to try looking for open opportunities in another country? Have you chosen a country where you feel you can be lucky at? If yes, then that’s good news then. Have you prepared for your migration? Insurance is one of the top priorities you should have. Have you already contacted your agent?Since you have not yet adjusted to the new culture and have not settled with the new people yet, take time and review this article first which Axis Capital with a group of insurance and reinsurance companies all over the world from the main branch in Bahamas to Europe, America, Australia and Singapore has prepared for you.

First off, expatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one’s own.

Insurance should be arranged prior to relocating to a new country or destination. Policies will generally cover the duration of your stay and can be purchased on a 6 month to annual basis. It is important to purchase this insurance from a reputable company since there are a lot of fraudulent ones out there.

The most common insurance policies purchased by expatriates include:

  • Personal property
  • Automobile insurance
  • Personal liability insurance
  • Emergency evacuation
  • Medical and dental coverage
  • Short-term travel insurance

In some cases, specialty insurance can be purchased for high-risk areas of the world that provide coverage for:

  • War and terrorism
  • Kidnap and ransom
  • Casualty insurance

It will be wise to get personal property insurance will provide coverage for all your valuable items. This type of cover is usually attached to a home insurance policy which will provide coverage for all “fixtures and fittings within the home” and “additional items of increased value”. With a home insurance policy it is possible to include specific items on a “worldwide all risks” (WWAR) basis which will protect your valuables outside of your home.

Automobile primary liability (also known as third party liability) insurance is generally a required purchased in the country in which you are located. Local governments will require this in order to register your vehicle. Be aware that limits of coverage can be very low in some countries and even developing cities like Jakarta, Indonesia or Kuala Lumpur, Malaysia. If you are uncomfortable with the level of coverage available with third party coverage, you may wish to obtain comprehensive motor insurance. This type of plan can increase coverage to an appropriate level of protection.