Possible Reasons you are turned down for Life Insurance Application

It really is frustrating when you get rejected so many times when you are applying for one of the most vital necessities in our lives nowadays. Before you get frustrated and file any complaints against your insurance company, you should first understand the possible reason behind it.

The following are existing general policies in the insurance industry. Axis Capital, with a group of insurance and reinsurance companies based in Bermuda, Australia, United Kingdom, and Singapore as well as in on over ten states in the United States has these existing general policies in the insurance industry:

1. You have specific health condition
Critical health issues may affect your insurance application. Someone who has cancer or has had a heart attack might be declined for a traditional life insurance as they are perceived to require a more special policy and attention. There are, however, people who get declined for life insurance for health reasons simply because they applied with the wrong insurance company. For these cases, you have to inquire to high-risk insurance company to help you figure out the best course of action.

2. You participate in high-risk activities
Let’s be honest here. The possibility of underrated claim is high during these situations and the insurance company may face a lot of loss. Some professions which also require higher risk may also not be permitted. There are a few insurance companies which can insure scuba divers but this is depending on the type of diving and the frequency of your diving activities.

3. You have some financial issues
To get approved for a life insurance, there has to be financial justification. It’s would the best time to review your status as soon as possible. If you don’t have any income but your spouse does, you can typically get as much coverage as your spouse. If you don’t have income and can’t financially justify the need for life insurance, you might get declined for a life insurance policy.

4. You have a DUI
Driving under the Influence (DUI) is a serious offense especially in cities and countries which has strict regulations against the use of illegal drugs or alcohol. In Jakarta, Indonesia, you’ll be lucky enough to pass their death penalty to file life insurance but it is highly unlikely.

If you have had more than three DUIs in the last 10 years, every insurance company would decline you. However, if you have one or two DUIs over the last 10 years, some insurance companies will decline you while others may not. If you have been declined due to a DUI, it is possible you applied with the wrong insurance company.
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Data Controls and Metrics in Asia Pacific

Developed countries from the West are not the only ones who are upgrading their systems against insurance theft. With the widespread of technology and the integration of new knowledge and computer geniuses, even those living in the suburbs of Africa now has their own system to secure their data and confidential information.

Axis Capital, with group of insurance and reinsurance companies in Bermuda, Australia, United Kingdom, Singapore and in over ten states in the US, is one of the many companies reported to first integrate a more tighter security system in the start of 2015 in the Asia-Pacific.

Data theft and fraud are fast becoming key issues for regulators and law enforcement across Asia-Pacific, as elsewhere. Insurers are paying close attention to the new data privacy rules being drafted in response to the increased risks.

According to reviews, regional and global insurers with operations in the Asia Pacific region also are grappling with the issue of data sovereignty — which can be transmitted among jurisdictions — as the data privacy regulations vary across the region. More stringent data protection rules in Australia and Singapore also may create questions about the identity of countries in which insurers store their data. A subpoena issued by a government to an insurer to provide certain data requires knowledge of where it has been physically stored. Insurers also will need to identify new metrics and processes to monitor data security and compliance.

Many insurers in the region will continue to enhance their data controls in the latter part of 2015, prompted primarily by new and stricter regulations. Asia-Pacific insurers must pay closer attention to the changing cyber security laws and focus more stringently on data security, network crime legislation and law enforcement. Singapore’s Personal Data Protection Act, for example, includes rules on the collection, use, disclosure and care of personal data. The law establishes penalties for breaches and a “Do Not Call” registry.

Major developing cities like Jakarta, Indonesia, China, Tokyo, Japan, Thailand and Vietnam also are reviewing legislation and drafting bills or have set up government agencies and task forces to confront cybercrime. Insurers will need to review and adjust to consumer and distributor data privacy controls as regulations continue to evolve.

Despite the thriving state of security and protection within the region, there are still issues of sovereignty. Cross border sales between branches and main companies also pose as a challenge with different regulations and bylaws that are needed for each country. The data that can be transmitted are crucial to both investments and risk managements. With the help of cloud-storing, companies should be cognizant on their information.

Staged Car Accidents

car-accident

Car accidents are the least desirable thing that could happen to a motorist. No one ever wants to happen it to them. But this seems to be not the case to everyone. There are those who would risk their lives – and the lives of others- in desperate plea for an insurance claim.

Axis Capital, with a group of insurance and reinsurance companies from its main branch in Bermuda to its branches in the United Kingdom, United States, Singapore and Australia, has these warning signs for you to avoid being scammed by staged car accidents:

 

Types of Accident Scams

1. The T-Bone Accident
In this scenario, a scam artist will wait for your car to proceed through an intersection and then jam the gas pedal and T-bone your vehicle. When the police arrive, phony witnesses, also known as “shady helpers,” will then claim you were the one who ran the stop sign or traffic signal. This kind of scam mostly happens in traffic-congested areas such as the central Jakarta, Indonesia or Tokyo, Japan.

2. The Wave
In this scam, the other driver will notice your attempt to switch lanes and subsequently wave you ahead. As you attempt to maneuver into the lane, he will accelerate, causing a collision with your car. When the police arrive, he will deny ever providing a courtesy wave, placing you at fault.

3. Dual Turn Sideswipe
A driver in the outer lane of the dual turn rams into you if you go even the slightest bit out of the inner lane as the two of you are making your turns. They may also drive a bit into your lane and swipe your car and then blame you.
“Witnesses” working with the con artist may corroborate his story.

4. Brake Slam
This simple scam involves the driver in front of you slamming on their brakes for no reason so that you cannot avoid rear-ending her vehicle.

5. Swoop and Stop
In this scenario, a car will suddenly pull in front of yours and stop. Another vehicle will simultaneously pull up alongside your car, preventing you from swerving to avoid an accident.

6. Phony Injuries
In any fraudulent accident, you may find yourself on the hook for injuries you didn’t cause. The con artists and their passengers may collaborate with a shady physician or chiropractor and file personal injury claims for phony injuries.

Some may even visit legitimate doctors and claim whiplash or other “soft tissue injuries,” which are difficult to detect.

Staged car accident scam artists are vulnerable to facts. The more information you provide, the more equipped you are to fight an insurance scam.