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.
We sometimes find ourselves unemployed for some reason. It may either be we want to explore another field of our expertise or for untoward accidents like health issues. Axis Capital, with a group of insurance and reinsurance companies scattered around the world from its main base in Bermuda to Singapore, Australia, United Kingdom and more than 10 states in the United States, emphasizes the importance of getting unemployment insurance during the times of strict financial needs and jobless days. The question is, are you qualified enough to take advantage of UI?
Depending on the law in each city, UI is often given for 3-6 months of unemployment. In developing cities like Jakarta, Indonesia, Singapore and Kuala Lumpur, Malaysia, the insurance can last until a year provided that the reason is valid. It is best to review the stated respective decree in your location to avail the said insurance. An individual must meet all unemployment insurance (UI) eligibility requirements in order to receive benefit payments. Eligibility requirements must be met when a UI claim is filed and whenever a certification is submitted before benefits can be paid by the Employment Development Department (EDD).
An individual who files for UI benefits must meet specific eligibility requirements before benefits can be paid. Individuals must:
• Have received enough wages during the base period to establish a claim.*
• Be totally or partially unemployed.
• Be unemployed through no fault of his/her own. This includes no record of complaints, termination or negative records.
• Be physically able to work.
• Be available for work.
• Be ready and willing to immediately accept work.
• Be actively looking for work.
• Be approved for training before training benefits can be paid.
Employers report wages to the EDD for each employee. The EDD uses this information to decide if an individual earned enough wages in a base period to establish a UI claim.
An individual must meet eligibility requirements each week that they certify for benefits. Individuals must be:
• Physically able to work.
• Available for work.
• Ready and willing to immediately accept work.
• Actively looking for work each week benefits are claimed.
An individual must certify for benefits by submitting a certification online, over the phone, or by mail. If the information on the certification shows that the individual did not meet eligibility requirements, the EDD will schedule a phone interview. Based on the information obtained, benefits may be reduced or denied. An individual who disagrees with the EDD’s decision to reduce or deny benefits may file an appeal.
As we always point out in Axis Capital Group, accidents can always happen when you least expect it but you can always be prepared. No use filing in complaints when you have already come prepared. The first thing that comes to mind when we think about accidents and how to prepare for them is by getting an insurance for that special need. If you ever think of the necessity to get protection in case of injury, different coverage comes into picture. Questions have risen about Accident Insurance and one of its counterparts, Accidental Death and Dismemberment Insurance or AD&D.
How it Works?
Accident insurance will pay a benefit for a wide variety of covered injuries that may or may not be serious over the long term.
If you experience a covered accident, you could receive a cash benefit, according to a benefits schedule. Also, you could receive a cash benefit for emergency room visits. The amount you receive depends on your injury and related treatment.
On the other hand, AD&D insurance provides a payment to your beneficiary if you die in a covered accident or a payment to you if the accident results in a covered loss that cause a permanent impairment. Depending on your plan, you may be able to sign up for an amount of coverage based on your salary—for example, two times your salary—or choose a set dollar amount.
AD&D insurance is often offered with life insurance at an amount that is equal to the life insurance benefit. Only voluntary, AD&D insurance allows independent election of coverage.
What is covered?
The following are examples of covered injuries for Accident Insurance:
- Eye injury
- Gunshot wound
- Brain injury
The following are examples of covered losses:
- Loss of sight in at least one eye
- Loss of speech
- Loss of hearing
- Loss of limb
- Loss of thumb or index finger
Who can be covered?
Both insurances honors if election of coverage for yourself or it may also be available to your spouse of your children.
Use of benefit:
Accident insurance provides a lump sum cash benefit that you can use however you want. Typically the benefit is used to help with out-of-pocket expenses such as copayments or prescriptions that might not be covered by your health insurance.
For AD&D, you or your beneficiaries can spend the money however you see fit.
How Much Will I Receive?
If a claim is approved, a check is sent for covered injuries, such as fractures or dislocations. The check can be used for costs related to those injuries, such as fees for emergency room or out-patient visits.
The benefit depends on the site and severity of the injury in addition to how the injury was treated and what coverage amount you selected when you enrolled.
On the other hand, In the event that a covered accident results in your death, your beneficiary will receive 100% of your AD&D coverage amount. The maximum amount payable for losses resulting from any one accident is 100% of the AD&D coverage amount.
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.
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.
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.
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.
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.
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.