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.

Unemployment Insurance Eligibility

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.

AD&D vs. Accident Insurance

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:

  • Fracture
  • Dislocation
  • Eye injury
  • Gunshot wound
  • Paralysis
  • Brain injury
  • Burn
  • Coma
  • Concussion
  • Death
  • Dismemberment

The following are examples of covered losses:

  • Death
  • Quadriplegia
  • 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.

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.