Insurance companies hire claims investigators to prevent losses from fraudulent claims. Investigators review cases, conduct background searches, and may conduct surveillance to find evidence of fraud. Education and state licensing may be required, and a well-trained mind with a knack for logic and organization is essential. Were it not for the fact that insurance fraud […]
Unemployment insurance provides temporary relief to those who lose their jobs through no fault of their own. Eligibility varies by location, and fraud is common. Penalties include repayment, fines, and jail time. Governments have hotlines for anonymous tips on fraud. A government typically provides unemployment insurance to its citizens, which continues to provide people with […]
Commercial insurance law governs the insurance business and covers various types of insurance. Insurance companies must pay claims as long as policy terms are met. Disputes arise when companies refuse to pay, and courts use commercial insurance law to resolve them. Bad faith dealings are regulated by government agencies, and lawyers assist insurance companies in […]
Insurance sales reps work with individuals and businesses to select the best insurance products, often specializing in a specific type of insurance. They must have good sales and communication skills, and may need government certification or training. The job requires compassion and flexibility to deal with a variety of customers. An insurance sales representative works […]
Insurance coverage law deals with disputes between policyholders and insurance companies over benefits not paid after claims have been filed. Attorneys negotiate and litigate cases, reviewing policies and interpreting legal language to determine coverage and exclusions. Insurance coverage law deals with coverage disputes that arise between policyholders and insurance companies. The subject of the conflict […]
Insurance fraud can take many forms, including life, property, health, auto, and more. Detecting fraud is primarily the responsibility of insurance agents and companies, who employ underwriters, appraisers, and investigators to double-check claims. The importance of fraud detection is highlighted by the fact that hundreds of billions of dollars are paid each year for fraudulent […]
Insurance premium refunds are given when a person cancels their insurance policy before its end date. Refunds are not given if the policy has been used, and a written request is required to receive a refund. Eligibility for a refund varies based on the type of insurance policy. An insurance premium refund is when all […]
Insurance mergers and acquisitions result in fewer companies in the industry, but can create larger entities that are better able to compete. Consolidation can occur in different types of companies, and economic, market, political, and legislative factors can influence M&A activity. Insurance mergers and acquisitions are operations that take place in the insurance industry and […]
Commercial health insurance is offered by for-profit corporations and can be accessed through group or individual plans. Employers may offer group insurance plans and pay a percentage of the premium. Three common models include point of service, health maintenance organization, and fee-for-service. It’s important to carefully read the terms and ensure adequate coverage. Also known […]
No-deductible health insurance pays for medical expenses upfront without requiring an annual payment from the subscriber, but it generally costs more. Employer-based plans offset the higher cost for employees, while high-deductible plans have lower premiums but require payment up to a certain limit. Insurance companies are changing their policies in response to healthcare reform. No-deductible […]
A waiver is a document used to release a person or organization from liability. It can be used for insurance or educational purposes, as well as in workplaces. If an individual declines insurance coverage, they may be asked to sign an insurance waiver to acknowledge and reject the offer. A waiver is a form or […]
Municipal bond insurance protects investors who purchase bonds issued by government agencies. Issuers buy insurance to raise the bond’s rating, making it more attractive to investors. Insurance companies only insure entities with a strong investment grade credit rating. Municipal bond insurance provides protection to investors who have purchased municipal bonds, or munis, issued by state, […]
Medical liability insurance protects medical professionals against unexpected liabilities, including physical or mental injury, negligence, misdiagnosis, errors, and missing or damaged property. Coverage varies by policy and may include basic coverage or additional coverage for an extra cost. Some plans may not cover legal defense costs. Medical liability insurance is available to medical professionals in […]
A certificate of insurance confirms the existence of a specific type of coverage held by a person or business entity, and is often required for business transactions with high risk. It includes information about the insured party, the nature and extent of coverage, liability coverage, premiums, and payment schedule. It is commonly used in situations […]
Insurance advisors help individuals and businesses assess their insurance needs and create a plan to meet those needs. They can assist with life, health, and business insurance, and may be compensated through a one-time fee or commission-based model. Their goal is to provide high-quality coverage at a reasonable cost. Licensing is often required. Insurance advisors […]
An INS photo is a portrait photograph required by the USCIS for US citizenship or work permit applications. It must be 2×2 inches, in color, on thin paper, and show a full face with no retouching. The background must be white or off-white, and the subject must wear normal clothes and have a simple facial […]
Completed operations insurance provides contractors with liability coverage for accidents that occur during or after a project, caused by the project itself. It expands protection beyond general liability coverage and can cover events not covered by it. The policy focuses on issues that arise once the project is complete and can protect contractors from losing […]
Risk management insurance is purchased by companies to limit damage to their business, covering infrastructure and economic risks. Companies identify assets, assess threats, and mitigate risks, with insurers issuing policies to offset remaining threats. Insurance companies analyze risk factors and aim to insure the largest number of businesses with the fewest payments. However, severe economic […]
Business interruption insurance covers losses when a business has to close due to a peril, compensating for lost profits and fixed expenses. Additional expense insurance and contingent business interruption are related products. It’s important to consider potential problems and relevant insurance products when discussing business insurance options. Business interruption insurance is an insurance product that […]
General insurance covers non-life insurance, including personal and commercial lines. Personal lines cover personal property and liability, while commercial lines protect businesses. Auto and homeowners insurance are common types, with property and casualty coverage. Commercial lines include auto and general liability, with claims coverage for premises, professional, and product liability. General insurance typically refers to […]
