Wednesday, September 9, 2015

Insurance Industry to Incorporate Social Media Strategy

For years, many insurance agents have had the same sales pitch, “review your annual premium… here are the list of what needs doing… the important thing is”…

With the advancement of technology, those sales pitches are already obsolete. It’s time to change your own approach and get ahead before anyone else gets into it. Well, in fact, a lot of agents are already using far advanced tactics and incorporating technology to score an insurance premium.

Say for instance, Axis Capital, with a group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, United Kingdom and to over ten states in the United States, has already incorporated the use of social media to its advantage and has set up a personal inquiry chat box in their website for clients who would want to inquire online. This strategy is not only done by major companies like Axis. Rampant use of online technology is also being integrated in insurance businesses in Bangkok, Thailand, Singapore, Tokyo, Japan, Jakarta, Indonesia and Seoul, South Korea.

However, social media is not just used to market insurance products. Companies are using social media in forensic data mining to discover workers’ compensation fraud. Moreover, social media is also being utilized as a customer service tool as well as a medium for insurance carriers to gather perceptions, suggestions, complaints and real time encounter and reactions from consumers about the various issues arising in the industry. Finally, insurance companies have increasingly utilized social media in post catastrophe events as an effective way to contact, inform and communicate with insured regarding the claims process and other relevant and timely information.

Before social media emerged, many insurance companies are spending billions of dollars for advertisements and campaigns. These marketing efforts are oftentimes rejected and face skeptical responses. Social media, on the other hand, allows companies to share as much information needed to better understand the business and use language that can be understood by average consumers. 

Producers should also be interested in social media in order to relay the right information well. Historically, producers have networked within a defined geographic territory. Because people generally only buy from producers they trust, developing trust has generally meant face-to-face interaction. However, as people grow more accustomed to trusting relationships developed online, producers who excel at developing such relationships will likely pursue licenses and sales opportunities outside traditional geographic areas.

Thursday, September 3, 2015

The Future of Insurance

A lot of experts have their own outlook on what the future would look like five or ten years from now. Every year, certain reviews and statistics are being presented to help businesses prepare for what their future would be not only on insurance companies but also to other industries. With simpler financial needs and a reliance on the online environment to conduct a great deal of their business, the potential is ripe for insurance companies and agents to capture this market.  

1.      Future Customers
Future customers will rely more on the internet, most probably Google to research and learn more about a company’s profile before making a purchase. They are less likely to talk to agents anymore since the people in the future are predicted to be busier than ever and would only want the product and the cost.

In order for their agents to take advantage of this possibility, insurance companies like Axis Capital, with their group of insurance and reinsurance companies from its main office in Bermuda to branches in Singapore, Australia, the United States and United Kingdom has set up trainings and online accounts for them to interact with these growing kind of customers. Now there are field agents and virtual agents as well which can take calls and inquiries in as far as Guam or Jakarta, Indonesia.

2.      Future Products
Since future customers are expected to have a mindset of being “too busy to die”, life plans’ policies are also expected to be simplified, probably downplaying the role of financial advisers.

Also, as many are filing complaints on the incapability of a premium of a specific home insurance to include flood or catastrophic events without corresponding warning, casualty insurance would probably be one of the highest in-demand products. Protection will be the driving force behind most products, as customers will not be interested in learning about cash value accumulation, tax advantages, or maturity dates. What customers will care about is knowing that in the event of a catastrophe, his or her family would receive a specific amount of money.

3.      Future Underwriters
The future may include a hybrid type of underwriter, perhaps a piece of technology accompanied by human review. More companies are making a push towards speedier underwriting and customers love the idea. Health care reform, which is relying heavily on electronic components, may assist in this process by pushing for one big network of up-to-date health records. In the further future we can look forward to technology creating a way for underwriting computers to instantly know where the individual’s health stands, where it’s going and rate him accordingly.

Tuesday, August 11, 2015

Buying Your Health Insurance Online

Health Insurance has been recognized in the market as one of the necessities in life since you wouldn’t know a tragedy or disaster strikes. Even the government has realized its worth that both private and public companies have been mandated to offer health insurance as one of the benefits to its employees. From the busy streets of Manhattan, New York to the traffic-congested business hub in Jakarta, Indonesia, all of these companies give out health insurance. And of course, there are private insurance if you want to get your own.

In today’s advancement, getting your own private insurance can be easier than it used to be. With the development of technology, you can easily access your internet and purchase your own private insurance online.

With a single click, a few moments of filling up the pertinent online documentation, different processes of health insurance are being developed by companies. Axis Capital, with a group of insurance and reinsurance companies from its main location in Bermuda to its sub companies in Singapore, Australia, and United Kingdom and on more than ten states in the United States, is not the only one who had set up websites for ease of use for its clients. Creating online services is a great advantage to insurance companies who have clients all over the globe. It is also used to update customers on the whereabouts of their partnership.

Clients would have to be aware of how to shop for an online insurance policy. Here’s how:

1.            Assess you Needs

Purchasing health insurance is a financial commitment that can mean paying for more than you need or paying more for what you need if you do not select appropriate coverage. Review your thoughts and ask yourself the following:

•              How long will you need the coverage?
•              How will you use it?
•              Do you need to use it often?
•              Do you have any surgical needs?
•              What medications do you take?
•              Do you anticipate any medical change?
•              Do you have any hereditary traits which can risk developing in your life?

2.            Know your Budget

Paying premiums may hurt your budgeting. Are you able to afford it? Consider premiums, copays, coinsurance, prescriptions, over-the-counter drugs and services which may not be able to be included in your policy. Knowing how much you spend can help you compare and look around when you are shopping online.

3.            Look at network providers

Take the top plans you are considering and examine their provider lists. Will you have in-network access to the doctors, specialists, clinics and hospitals you prefer or that are most convenient for you? You have to review the information provided more to know if you are dealing with a legitimate company. Many fraudulent websites are also expanding their business in insurance online. You may encounter some of them when shopping and comparing.

Tuesday, August 4, 2015

Co-Insurance and how it Works

We often see co-insurance clauses in our policies. Have you ever understood what it is? Co-insurance is one of the terminologies in insurance industry which are often misunderstood and misinterpreted. Of course, you can ask your insurance agent to better explain what it is.

For our readers, Axis Capital, with a group of insurance and reinsurance companies scattered around globe from Bermuda to Singapore, Australia, United Kingdom and more than ten states in the US of A, has summarized the definition of Co-insurance in layman’s terms.

Co-insurance, in a sense, is the amount you have to share for the cost of your insurance. It is often computed in percentage. For instance, a man’s health insurance covers 85% of his hospital dues. The remaining 15% of the fee is your coinsurance.

For that, you’d think you have figured it all out until you stumble upon the term, “deductible”. This in itself is a little bit similar with co-insurance and is often mistaken for the other and/or interchanged.

Deductible is the amount you have to pay before your insurance begins to pay. Blue cross has provided this best example: Let's say your plan's deductible is $1,500. That means for most services, you'll pay 100 percent of your medical and pharmacy bills until the amount you pay reaches $1,500. After that, you share the cost with your plan by paying coinsurance and copays.

This time, the term copay is mentioned. Copay is a fixed amount you pay for a health care service, usually when you receive the service. The amount can vary by the type of service. You may also have copay when you get a prescription filled. If you visit the doctor often, it is best to review a plan with the low copay for office visits and prescriptions.

For property insurance, coinsurance is basically a penalty imposed on the insured by the insurance carrier for under reporting, misinformation, declaring or insuring the value of a property of a business income. The penalty is stated under penalty as well and the amount should be under report.

The coinsurance clauses in developing cities like Jakarta, Indonesia and Singapore can be changed interchangeably with copay as it still more or less defines having to pay in a percentage. In Europe, however, coinsurance refers to the joint assumption of risk between various insurers. In some parts of the United States, when one party fails to pay the required amount in percentage, he is liable to pay both the parts if his arguments are proven to be moot and academic.

Tuesday, July 28, 2015


In 2010, about ten million citizens in America have lived without any insurance for a whole year. In other developing nations where surviving the day is more important than ensuring for what the possible things to happen, it would be difficult to compute. Cambodia has reported that more than half of their citizens do not even know what health insurance is. Jakarta, Indonesia is reported to have sold more car insurances in the past years than health ones.

For many of these people, the consequences of living day to day are in dire disadvantages.

According to the studies submitted to Axis Capital and distributed to its insurance and reinsurance companies from its main location in Bermuda to Singapore, Australia, United Kingdom and to over ten states around the United States of America, more and more citizens had dropped their policies. More than four million adolescents are medically uninsured. Their age estimate would be between 10-18 years old. In reviews, partners do not think it would be needed while their kids are young. Uninsured rates are higher among the poor and near poor, racial and ethnical minority and noncitizens than among young adults with obvious reasons. Others think they have existing insurance but turned out to be engaged in a scam instead.

Having health insurance does not ensure adolescents’ access to affordable, high-quality services given problems associated with high out-of-pocket cost-sharing requirements, limitations in benefit packages, and low provider reimbursement levels. For example, the current system for financing health insurance coverage leads to underinvestment in disease prevention and treatment in some areas that are particularly problematic for adolescents.

The following are the possible consequences for not taking any insurance:

1. Reduced Access to Timely and Quality Care

• Uninsured adults and children are less likely to receive preventive care, including regular checkups, diagnostic screenings and tests and prenatal care for pregnant women.

• Uninsured children are less likely than insured children to receive medical attention for common childhood illnesses or injuries.

• Uninsured persons are less likely to have a regular source of care and more likely to seek care in clinic or emergency room, compared to the insured.

2. Premature Mortality

• Uninsured individuals are often sicker than insured patients when seeking care.

• Life-threatening diseases are more likely to be diagnosed in late stages for uninsured patients, reducing the likelihood of full recovery.

• Newborns of uninsured mothers have a greater risk of adverse health outcomes at birth, including death.

3. Personal & Family Financial Strain

• Without coverage, uninsured patients often face significantly higher charges for care than the insured.

• High rates of personal bankruptcy result from lack of insurance coverage for significant medical expenses.

• Uninsured employees are more likely to experience greater annual income losses, reduced labor force participation and diminished job productivity due to untreated illnesses and conditions.

Monday, July 20, 2015

Axis Capital Group Insurance Update: Asian Bi-annual Report

With the great rise in business development and industrial growth in Asia, asset values are generally enabling insurers to pay higher premium for increased protection levels. Not that the risk is higher but people have been slowly realizing the importance of private insurance. Life and non-life insurance have high number of patrons across the continent with the highest of mobile insurance policies provided in Jakarta, Indonesia and Bangkok, Thailand; life insurance in Singapore and health insurance in Seoul, South Korea and Vietnam.

Review of this past 6 months activity shows that regional gross domestic product (GDP) growth is projected to remain solid at 5.4%-5.5% this year and rebound to 5.5% - 5.8% in 2015. Inflation is also expected to remain benign across much of the region, except in India and Indonesia, where monetary policy will remain tight to fend off inflationary pressures.

For the next 6 months remaining of 2015, major developing countries are expected to grow by 5% more. Consequently, the region’s continuing appeal to foreign insurers seeking growth opportunities remains strong.

The opportunity to offer private health insurance in Asia is also expanding, due to rising individual income levels and government budget constraints. In China, the health insurance market is growing strongly as consumers turn to the private sector to fill in the gaps left by inadequate government schemes while everyone waits for the success of Indonesia’s own insurance scheme. India is another promising market for personal health insurance; only 15% of the population is covered by government health insurance and 2.2% by private health insurance.

In this evolving environment, insurance has also expanded to dominate online sources and this method has slowly been integrated to all operations in Asia. However, it would take time for Asians to adapt as there are also a lot of cyber insurance scams which pose as threat to insurer’s data and privacy. Insurers in Asia will need to consider the following adjustments to their service, products and compliance efforts in 2015:

1.            Streamline the value chain via the cloud and traditional business process outsourcing (BPO)
2.            Expand products and services to address the growing needs of the high-net-worth (HNW) market
3.            Adapt product strategies to the changing regulatory environment
4.            Increase compliance to respond to growing sales and consumer protection regulations
5.            Develop capital and Merger and Acquisition (M&A) opportunities
6.            Reposition investment strategies
7.            Enhance data controls and metrics

Sunday, July 12, 2015

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.

Wednesday, July 8, 2015

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.

Friday, July 3, 2015

Importance of Insurance for Retirees

We have so many things to worry about when we get older. As time flies by quickly, the pressure of keeping up to enjoy the future gets harder and harder. Some of us even tend to live by day, not thinking much of the future because what we have in the present seems hard enough to carry. 

The question thrown: Why do I need insurance when I retire?

 The answer is simple: do you have any loved ones? Of course you do.

Now, let us review to the basics and details of it. 

Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and offices in Australia, the United Kingdom, Singapore and over 10 states in the United States emphasizes the importance of insurance for retirees, even when you think you don’t need it anymore.

1. Source of Income

We all know that even if you retire, you would still have to take care of your own needs. You don’t want to depend entirely on your children, do you? Some children and grandchildren may be the ones to depend on you even if you retire. And of course, you can’t just turn your back from them. Life insurance can provide funds that you need.

2. Something to Leave Behind

We cannot deny that we will all be gone from this world. Do you have something to leave behind for your children or their education? 

Many retirees from close family-knit cities like Jakarta, Indonesia and Singapore turn to insurance in fear that their children would not be able to survive after they pass away. Life insurance is mostly important children with special needs as well to get them by when you are already gone. 

3. You have a pension that dies with you. 

If you have a pension with no survivorship option, how do you replace that income stream for your spouse? Once again, life insurance can replace the lost pension income by creating the assets that can be turned into an income stream.

4. Pay your debts

During the times that you are still working and active, there may been debts that you were not able to pay. According to some reports, most retirees have installment and education debts which remain unpaid. Some also have vehicle loans. Many retirees still have mortgage debt. You wouldn’t want to face files of complaints, would you? Life insurance can make sure these debts are paid off at the debtor’s death

5. You’d like to leave a legacy.

Life insurance is a very efficient tool to use for estate planning and the equalization of assets being left to heirs and for charitable planning. A small premium for life insurance can create the money at death to accomplish these goals.

Another option is to get insurance while you are still young. Be smart enough and enjoy a tax-free income stream in retirement from the cash-value of your policy. 

Tuesday, June 30, 2015

Identity Theft in Insurance

In the development of today’s technology people are more aware of the existence of fraudulent acts, hacks and scams especially in the cyber world. In the vastness of the internet, someone out there is trying to find their fortune taking advantage of their technological intelligence. Since the details in our lives are almost all in sync within the internet, it would be critical if someone breaks our information and data. I know you would agree that it can even cost us our lives. 
Last May, 2015, one of the clients of Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and has branches all over the United Kingdom, Singapore, Australia and in almost ten states in North America, complained of the change of her physical address registered with the company.

Upon rechecking, it was confirmed that a person had called her agent requesting to change the address. The person, who happened to be a fraud, was able to verify the identity information of the client and was able to provide confidential information therefore, the request, was permitted. The client, who personally came to the head office, was then adamant that she had never authorized anyone to change her location nor did she make any phone calls with the agent. She was reviewing her accounts and policies when she saw the change of address. Fortunately, no loans were transacted and no significant cash value lost. After a long negotiation, both parties agreed to continue their partnership while the client didn’t accept any compensation the company tried to offer, insisting that there is no loss. In response, Axis has now fully installed a new security system and an overhaul and rechecking of other accounts to prevent any other possible scam to happen in the future.

Reports similar to identity theft using information included in insurance policies also exist not only in developed countries. In Jakarta, Indonesia, a man was put to prison when he claimed a policy for accident insurance which never happened. It turned out that he was also not the real client but a theft.

Question is, how can a client know he is safe with his insurance company? Review your policies more often than you have been. This is a new and troubling direction for fraud, which may have delays from the date of occurrence until you are notified in writing or email—or at all.

Thursday, June 25, 2015

Staged Car Accidents

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.

Tuesday, June 23, 2015

Insurance Regulation in Asia Pacific

Every country has their own requirement in insurance policies just as individual insurance provider has their own terms and agreements and different individuals have different premiums to review. Factors like geography, economy and need are being considered in every transaction. Axis Capital, with a group of insurance and reinsurance companies across the global starting from its main office in Bermuda to its branches in Australia, United Kingdom, over 10 states in the United States and Singapore knows the pressure of registering different insurance policies in each country. For those who would want to know the policyholder’s protection in each nation, here are the general guidelines:


Life insurer - Life insurers are required to maintain statutory funds, which act as a mechanism for quarantining the life insurance business of the company from any other business of the company.

General insurer - APRA administers the Financial Claims Scheme (FCS), which makes payments to certain policyholders with valid claims on an insolvent general insurer. The Government funds the payments made under the scheme and then seeks recovery from the general insurer in the winding up process. Any shortfall may be recovered through a levy on the general insurance sector.


In the event of insolvency or revocation of license of a nonlife insurer whose assets are insufficient to pay benefits, a non-life policyholder protection fund covers 100 per cent of losses up to RMB50,000 and thereafter, 90 per cent of losses for individual policyholders and 80 per cent for corporate policyholders.

In the event of insolvency or revocation of license of a life insurer, the policies are required to be transferred to a new insurer and the policyholder protection fund will make up the shortfall in supporting assets to 90 per cent of individual policyholder liabilities and 80 per cent of corporate policyholder liabilities.


With most of its insurance companies located in the country’s capital, Jakarta, each insurance company must form its own protection fund as a means of ‘last resort’ to protect the interests of policyholders. The protection fund must constitute at least 20 per cent of the insurer’s capital plus 20 per cent of annual premiums. The funds representing the protection fund must be deposited with a bank.

The insurance law gives policyholders preferential rights in a liquidation procedure ahead of secured and unsecured creditors but behind preferred creditors (tax liabilities and employee compensation).

The Financial Services Authority, Otoritas Jasa Keuangan or OJK Regulation No. 1 of 2013 gives a policyholder the right to report a complaint to the OJK with an indication of a dispute between an insurance company with a policyholder and/or an alleged violation of the financial laws and regulations. Further, it also requires insurance companies to have annual program on customers and/or public education to promote financial (insurance) literacy.

Thursday, June 18, 2015

Insurance Policy on Gun Ownership

When car insurance was forced to car owners, the number of car accidents decreased slowly through the years. Many concerned citizens are also aski ng for imposed insurance for the ownership of arsenals that a bill was passed. Liability insurance seemed fit for the most common use of guns.

If the bill is signed, The Firearms Risk Protection Act would require gun buyers to have liability insurance coverage before being allowed to purchase weapon. The Act would impose a fine of $10,000 if an owner is found not to have it. This bill was introduced by House Democrat Rep. Carolyn Maloney of New Jersey.
Despite not being an official law, Axis Capital, insurance and Reinsurance Company located in Bermuda with branches in Singapore, Australia, Europe and more than 10 States in America has already received a lot of request for liability insurance.

A review on the statement of Maloney states, “We require insurance to own a car, but no such requirement exists for guns. The results are clear: car fatalities have declined by 25 percent in the last decade, but gun fatalities continue to rise.”

Maloney said auto insurance carriers incentivize drivers to take precautions to reduce accidents, but no such incentives exist for firearm owners.

America is known to have lenient laws against the use of firearms compared to Asia which has stricter laws on the use of it. Nevertheless, citizens from other nations have complaints when the news of the bill was spread. They also demand liability insurance be imposed on their own gun owners especially in Jakarta, Indonesia which reportedly has a lot of civilians who carries small firearms. The problem is, some, if not most, of these gun-carriers are not licensed but are able to get away because of the archipelagic structure of the country.

This isn't a substitute for other popular gun-control measures, such as limitations on magazine capacity, universal background checks (which even NRA members support) and so forth. But given the limitations on possible gun control measures in a country where the Supreme Court holds individual gun ownership for home self-defense to be a constitutionally protected right, and where there may be 300m firearms already in circulation, it seems like a good place to start. For that matter, there's no reason why we should wait for the federal government to impose these policies. States with strong pro-gun-control politics could start passing mandatory firearm-insurance laws right now.

Monday, June 15, 2015

Data Breach and Insurance

Scams can already be done online in today’s generation. A lot of hackers, and computer specialists exist and are continuously growing in number that the Federal Bureau of Investigation has already deployed a department specifically for this field of fraudulent acts. Computer tactics has already been included in the curriculum of criminology classes.

The biggest sector involved in cyber hacking are private companies and government institutions. Companies that have suffered a data breach look to their insurance policies for coverage to help mitigate some of the enormous costs. The application of standard form commercial general liability (CGL) policies to data breach incidents has led to various legal actions and differing opinions.

Insurance companies like Axis Capital, with a group of insurance and reinsurance companies all from its main branch in Bermuda, Singapore, Australia, Europe and on more than 10 states in United States of America has also developed their system to meet the demands on cyber insurance.

Hackers are traced back to developing cities like Beijing, China, Jakarta, Indonesia and Bangkok, Thailand. Illegal acts are being done in internet cafes, a good public place from which the IP address is not traceable

Cyber Security and Insurance
While traditional insurance policies typically have not handled these emerging risks, limited coverage under traditional policies may be available. For example, in general there would be coverage under a traditional property insurance policy if a cyber incident resulted in a covered cause of loss such as a fire that caused property damage.

Traditional property insurance policies often contain express provisions covering damage or disruption to electronic data. The package policy known as the Business Owners Policy (BOP) that is often purchased by medium and smaller-sized businesses includes coverage for electronic data loss.

This means that in the event electronic data is destroyed or damaged as the result of a covered cause of loss, the insurer will pay the cost to replace or restore it. Causes of loss that apply to this coverage include a computer virus, harmful code or other harmful instructions entered into a computer system or network to which it is connected. There is no coverage, however, for loss or damage caused by the actions of any employee.
Reliance on traditional insurance policies is not enough, however, so specialized cyber insurance policies have been developed by insurers to help businesses and individuals protect themselves from an ever-evolving range of risks. Recent market intelligence suggests that the types of specialized cyber coverage being offered by insurers are expanding in response to this fast-growing market need.

Specialized cyber risk coverage is available primarily as a stand-alone policy. Each policy is tailored to the specific needs of a company, depending on the technology being used and the level of risk involved. Both first- and third-party coverage is available.

Wednesday, June 10, 2015

Life Insurance as a Gift
Halfway through the year and we are already wondering what best gift to give to our loved ones. Have you grown tired to tangible things that only last for a year? Have you run out things to  review? If you are thinking of a gift which can last long then, you might want to get a life insurance plan. A good plan can literally be a lifetime gift.

Axis Capital, with a group of insurance and reinsurance companies from its main branch in Bermuda to its branches in Singapore, United Kingdom, America, Europe and Australia gives you reasons to consider life plans as gift:

1.       It can last a lifetime—and then some. Permanent life insurance provides death benefit protection, creates a living legacy that will accumulate cash value with each passing year, and may help your child or grandchild get a head start on their financial future.

2.       It won’t wear out or fall apart.  The life insurance policy you purchase for your kids or grandkids today can still be there years from now—something that material things can’t provide. It doesn’t matter if you are in Brunei or Jakarta, Indonesia as long as you continue paying your premiums.  Just as I stated earlier, it is a lifetime gift.

3.       It has accumulation potential. Most gifts lose value over time. A permanent life insurance policy, on the other hand, has the potential to accumulate cash value each year. Cash values can be borrowed for any purpose—to provide a down payment on a first home, to help pay for college, to start a business or even to help fund a comfortable retirement years down the road. Keep in mind: Loans against your policy will accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest, withdrawals reduce the available death benefit.

4.       There are tax advantages. Under current law, cash values that accumulate in a life insurance policy are tax deferred. Even when cash values are borrowed, there may be no tax consequences in many instances. Also, proceeds received by beneficiaries are generally not taxable as income. Talk with your tax advisor for more details.

5.       Premium rates may never be lower. Premiums generally increase with age, but with permanent life insurance, it’s possible to lock in the premium at the insured person’s current age - for life. 

Monday, June 8, 2015

Specialty Insurance

With much insurance existing in the market nowadays, you cannot be blamed if you get confused. Homeowner’s insurance, automobile and life insurance to name a few but there are also specialty insurance policies that some customers may find useful. Let Axis Capital Group of insurance and reinsurance companies scattered around the world from our main base in Bermuda to Australia, Europe, America and Singapore explain further what this specific insurance is.

In simple terms, specialty insurance is exactly what it sounds like. It is insurance that is purchased for items that are special or unique. It is also used to provide protection for items that might otherwise be protected under another policy but are not protected because of some unusual aspect. For example, a diamond necklace might be protected under the home owner's insurance policy but what if the necklace is with you while you are traveling and it is stolen or broken? A specialty insurance policy on the necklace (and only on the necklace) can provide the protection that you need for that item no matter where you are.

A little warning though before you talk with your insurance company, specialty insurance policies are not available with all insurance carriers and that means that you may have to do some research and review in order to find the best carrier for the item that you wish to insure. In America, you are likely to find insurance easier than you can in developing cities like Singapore or Jakarta, Indonesia. Large insurance companies may carry your specialty insurance as long as you are willing to pay the price.

Other, less famous, carriers are available, but you will probably have to search for them. This can be done online, if you wish.

Another way to find reputable insurance carriers is to ask the people from which you bought the item. Chances are good these vendors will have some contacts that you can explore.

Specialty items that you might want to consider insuring include such things as: exotic animals, artwork, coin collections, antique watches or other time pieces, collectable automobiles, various pieces of jewelry, historical documents, antique furniture pieces, rare books, and any other unique item or items that you may have.

Specialty insurance is not as expensive as many people believe it to be. When the amount of loss is considered, it can actually be a great value in terms of replacement as well as in terms of emotional comfort. Knowing your unique items are insured can go a long way in relieving stress.

Tuesday, June 2, 2015

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.

Thursday, May 28, 2015

Travelling Health Insurance

Travelling or working abroad is a wonderful experience which everyone should have at one point in their lives and while accidents may happen, proper preparation can prevent them from causing an undue medical, unending complaints or financial burden. By ensuring you are properly covered by travel or international health insurance you can spend more time enjoying your life and travels and less time worried about the costs of unexpected accidents and illnesses.

Axis Capital, with a group of insurance and reinsurance companies based in Bermuda and have branches in more than ten states in the US, Europe, Australia and Singapore is offering a travelling health insurance which can help you whether you are an expatriate or a traveler. Accidents happen even in the face of safety plans and precautions, and as a foreigner, getting medical attention can come at a high cost. You’ll be lucky to get proper care and insurance coverage in cities like Bangkok, Thailand, Jakarta, Indonesia or Kuala Lumpur, Malaysia when the policies there are reportedly too lose.

Most people who plan ahead opt for some kind of medical insurance. Depending on the length of time abroad, some people choose a travel health insurance plan, one that is designed specifically for travel, and some choose an international health insurance plan, one that is designed specifically for extended periods of stay. 

Moving on to international health insurance, this option is generally selected by expatriates, or travelers who are on the road for longer than a year. International health insurance has many benefits and is highly customizable in both coverage and price. 

International health insurance can ensure that you are able to receive medical attention all over the world. Whether you are in London or in Tokyo, you are covered for any medical needs that may arise. In addition, if you wish to travel elsewhere to receive your treatment, all it takes is booking a ticket. Make sure to review your options, though, to insure your travel.

With medical policies with international reach, you can often opt to have specific countries or regions excluded from the areas of coverage. This may drastically reduce the cost of your premium because international health plans take into account your coverage area while calculating the premium amount. Areas like the United States have some of the highest costs of health care in the world, thus making your premiums higher as well. In addition to excluding specific countries, you can opt for having a deductible or co-insurance.

Sunday, May 24, 2015

Fighting Back Insurance Scams

Health 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.

Tuesday, May 19, 2015

Insurance for Expats

Have 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.

Wednesday, April 22, 2015

5 Types of Homes Which Are Hard To Insure

We know there are still people out there who are still wondering what home insurance is and are planning to get one. However, before you get one, Axis Capital with a group of insurance and reinsurance companies all over the world provides you this check list to review and consider about the mutual relationship of your home and insurance.

First off, the home of your dreams may be a nightmare to insure if it's built in a disaster-prone area, is above a certain age or has a checkered claims history. It doesn't necessarily mean you can't find homeowners insurance anywhere, but you may end up paying a steep price for it.

1. Homes in disaster-prone areas
We have thousands of disasters every year. From tsunamis in Sumatra affecting lives to almost all islands in Indonesia including Jakarta in 2004 to earthquakes in Japan losing millions of dollars and hundreds of lives in 2011 to typhoon Katrina which devastated not only America but other countries as well, insurance companies have the reason to insure their own business. Take precautions, listen to warnings and make preparations.

2. Older homes
You love the charm of your 1920s bungalow or Victorian-era home, but the age and style make them harder to insure. Insurers also are likely to shy away from insuring your home if the electrical system and plumbing haven't been updated or the roof hasn't been replaced.

3. Vacation homes
Your vacation home may be your own personal retreat, but because it's unoccupied much of the year; it can be a challenge to insure. Installing a burglar or fire alarms will help you decrease your risks and may give you a little leverage in your insurance.

4. Homes with a trampoline or pool
Having a swimming pool or trampoline might make for good summertime fun, but your homeowner’s insurance company may see them as an "attractive nuisance" that can tempt children to come into your yard when you're not home.

Putting a locked fence around your pool and having a net around your trampoline could help reduce risks.

5. Homes with certain pets
You may find your insurer will set limits on the amount it will pay for a dog-bite liability claim, with you having to pay the rest out of pocket, or even deny you coverage if you own certain breeds, such as a pit bull. In some cases you can only get coverage if you take your dog to obedience classes or make sure he's restrained.

Monday, April 20, 2015

Really Bad Excuses to not Have Life Insurance

We know a lot of you already recognize the importance of insurance, especially life insurance. However though, in the years of Axis Capital, with our group of insurance and reinsurance companies scattered from our main base in Bahamas to Singapore, America and United Kingdom, we have encountered a lot of people who has a lot of reason not to purchase one. Here are some of their points:  
1. I’m Young, Healthy, Won’t Die Anytime Soon and Just Don’t Need It 
Life insurance’s main importance is to have SOMETHING TO LEAVE BEHIND FOR YOUR LOVED ONES WHEN YOU PASS AWAY. Often time’s people put off the things that they need for the things that they want. Regardless, the fact of the matter is that 99% of the families with dependent children in this country, NEED life insurance. No one buys life insurance with the hope or expectation of using it. Just like everyone has to buy car insurance without the expectation of needing it either. You purchase it with the hope that you won’t need it but can sleep sound at night knowing that if something happened to you, your family would be taken care of financially. 

2. I’ll Purchase It Sometime Soon or I Don’t Have Time For It 
Procrastination is one of our biggest problems in society. Life insurance, though, is not one of those things that should be put aside till later. Despite the fact that we all believe we’ll live long lives, well into our senior years, the devastating effect that not having life insurance could have on your family is immeasurable. 

3. I Have Plenty Of Assets, I Don’t Need Life Insurance 
Life insurance is meant to conserve an individual’s estate for their survivors, as well as replace lost income. Although expecting your surviving family members to review and liquidate their assets to make ends meet is not a horrible thing, or unheard of; it’s usually recommended that some types of assets are left whole for future income needs such as retirement accounts and other investment accounts. 

4. I Have Life Insurance Through Work 
This is hard for developing countries which offer insurance not enough to cover even the tiniest expenses for their employees. In Jakarta, Indonesia some companies even offer ward for their medical needs. Solely depending on the life insurance provided through your employer to financially protect your family in the event of your death is a huge mistake. The life insurance you have through your job is typically only one to two times your salary. This is HARDLY enough to provide any adequate income protection for your spouse and dependents. A simple rule of thumb as to how much life insurance an income earner should have is seven to ten times their annual salary. 

5. It’s Going To Be Expensive 
It is if you purchase yours from scams and fraud agents. Fact of the matter is you have to do your research a little and make sure you only get involved with legit companies which can provide quotes for you and agents who can adjust your premiums with your income.

Tuesday, March 31, 2015

Animal Insurance Coverage

According to Axis Capital, a group of insurance companies around the world with its main location in Bermuda, in North America alone, $58.5 billion are spent annually for our beloved 4-legged and furry friends. Vet Care being the third largest expenditure in the category costing pet owners to spend $15.25 billion during health check-ups, illness or death of pets.

As the cost of maintaining pets are also getting, well, costly, insurance company also made it a point to take care of our budgets by creating the Pet Insurance Plan to lessen the complaints against the aggregating demand for animal health practices.

Pet insurance pays, partly or in total, for veterinary treatment of the insured person's ill or injured pet. Some policies will pay out when the pet dies, or if it is lost or stolen.

As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets' health care and standard of living than previously, the market for pet insurance has increased.

Far from the knowledge of people that pet insurance started in America, reviews and reports say that the first pet insurance policy was written in 1890 by Claes Virgin. Virgin was the founder of Länsförsäkrings Alliance, at that time he focused on horses and livestock. In 1947 the first pet insurance policy was sold in Britain. As of 2009, Britain has the second-highest level of pet insurance in the world (23%), behind only Sweden. In 1982, the first pet insurance policy was sold in the United States, and issued to television's Lassie by Veterinary Pet Insurance (VPI). Developing cities like Singapore, Jakarta, Indonesia, Beijing, China and Tokyo, Japan are also planning to create policies for Pet Insurance in the new future.

Pet Insurance Structure
Pet insurance often has multiple deductibles – one deductible per incident and an annual deductible. In our research, annual deductibles ranged from $100 to $250 per year. The higher your deductibles, the lower the payment so pick a deductible you can comfortably afford.

Tiers of Coverage
Pet insurers structure their coverage in tiers; the higher you go, the more types of problems are included in coverage. Think about your pet's general health and also whether its breed is subject to characteristic medical issues that could suggest you should purchase one of the higher tiers. Let’s compare two popular insurers.

Veterinary Pet Insurance
Veterinary Pet Insurance, better known as VPI, has three tiers of pet insurance. Its Injury Plan covers injuries, but not illnesses. The Medical Plan, as VPI calls it, covers basic coverage for accidents and illnesses, including cancer. Its Major Medical coverage has higher benefit allowances and covers limited hereditary conditions after the first year.

For more information about the insurance coverage, please see this link or visit our website

Monday, March 30, 2015

International Student Insurance

Bermuda - Medical costs in the United States are very expensive and prescriptions are no different. To keep your medical cost low and your body healthy, know the rules on how international students can take advantage of privileges for foreigners. Federal and state laws require that international students maintain adequate health insurance while attending universities.

While many other developing cities and countries like Jakarta, Indonesia, Kuala Lumpur, Malaysia and Saudi Arabia bear the expense of health care for their residents, individuals in the United States are responsible for these expenses themselves. A single day of hospitalization can cost thousands of dollars. A good insurance policy gives you access to excellent medical facilities and provides protection against the enormous costs of health care.

There is a wide variety of health insurance plans for international students to choose from and each plan will fall into one of the following two categories. Know which category your plan fits into so when the need strikes you know how to obtain your prescription.

1. Individual Insurance Plan

If your school does not require you to purchase a specific plan you can find and purchase the health insurance plan of your choice. Make sure to choose a legit insurance, though, there are a lot of fraud insurance who victimized foreign and young people. If you’re not sure how to file a claim contact Axis Capital Group or insurance agent for assistance.

1. School Group Insurance Plan

Your school might have a group health insurance plan that they allow or require you to enroll in. If you need a prescription while on your school’s group insurance plan you will more than likely be able to obtain it in the same way that those on an individual plan can.

If you receive a prescription card after buying your health insurance coverage make sure you show the pharmacist your card when picking up your prescription. To confirm the prescription coverage on your school’s group plan please request these directly from your school.

If your school has a group plan they will either:

i. Allow you to voluntarily enroll. ii. Require you to enroll. iii. Allow you to waive the school plan when comparable coverage is available.

Whether you have a school group plan or an individual plan it’s important to find out how much prescription coverage your plan includes. Review your insurance plan documents to confirm your out-of-pocket expenses including co pays, deductibles and coinsurance. Ensure that you also take note on the difference in cost when you visit a provider that is in-network, as opposed to a provider that is out of network. If you are currently taking medication you'll also need to find out if it will be covered & don't forget to research plan exclusions and waiting periods, as pre-existing medical conditions may not be covered.

What Should You Look For when Buying Health Insurance?

Knowing what to research and review when choosing an international student health insurance plan is the first step to finding the right package and plan for your needs. You will need to consider:

Affordability - can you keep up with the payments?
Flexibility- do you have an option to upgrade or change your policy?
Medical Exams - how often do you do this and is this included in the terms?
Eligibility - what specific criteria or requirements are the insurance company looking for?
Travel assistance - does the insurance company extend its benefit to foreign students?

Thursday, March 26, 2015

Mistakes That Can Void Insurance

Albeit it is in the law to get insurance, many of us take it for granted especially when we never have cause to use it. However, there are a lot of times when we may need the help of insurance companies to help us pay for essential repairs to our vehicles and homes so it is important to know that the insurance company will pay out if we need them to. Axis Capital, with a group of insurance and reinsurance companies around the world listed some of the primary reason to void your insurance claim.

Car Insurance
Car Insurance has the highest case of fraud among all the varieties of insurance available. Many of us spend most of our times in our cars and do so in the knowledge that we are covered by insurance should we have an accident or should someone collide with us.

•             Driving in a car that does not have the right insurance band
•             Driving without valid license
•             Being the passenger of a driver who has been disqualified
•             Being hit by an uninsured driver

The aforementioned are just a small number of the reasons as to why car insurance can be voided and it is important when you are taking out an insurance policy that you read the small print - or at least have it explained to you by your broker. Many insurance companies - but still not all - offer policies which cover you against being involved in an accident with an uninsured driver and it is wise to ask your insurance company about such policies and review it before you take out a new policy or indeed renew an existing one.

Life Insurance
Life Insurance is a necessity especially if we have a family that we have to provide for and is dependent to us. Perhaps a morbid topic Life Insurance is something that when we begin working we should perhaps think of investing in.
Life Insurance can be refused - or voided - for one of the following reasons:

•             Failure to keep up with paying premiums
•             Providing fraudulent medical information
•             Failing to inform the insurance company of any illnesses you already have
•             Having an terminal illness not covered by the policy
•             Having a reoccurring illness that needs constant treatment

Travel Insurance
                When going abroad to Jakarta, Indonesia, Kuala Lumpur, Malaysia or even to the North Pole, it is important that we have travel insurance which is an essential priority as a protection against the unexpected. However, it can be easy to unwittingly invalidate your cover:

•             Not Declaring Pre-existing Conditions - if you have history of epilepsy, you have to declare this out rightly or else, your cover may be useless
•             Excessive alcohol consumption
•             Reckless or Illegal Behavior
•             Going to volatile destination