While insurance may seem to be a burden to most people, it does have moments of significance that is usually only noticed when certain situations arise. Five important insurance claims are explored, including car problems, fine arts, pet insurance, natural disasters and the 9/11 financial burden. Auto insurance holds a huge significance that should not be taken for granted. Back in 2007 in the UK, a car shopper took out a Pagani Zonda for a test drive which is worth £500,000, with only ten of the cars produced in a…
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An eye opener to insurance fraud
Insurance fraud claims have been rising, and it seems consumer’s tolerance to the wrongdoing has risen also. The 2010 statistics show that the fraud claims totaled 80 billion dollars last year. It has been referred to as a white collar crime, and many people consider it a “victimless” crime. Why would someone file a bogus insurance claim? In the case of a Connecticut man, it seems he committed the crime out of spite. The 62 year old man was a former advertising executive and was being divorced by his wife…
Read MoreVacationers may want to consider insurance for skiing accidents
If you’re planning a getaway to the fresh, snow packed mountains this year, make sure you have warm gear, install your liners, and tighten your power straps. It would probably be a good idea to check your health insurance policy too. It’s that time of the year; hoards of people ready for vacation, and heading to the snow for a little skiing and snowboarding. Although both sports have an excellent safety record, accidents can still happen. Over the last 10 years, fatalities have averaged about 40 people each year. Serious and…
Read MoreSteps towards health care reform insurance exchange programs
The Department of Health and Human Services has awarded $241 million to seven states to help fund their design and implementation of insurance exchanges. Awarded to “Early Innovator” states, the money will help establish the infrastructure needed to operate the exchanges. The HHS is encouraging that others follow the example set by these states when they begin building their own exchanges. The seven states, Kansas, Maryland, Massachusetts, New York, Oklahoma, Oregon, and Wisconsin, will share the funds – larger states will receive more than smaller states. They were selected based…
Read MoreMississippi state reform takes shape
The Mississippi Senate has taken the first steps in establishing the framework for the state’s insurance exchange program by approving a plan that will allow employers to purchase group health insurance policies from anywhere in the United States. The hope is to bring more options and competitive products by offering consumers the availability of outside markets. The House passed the bill to enact the exchange by an 83-33 vote on Monday. Supporters of the program say that it is a critical move to help citizens and businesses obtain the coverage they need while providing…
Read MoreInsurance bill covering autism under review
Lawmakers in West Virginia are again mulling over a bill that would require both public and private insurance providers to offer coverage of autism spectrum disorders. There is hope among parents of autistic children as well as their supporters that the proposal will finally be approved and pushed into law. More than 23 other states already require insurers to provide autism coverage, increasing the pressure on legislators to make the change. Autism is a neurological disorder and comes in many forms. Typically, those with autism display difficulty communicating effectively, strained…
Read MoreFederal judge deems mandatory health insurance as unconstitutional
A federal judge in Florida has deemed the health care reform unconstitutional. U.S. District Judge, Roger Vinson, sided with 26 other states in a suit against the bill, arguing that the law violates people’s rights by mandating them to buy health insurance or face costly penalties. Federal attorneys claim that the state has no ground to determine whether the law is or is not unconstitutional. The case is likely to make it to the Supreme Court within the next few months. The provision at the heart of the debate is…
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