Major Developments Major Developments by Calendar Year

Errors and omission insurance is a type of insurance that protects an individual from lawsuit claims. This type of insurance is essential for service companies. Any individual who offers services, advices and financial assistance need to protect themselves from lawsuits which can be filled when a customer claims that he has received physical or personal harm, or financial, or property loss as a result of a mistake made by a business professional.

Errors and omission insurance is mandatory for some professional and service companies. It protects the service companies against lawsuits and it can pays for legal expenses. Most of the time legal expenses are very high and when a legal claim is filed on the company the company can loose it’s reputation.

There are many types of errors and omission insurances designed according to the profession of the company and profession of the person, like doctors, lawyers, real estates, financial advisers, tax planners and other professionals.

For hospitals and doctors: It is essential for doctors and hospital management to protect themselves against lawsuits. Which are filled by their patients. If a patient gets injured or dies due to the reckless treatment of a doctor or nurse, they can get a legal claim for their negligence. To protect themselves from such type of legal claims they need errors and omission insurance. This insurance provides the medical and hospital expenses for the injured patient to recover his health. If death occurs, then the insurance company pays some lump sum(death benefits) amount to the dependents of the patient.

For financial adviser or financial assistance companies: It is useful for the financial adviser companies to protect their business from legal cases and to protect the company’s goodwill. If a financial company is providing some advise to other businesses, such as, manufacturing, services,marketing, etc. and due to the negligence of one of the team members, the customer of the company receives a wrong advise and that causes a huge financial loss for the customer, then he files a legal claim on the advising company. As because of their wrong advise customer has lost huge amount. In order to protect themselves from these type of legal cases, the financial assistance providing companies need errors and omission insurance. If the company has E&O insurance, the insurance company pays the lost amount to the customer and protects the insured company from legal case as well as from loosing good will.

The above are the benefits of errors and omission insurance for service companies.

(more…)

There are many people who want to secure their family financially even after their death. Purchasing life insurance policy is one of the great ways to secure your family in case of your untimely death. With the life insurance policy you can leave a great financial protection for family. Owing to the importance of life insurance policy, there are excess number of insurance companies emerging, along with which there are tons of insurance agents arising everyday. It is hard to figure out who among these agents are legitimate or who are just out there to scam you. Do not put your hard earned money in the hands of fraud insurance agent or company. Be aware of insurance scams and frauds. There are few ways to prevent the life insurance scam. Pay the attention to these steps to avoid becoming victims to life insurance scams.

1. Do some homework: When you have decided to buy life insurance, you should do some homework such as, you should know about the different life insurance policies present. Here you can get a question that where can I get such type of information. You can read the insurance journals and books to know about the life insurance policies. Internet is a good source of information on any aspect. You can search in Internet to get the desired information. There are many professional websites that offer useful information on insurance. Check out the reputable company or agents details. Read the users reviews and write ups of professional finance blogs can help you to buy a great and affordable policy without being defrauded.
2. Choose only major and reputable companies: While selecting an insurance company try to choose a major and reputable company. The chances of being scammed by the major life insurance company is minimum and sometimes it is zero. The major companies has all legal documentations and a license from governing body. They have good and professional agents that assist the customers in all aspects. You should encounter a reliable insurance agent among various agents, they appear everywhere such as, in shopping malls, Internet, and outside your house. Check out the agent license ID, do not accept an agent’s company ID, check out for the regulatory body ID. Every agent relieves some form of identification from the government authority.
3. Do not rush to buy insurance policy: Understand that agents who are into life insurance scams are usually in a hurry to get you to fork over money to them. Purchasing life insurance is a good decision, but should not be done in a hurry.
4. Do not reveal your sensitive or personal information to your insurance agent. Such as, social security number, bank account details, and also don’t hand over your credit card.
5. Before signing in prospects of life insurance, you should go thoroughly with the terms and conditions of policy. Ensure that you clearly understand the terms and conditions.
6. If there are any blank space, do not sign over there. Even if the agent says that it is just formality and not that significant. Because, all information you provide in your life insurance application is noteworthy for the company, since they use this information for underwriting process.
7. Clearly understand the discounts and rewards on life insurance, if the company offers. Some insurance agents who make up scams use fake promos and rewards to attract the customers to purchase an insurance policy.
8. Ask the agent for more information about the policy. A professional and truthful insurance agent will explain the full coverage of the insurance policy to his/her clients. The agent will be able to answer any question related to policy and insurance company.
9. Do not pay your premiums through your insurance agent. There are many ways to pay premiums. Ask for the payment option where you can directly pay to the company. This way, you can ensure that your premiums go directly to the company not to the pockets of agents.

By following all the above steps, you can avoid yourself from being victims of life insurance scams.

(more…)