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Health Care Crimes
Insureds have an obligation to be truthful when dealing with their insurers in relation to their claims under insurance policies. However, insureds sometimes attempt to submit fraudulent bills in order to recover under their health insurance policies. In response to such actions, federal legislation was passed to make certain acts related to health care claims illegal.
Calculation of the Loss - Actual Cash Value or Replacement Value
In paying the loss suffered by a policyholder when property is damaged or destroyed, an insurance company normally will consider its obligation to be to pay the present or depreciated value of the property just before its loss. Thus, destruction of a well-used item could result in a minimal recovery for the policyholder. A policyholder may purchase a relatively inexpensive rider to the policy providing for reimbursement of the replacement value of the damaged or destroyed item. Examination of the insurance policy and any rider should provide details on coverage under the policy for either actual cash value or replacement value.
Types of Insurance Companies
The structure of an insurance company may affect how it does business. Insurance companies may take the form of regular stock companies, may be mutual insurance companies, or may be "captive" subsidiaries of companies that effectively are self-insured.
Types of Disability Coverage in Life and Health Insurance
The definition of "disability" is subjective because some people can work without complaint with a condition that would disable and incapacitate others. A typical life and health insurance policy may define disability insurance as including insurance related to injury, disablement, or death resulting to the insured from accidents or sickness.
Mass Marketing
Mass marketing in the insurance field is the presentation of a selling message to induce a number of insureds at one time to purchase insurance policies. It has changed the traditional method of selling insurance on a one-on-one basis.
