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Know the Rules of NJ Insurance Laws

Know the Rules of NJ Insurance Laws

Insurance laws in New Jersey are regulated by the Life and Health Bureaus of the State of New Jersey’s Department of Banking and Insurance.  The life insurance bureau is responsible for reviewing and approving life insurance contracts and forms which are submitted by the citizens of the state.
Depending on what time of life insurance plan an individual is looking to undergo in will determine the type of insurance laws that will pertain to their case. Insurance laws work with grace periods, claims, contesting information, trial periods (also known as free look periods), and the necessary personal information in which a person must submit to receive life insurance. Insurance laws are used to protect individuals from insurance fraud, as well as protecting their money and assets should something happen to the person.  Insurance laws also are used to protect individuals from purchasing an insurance plan that is not suitable for them.

Being A Victim Of Insurance Fraud

Being A Victim Of Insurance Fraud

Those that are victims of insurance fraud should immediately hire an attorney. One of the most common types of insurance fraud is staged car accidents.

 

For example, individuals may drive in a manner that causes an accident. In most cases, the individual attempts to make the accident appear to be the fault of another driver.

 

For example, some insurance fraud cases involve individuals slamming on their brakes in an attempt to get rear ended. In most cases, the individual that rear ends an individual is fully responsible for the accident. Insurance fraud then includes the presentation of injury claims and an attempt to sue the other driver.

 

Individuals that suspect they have been involved in this type of accident or any other type of insurance fraud should immediately hire an attorney to pursue legal actions and to protect themselves from litigation.

 

An Easy Guide to Insurance

An Easy Guide to Insurance

Insurance Explained
 
 
1. In both law and economics, insurance is a crucial and fundamental form of risk management that is primarily used as a hedge against the risk, attached to unexpected damages or losses.
 
 
2. Insurance is typically defined as the equitable transfer of the attached risk of a loss, from one entity to another. This transfer is affirmed following the exchange of a payment. An insurer is defined as a company who sells insurance, while the insured party or policy holder is the individual or entity that purchases the insurance policy.
 
 
3. The insurance product is purchased using an insurance rate, which is a factor that determines the amount to be charged for a particular amount of coverage. The transaction will involve the purchasing party to deliver a payment to the insurer in exchange for the insurer’s pledge to compensate the purchasing party in the case of a financial loss. The purchasing party receives a contract (the insurance policy), which will detail the circumstances and conditions under which the purchasing party will be compensated.
 
 
Insurance Companies
 
 
1. A life insurance company sells annuities, pension products, and life insurance, whereas a non-life insurance company offers general policies to provide coverage against losses realized to consumer products or services. 
 
 
2. Insurance a protective policywhich operates as a form of risk management for consumers and companies. 
 
 
3. Insurance products offer an equitable transfer of the risk from one entity to another in exchange for a tangible payment. 
 
 
4. As a result of the characteristics associated with this transaction, the insurer will sell insurance policy to the insured individual at a premium. The entity that purchases the policy will be protected from damages or a loss attached to the underlying product or resource.  All insurance companies provide policies to obtain a profit. 
 
 
5. The premiums attached to the policies and the rates of payment are aligned with an evaluation of risk for the underlying company or individual seeking insurance.
 
 
Principles
 
 
1. An insurance company may offer an insurance policy for seemingly any consumer product or business service. Houses, property, credit, automobiles, boats, medical care, a person’s life, and various consumer products are typically attached with some form of insurance policy.
 
 
2.  Insurance companies provide these policies to a consumer base or business entity by pooling funds from multiple insured entities to pay for the losses that may be realized. 
 
 
3. The insured entities (those individuals or business that purchase an insurance policy) are protected against risk for a fee charged by the insurance company. 
 
 
4. All insurance companies will evaluate prospective businesses and individuals to ascertain which goods or entities are in fact insurable. An insurance company will adjust the rates depending on the likelihood that the individual or the good attached will incur costs to the insurance company. 
 
 
5. All private insurance companies incorporate a model which prices seven potential types of risks: accidental losses, large losses, calculable losses, a definite loss, large number of similar exposure units, an affordable premium, and a limited risk of catastrophically large losses.
 
 
Legal Issues 
 
 
1. When insurance is offered to an entity, there are legal requirements aligned with the policy and the transaction of the product. 
 
 
2. The following list contains examples of basic legal issues that affect an insurance company’s business model:
 
 
3.  Indemnity: The insurance company will compensate the insured entity in the case of certain losses only up to the insured interest. 
 
 
4. Utmost Good Faith:  The insurance company and the insured entity are tied together through a contractual agreement that revolves around good faith–the contract must be honored with honesty and fairness and all material facts must be disclosed in the agreement. 
 
 
5. Insurable Interest: The insured entity must directly suffer from the loss to realize coverage. The policy holder must possess a “stake” in the damages suffered or the monetary loss of their insured good or service. 
 

2 Steps to Filing For Business Insurance

2 Steps to Filing For Business Insurance

 

What is Business Insurance?

1. The term “Business Insurance” refers to an insurance policy or coverage undertaken by legal organizations, who in most instances, provide a good or service to the general public. Business insurance offers the owner or operator of the underlying business, protection against losses or cataclysmic events which may arise from the company’s operations. The presence of a business insurance policy effectively secures, regardless of event or damages ensured, that the business can continue to carry out their intended business model.

2. The basic principle associated with business insurance is risk. When a company is formed, there are numerous risks that when realized, could damage or terminate the entity’s operations. The destruction associated with these risks can present enormous capital losses to the general operation of the business or seemingly any investing party aligned with the entity.

3. As a result of the risks associated with production, business insurance was developed to spread and manage the negative externalities attached to such risks. Business insurance can be purchased for seemingly any aspect of a business model. All coverage are purchased through a formal institution (such as an Insurance agency) in exchange for a premium payment. If a calamity is realized or an accident precipitates overwhelming damage, the business insurance policy effectively covers the damages associated with the event.

4. When a business insurance policy is purchased (through the payment of premium and interest) monies are pooled together in the event that the business policy must be exercised. The premiums and amount of coverage are realized through a mathematical model (created by the insurance company) which evaluate the “riskiness” of the underlying business entity.

Legal Assistance associated with Business Insurance

1. The process, applicable legislation, and procedure surrounding the implicit details and stipulations latent in business insurance can fluctuate on an individual, case-by-case basis; there does not exist a uniform procedural determination for the establishment of business insurance without prior consideration of all assets, monies, liabilities, and general financial status occurring in conjunction with the individual in question.

2. All preexisting arrangements and agreements expressly stated prior to the facilitation of business insurance must be considered. Corporations seeking a renegotiation of current conditions in relation to business insurance, liability projections, and commercial-case analysis are encouraged to both submit and receive all pertinent insurance documentation in contractual format(s).

Contact a business lawyer to review your case.

Filing a business insurance Claim

1. All details, records, and supplemental evidence expressly requested – or required – by any and all liability documentation and business insurance applications should be provided in the most detailed fashion possible.

2. Upon review of all claims and cases surrounding business insurance claims and policies undertaken by individuals owning or employed by a specific business are gauged accordingly. In order to file a valid and salient business insurance claim regarding matters of insurance and/or liability, businesses – and their respective representation – are encouraged to consult with legal professionals specializing in commercial law, business law, employment law, recovery, and insurance law.

Direct Travel Insurance

Direct Travel Insurance

 
 
Travel Insurance Explained:
 
Travel insurance is a type of insurance that is intended to cover medical expenses, financial hardships over travel suppliers and other losses, such as stolen or lost luggage, cancelled flights, and weather delays, that may occur while travelling. Travel insurance may be purchased by an individual travelling within his or her country or abroad; regardless of the location, the insurance policy provides coverage against any financial losses or any negative externalities that occur as a result of travelling. 
 
 
Types of Travel Insurance:
 
 
In addition to a traditional or comprehensive travel insurance policy—typically referred to as direct travel insurance–an individual can purchase temporary coverage, which is usually arranged at the time the trip is booked. This form of cheap travel insurance will provide coverage for exactly the duration of the trip. As a result of the limited coverage offered, temporary travel insurance is far less extensive than traditional travel insurance, which is typically purchased from travel agents (individuals who work for travel insurance companies) or directly from travel suppliers, such as tour operators or cruise lines. That being said, a comprehensive travel insurance package, purchased from a travel supplier, will tend to be less inclusive than a policy offered by an insurance company. 
 
 
Travel insurance will often provide coverage to an assortment of travels; student travel, leisure travel, adventure travel, business travel, international travel and cruise travel are all options or forms of travel that can be covered by travel insurance. To broaden the types of direct travel insurance we will forego the specifics associated with what is covered and instead, label the forms of direct travel insurance with a wider lens. The first and most common form of direct travel insurance is Trip Cancellation/Interruption coverage. The majority of these policies will cover all trip or flight cancellations due to weather, sudden illness or death, emergency military operation, jury duty and bankruptcy of the airline of cruise line prior to departure. The majority of these direct travel insurance policies, will provide terrorism insurance; a form of catastrophic coverage that will reimburse expenses in the event that the United States Department of States issues a travel warning advising individuals not to travel within a given country for a specified period of time.  
 
 
Another form of direct travel insurance is offered to cover expenses associated with medical emergencies. This policy is particularly useful if the individual is travelling to underdeveloped regions of the world or for individuals who are inflicted with a chronic illness. These policies will reimburse the holder for all costs that stem from doctor’s visits, medication and occasionally medical evacuations out of the destination. 
 
 
For longer trips or habitual travels, an extensive form of direct travel insurance is typically the most common policy purchased. These comprehensive plans will provide a wide variety of coverage as well as a personalization characteristic, which ultimately enables the traveller to choose what kinds of coverage to be included. Since it is difficult to prognosticate in regards to what problems may arise during a trip, a comprehensive direct travel insurance policy will cover every aspect or situation that may carry a monetary loss for the traveler.  
 

Collision Insurance

Collision Insurance

Rental Car Insurance

Rental Car Insurance

Life Expectancy

Life Expectancy

 

A Closer Look at the United States Life Expectancy

Life expectancy is the average number of years expected left to live in group of individuals who are born in the same year. These values can also be given based on the expected remaining years based on a given age instead of the expectancy when born (at the age of 0). This is often done to take infant mortality into account, which can greatly distort life expectancy averages, if the rate of infant mortality is high.

Because many mortalities specific to age have been reduced, the life expectancy in the United States has increased dramatically over the last century. In addition, fertility has decreased considerably in the population, leading to a rapidly aging population, which a higher percentage of individuals who are at least 65 years old.

As of 2011, the life expectancy of Americans is currently 78.37 years. The United States has the 50th longest life expectancy of its citizens out of 222 counties, being surpassed by many others including Japan, Italy, Canada, United Kingdom, France, Norway, and many others, all which have life expectancy rates over 80 years.

Most variations in life expectancy rates globally are due to differences in medical care, public health, and diet. However, in poorer nations and third world countries, a dramatically lower rate can result from mortality from disease, war and starvation. An example of this would be in South Africa, where life expectancy should be approximately 69.9 years but is instead measured to be around 41.5 years due to the prevalence of AIDS.

The average life expectancies among the majority of countries are no constant between men or women. Men typically have a lower life expectancy in comparison to women. Currently, men have an expectancy of 75.92 years while women have a life expectancy of 80.93 years.

Life expectancies have been growing significantly as more medical and technological advances have been made. From 1900 to 1902, the expectancy in the United States was 49.2 years (97.9 for men and 50.7 for women). This average increased by 10 years by 1930 and nearly another 10 by 1950. Since then, it has steadily increased up till today’s value.

While the life expectancy has grown considerably in the United States, this does not eliminate the fact that there are certain conditions that are more likely to affect an individual be the cause of death.

As of 2009, the 15 leading causes of death and the death rates according to the CDC were:

• Heart diseases or heart conditions:  598,607

• Malignant neoplasms (cancer): 568,668

• Chronic lower respiratory conditions: 137,082

• Cerebrovascular conditions: 128,603

• Unintentional injuries: 117,176

• Alzheimer’s disease: 78,889

• Diabetes Mellitus: 68,504

• Pneumonia or influenza:53,582

• Nephritis: 48714

• Suicide: 36,547

• Septicemia: 35,587

• Cirrhosis or chronic liver disease: 30,444

• Hypertension or hypertensive renal disease: 25,651

• Parkinson’s disease: 20,552

• Homicide: 16,591

Indemnity Insurance

Indemnity Insurance

Understanding Indemnity Insurance


Indemnity insurance is a traditional type of insurance where an insurance company gets paid a fee. Indemnity insurance is used to compensate beneficiaries of policies for the actual value of their economic losses, up to the amount limited by the policy. Indemnity insurance normally requires the person who is insured to prove the value of the loss before he or she can recover.
Recovery under indemnity insurance is limited to the value of the loss that is provable, even if the policy’s face amount is greater. There are many different types of indemnity insurance, such as personal indemnity, health insurance, and professional indemnity insurance. This insurance works as a means of financial support if a policy holder happened to get sued for damages.

Types of Indemnity Insurance
The most basic type of indemnity insurance is a health insurance policy. A typical health insurance policy can be either a group policy or an individual. Both provide coverage for any medical costs are included in the policy, or rather, that are not excluded. An exclusion can be an issue such as a preexisting condition or other issues that a health insurer chooses not to provide for in the policy. Coverage in this type of indemnity insurance usually depends on the health of the policy holder when getting the policy.
Personal indemnity insurance is given as a form of a renters or homeowners insurance policy. The insurance company usually offers a policy that will indemnify if a policy holder has losses that are covered according to the terms of the policy. Individuals who pay a landlord rent can be sued for being the cause of damage. This is also applicable for landlords that do not repair or fix a previously acknowledged problem with or on the property. In either situation, a landlord or individual would have to pay for any damages that the other party suffered.
Professional indemnity insurance is a form of a professional liability insurance policy. The policy provides protection to the policy holder for any actions that may cause harm or impose damages to a client. Examples of this can oversights that happen while performing a certain service. For example, many professional services tend to have errors and omission coverage that pays for any legal costs in the case of a lawsuit brought by a client.

Indemnity Insurance Coverage
The amount of coverage required in an indemnity insurance policy relies on the type of policy purchased. Most insurers require a minimum coverage amount for a professional policy while a personal indemnity policy needs enough coverage for possible injury or damage that occurs.

Indemnity Insurance Fees
All indemnity insurance policies have limits as well as fees. These fees can be the deductible and the co-insurance payment. The purpose of these fees is to lower overall costs by having the policy holder pay a bit of the expenses. 

Buy Car Insurance

Buy Car Insurance

What is Included When You Buy Car Insurance

In all states with the exception of three, having a care requires having some sort of car insurance. Because of this, it is important to understand just how to buy car insurance and what exactly is involved. Based on the state’s laws, it may be necessary to buy certain forms for coverage or it may be extremely beneficial to purchase certain optional coverage.

Before deciding to buy car insurance, it is important to consider many different factors such as 

• What type of car is owned.

• An individual’s driving record

• The price that an individual is willing to pay

In order to buy car insurance, the company will create a policy due to these factors as well as what sort of coverage is desired. There are many different types of coverage available in a car insurance policy.

• Liability Coverage: Covers accidental property damages and bodily injury to others. This can include pain and suffering, medical costs, lost wages, and damaged cars or property. Furthermore, it will cover court costs and defense cost. The state usually sets a limit of necessary liability coverage, but additional coverage can be bought.

• Collision coverage covers damages that happen to the policy holder’s vehicle due to a collision with an object or another vehicle. 

• Comprehensive coverage covers damage or loss to the insured vehicle due to things other than an auto accident, such as wind, hail, flood, fire, theft, or vandalism.

• Medical Coverage takes care of medical expenses caused by an auto collision regardless of whose fault the accident is.

• Personal Injury Protection coverage covers the insured driver medical expenses due to a car accident regardless of fault. 

• Uninsured Motorist covers car's damages from an auto accident caused by a driver without liability insurance. 

• Underinsured Motorist coverage handles car's damages from an auto accident caused by an individual without enough liability insurance. 

• Rental Reimbursement coverage pays for a rental car that is needed if the covered car is damaged because of an auto accident. 

It is important to note that to buy car insurance, a person must pick out the coverage he or she needs. Insurance policies will often combine many different types of coverage. The very first step to take to buy car insurance is picking the insurance that is right for a car is to understand that laws in the state. Doing so will make it clear just what is the minimum insurance required for the car.

It is a good idea to make a note that just because your state may not make it a law an individual to buy car insurance that is very extensive, extra coverage may be worth the expense. Contact a car accident lawyer to consult your case. The legal minimums may not provide an individual with the coverage need. It is important to carefully consider what to buy beyond these state minimums. Make sure to find the right balance having enough coverage and overpaying for a policy. This is the best way to buy car insurance.

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