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Monthly Archives: December 2016

Bizarre Insurance Claims

Double trouble

Mr. Di Puma Delaware burnt down his own house and his convertible in order to claim from his homeowners and car insurance. He told his insurance company that the whole ordeal started when the pots on his gas stove caught fire while he was preparing his dinner. Next, buckets full of coals also caught alight. In an attempt to stop the fire, he threw some of the buckets out of the window and they landed…. you guessed it: inside his convertible. While in the process of tossing another bucket out, he somehow managed to trip over something and the bucket landed on his couch. Of course this story was a little bit too far fetched, even for the most gullible person.


Mr. Di Puma was convicted of attempted insurance fraud, got five years probation and… drum roll… the insurance didn’t pay him once cent.

Backside of the cow

A live stock farmer from the UK, Ivor Bennett, told his insurance company that he had lost his cell phone inside the rear end of one of his cows. It was a dark and stormy night and he had been trying to use the torch on his phone in an attempt to assist the cow when she was calving. Along with the calf, the phone did make reappearance but unfortunately it didn’t work anymore.


Mr. Bennet’s insurance company paid out the claim in full.

Injury by coconut

When an English insurance company started issuing policies to cover injuries caused by falling coconuts, people were laughing their heads off. The manager of the insurance company stated that over a hundred people fall victim to falling coconuts every year, resulting in serious injuries or even death. That same year, somewhere in Sri Lanka, an unsuspecting tourist dozing off under a palm tree was struck by a coconut, knocking her unconscious. She was rushed off to the hospital where, thankfully, she recovered within a few days.

Hire an Insurance Agent

Research the local insurance agents in your area and meet with them to discuss your specific policy needs. There may be things you never considered insuring, because you didn’t know that you could. This is why meeting with a professional is the best step you can take for protecting your future. In addition to meeting with a professional sales policy person, you should also appraise the valuables that you think you want covered under your policy.

If you can give your agent an accurate estimate of what your things are worth, you can better formulate your policy. This can also save you some stress later on if something happens and your policy must go into effect. In this event, having already calculated the cost of your valuables will give you specific up-front appraisals. Getting accurate value estimates after something has been stolen or damaged, hardly ever works out in your favor.

If you are an elite athlete, you should also consider taking out a policy on your health or future playing capabilities. Let’s say you are a star collegiate running back with a great chance to play professional ball, but in your final amateur season you sustain an injury. Even if the injury isn’t career-ending, it may hurt your stock moving forward and you could lose significant amounts of money in potential contracts. In these cases, having a policy on your body is a great investment.

Insurance agents will be there to help you understand everything that you can and cannot insure, but these days you can pretty much get a policy on anything an insurance company or private agent is willing to take a risk on. Seriously, go and consult a professional before you wish you had.

Buying Health Insurance Policy

However, there are few things which can help to avoid making these mistakes while buying a health insurance policy.

  • Relying only on the group insurance provided by the employer

Many a times, professionals do notbuya separate health insurance policy as they are already covered under the corporate plan. But despite of being covered by a group insurance policy, there can be a time lag in between job switch or unwarranted situations like unemployment wherein he and his family can be uninsured.

  • Insuring your health too late

Buying a health insurance plan at an early age has its own sets of benefits. In the early ages, you will be less prone to diseases and there will be no pre-existing medical ailments, which will result in lower premiums. Availing a policy late in life might require medical check-ups and also, a rise in premium.

  • Co-payments and Deductibles

In co-payment, the policy holder accepts to pay a fixed percentage of the hospital bill from his pockets. In return, the insurance service provider takes lesser premium. Co-payment can be a compulsory clause in the senior citizen health insurance plan.

Deductibles are like co-payments, the only difference being is in deductibles, a fixed amount is specified in the policy document instead of a percentage.

Co-payment as well as deductibles is cost-sharing clause in health insurance policy. A person buying a health insurance should avoid such clauses.

  • Hiding Information regarding your health in the application form

Providing correct and accurate information regarding the policy holder’s and his family member’s health is vital to the insurance company. It provides a peace of mind to the person buying insurance and helps the insurance company to calculate the appropriate premium. While applying for a health insurance, avoid filling inaccurate or false information which might lead to confusion and non-entertainment of claims.

  • Comparison of policies on the basis of premium

Generally, people compare two products or services on the basis of price. But in case of health insurance, a low premium by the insurance service provider might mean exclusion of certain disease. Exclusion of diseases means there could be few ailments which you or family can be impacted due to family history or lifestyle. Such health policy might not serve the purpose for which you have bought them and in case of illness, you might end up paying the hospitalization expenses from your pockets.

Information of Insurance Career

  • Recession proof– Even in a “down economy”, the requirements for insurance do not go away making the industry somewhat recession proof even when other businesses are distressed.
  • Accommodates a wide range of skills– Are you detail oriented and love finding solutions for challenges? Maybe you are into Math, statistics, accounting or computers? You may find helping people, customer service or relationship building more your thing? Almost every professional skill set has a corresponding possible insurance career.
  • Many carriers provide training– Depending on the type of position you are interested in, you can take classes to get the knowledge you need or many carriers provide great training. Colleges offering “Insurance Degrees” are few and far between but having any BA degree basically means you have the persistence to accomplish a goal making you “trainable.”
  • Risk is always changing– The ever developing world is moving so fast that exposures that need protection are also constantly changing. You can never get bored if you make an effort to keep learning new skills and change with the times.
  • Corporate America vs. small business– If you want the security or prestige associated with working for a large corporation or want to develop your Entrepreneurial spirit as a small business owner, both options can be available to you in insurance.

  • Making the big bucks– As with just about any industry, certain positions are not as lucrative as others. The nice thing about insurance is that you can make a very good or even excellent living depending on your drive for success.