Wyoming Car Accident: Things worth Knowing

Most people don’t realize the dangers of driving. You are probably a cautious driver, but it’s hard to predict what happens on the road. If you were injured in an accident, you should know that Wyoming is a fault state. This means if the other driver was negligent, you could file a claim for compensation with their insurer. However, winning a settlement can be hard, considering that insurance companies see successful claims as losses. Consider hiring a Wyoming personal injury lawyer soon after your crash, and they can guide you further on your options. Below are some other key aspects worth knowing. 

What to do right after?

Before anything else, check if someone is injured and in need of medical help (provided you are not injured beyond the point of acting). Call 911 immediately and inform the local police. If medics have arrived at the scene, get help, even when you believe that your injuries are not that severe. You need to collect information and evidence from the scene, which will come in handy if you file a claim for damages later. Exchange information with drivers and get details like vehicle information, driver’s license details, and insurance. Take photos of your injuries, damaged vehicles, and everything that may seem relevant. 

Inform your insurer

You are required to contact and inform your insurer about the crash, even when you are not at fault. Do not blame anyone for the accident or accept that you could have been at fault. However, you must share the basic details. Keep in mind that the other party may file a claim with your insurer, and the statute of limitations doesn’t apply to insurance claims. 

Meet an attorney

No matter the circumstances, you should consider meeting an injury lawyer who can help evaluate your claim’s worth. They will investigate the case on your behalf and negotiate with the insurance company. Always bear in mind that insurance companies are not on your side, and if negotiations don’t move as expected, you will need to file a lawsuit. For injuries and property damage, you have four years to take action, while for wrongful death lawsuits, the deadline is two years. Your attorney will explain all the options in detail, including relevant aspects like the impact of your fault on the expected settlement. 

Don’t delay calling an injury lawyer after your accident. Also, ensure that you don’t give a statement to the other party’s insurer unless you have talked to your attorney. 


All you need to know about the Claim settlement ratio of Term Insurance

Term insurance is the most suitable life insurance plan that provides you with a significant life cover at a relatively cheaper premium rate. With term insurance, you could have the best financial protection for yourself and your family.

Along with this, it also offers death benefits within a specific duration if the covered person dies. However, it would be helpful if you always considered the Claim Settlement ratio term insurance provides. CSR is an essential parameter that you must not avoid and check while choosing an insurance policy.

In this article, we will discuss the Claim Settlement ratio that term insurance provides.

What Is A Claim Settlement Ratio?

The total number of claims paid against the total number of claims filed is known as the claim settlement ratio. Thus, you must have a higher claim settlement ratio. CSR is quite essential when it comes to selecting a term plan.

So, you must check the Claim Settlement ratio term insurance offers. IRDA (Insurance Regulatory Development Authority) measures CSR every financial year.

Why Is Claim Settlement Ratio Important?

The claim settlement ratio is quite vital while choosing an insurance plan. With CSR, you can easily know if the company is trustworthy or not. It is good at disclosing the company’s credibility. Moreover, it would be best if you went with the option that has a higher ratio, as it would be much more beneficial for you than the lower settlement ratio.

Apart from this, you should also understand that CSR is measured for every product of the company, so you must also look upon the Claim Settlement ratio term insurance provides on the different products and their consistency achieved over the years.

Factors That Influence Claim Settlement Ratio


If the policyholder, by any chance, cheats with the insurance company, and the company finds fraud claims made by prospering, then there could be a definite decline in the CSR.

2.Nomination Upgrade

The nominee’s name is always supposed to be there in the insurance proposal form. But if by mistake, the name of the nominee is missed in this column, then the company won’t be able to process the claim.

3.Non Disclosure

If you don’t disclose all your health problems and the insurance company finds out that you’ve been hiding your actual condition, the company could also reject your claims.

Claim Settlement Ratio Validity

Claim settlement ratio term insurance is a crucial parameter, but other reasons state the importance of claim settlement ratio like:

  • Vigorous sales
  • Scam committed by customers
  • Early claims
  • CSR does not pertain alone to term insurance

The Bottom Line

The term insurance offers coverage in natural as well as unnatural death. But, it would be best if you never got a plan without considering its Claim Settlement ratio term insurance provides.

Moreover, by doing an online subscription and sharing your health and income details, you can easily claim the high amount. You must also look upon other variant features to get the most effective term policy along with CSR.


Is ULIP Good For Short Term Gains

A sound financial plan needs all the right kinds of investment and insurance options. That way, you are able to financially secure your loved ones and build your wealth over time. But what if we tell you that there is a policy that allows you to do both? Yes, Unit Linked Insurance Plans (ULIPs) offer dual benefits of life insurance cover and wealth creation.

Ideally, ULIPs is an insurance instrument and has been popular among young investors lately. We know that ULIPs are a compelling long-term investment product. But are they good for short term gains? Let us find out.

ULIPs Short Term Gains

ULIPs have a five-year lock-in period. During this time, you are not allowed to make any withdrawals from the policy. You can discontinue the plan but will receive the final payout only after the completion of the lock-in period.

Moreover, if you decide to surrender/discontinue the ULIP policy, you will have to pay certain charges. This makes it highly detrimental if you were planning to save money for accomplishing any short-term goals. Hence, it is advisable to keep the policy running at least until the end of the lock-in period.

For many people, short-term goals are usually near-future goals—something you plan to accomplish in 5-7 years. Thus, ULIPs tend to be the right investment choice that will help you achieve these near-future goals. Also, you get the liberty to continue investing in the policy after five years so that you can invest in achieving your long-term goals.

ULIPs Long Term Gains

As we all know, ULIPs are goal-based investment plans. So, choosing to invest in it to achieve your long-term financial goals is a sound financial decision. You can save for long-term goals such as retirement, buying a new car/house, child’s education, child’s marriage, etc.

Apart from this, investing in ULIPs have many other benefits –

  1. You can avail tax benefits under ULIPs. The premiums paid towards the policy can be claimed for tax deductions under Section 80C of the Income Tax Act. Moreover, the death and maturity benefits received are tax-free under Section 10(10D) of the Income Tax Act, 1961.
  2. A part of the premiums paid is used for life insurance cover; whereas the remaining amount is used for investing in funds of your choice.
  3. In case you are not satisfied with the fund performance, you can make some changes to your portfolio as and when needed with the help of the fund switching facility.
  4. They offer the flexibility of investing in ULIP funds based on your risk appetite. Those with a low-risk appetite can invest in debt funds; whereas people with a high-risk appetite can invest in equity-oriented funds.

Is it best for me to invest in ULIPs?

Before you decide to invest in ULIPs, ask yourself these questions –

  • What are my short-term financial goals?
  • What are my long-term financial goals?
  • What is my risk appetite?

After this, you need to evaluate your current financial situation, monthly expenses, and financial objectives. All of this will help you ensure that you are choosing the right investment instrument. Also, if you proceed to invest in ULIPs, make sure that you are consistent in paying the premiums.

We understand that a pandemic-like situation can put you through a financial turmoil. But staying consistent in paying your ULIP premiums and other insurance premiums will ensure that you and your loved ones are financially secure. If you are facing a financial crunch, you can adhere to a strict budget, cut down on your expenses, and spend only on necessary items. This will ensure that you have sufficient funds to invest in your future.


International Coverage in Health Insurance

With a rise in the number of travellers visiting international locations, there is an increasing demand for international coverage in health insurance plans. The Insurance Laws (Amendment) Act, 2015, made it mandatory for insurers to provide international health plans with comprehensive coverage, including hospitalization and diagnosis charges apart from the regular travel insurance that covers sudden sickness while travelling abroad. While some travellers opt for such international health cover for their safety, many high-net-worth (HNI) individuals prefer the sophistication associated with healthcare facilities offered by developed nations.

Overseas insurance extends a domestic health insurance plan beyond international boundaries. Obtaining medical assistance abroad can be relatively expensive considering the currency fluctuations involved and higher medical costs in general.

International health insurance is often confused with travel insurance, however, there is a fine line that separates the two. Travel insurance covers medical emergencies arising during your travels outside of your home country. Not only that, it also covers the loss of baggage, documents, trip cancellations, and the like during the period of travel.

International coverage as a part of your health insurance, on the other hand, provides you with the benefit of availing medical facilities across the globe, subject to terms and conditions. It covers specific critical illness insurance as listed in the information brochure along with the list of countries where one can avail the necessary treatment. Such policies have a limit set on the expenditure which they cover along with the payout details. Most policies offer an upfront payment in the foreign currency in the range of 10-20% and the balance as a means of reimbursement.

However, the premiums charged for such policies are almost three to four times dearer than the same amount of fixed sum assured available in the domestic regions. One must also remember that these policies do not include pre- and post-hospitalization expenses and the expenses incurred at OPD. If one wants to avail such added benefits, the premium on such policies would increase further.

You could look at the terms and conditions that have an impact on claims made in the past when availing such international cover to gain better insight. Some policies specifically exclude particular nations or charge extra to include them in the cover. Often, treatment for terminal and life-threatening illnesses are sought in foreign nations and that is when one opts for international coverage as part of their health policy. It is always good to have added medical coverage but it is also prudent to be aware of the stringent terms and conditions attached to these coverages. Choose wisely!


A step-by-step guide on how you can become an insurance advisor

Being an insurance agent is an exciting proposition if you love connecting with people and offering them financial advice. For those who are thinking about how to become an insurance advisor, this article will serve as a guidebook and enable them to pursue a successful career in this field.

The first question that might strike the mind of a person who is struggling to find out ways on how to become POSP is that why should they choose a career as a POSP (Point of Sales Person).

Benefits of becoming an insurance posp

Being an insurance posp offers numerous benefits to a person. They can work as per their will and commitment to the cause. The opportunity to earn is unlimited in this sector and depends upon the number of hours you can put in the field on a daily basis. The insurance agents are also able to earn rewards and recognition for their efforts besides earning regular commissions on the premium of the policies they are able to enroll for the company.

Steps to become an insurance advisor posp

IRDAI or insurance Regulatory Development Authority of India has specified certain criteria for a person to become a PoSP agent or advisor.

  • The person applying for the position of PoSP agent should be at least 18 years of age.
  • The person applying for the post should be a class 10th pass out.

Besides fulfilling the basic educational and age criterion, a person desirous of becoming a posp agent has to follow certain rules and regulations which eventually turn them into a successful insurance agent. A point to note here is that anyone can become an insurance agent be they freshers, housewives, part-time employees or retired people.

People who meet the eligibility criterion for becoming a posp can enroll themselves for the training program. All the KYC details have to be submitted along with a copy of important documents. The branch manager after taking interview of the probable candidates will recommend them for the training. The training process usually lasts 25-50 hours.

After the successful completion of the training, the trainees have to clear an examination conducted by IRDAI and the agency will issue a PoSP license to all those who successfully qualify the examination.

Importance of PoSP Certification

Point of Sales Person or PoSP is a relatively new category of license which has been formulated by IRDAI and is considered vital for anyone who wishes to make a successful career in the insurance industry. It came into operation in the year 2105.

In a traditional scenario, an insurance advisor works with a single company only and can sell policies for the insurer in a specific category only. However, the demands of the customer have changed to a great extent now. They want to get a comparative statement of best insurance plans of different companies from the agent and want to enroll for the best possible option, as they have to invest for a long time in these plans.

A person who gets the PoSP certification can be an ideal choice for the customer, therefore. Anyone with a PoSP certification is able to sell policies of different companies. They can cover both life and non-life categories of multiple companies. Such people are eligible to sell off term life, ULIP, motor, health, and other insurance category products.

Thus PoSP is a refined concept in which a person can serve the client in a more comprehensive manner as they can offer multiple and perhaps the best option to the customers when it comes to selling off the insurance policies.

Earning as an insurance PoSP

The earning potential of an insurance posp is definitely more than a traditional insurance agent. This is due to the fact that such insurance agents are able to sell products and policies from different categories to the customers at a given time. They are able to earn handsome commissions from different companies, the client base of which they target on a regular basis owing to them being a PoSP agent.

The Point of Sales Person concept has redefined the idea of the insurance sector and made it more comprehensive and lucrative for anyone who wants to establish their hold in this sector.


The Ins and Outs of Healthcare in Thailand

Just like other countries, Thailand has various types of health insurance available for its citizens. The type of insurance you choose today can affect the medical care you get years from now, so it is important to understand what is involved in these plans and what each of the types has to offer you. Citizens essentially have two choices when it comes to health insurance – a personal policy they pay for themselves, and an employer-sponsored policy or policy that comes through their employer. Both of them have advantages and disadvantages, but there are now companies that offer guides to each type of health insurance, and they usually have websites that answer all of your questions so that you can determine for yourself which policy to choose.

Understanding the Basics

In Bangkok and all across Thailand, people have choices when it comes to their health insurance. With a private insurance policy, you won’t lose coverage just because you change jobs, and you can even add an option that guarantees the policy will always be renewable. You can also customize the policy so that it better meets your needs, giving you more of a feeling of control. With employer-sponsored health plans, the employer pays for the premium so it is less expensive for you. However, these plans are unable to be personalized and, therefore, you don’t feel as much control over the policy as you do with private ones. The right Bangkok health insurance plan is often a matter of what your needs and goals are, but once you learn the basics of each type of plan, it is easier to decide which option is best for you. Employer plans usually cover you for pre-existing conditions and are usually perfect for general medical care, but they are not customizable like the private plans are.

Easily Get the Coverage You Need and Deserve

The coverage you need in a Bangkok insurance policy is easy to get once you learn the basics of each of the main types of policies, and the companies that provide assistance in understanding the policies are found online, where you can study and research the information and decide which policy to choose in the end. Private policies often require more paperwork and cost more because you pay for them yourself, but those who choose employer plans run the risk of having difficulty getting coverage when they leave their job, especially if they have a pre-existing condition. You can also find policies with inpatient cover only and ones with both inpatient and outpatient cover, and you can even add specialized coverage for dental care, vision care, and maternity care.

As you can see, there are pros and cons to each type of health insurance coverage, and the possibilities for each type are endless. Researching insurance policies online is often the best way to determine which one is best for you, and this is a simple task because you can read through the information in the comfort of your own home at your leisure, enabling you to take your time and get the right policy in the end.


9 Tips to Keep Your Vehicle Insurance Premiums Low

The only time most of you may think about vehicle insurance is when there is an accident, injury to the vehicle, or a ticket. But, for the very purpose of shielding you and your car from being compromised, motor insurances are extremely important. In end of 2018, the IRDAI (Insurance Regulatory and Development Authority of India) raised motor insurance personal accident cover to Rs. 15 lakhs from Rs. 1 lakh, making people to pay more premium than usual.

Customers now have to purchase the third-party policy for a longer tenure, which is 3 years if the vehicle is a car, and 5 years, if it is a two-wheeler. A mandatory personal accident cover has to be availed at annual premium of Rs. 750 for the owner-driver. While the decision certainly caused a hike in insurance prices, it also had its share of benefits.

So, how can you make your car insurance cheaper despite a hike in premiums? Today, we will discuss how to keep the costs of motor insurances lowest as possible.

  1. Compare Policies Before Purchase

Before taking a policy, spend some time to compare across providers. Most people avoid this step, especially when renewing the policy. An easy step to compare is go online and compare policies, and check out the features, additional covers, and other benefits. Within a half an hour, you will be able to understand, which policy is the most affordable and best-suited for your needs.

  1. Do Not Opt for Something You Do Not Need

So what is covered and what is not covered? Have you gone through the details of the policy? Is there any additional feature such as Road Side Assistance, lifetime guarantee on repairs, rental car in the instance of car being stolen, etc? These attractive features sound too good to be true? Well, you can avail additional services at an additional cost.

Skip the services you do not need and reduce the premium cost. For instance, if you use the vehicle only to commute short distances or busy road where garages are at proximity, then you may not need Road Side Assistance service in the insurance.

  1. Read the Fine Print

Do not blindly the sign the application form by choosing the cheapest policy available. You should never make assumptions about the policy, and trust only what the insurance agents or the product brochure promises. Go through the fine print of the policy in detail and understand how well you are covered under different circumstances.

For instance, will you get coverage if someone else driving your car, meets with an accident? If you are taking the vehicle insurance policy online on an aggregator site, check the details of this website and the insurance provider as well.

  1. Take Advantage of Discounts

Based on your driving record, age, profession, and other criteria laid down by the insurance company, you can get a discount on the premium. So, check with the provider if you qualify for a discount. You can also avail discounts, if you are a member of WIAA or AAI.

  1. Increase the Voluntary Deductible

There is an amount you may agree to pay for claims on the insurance or vehicle repairs, before the policy covers other costs. This amount that you pay is known as voluntary deductible, whose value you can choose at the start of taking a policy or during its renewal. Higher the voluntary deductible, lower will be the premium amount. While the idea may seem fetching, choose a deductible amount that you can afford.

If you opt for a larger deductible to reduce yearly premiums, but cannot afford the former, then the purpose of the claim is also defeated, leaving you in a financial mess. For instance, you have a claim of Rs. 20,000. The deductible is Rs. 15,000. Now, if your premium amount for a year is Rs. 15,000, the same can reduce to Rs. 12,000 given the higher voluntary deductible. So at time of a claim, you have to pay Rs. 15,000 on your own, and the insurance company will pay Rs. 5,000.

  1. Renew the Policy Before it Expires

Do not wait for your existing vehicle insurance policy to expire, before you can renew it. Renew it at least 45 days prior to expiry. In this case, if a price hike occurs in the period, the price you chose the policy for, is locked in, and you do not have to bear the hiked amount. Lapsing on the policy also means that the vehicle will not have any insurance protection.

  1. Value of the Vehicle

You can save paying large on motor insurance premiums by simply calculating the vehicle’s value beforehand. For instance, calculate the market value of your car before renewing the policy. This will help you know the depreciated value as per the current date. You can then easily negotiate with the insurance provider for the best rate on the premium.

  1. Install an Anti-Theft Device

If you can convince the insurance company that you have protected your car by installing anti-theft devices, the company may offer you a discount on premiums at least by 5 percent. As the provider is convinced that you have taken enough care and means to safeguard the vehicle, it may consider you as a lesser liability. It means you may avoid making claims at least because of car theft.

  1. No Claim Bonus (NCB)

If you do not make any claims in the preceding year, then you will get No Claim Bonus on the insurance. You can claim this bonus when renewing the policy. The NCB will be deducted from overall price of the insurance, and you will have to pay lower premium amount. If you keep a clean record of driving, then the No Claim Bonus in the future can reduce the premium amount by up to 50%.

So, do not be wary of insignificant change in premium cost because of hike in personal accident cover. It is for your benefit after all. But, if you are still worried about the little increase in the insurance cost, then you can follow the above-mentioned tips to balance of this increase, and considerably reduce the premium amount.


3 steps you can take to protect your family financially

One of the most important reasons to manage your finances successfully is to try and create a comfortable life for your family. Attempting to build up a fortune can help to give you and your loved one’s security for the future.

Building an empire or having valuable assets to hand over is only half the battle when it comes to ensuring that your family is comfortable in monetary terms. You should be prepared for the unexpected; events that we may not want to think about, but which can happen to any person at any time, such as an accident or a change brought about through market forces or the environment.

That’s why it is important to not just concentrate on building wealth but protecting what you have as well. Here are three steps that you can take to protect your family from financial problems.

3 steps you can take to protect your family financially

Start an emergency fund

According to a Gallup poll, just under a third of Americans keep a family budget. That’s good – but a budget can only get you so far. When most of us are budgeting, we won’t take into account the sort of unexpected expenses that can hit anybody. We’re talking a major vehicle breakdown or an expensive problem with your home. Having to fork out thousands of dollars to fix your car or to sort out water damage to your home, for example, can blow a budget out of the window and leaving you reeling financially. That’s why you should set up an emergency fund which you pay a set amount into each month and is there for when unexpected problems do arise, helping to protect your family budget and your financial security at the same time.

Write a will

Nobody wants to think about their mortality, but sadly death is something that will affect us all at some point. How prepared for it are you? One of the most devastating aspects of an unexpected passing is the way that it can tear a family apart from a financial point of view. Not only can it cause arguments between family members over who has been left what of the deceased’s estate and end up with them requiring will litigation, but without a well written and legally binding last testament you could also leave your family open to having to pay huge taxes and legal fees as well. Hire the help of a family attorney and ensure that you have given clear instructions as to what should happen to your family and your fortune in the event of anything unexpected happening.

Invest in yourselves

You might think that the best way to protect your family financially is by putting money away for a rainy day and while this is true, there is another way to boost their prospects as well – through investing in yourselves. Use your money to expand your skills, increase your education prospects and broaden your horizons. Somebody with a good college degree or an impressive range of qualifications has more chance of making money for themselves and not having to rely on a nest egg hidden away. Investing in yours and your family’s marketability and value can be the best investment you ever make.


Insurance Brokers Are the Best for Insurance on Your Commercial Assets

Being able to protect your commercial assets is most vital for any risk management program for a business. No doesn’t matter the type of business a person is into, it is mainly to be an insurer that will take the risk. But you need to know you are covered fully, getting value for your money or that you have used insurance brokers to get the best deal on insurance as well as be certain to do all that is needed to and totally supports you.

Guesswork out of insurance

Most insurance brokers will take all the guesswork out of the insurance process. They are not tied to any insurance company as they are able to look around to get you the best coverage for the best price. They can advise you on relevant information and insurance rates for your industry, source quotes, as well as maintain and review policies and will be your advocate if any claims arise. Because they are not agents of any one insurance company, their responsibility is totally to your needs.

Commercial protection

If you are looking for any advice on all general insurance matters concerning your commercial business, including protection for business property as well as motor vehicle, and defend against cyber risks, loss of revenue, and covers for public liabilities, insurance brokers will get you the best for your needs. You will find many insurance brokers working throughout Australia. This is where you will get your best value for your money for protection for your business as well as value for your personal insurance needs. An insurance broker is where you should go for all your insurance needs.


And the reason is simple; they are not tied to any one insurance company but are able to “shop around” to get you the best value for your money.


Understanding The Home Vacancy Insurance Policies

At the point when a property sits empty for any stretch of time, it experiences an alternate arrangement of dangers than those confronting a possessed structure, or even one ensured by inland marine protection over the span of development. An empty home protection approach offers truly necessary security for these helpless structures, yet precisely what and who it covers is frequently disregarded. Here, we give answers to as often as possible made inquiries about vacant and unoccupied home insurance.

The dwelling coverage of the vacancy insurance

Residential houses that are left empty can avail the vacancy insurance. This will help protect the property while left unattended. Most of the insurance company comes with policies that are accessible for a totally emptied property if it is well kept and in decent shape.

For the empty properties insurance product accessible, qualified residences can incorporate single-family homes, apartment suites, townhouses, duplexes, triplexes, and fourplexes. These properties can be anticipating deal or experiencing redesigns, however, it might rely upon the degree of the rebuild.

Furthermore, tied down manufactured houses or those on a perpetual establishment, and additionally, individual apartment suites or townhouse units might be qualified for empty structure protection. On the off chance that structures will be devastated, it’s unlikely they will be secured.

The personal property coverage

Individual property is the stuff you have inside your house premises such as the furniture, hardware, apparel, and adornments, for instance. Regardless of whether you possess a home or lease a condo, protection coverage regularly incorporate individual property scope. This kind of scope, intended to help ensure your possessions, may help give insurance in case of a secured misfortune, for example, theft or fire.

Although the company shoulders the protection of your belongings, this coverage typically comes with sub-limits for certain types of property and sometimes there are even limits for each item. An expert on this can enable you to choose whether you may profit by “planning” certain things, which implies availing separate scope to additionally ensure particular valuable things including your jewelry.

Other Structures Coverage in the insurance policy

Other structures coverage is also part of the home vacancy insurance policy that helps pay to replace structures other than your home, this will include the fence, on the off chance that they are harmed by a secured chance. For example, if a tree falls on your garage, different structures coverage may help pay for repairs.

The assurances offered by a homeowners insurance policy may fill in as a security net if the surprising happens. An expert in this field can enable you to choose the inclusions and limits that suits well for your needs.